# EDGAR Filing Document

**Accession Number:** 0002047190
**File Stem:** 0001641172-25-021315
**Filing Date:** 2025-7
**Character Count:** 1243160
**Document Hash:** 3f28fcbc118dc2bb41b2e99018fa7b82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-021315.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001641172-25-021315

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 42

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TechCreate Group Ltd.
- **CENTRAL INDEX KEY:** 0002047190
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289030
- **FILM NUMBER:** 251160261

**BUSINESS ADDRESS:**
- **STREET 1:** HARNEYS FIDUCIARY (CAYMAN) LTD 4TH FLOOR
- **STREET 2:** HARBOUR PLACE, 103 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN KY1-1002
- **STATE:** E9
- **ZIP:** 10240
- **BUSINESS PHONE:** 65 6939 6354

**MAIL ADDRESS:**
- **STREET 1:** HARNEYS FIDUCIARY (CAYMAN) LTD 4TH FLOOR
- **STREET 2:** HARBOUR PLACE, 103 SOUTH CHURCH STREET
- **CITY:** GRAND CAYMAN KY1-1002
- **STATE:** E9
- **ZIP:** 10240

**As filed with the United States Securities and Exchange Commission on July 29, 2025.**

**Registration No. 333-[ ]**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

***UNDER THE SECURITIES ACT OF 1933***

**TechCreate Group Ltd.**

**(Exact name of Registrant as specified in its charter)**

**Not Applicable**

**(Translation of Registrant's name into English)**

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7374** | **Not Applicable** |
| **(State or other jurisdiction of <br> incorporation or organization)** | **(Primary Standard Industrial <br> Classification Code Number)** | **(I.R.S. Employer <br> Identification Number)** |

---

**336 Smith Street, #06-303, New Bridge Centre**

**Singapore 050336**

**+65 6936 6354**

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

**Cogency Global Inc.**

**122 E. 42nd St., 18th Fl., New York, NY 10168**

**+1 800-221-0102**

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

***copies to:***

---

| | |
|:---|:---|
| **Meng Ding, Esq.**<br> **Sidley Austin**<br> **c/o 39/F, Two Int'l Finance Centre**<br> **8 Finance St, Central, Hong Kong**<br> **+852 2509-7888** | **William S. Rosenstadt, Esq.**<br> **Mengyi "Jason" Ye, Esq.**<br> **Yarona Yieh, Esq.**<br> **Ortoli Rosenstadt LLP**<br> **366 Madison Avenue, 3rd Floor**<br> **New York, NY 10017**<br> **+1 (212) 588-0022**<br>|

---

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

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

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

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

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

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

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

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

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

**The information in this preliminary prospectus is not complete and may be changed. The securities may not be sold until the registration statement filed with the United States Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy the securities in any jurisdiction where such offer or sale is not permitted.**

---

| | |
|:---|:---|
| **Preliminary Prospectus** | **Subject to Completion** |

---

**Dated [ ], 2025**

![](formdrs_001.jpg)

**TechCreate Group Ltd.**

**[2,550,000]** **Class A Ordinary Shares**

This is the initial public offering of Class A Ordinary Shares by TechCreate Group Ltd (the "Company", "we", "us", "our"). We are offering [2,550,000] class A ordinary shares, par value US$0.0002 per share (the "Class A Ordinary Shares").

Prior to this offering, there has been no public market for our Class A Ordinary Shares. We anticipate the initial public offering price of our Class A Ordinary Shares will be between US$[4.00] and US$[5.00]. We intend to apply to list our Class A Ordinary Shares on the [NYSE American] under the symbol "TCGL." The closing of this offering is conditional upon [NYSE American]'s final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on the [NYSE American].

We are both an "emerging growth company" and a "foreign private issuer" as defined under the applicable U.S. federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements for this and future filings. See "Prospectus Summary—Implications of Being an Emerging Growth Company" and "Prospectus Summary—Implications of Being a Foreign Private Issuer" for additional information.

Immediately prior to the completion of this offering, our issued and outstanding share capital will consist of Class A Ordinary Shares and class B ordinary shares, par value US$0.0002 per share (the "Class B Ordinary Shares"). Mr. Lim Heng Hai will beneficially own all of our then issued and outstanding Class B Ordinary Shares. These Class B Ordinary Shares will constitute approximately [12.8]% of our total issued and outstanding share capital immediately after the completion of this offering and [41.0]% of the aggregate voting power of our total issued and outstanding share capital immediately after the completion of this offering, assuming that the underwriter does 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 holder of our Class A Ordinary Share is entitled to one vote per share. Each holder of our Class B Ordinary Share is entitled to 20 votes per share. Our Class A Ordinary Shares and Class B Ordinary Shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Each Class B Ordinary Share is convertible at any time into one Class A Ordinary Share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares by a holder thereof or a change of ultimate beneficial ownership of any Class B Ordinary Shares to any person other than their affiliates, such Class B Ordinary Shares are automatically and immediately converted into the same number of Class A Ordinary Shares.

Additionally, upon the completion of this offering, we will continue to be a "controlled company" as defined under corporate governance rules of [NYSE American], because Mr. Lim Heng Hai will beneficially own approximately [45.1]% of our then-issued and outstanding Class A Ordinary Shares, [100%] of our then-issued and outstanding Class B Ordinary Shares and will be able to exercise approximately [86.1]% of the total voting power of our issued and outstanding ordinary shares immediately after the consummation of this offering, assuming the underwriter does not exercise its option to purchase additional Class A Ordinary Shares. We do not intend to avail ourselves of the corporate governance exemptions afforded to a "controlled company" under the [NYSE American Rules]. However, our decision not to rely on the "controlled company" exemption could change. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. For further information, see "Risk Factors", "Principal Shareholders" and "Prospectus Summary—Implications of Being a Controlled Company."

**Investing in the Class A Ordinary Shares involves a high degree of risk. See "Risk Factors" beginning on page 13.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Class A <br>Ordinary Share** | **Per Class A <br>Ordinary Share** | **Total Without <br>Over-allotment <br>Option** | **Total Without <br>Over-allotment <br>Option** | **Total <br>Assuming Full <br>Exercise of <br>Over-allotment <br>Option<sup>(3)</sup>** | **Total <br>Assuming Full <br>Exercise of <br>Over-allotment <br>Option<sup>(3)</sup>** |
| Initial public offering price | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] |
| Underwriting discounts<sup>(1)</sup> | US$ | [ ] | US$ | [ ] | US$ | [ ] |
| Proceeds, before expenses, to us<sup>(2)</sup> | US$ | [ ] | US$ | [ ] | US$ | [ ] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We have agreed to pay the underwriter a fee equal to 7.5% of the gross proceeds of the offering, at the closing of this offering, and each closing of the over-allotment option, if any. This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering payable to the underwriter. For a description of the other compensation to be received by the underwriter, see the section entitled "Underwriting" in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The total estimated fees and expenses related to this offering are set forth in the section entitled "Underwriting– Discounts and Expenses".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes the sale of [382,500] additional Class A Ordinary Shares (equal to 15% of the total number of Class A Ordinary Shares offered by us), assuming the full exercise of the over-allotment option by the underwriter. For more information, see the section entitled "Underwriting—Over-allotment Option" in this prospectus.

The underwriter is selling the Class A Ordinary Shares in this offering on a firm-commitment basis. The underwriter has an option to purchase up to [382,500] additional Class A Ordinary Shares (equal to 15% of the total number of Class A Ordinary Shares sold in the offering) from us at the initial public offering price, less the underwriting discounts, within 45 days after the closing of this offering, to cover any over-allotment.

If we complete this offering, net proceeds will be delivered to us on the closing date. The underwriter expects to deliver the Class A Ordinary Shares against payment in U.S. dollars in New York, NY to purchasers on or about [ ], 2025.

**Neither the United States Securities and Exchange Commission nor any state securities commission nor other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

![](logo_001.jpg)

Prospectus dated [ ], 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[Prospectus Summary](#me_001)** | **1** |
| **[The Offering](#me_002)** | **10** |
| **[Summary Consolidated Financial Data](#me_003)** | **11** |
| **[Risk Factors](#me_004)** | **13** |
| **[Special Note regarding Forward-Looking Statements and Industry Data](#aj_001)** | **46** |
| **[Use of Proceeds](#aj_002)** | **48** |
| **[Dividend Policy](#aj_003)** | **49** |
| **[Capitalization](#aj_004)** | **50** |
| **[Dilution](#aj_005)** | **51** |
| **[Enforceability of Civil Liabilities](#aj_006)** | **52** |
| **[Corporate History and Structure](#aj_007)** | **54** |
| **[Selected Consolidated Financial Data](#aj_008)** | **57** |
| **[Management's Discussion and Analysis of Financial Condition and Results of Operations](#aj_009)** | **58** |
| **[Industry Overview](#aj_010)** | **67** |
| **[Business](#aj_011)** | **72** |
| **[Regulation](#sw_001)** | **95** |
| **[Management](#sw_002)** | **98** |
| **[Principal Shareholders](#sw_003)** | **106** |
| **[Related Party Transactions](#sw_004)** | **107** |
| **[Description of Share Capital](#sw_005)** | **108** |
| **[Shares Eligible For Future Sale](#sw_006)** | **118** |
| **[Taxation](#sw_007)** | **120** |
| **[Underwriting](#sw_008)** | **128** |
| **[Expenses Related To This Offering](#sw_009)** | **139** |
| **[Legal Matters](#sw_010)** | **140** |
| **[Experts](#sw_011)** | **141** |
| **[Where You Can Find Additional Information](#sw_012)** | **142** |
| **[Index to Consolidated Financial Statements](#na_007)** | **F-1** |
| **[Exhibit Index](#exi_001)** | **II-2** |
| **[SIGNATURES](#na_010)** | **II-4** |
| **[Signature of Authorized Representative in the United States](#na_011)** | **II-6** |

---

i

**This prospectus contains certain estimates and information concerning our industry, including market position, market size, and growth rates of the markets in which we participate. We believe these industry publications and third-party research, surveys and studies are reliable, however this information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources we believe to be reliable, although we do not guarantee the accuracy or completeness of such information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section. These and other factors could cause results to differ materially from those expressed in these publications and reports.**

**For Investors Outside the United States:** Neither we nor the underwriter have taken any action that would permit a public offering of the Class A Ordinary Shares outside the United States or permit the possession or distribution of this prospectus or any related free-writing prospectus outside the United States. Persons outside the United States who come into possession of this prospectus or any related free-writing prospectus must inform themselves about and observe any restrictions relating to the offering of the Class A Ordinary Shares and the distribution of the prospectus outside the United States.

**Until** [ ]**, 2025 (the 25th day after the date of this prospectus), all dealers that buy, sell or trade Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriter and with respect to their unsold allotments or subscriptions.**

**Basis of Presentation**

We are responsible for the information contained in this prospectus. We do not take any responsibility for and cannot provide no assurance as to the reliability of, any other information that others may give you. You should rely only on the information contained in this prospectus or in any related free-writing prospectus that may be filed with the United States Securities and Exchange Commission. We have not authorized anyone to provide you with information different from that contained in this prospectus or in any related free-writing prospectus. We are offering to sell, and seeking offers to buy, the Class A Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where offers and sales are permitted and lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares. It may be the case that our business, financial condition, results of operations, and prospects may have changed since that date.

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

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

This prospectus may contain additional trademarks, service marks and trade names of others. All trademarks, service marks and trade names appearing in this prospectus are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other person.

**Conventions Which Apply to This Prospectus**

Unless we indicate otherwise, all information in this prospectus reflects no exercise by the underwriter of its option to purchase up to [ ] additional Class A Ordinary Shares from us.

ii

Except where the context otherwise requires:

● "AI" refers to artificial intelligence;

● "API" refers to application programming interface;

● "Board" refers to the board of Directors;

● "CDSA" refers to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore;

● "Class A Ordinary Shares" refer to our Class A ordinary shares of nominal or par value of US$0.0002 each;

● "Class B Ordinary Shares" refer to our Class B ordinary shares of nominal or par value of US$0.0002 each;

● "CSP" refers to cybersecurity providers;

● "Cybersecurity Act" refers to the Cybersecurity Act 2018 of Singapore;

● "Director(s)" refers to the director(s) of our Company;

● "DPL" refers to Diginius Pte. Ltd.;

● "Duit Now" refers to a Malaysian money transfer service which allows real time payments between locally registered bank accounts;

● "Employment Act" refers to the Employment Act 1968 of Singapore;

● "FAST" refers to "Fast And Secure Transfers", a Real-Time Payments system that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly;

● "FI" refers to financial institution;

● "FinTech" refers to financial technology;

● "Frost & Sullivan" refers to our independent industry consultant, Frost & Sullivan Limited;

● "Frost & Sullivan Report" refers to a report that was commissioned by us and prepared by Frost & Sullivan, to provide information regarding our industry and our market position;

● "Group" refers to TechCreate and its consolidated subsidiaries and its consolidated affiliated entities;

● "IPO" refers to initial public offering;

● "IRAS" refers to Inland Revenue Authority of Singapore;

● "ISO 20022" refers to a common platform for the development of messages, a multi part International Standard prepared by ISO Technical Committee TC68 Financial Services;

● "IT" refers to information technology;

● "MAS" refers to the Monetary Authority of Singapore;

● "ordinary shares" refer to our Class A Ordinary Shares and Class B Ordinary Shares;

● "Payment System Engine" refers to our Real-Time Engine which was developed to facilitate our Real-Time Payments system;

● "PayNow" refers to a near-instant RTP system developed by Association of Banks in Singapore;

● "PDPC" refers to the Personal Data Protection Commission of Singapore;

● "POS QR Code" refers to Point-of-Sales Quick-Response Code ;

● "PromptPay" refers to a fast, local fund transfer service in Thailand that enables users to send or receive Thai baht funds in real time from one account to another;

● "Reorganization" refers to the internal reorganization of the Company for the purposes of listing on the [NYSE American], details of which are set forth in "Corporate History and Structure" that took place in July 2025 whereby shareholders transferred 100% equity interest in TechCreate Solution Private Limited and its subsidiaries to eventually the Company, such that the Company became the ultimate holding company of TechCreate Solution Private Limited and its subsidiaries ;

● "PS Act" refers to the Payment Services Act 2019 of Singapore;

● "RTE" refers to Real-Time Engine;

● "RTP" refers to Real-Time Payment(s);

● "SEC" or "Securities and Exchange Commission" refers to United States Securities and Exchange Commission;

● "Singapore" refers to the Republic of Singapore;

● "Singapore PDPA" refers to the Personal Data Protection Act 2012 of Singapore;

● "SITA" refers to Income Tax Act 1947 of Singapore;

● "SWIFT" refers to Society for Worldwide Interbank Financial Telecommunication;

● "S$" or "SGD" refer to Singapore dollar(s), the legal currency of Singapore;

● "TCDPL" refers to TC Digital Pte. Ltd.;

● "TechCreate," "we," "us," "our Company" and "our" refer to TechCreate Group Ltd., an exempted company incorporated in the Cayman Islands with limited liability on July 29, 2024, its consolidated subsidiaries and its consolidated affiliated entities;

● "TSOFA" refers to Terrorism (Suppression of Financing) Act 2002 of Singapore; and

● "TSPL" refers to TechCreate Solution Private Limited;

● "US$," "USD," "U.S. dollars," "$" and "dollars" refer to United States dollar(s), the legal currency of the United States.

iii

**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 and notes appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in the Class A Ordinary Shares discussed under "Risk Factors," before deciding whether to buy the Class A Ordinary Shares. This prospectus contains information from a report, dated November 4, 2024, that was commissioned by us and prepared by Frost & Sullivan, an independent market research firm, to provide information regarding our industry and our market position. We refer to this report as the "Frost & Sullivan Report."

**Our Mission**

Our mission is to redefine the digital payments landscape by establishing TechCreate as the unparalleled leader in RTP solutions across ASEAN. As a trusted partner in innovation, we empower businesses with transformative payment technologies, robust cybersecurity, and cutting-edge digital solutions. Driven by a relentless pursuit of excellence, we tackle the most intricate digital challenges, delivering impactful solutions that create lasting value and inspire trust across every engagement.

**Our Business**

TechCreate is a technology consultancy and advanced software solutions provider, headquartered in Singapore, a global hub for innovation and enterprise. Since our establishment in 2015, when Mr. Lim Heng Hai established TechCreate Solution Private Limited, a Singapore Company with limited liability to carry on the business of technology consultancy and payment solutions services, we have grown into what we believe to be a trusted partner for financial institutions, telecommunication companies, and enterprises, delivering what we believe to be innovative digital payment, cybersecurity, and technology services. We aim to solve real-world challenges and create opportunities for growth in an increasingly digitalized world.

Over nearly a decade, we have developed proprietary expertise that powers our suite of offerings. Our flagship product is the Artificial Intelligence Real-Time Engine ("AI-RTE"), which we believe enables financial institutions to process payments with greater speed, security, and efficiency. In addition to RTP systems, we specialize in advanced API management, comprehensive cybersecurity solutions, scalable IT infrastructure, and cloud services. We believe these solutions equip organizations to operate with confidence and agility in a complex global economy.

Our services extend beyond consulting and technology integration. We also offer software licenses, maintenance agreements, and customized hardware solutions, providing clients with a complete ecosystem that we believe enhances their operations and safeguards critical assets. We believe this integrated approach enables our clients to benefit from cohesive solutions that are tailored to their unique needs.

On June 2, 2022, we expanded our capabilities through the strategic acquisition of a 51% equity interest in Diginius Private Limited, a Singapore company with limited liability established in 2020 by Mr. Ronald Vong Chin Hua ("Mr. Ronald Vong") specializing in server and cybersecurity solutions. On October 30, 2024, TechCreate Solution Private Limited acquired the remaining 49% of equity interest in Diginius Private Limited. We believe this acquisition strengthened our ability to deliver advanced payment technologies and enhanced our expertise in securing critical systems for our clients.

As of the date of this prospectus, TechCreate operates as a comprehensive provider of digital payment and cybersecurity solutions, designed to meet both specific challenges and broader, complex transformations. We believe our integrated approach enables us to deliver solutions that are not only reliable but also forward-looking, helping businesses adapt and thrive in a fast-changing landscape.

We believe our growth is built on disciplined expansion and reinvestment into innovation, sustained by our profitability and commitment to excellence. We have established a presence in Singapore, Brunei, and Cambodia, while forming strategic partnerships in what we believe are key markets such as India, Vietnam, Indonesia, Laos, and Hong Kong. We believe these partnerships expand our reach and allow us to serve a diverse range of clients with precision and reliability.

We believe TechCreate's ability to integrate seamlessly with a variety of core banking systems, including Finacle, Temenos, Flexcube, and Silverlake enables us to help organizations optimize operations, reduce inefficiencies, and enhance financial inclusion in emerging markets. At the same time, we believe our scalable solutions meet the complex requirements of developed economies, offering a balanced and far-reaching value proposition.

We believe TechCreate is more than a technology company, rather it represents a vision for a better-connected, more secure, and innovative future. We are committed to delivering long-term impact and value to our clients, investors, and partners, enabling them to navigate the challenges of today and seize the opportunities of tomorrow. With a focus on adaptability, reliability, and sustained growth, we believe TechCreate is shaping the future of the digital economy and empowering organizations worldwide to succeed.

**Our Market Opportunities**

Our market opportunities are as follows:

We believe TechCreate is uniquely positioned to capitalize on the extraordinary opportunities presented by the rapidly evolving global and regional landscapes of RTP, cybersecurity, and digital transformation. As governments, central banks, and financial institutions increasingly prioritize modernization and interoperability, we believe TechCreate's proven expertise and cutting-edge solutions make us a transformative force in the industry.

In Southeast Asia, the demand for RTP systems is accelerating at an unprecedented rate. With the transaction banking payment middleware market projected to grow at a remarkable CAGR of 22.3% to USD 9.4 billion by 2028, this region represents one of the fastest-growing digital ecosystems globally, according to Frost & Sullivan Report. We believe the push for cashless economies, coupled with surging e-commerce activity and widespread smartphone adoption, underscores the need for innovative, scalable, and secure financial solutions. TechCreate's proprietary AI-RTE is designed to address these demands, as we believe it enables seamless integration of legacy systems with modern real-time infrastructures, driving efficiency, reliability, and operational scalability for financial institutions across the region.

Globally, the adoption of ISO 20022 as the new standard for financial messaging marks a watershed moment in the financial sector. SWIFT's migration in March 2023 and the Federal Reserve's planned adoption for the Fedwire Funds Service on March 10, 2025<sup>1</sup>, we believe highlight a universal commitment to fostering faster, more transparent, and data-rich payment systems. For TechCreate, we believe this presents an unparalleled opportunity. Our leadership in ISO 20022 implementation is evidenced by our representation of Singapore in the Registration Management and Payment Standard Evaluation Groups, as well as drafting critical components of the Singapore ISO 20022 interbank clearing and settlement message definition. We believe this track record positions TechCreate as a trusted partner for financial institutions navigating this global transformation, offering solutions that facilitate compliance, enhance operational efficiencies, and unlock the potential of enriched data for fraud detection, predictive analytics, and personalized customer experiences.

We believe the rising complexity of financial systems has also amplified the demand for robust cybersecurity measures, an area where TechCreate excels. As financial institutions face increasing threats, we believe our cybersecurity solutions—strengthened by our strategic acquisition of Diginius, empower clients with advanced capabilities, including real-time threat detection, multi-layered protection, and adaptive defenses. By integrating cybersecurity into every aspect of our offerings, we aim to provide financial institutions with the confidence to operate in a secure and resilient digital environment.

The global digital payments market continues to expand, with innovations such as POS QR Code payment terminals driving adoption, according to Frost & Sullivan Report. In Southeast Asia alone, digital payment transactions via these terminals are expected to grow to USD 13.3 trillion by 2028 at a CAGR of 23.7%. TechCreate seamlessly integrates digital payment solutions with a wide range of core banking systems, including industry leaders like, according to Frost & Sullivan Report, Finacle, Temenos, Flexcube, Silverlake, and others. We believe this capability empowers businesses to streamline operations, minimize inefficiencies, and foster financial inclusion in emerging markets. At the same time, we believe our scalable solutions are designed to meet the complex demands of developed economies, offering a comprehensive and versatile value proposition that bridges diverse market needs.

TechCreate's ambitions are grounded in creating sustainable value and shaping the future of payments, cybersecurity, and digital transformation. While Southeast Asia remains a focal point of growth, our strategic roadmap includes expanding into key markets such as the United States and South Korea. We believe these regions, with their advanced financial infrastructures and emphasis on operational excellence, offer immense potential for TechCreate's expertise. By fostering collaborations with pioneering FinTech partners, investing in research and development, and continuously advancing our proprietary technologies, we believe we are not only meeting the demands of today's financial landscape but actively anticipating the needs of tomorrow.

We believe this offering represents a pivotal milestone in TechCreate's journey, providing the resources to scale our operations, expand our geographic footprint, and deepen our technological capabilities. As we see the payments industry continuing to evolve, characterized by the rise of RTP, increasing regulatory complexities, and a heightened focus on customer-centric innovation we believe TechCreate is leading the charge. We believe our solutions empower financial institutions and businesses to navigate complexities with confidence, driving meaningful transformation across the global financial ecosystem.

TechCreate aims to maintain its position in this industry for the long term, because we are committed to building a legacy of innovation, trust, and impact. By delivering enduring value, fostering strategic partnerships, and empowering stakeholders, we believe we are redefining what is possible in the digital economy. With what we believe to be an unwavering focus on excellence, TechCreate is not just responding to market demands, we believe we are shaping the future of payments and cybersecurity, creating opportunities that inspire confidence and deliver progress for generations to come.

1. https://www.frbservices.org/resources/financial-services/wires/iso-20022-implementation-center; https://www.swift.com/news-events/news/iso-20022-coexistence-begins-opening-new-possibilities-cross-border-payments.

**Our Strengths**

As discussed in the sections titled "Business – Our Solutions and Services" and "Business – Our Strategies and Future Plans", our Group's focus is on the provision of professional services and in particular, our Payment System Engine services (and any related software license and maintenance license sales). Accordingly, we believe that our competitive strengths are specific to our operations and expertise in Payment System Engine services. Our main competitive strengths are as follows:

● We believe we have expertise in RTP with an established track record: Our Group has deep expertise and specialization in RTP. Having implemented RTP solutions for various financial institutions in Southeast Asia, we believe we have extensive experience in and a comprehensive understanding of regional payment systems.

● Development of a proprietary RTE for optimized RTP: We believe our proprietary AI-RTE has the potential to offer faster, more secure, and more efficient RTP integrations compared to competitors. As a result, we believe we are able to enable cost-effective integrations for financial institutions seeking to adopt RTP.

● Emerging economies market: We are of the opinion that the RTP market in Southeast Asia is experiencing rapid growth, driven by government initiatives to promote cashless economies, smartphone adoption, and increasing e-commerce activity. We believe this trend presents a significant opportunity for us and creates a favorable sales environment for our Group.

● Agility and efficiency in adapting to change: We believe our Group's smaller size and focused specialization, relative to established industry players such as Fidelity National Information Services, Inc. ("FIS"), Finastra Group Holdings Limited, Vocalink Holdings Limited, and ACI Worldwide Inc. give us the ability to quickly adapt to change in the industry space and make and implement important decisions at a faster pace.

● Strong partnerships and client relationships: Our Group has established partnerships with distributors of digital solutions, allowing us to provide our customers with what we believe to be comprehensive, bespoke solutions. We believe this allows us to offer a larger number of solutions and makes us a "one-stop-shop" solutions provider, distributing cybersecurity and digital solution products not otherwise available in Southeast Asia. Our Group prides itself on cultivating and maintaining strong client relationships. We believe financial institutions consistently choose our Group as their trusted payment solutions partner due to our unwavering commitment to cutting-edge technology, customer service, and scalable solutions. We believe our platform is not only innovative and cost-effective but also robust and reliable, which we believe often seamlessly integrates with our clients' core systems.

● Competitively priced solutions: We believe that our low operating costs and specialization allow us to maintain competitive pricing as savings are passed on to clients through competitive pricing. We aim to keep our operating costs low by having our own pre-built solutions tailored to specific RTP systems like FAST, PayNow, and DuitNow, leveraging on our regional experience.

**Our Strategies**

Our business strategies and future plans largely concern our primary core business, the provision and professional services and in particular, our Payment System Engine services (and any related software license and maintenance license sales). We explain our focus on Payment System Engine services in the section titled "Business – Our Solutions and Services" as well as in the section titled "Business – Competitive Strengths". Our business strategies and future plans are as follows:

● Expanding Business Focus in RTP: Our Group aspires to be the preeminent RTP solutions provider in Southeast Asia. We plan to achieve this by leveraging our what we believe to be our deep regional expertise, a cutting-edge proprietary AI-RTE, and strategic partnerships to empower financial institutions with seamless, secure, and efficient RTP integrations. We expect the RTP business expansion will contribute significantly to our overall revenue and profitability due to growth anticipated in Southeast Asia's RTP market, the creation of recurring revenue streams through our value-added services and ongoing support services, and the scalability of our RTP solution.

● Geographic Expansion: We intend to establish ourselves as an international player in the digital payments industry by providing RTP solutions and other digital solutions to provide clients with a one-stop shop for their digital and payment needs. While our operations are currently focused on Singapore, Brunei, and Cambodia, we have identified the United States and Republic of Korea as target markets for expansion, in addition to markets across Southeast Asia that we do not currently operate in.

● Product Improvement and Expansion through Research and Development: We intend to invest in our research and development efforts to enhance our proprietary AI-RTE and develop a comprehensive suite of RTP solutions.

&nbsp;&nbsp;&nbsp;&nbsp;

● Expansion Through Organic Growth and Acquisitions:

○ Organic Growth into Market Segment: We intend to grow our portfolio of clientele through our specialization in RTP and marketing strategies to increase the number of FI clients we have. We envisage our ISO 20022 expertise to continue to facilitate our organic growth through cementing our position as a key player in the RTP space and continued participation in the development of global standards in turn, developing our network of partners and clients.

○ Strategic Alliances: The Company intends to devote resources to partnering with disruptive FinTech players to offer a comprehensive RTP ecosystem.

○ Acquisition Opportunities: We also intend to pursue suitable inorganic growth opportunities such as acquisitions and joint ventures to expand our suite of solutions in the payments and digital solutions space.

● Build Recurring Revenue Streams: Our Group intends to cultivate strong client relationships with a focus on recurring revenue streams through value-added services and ongoing support following the initial provision of our professional services.

● Contribute to Industry Transformation: We believe the payments industry is rapidly transforming due to the increasing complexity of transaction banking operations, widespread digital transformation and adoption of emerging technologies, a demand for RTP solutions, and an increased focus on customer experience as discussed in the section "Industry Overview – Overview of transaction banking payment service middleware market in Southeast Asia - Market drivers of transaction banking payment service middleware market in Southeast Asia". Despite the advancements led by who we believe to be major players such as Fidelity National Information Services, Inc. (FIS), Finastra Group Holdings Limited, and ACI Worldwide Inc., the Company has identified a critical gap in the market—a lack of a singular, AI-RTE that we believe seamlessly integrates cutting-edge technologies to tackle evolving challenges in transaction banking. We believe most competitors focus on modular solutions, whereas our RTE consolidates speed, scalability, and security into a unified, AI-driven framework, designed to address what we believe to be operational pain points that were previously unsolvable.

**Summary of Risk Factors**

Investing in our Class A Ordinary Shares involves risks. The risks summarized below are qualified by reference to "Risk Factors" beginning on page 13 of this prospectus, which you should carefully consider before making a decision to purchase our Class A Ordinary Shares. If any of these risks actually occur, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our Class A Ordinary Shares would likely decline, and you may lose all or part of your investment.

We believe some of the major risks and uncertainties that may materially and adversely affect us include the following:

***Risks Related to Our Business and Industry***

● economic conditions and ongoing geopolitical uncertainties and conflicts could materially and adversely affect our business, financial condition, and results of operations;

● we depend on our major customers for a substantial portion of our revenue, and the loss of, or significant reduction in our provision of services to, one or more of our major customers could negatively impact our revenue and operating results;

● we depend on our major suppliers to support the provision of our services and products to our customers, and our inability to establish and maintain an uninterrupted supply chain could negatively impact our revenue and operating results;

● failures, defects, errors, or vulnerabilities in our systems could adversely affect our business, financial condition and results of operations;

● our reliance on artificial intelligence ("AI") in our products and services may result in operational challenges, legal liability, reputational concerns and competitive risks;

● our actual or perceived failure to protect information provided by our users and commercial partners, or other confidential information, and to comply with the relevant laws and regulations could adversely affect our business, financial condition and results of operations;

● we rely on third parties to deliver our services to users on our platforms, and any disruption of or interference with our use of third parties could adversely affect our business, financial condition, and results of operations;

● if we do not accurately predict, prepare for, and respond promptly to rapidly evolving technological and market developments and successfully manage product and subscription introductions and transitions to meet changing end-customer needs in the security market, our competitive position and prospects will be harmed;

● our business is dependent on the level of awareness of cybersecurity threats;

● our increasing focus on cloud-based services presents execution, competitive and compliance risks, and the Company's revenue growth may be materially adversely affected by our ability to develop cloud-based services and generate sufficient usage of such services;

● we compete in a highly competitive and rapidly evolving market with a number of other companies, and we face the possibility of new entrants disrupting our market over time;

● our business is dependent on project-based contracts for the provision of payment and cybersecurity solutions, and we may be unable to secure new contracts;

● our business is subject to legal and regulatory risks that could have a material and adverse impact on our business, financial condition, and results of operations; and

● our business depends on a strong reputation and brand, and any failure to maintain, protect and enhance our brand could have a material adverse effect on our business, financial condition, and results of operations.

***Risks Related to Our Securities and This Offering***

● the obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies;

● we are a "foreign private issuer" within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies and subject to reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. issuer. As a result, we may not provide you the same information as U.S. domestic public companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects;

● our operating results may vary significantly from period to period and be unpredictable, which could cause the market price of our Class A Ordinary Shares to decline; and

● you may face difficulties in protecting your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the U.S. and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.

In addition, we face risks and uncertainties related to our compliance with applicable regulations and policies in our principal markets and operations. See "Risk Factors" and other information included in this prospectus for a detailed discussion of the above and other challenges and risks.

**Corporate History and Structure**

Our Group's history began in 2015 when Mr. Lim Heng Hai established TechCreate Solution Private Limited, a Singapore company with limited liability to carry on the business of technology consultancy and payment solutions services. Along the way, TechCreate Solution Private Limited's service offerings grew with the development of a RTE devised to better address customers' payment solutions needs. The business then expanded, over the years, to include the provision of digitalization solutions and consultancy services premised on a Design-Build-Operate-Transfer model.

On June 2, 2022, TechCreate Solution Private Limited acquired 51% of the equity interest in Diginius Private Limited, a Singapore company with limited liability established in February 2020 by Mr. Ronald Vong, specializing in server and cybersecurity products and services. On October 30, 2024, TechCreate Solution Private Limited acquired the remaining 49% of equity interest in Diginius Private Limited. The acquisition led to Diginius Private Limited becoming a direct 100%-owned subsidiary of TechCreate Solution Private Limited and at the time, a combined headcount of 8 employees.

On May 12, 2023, TC Digital Private Limited was incorporated in Singapore as a company with limited liability and a direct 51%-owned subsidiary of TechCreate Solution Private limited with the remaining 49% equity shareholding held by Mr. Ronald Vong. On November 30, 2024, pursuant to a share swap agreement, TC Digital Private limited became a direct 100% owned subsidiary of TechCreate Solution Private Limited. As of the date of this prospectus, TC Digital Private Limited remains a dormant company.

Our Company was incorporated in the Cayman Islands on July 29, 2024 under the Companies Act (Revised) as an exempted company with limited liability. As of the date of this prospectus, our authorized share capital is US$50,000 divided into 250,000,000 ordinary shares of nominal or par value US$0.0002 each, comprising (a) 225,000,000 Class A Ordinary Shares, and (b) 25,000,000 Class B Ordinary Shares.

TechCreate Group Inc. was incorporated as a BVI business company in the British Virgin Islands on July 31, 2024 and as part of our Group's Reorganization, is authorized to issue a maximum of 250,000,000 ordinary shares of nominal or par value US$0.0002 each, comprised of (a) 225,000,000 Class A ordinary shares of par value US$0.0002 each, and (b) 25,000,000 Class B ordinary shares of par value US$0.0002 each. Prior to the Reorganization, TechCreate Group Inc. issued 1 Class B ordinary share of par value US$0.0002 to Mr. Lim Heng Hai.

The Reorganization was completed pursuant to a restructuring agreement entered into on July 24, 2025 (the "Restructuring Agreement"), the shareholders of TechCreate Solution Private Limited, being a company incorporated in Singapore on March 16, 2015 as a private company limited by shares, whereby namely (i) Ronald Vong, (ii) Lim Heng Hai (iii) Chai Chang Ruey Fen, (iv) Vong Tze Poh, (v) Neo Meng Chu, (vi) Teo Mui Lan, (vii) ICHAM Master Fund VCC, (viii) Lim Chong Guan, and (ix) iCapital Holdings (SG) Pte. Ltd. ((i)-(ix), being the "TSPL Shareholders") transferred their respective ordinary shares in the share capital of TechCreate Solution Private Limited, representing in aggregate 100% of the issued share capital of TechCreate Solution Private Limited, to TechCreate Group Inc. Under the Restructuring Agreement, the consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 8,530 Class A ordinary shares with par value of US$0.0002 each and 1,469 Class B ordinary shares with par value of US$0.0002 each in TechCreate Group Inc. to the TSPL Shareholders. On July 25, 2025, the Reorganization was completed as each of the TSPL Shareholders transferred their respective shares in TechCreate Group Inc. representing in aggregate 100% of the issued shares of TechCreate Group Inc., to TechCreate Group Ltd. The consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 14,927,250 Class A Ordinary Shares with par value of US$0.0002 each and 2,572,749 Class B Ordinary Shares with par value of US$0.0002 each in TechCreate Group Ltd. to the TSPL Shareholders. Thus, upon completion of the Reorganization, TechCreate Solution Private Limited became a subsidiary of TechCreate Group Inc., which in turn, became a wholly-owned subsidiary of the Company.

The following diagram illustrates our corporate structure as of the date hereof, including our principal subsidiaries, upon the completion of the Reorganization:

![](formf-1_001.jpg)

The following diagram illustrates our corporate structure, including our principal subsidiaries, immediately upon the completion of this offering, assuming no exercise by the underwriter of its over-allotment option:

![](formf-1_002.jpg)

**Corporate Information**

Our principal executive offices are located at 336 Smith Street, #06-303, New Bridge Centre, Singapore 050336. Our telephone number at this address is +65 6936 6354. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 E. 42nd St., 18th Fl., New York, NY 10168.

Investors should contact us for any inquiries through the address and telephone number of our principal executive offices. Our corporate website is www.techcreate.com.sg. The information contained on our website is not incorporated by reference into, and not a part of this prospectus.

**Implications of Being an Emerging Growth Company**

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

We will remain an emerging growth company until the earliest of (a) the last day of the fiscal year during which we have total annual gross revenue of at least US$1.235 billion; (b) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (c) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (d) the date on which we are deemed to be a "large accelerated filer" under the U.S. Securities Exchange Act of 1934 (the "Exchange Act"), which would occur if the market value of the Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer under the Exchange Act, as amended, or the Exchange Act. Accordingly, upon consummation of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. This means that, even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

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

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.

See "Risk Factors—Risks Related to Our Securities and This Offering —We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies."

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

In this prospectus, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private issuer. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold equity securities.

**Implications of Being a Controlled Company**

Upon the completion of this offering, Mr. Lim Heng Hai will beneficially own [45.1]% of our then-issued and outstanding Class A Ordinary Shares, [100%] of our then-issued and outstanding Class B Ordinary Shares and will be able to exercise approximately [86.1]% of the total voting power of our issued and outstanding ordinary shares immediately after the consummation of this offering assuming that the underwriter does not exercise its option to purchase additional ordinary shares, or [ ]% of our total issued and outstanding ordinary shares, representing [ ]% of our total voting power, assuming that the option to purchase additional ordinary shares is exercised by the underwriter in full. As a result, we will be a "controlled company" as defined under [NYSE American Rules] because Mr. Lim Heng Hai will hold more than 50% of the voting power for the election of directors. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. We do not intend to avail ourselves of the corporate governance exemptions afforded to a "controlled company" under the [NYSE American Rules]. However, our decision not to rely on the "controlled company" exemption could change. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. See "Risk Factors—Risks Related to this Offering and Ownership of our Shares—We will be a "controlled company" after our listing under the [NYSE American] corporate governance rules and, as a result, will be eligible to rely on exemptions from certain corporate governance requirements that provide protection to shareholders of companies that are not controlled companies."

**The Offering**

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| | |
|:---|:---|
| Offering Price | We expect that the initial public offering price will be between US$[4.00] and US$[5.00] per Class A Ordinary Share. |
| Class A Ordinary Shares Offered by Us | [2,550,000] Class A Ordinary Shares (or [2,932,500] Class A Ordinary Shares if the underwriter exercises its over-allotment option to purchase additional Class A Ordinary Shares in full). |
| Class A Ordinary Shares Issued and Outstanding prior to This Offering | [14,927,250] Class A Ordinary Shares. |
| Class A Ordinary Shares Outstanding Immediately After This Offering | [17,477,250] Class A Ordinary Shares (or [17,859,750] Class A Ordinary Shares if the underwriter exercises its over-allotment option to purchase additional Class A Ordinary Shares in full). |
| Voting Rights | Each holder of Class A Ordinary Shares is entitled to one vote per share. Upon issue, we intend each holder of Class B Ordinary Shares to be entitled to 20 votes per share. Each Class B Ordinary Share is expected to be convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not expected to be convertible into Class B Ordinary Shares under any circumstances. |
| Proposed trading market and ticker symbol | We intend to apply to list the Class A Ordinary Shares on the [NYSE American] under the symbol "TCGL" |
| Over-allotment option | We have granted to the underwriter an option, exercisable within 45 days after the closing of this offering, to purchase up to [382,500] additional Class A Ordinary Shares (equivalent to 15% of the total number of Class A Ordinary Shares offered by us in this offering). |
| Representative Warrants | We have agreed to issue to the Representative and to register herein warrants upon the completion of this offering to purchase up to [146,625] Class A Ordinary Shares (which is equal to five percent (5%) of the total number of Class A Ordinary Shares sold in this offering, including all Class A Ordinary Shares sold pursuant to the full exercise of the over-allotment option). The Warrants shall be exercisable commencing six months from the date of issuance and for a term of three (3) years, at a per share price of 120% of the offering price of the initial public offering price of the Class A Ordinary Shares offered hereby. |
| Use of Proceeds | We intend to use the net proceeds from this offering as such: 25% for sales and marketing activities for the development and expansion of business and our business operations, 35% for research and development to better delivery high-quality services, 30% for potential merger and acquisitions. See "Use of Proceeds" for additional information. |
| Dividend Policy | We do not have any present plan to pay any cash dividends on our Class A Ordinary Shares in the foreseeable future after this offering. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. See "Dividend Policy" for additional information. |
| Lock-up | Our directors, officers and holders of more than five percent (5%) of our outstanding Class A Ordinary Shares as of the effective date of the Registration Statement will enter into customary "lock-up" agreements in favor of the underwriter for a period of six (6) months from the date of the Offering, and we will agree, for a period of three (3) months from the closing of the Offering, that we will not (A) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any other securities of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (B) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company. See "Underwriting" for additional information. |
| Risk Factors | See "Risk Factors" and other information included in this prospectus for a discussion of risks you should carefully consider before investing in the Class A Ordinary Shares. |
| Listing | We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. |
| Transfer Agent | VStock Transfer, LLC |
| Payment and settlement | The underwriter expects to deliver the Class A Ordinary Shares against payment therefor through the facilities of [ ] on or about [ ], 2025. |

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**Summary Consolidated Financial Data**

The following summary consolidated statements of operations and comprehensive (loss) income data and cash flow data for the years ended December 31, 2023 and 2024 and summary consolidated balance sheets data as of December 31, 2023 and 2024 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with the U.S. generally accepted accounting principles, or "U.S. GAAP".

Our historical results are not necessarily indicative of results to be expected for any future period. The following summary consolidated financial data for the periods and as of the dates indicated are qualified by reference to, and should be read in conjunction with, our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

**Summary Consolidated Statements of Operations and Comprehensive Loss**

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| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023**<br>**S$** | **2024**<br>**S$** | **2024**<br>**US$** |
| **Revenue** | 2879645 | 3104324 | 2298818 |
| **Cost of revenue** | (1460778) | (2210508) | (1636928) |
| **Gross profit** | 1418867 | 893816 | 661890 |
| Selling and distribution expenses | (704128) | (786428) | (582367) |
| Research and development expenses | (7000) |  |  |
| General and administrative expenses | (754802) | (976411) | (723053) |
| **Total operating expenses** | (1465930) | (1762839) | (1305420) |
| **Loss from operations** | (47063) | (869023) | (643530) |
| **Other income (expenses)** |  |  |  |
| Other income | 52375 | 30828 | 22829 |
| Interest expense | - | (41952) | (31066) |
| **Total other income (expenses)** | 52375 | (11124) | (8237) |
| Income/ (loss) before income tax | 5312 | (880147) | (651767) |
| Income tax expense | (200107) | (132679) | (98252) |
| **Net loss** | (194795) | (1012826) | (750019) |
| **Other comprehensive loss, net of tax** |  |  |  |
| Currency translation differences arising from consolidation | 6421 | (5717) | (4234) |
| **Net comprehensive loss** | (188374) | (1018543) | (754253) |
| **Net loss per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted | (0.01) | (0.06) | (0.04) |
| **Weighted average number of ordinary shares used in computing net loss per share** |  |  |  |
| Basic and diluted\* | 17500000 | 17500000 | 17500000 |

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**Summary Consolidated Balance Sheets**

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023**<br>**S$** | **2024**<br>**S$** | **2024**<br>**US$** |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| Deferred Cost | 824822 | 576562 | 426956 |
| Contract Assets | 76157 | 145383 | 107659 |
| Accounts and Other Receivable | 119067 | 276734 | 204927 |
| Amount Due from Shareholders | 4900 | 4900 | 3629 |
| Amount Due from Related Party | 56887 | 11772 | 8717 |
| Cash and Cash Equivalents | 997846 | 1205951 | 893032 |
| Deferred Offering Costs | - | 457718 | 338950 |
| **Total Current Assets** | 2079679 | 2679020 | 1983870 |
| **Non-Current Assets** |  |  |  |
| Property, Plant and Equipment, net | 9014 | 7929 | 5872 |
| Right-of-Use Assets – Operating Leases | 49870 | 83288 | 61677 |
| Deferred Cost | 246246 | 57400 | 42506 |
| Other Receivables | 11488 | - | - |
| **Total Non-Current Assets** | 316618 | 148617 | 110055 |
| **TOTAL ASSETS** | 2396297 | 2827637 | 2093925 |
| **Commitments and Contingencies** |  |  |  |
| **LIABILITIES** |  |  |  |
| **Current Liabilities** |  |  |  |
| Contract Liabilities | 1307594 | 981651 | 726934 |
| Account and Other Payables | 110623 | 100653 | 74536 |
| Amount Due to Directors | 6943 | 14907 | 11039 |
| Operating Lease Liability | 26788 | 39815 | 29484 |
| Income Tax Payables | 27408 | 277 | 205 |
| Working Capital Loans | - | 151714 | 112347 |
| **Total Current Liabilities** | 1479356 | 1289017 | 954545 |
| **Non-Current Liabilities:** |  |  |  |
| Operating Lease Liability | 27290 | 47233 | 34977 |
| Contract Liabilities | 238124 | 8247 | 6107 |
| Working Capital Loans | - | 608416 | 450545 |
| **Total Non-Current Liabilities** | 265414 | 663896 | 491629 |
| **TOTAL LIABILITIES** | 1744770 | 1952913 | 1446174 |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Class A Ordinary Shares, US$0.0002 par value, 250,000,000 shares authorized, 14,927,250 share issued and outstanding as of December 31, 2023 and 2024 respectively.\* |  |  |  |
| Class B Ordinary Shares, US$0.0002 par value, 25,000,000 shares authorized, 2,572,750 share issued and outstanding as of December 31, 2023 and 2024 respectively.\* |  |  |  |
| Additional Paid-in Capital | 109800 | 1351540 | 1000844 |
| Accumulated Other Comprehensive Loss | (2158) | (7875) | (5832) |
| Retained Earnings/ (Accumulated Losses) | 543885 | (468941) | (347261) |
| **Total Shareholders' Equity** | 651527 | 874724 | 647751 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 2396297 | 2827637 | 2093925 |

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**Summary Consolidated Statements of Cash Flow**

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| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023**<br>**S$** | **2024**<br>**S$** | **2024**<br>**US$** |
| Net cash generated from/ (used in) operating activities | 141242 | (1286364) | (952580) |
| Net cash used in investing activities | (10651) | (7848) | (5812) |
| Net cash (used in)/ generated from financing activities | (302291) | 1510164 | 1118309 |
| **Net (decrease)/ increase in cash and cash equivalents** | **(171700)** | **215952** | **159917** |
| Cash and cash equivalents at the beginning of the year | 1163124 | 997846 | 738926 |
| Effects of changes in foreign exchange of cash | 6422 | (7847) | (5811) |
| **Cash and cash equivalents at the end of the year** | **997846** | **1205951** | **893032** |

---

**Risk Factors**

*Investing in our Class A Ordinary Shares entails a significant level of risk. Before investing in the Class A Ordinary Shares, you should carefully consider all of the risks and uncertainties mentioned in this section, in addition to all of the other information in this prospectus, including the financial statements and related notes. We may face additional risks and uncertainties aside from the ones mentioned below. There may be risks and uncertainties that we are unaware of, or that we currently do not consider material, that may become important factors that could adversely affect our business in the future. Any of the following risks and uncertainties could have a material adverse effect on our business, financial condition, results of operations and prospects. In such case, the market prices of the Class A Ordinary Shares could decline, and you may lose part or all of your investment.*

**RISKS RELATED TO OUR BUSINESS AND INDUSTRY**

**Our historical growth and financial performance may not be indicative of our future performance.**

As a relatively young Company that was incorporated in 2015, the rapid growth in the past years that we have experienced may not be sustainable or representative of our future growth trajectory. Further, the COVID-19 pandemic accelerated the adoption of digital payments globally and this has contributed to our success as an RTP solutions provider in Southeast Asia. Therefore, our rate of growth may not be maintained in years to follow. With the effects of the pandemic subsiding, and the consequential change in market conditions, new challenges may arise which could impact the rate of growth and financial performance of our Company. These challenges may include increased competition, evolving user preferences, adverse market conditions or regulatory changes, and other factors which may be beyond our control. As a result, our historical growth and financial performance may not be indicative of our future prospects. Should we be unable to maintain our growth momentum, adapt to changing market conditions or address new challenges effectively, the business, financial condition, and results of operations of our Company could be materially and adversely affected.

**We may not achieve or maintain profitability in the future.**

We expect to continue to make investments in developing and expanding our business, including, but not limited to, in technology, recruitment and training, marketing, and for the purpose of pursuing strategic opportunities. Our growth efforts may result in significant costs and expenses before generating any incremental revenue from acquisitions or investments. Moreover, we may experience more expenses than we anticipate or fail to generate enough revenue to offset costs, leading to losses. Additionally, we may continue to incur significant losses in the future for a number of reasons, including, but not limited to:

● our
 inability to grow market share in our existing markets or any new markets we may enter;

● our
 expansion into new markets or adjacent lines of business, for which we typically incur more significant losses in the early stages
 following entry;

● our
 inability to successfully execute on acquisitions, integrate acquired businesses and realize efficiencies or meet growth aspirations
 inherent in the decision to make a specific acquisition;

● increased
 competition in the payments, cybersecurity, and information technology industries in our key markets;

● failure
 to realize effective marketing campaigns and product and technology enhancements;

● failure
 to execute our growth strategies;

● changes
 in the macroeconomic and geopolitical environment and a subsequent reduction in our commercial partners' customer acquisition
 budgets for payment and other software products and solutions across our markets;

● increased
 marketing costs;

● challenges
 in hiring additional personnel to support our overall growth;

● increased
 labor costs as a result of rising inflation and increasing competition;

● changes
 in laws, regulations and government policies that directly or indirectly impact our industries and business operations;

● public
 health threats, natural disasters or other catastrophic events;

● changes
 in accounting policies; and

● unforeseen
 expenses, difficulties, complications and delays, and other unknown factors.

In addition, as a public company, we will also incur significant legal, accounting, insurance, compliance, and other expenses that we did not incur as a private company. These expenses may increase even more if we no longer qualify as an "emerging growth company," as defined in Section 2(a) of the Securities Act. We cannot predict or estimate the amount of additional costs we will incur as a public company or the specific timing of such costs. If we fail to manage our losses or to grow our revenue sufficiently to keep pace with our investments and other expenses, our business will be harmed, and we may not achieve or maintain profitability in the future.

**Economic conditions and ongoing geopolitical uncertainties and conflicts could materially and adversely affect our business, financial condition, and results of operations.**

The overall condition of the markets in which we operate, namely, Brunei, Cambodia, Malaysia, and Singapore, influences our business operations and financial positions. Each of the markets in which we operate is affected by various macroeconomic factors outside our control, which by their nature are cyclical and subject to change. Amongst other things, these factors include interest rates, the general market outlook for economic growth, unemployment, and consumer confidence. Potential changes to government policy and regulation may also impact these factors.

The current global economic slowdown and the possibility of continued turbulence or uncertainty in global financial markets and economies have had, and may continue to have, a moderate impact on transaction volumes. This could lead to a slight decrease in our revenue growth. Further, inflationary pressures have increased our operating costs in 2023 and could continue to have an adverse impact on our costs, margins, and profitability in the future.

There is no guarantee that our efforts will be entirely successful in countering the potential negative impacts of macroeconomic risks on our business. We cannot predict the timing or duration of an economic slowdown or the timing or strength of a subsequent economic recovery generally or in our industries. If macroeconomic conditions worsen or the current global economic conditions continue for a prolonged period of time, our business, financial condition and results of operations could be materially and adversely affected.

**Our key markets are located in Greater Southeast Asia, which subjects us to various risks inherent in operating and investing in this region, such as uncertainties with respect to the local economic, legal and political environment.**

We are headquartered in Singapore and our three key markets in Greater Southeast Asia markets are Brunei, Cambodia, and Singapore. In 2023, 35%, 25%, and 35% of our total revenue was generated from Brunei, Cambodia, and Singapore, respectively. In 2024, 25%, 50% and 25% of our total revenue was generated from Brunei, Cambodia, and Singapore, respectively.

Each of our markets has its own set of political, policy, legal, economic, taxation and other risks and uncertainties that may impact our performance. Therefore, operating in our current markets often requires bespoke business models for each market in which we operate, which adds complexity and reduces economies of scale. In addition, volatile political situations, policy instabilities or changes in policy directions in these markets could negatively affect the local economy, operating environment, and investor confidence, which in turn could have a material adverse effect on our business, financial condition, and results of operations. Furthermore, emerging markets, such as Cambodia, tends to have less sophisticated legal, taxation and regulatory frameworks than developed markets and are typically subject to greater risks and uncertainties, including, but not limited to, the risks of expropriation, nationalization, commercial or governmental disputes, inflation, interest rate and currency fluctuations, and greater difficulty in enforcing or collecting payment against contracts and ensuring that all required governmental and regulatory approvals necessary to operate our business are in place and will be renewed. In addition, the laws and regulations in these markets are more susceptible to unexpected changes and inconsistent application, interpretation, or enforcement.

For a more detailed description of these risks, see "—Risks Related to the Jurisdictions in which We Operate".

**If we fail to retain existing commercial partners and customers, especially commercial partners and customers from which we generate a substantial portion of our revenue, or attract new commercial partners and customers, our business, financial condition and results of operations could be materially and adversely affected.**

Our commercial partners and customers typically do not maintain exclusive commercial relationships with us. The agreements we have in place with these entities generally span an average term of one to three years and may be terminated by either party with appropriate notice, without the need for specific cause.

However, if we fail to consistently deliver high-quality solutions and services, there is a risk that our commercial partners or customers may redirect their resources to alternative channels or competitors. This could negatively impact our revenue, business, financial condition, and overall operational results. Additionally, fluctuations in market conditions or changes within the regulatory landscape could further affect our commercial partner network.

The process of establishing new partnerships or expanding existing relationships is often time-consuming and resource-intensive, particularly in the financial services industry, which is characterized by long sales cycles and there is no assurance that our efforts will yield success. If we are unable to maintain in good standing existing relationships with commercial partners, or unable to add new commercial partners, or if we become dependent on a limited number of commercial partners, we may be unable to meet the expectations of our customers and other counterparties that rely on our business. This deficiency could reduce confidence in our ability to offer competitive rates and terms, making us less popular with such customers and counterparties. As a result, our business could be materially impacted, which could have an adverse impact on our business, financial condition and results of operations.

**In 2023 and 2024, we depended on our major customers for a substantial portion of our revenue and such dependence may continue in the future, and the loss of, or significant reduction in our provision of services to, one or more of our major customers could negatively impact our revenue and operating results.** 

In the year ended December 31, 2023, we had 3 major customers that each accounted for 10% or more of our total revenue. Customer A operates as Cambodia's largest and leading financial institution, Customer B is Brunei's largest telecommunications company, and Customer C is a Singapore Insurance Corporation. These major customers accounted for 35%, 25%, and 11% of the total revenue of the Company in 2023. In the year ended December 31, 2024, we had 4 major customers that each accounted for 10% or more of our total revenue, being Customer A, B, C and D, that accounted for 34%, 23%, 19%, and 11%, respectively, of the total revenue of the Company in that year. Customer D is a technology service provider specializing in system integration and customer engagement solutions based in Cambodia.

In the future, these customers may not decide to engage our services, or may engage us for fewer services than they did in the past. In particular, pursuant to the contracts that we have with our major customers, the tenure of the engagement of our services generally span between 1 to 5 years, dependent on the project that we are engaged for. In addition, most contracts may be terminated by either party, at any time, so long as the requisite notice period, which ranges from approximately 1 month to 3 months, has been served. Moreover, our contracts often grant liquidated damages to our customers if we encounter delays and fail to meet the expected deadlines, or refunds if we are unable to provide the expected services which may result in losses incurred. Further, as the renewal of our contracts are based on mutual consent, in the event we no longer meet our major customers' needs, or if they prefer alternative suppliers, our business operations may be negatively impacted.

There are a number of factors, including our performance, that could cause the loss of, or decrease in the volume of business from, a customer. Even if we have a strong record of performance with our customers we cannot assure you that we will continue to maintain business cooperation with our current customers at the same level, or at all. The loss of business from one or more of these major customers, especially our top customer, could materially and adversely affect our revenue and profit.

If any customer terminates their relationship with us, we cannot assure you that we will be able to secure an alternative arrangement with comparable customers in a timely manner, or at all. Similarly, in the event any of our major customers were to terminate their contractors with us prematurely, or if we are unable to derive recurring business from our major customers, our revenue, business and/or results of operations may be materially and adversely impacted.

**In 2023 and 2024, we depended on our major suppliers to support the provision of our services and products to our customers and such dependence may continue in the future, and our inability to establish and maintain an uninterrupted supply chain could negatively impact our revenue and operating results.**

We engage suppliers to provide the necessary support for our business operations. In the year ended December 31, 2023, we had 3 major suppliers that each accounted for 10% or more of our total cost of revenue. Supplier A operates as a cloud-based technology solutions company, Supplier B is in the business of selling and supporting the implementation and operation of cybersecurity products and cloud services, and Supplier C is a company that specializes in cryptography. These major suppliers accounted for 23%, 17%, and 12% of the total costs of revenue of the Company in 2023. In the year ended December 31, 2024, we had 2 major suppliers that each accounted for 10% or more of our total cost of revenue, being Supplier A and D that accounted for 12% and 13%, respectively, of the total costs of revenue of the Company in 2024. Supplier D is a cybersecurity company that provides Trellix-based cybersecurity solutions.

Any failure of our major suppliers to accommodate our business scale, any suspension or termination of our supply arrangements, any change in cooperation terms, or deterioration of cooperative relationships with these major suppliers, may materially and adversely affect our results of operations. For the year ended December 31, 2024, we did not have any long-term agreements with our major suppliers. Instead, our major suppliers will grant us annual licenses of their products/services and fulfil our purchase orders on a per-transaction basis. While we have a partnership agreement with one of our major suppliers which was entered into in the year ended December 31, 2023, this may be terminated by either party, so long as the requisite 3 months' notice period has been met.

We cannot guarantee that our major suppliers will always be able to fulfil our supply demands on reasonable terms or in a timely manner. In addition, our major suppliers are independent entities subject to their own operational and financial risks that are outside our control. If our current product suppliers were to stop selling products/services to us or delay delivery, including as a result of labor shortages, supplier disruptions, closing or bankruptcies of our suppliers, or for other reasons, we may be unable to procure alternative products from other suppliers or that we would be able to find replacement suppliers on commercially reasonable terms, on a timely basis. Further, any termination of our partnership, or any non-fulfilment of our supply requirements, may materially and adversely affect the results of our operations. As such, our management team will continue to monitor our relationships with these major suppliers from time to time to determine if any further mitigation measures need to be established.

**Failures, defects, errors, or vulnerabilities in our systems could adversely affect our business, financial condition and results of operations.**

We rely heavily on the availability and performance of our platforms and systems to service our commercial partners. However, these platforms and systems are susceptible to failures, interruptions and security breaches and may have defects, errors, or vulnerabilities, which could adversely affect our business, financial condition, and results of operations. Such risks include, but are not limited to:

● Technical
 malfunctions, power outages, hardware or software failures, defects, errors or vulnerabilities in our systems and human errors that
 could disrupt the availability or functionality of our platforms, leading to decreased commercial partner satisfaction and potential
 loss of these commercial partners;

● Security
 breaches, cyberattacks or unauthorized access to our systems that could compromise the security, confidentiality or availability
 of our platforms or the loss or compromise of user data or other confidential information, resulting in reputational damage, legal
 liability and loss of trust among users and commercial partners;

● Increased
 costs and resources associated with identifying, addressing and resolving any defects, errors or vulnerabilities in our systems;

● Increased
 costs associated with maintaining, upgrading and enhancing our platforms and systems to minimize the risks of failures, interruptions,
 and security breaches and to comply with evolving legal and regulatory requirements;

● The
 potential for a prolonged system failure or interruption, which could lead to loss of revenue, increased operating expenses or negative
 publicity; and

● The
 potential for legal liability, regulatory penalties or negative publicity resulting from system failures, defects, errors, or vulnerabilities
 which could harm our reputation and brand.

Our data, corporate systems, third-party systems, and security measures may be breached due to the actions of outside parties, employee error, malfeasance, a combination of these, or otherwise, and, as a result, an unauthorized party may obtain access to our data. Furthermore, as a provider of cybersecurity solutions, we may be a more attractive target for such attacks. A breach in our data security or an attack against our service ability, or that of our third-party service providers, could impact our network or networks secured by our products and subscriptions, creating system disruptions or slowdowns and exploiting security vulnerabilities of our products, and the information stored on our networks or those of our third-party service providers could be accessed, publicly disclosed, altered, lost, or stolen, which could subject us to liability and cause us financial harm. Although we have not yet experienced any unauthorized access incidents by a third party of our internal network, any actual or perceived breach of network security in our systems or networks, or any other actual or perceived data security incident we or our third-party service providers suffer, could result in damage to our reputation, negative publicity, loss of commercial partners, customers, and sales, loss of competitive advantages over our competitors, increased costs to remedy any problems and otherwise respond to any incident, regulatory investigations, or enforcement actions, costly litigation, and other liability. In addition, we may incur significant costs and operational consequences of investigating, remediating, eliminating, and putting in place additional tools and devices designed to prevent actual or perceived security incidents, as well as the costs to comply with any notification obligations resulting from any security incidents. Any of these negative outcomes could adversely impact the market perception of our products and subscriptions and end-customer and investor confidence in our Company and could seriously harm our business or operating results.

Further, failure to effectively manage these risks and maintain the availability and performance of our platforms could diminish our ability to service our users and commercial partners, leading to loss of market share, decreased revenue, and reputational damage, which could adversely affect our business, financial condition, and results of operations.

**Our reliance on artificial intelligence ("AI") in our products and services may result in operational challenges, legal liability, reputational concerns and competitive risks.** 

As elaborated under "*Business – Overview*", since we rely on AI in our flagship product, the Artificial Intelligence Real-Time Engine ("AI-RTE") to enable financial institutions to process payments with greater speed, security, and efficiency, it is therefore a significant element of our current and future business strategy. However, as AI is still a developing technology, it presents risks and challenges, both known and unknown, that could affect its development, adoption and our use, which therefore may affect our business operations. At present, we take the view that some of the known risks of AI include, cybersecurity, accuracy, and intellectual property infringement. In addition, as the regulations surrounding AI are still developing, we intend to monitor the regulatory risks that may present themselves in the future which may affect our development or deployment of our AI-RTE. To that end, we believe some jurisdictions are applying or considering to apply cybersecurity and data protections laws to AI, and/ or are considering general legal frameworks on AI.

Further, AI algorithms may be flawed, datasets may be insufficient or of poor quality, and this may result in performance disruptions or errors. Overcoming these technical obstacles may prove to be impossible or impracticable, and the costs incurred may adversely affect our business revenue. In addition, we may be subject to potential legal liability or reputational harm if the determinations, recommendations, forecasts or analysis that our AI-RTE assists in generating are deficient or inaccurate.

Accordingly, if our AI-RTE does not function reliably, fails to meet expectations in terms of assisting with improving the speed, security, and efficiency of payment processing, or cannot be fully utilized due to increasing regulation or reputational concerns, we may be unable to provide the requisite services using our flagship product, and this may adversely impact our ability to effectively compete in the market.

**We rely on third parties to deliver our services to users on our platforms, and any disruption of or interference with our use of third parties could adversely affect our business, financial condition, and results of operations.**

As a provider of a comprehensive range of professional services, sale of software and maintenance licenses, and the sale of hardware, operating across different markets in Greater Southeast Asia, we rely on third parties to deliver our services to users on our platforms. Any disruption of or interference with our use of these third parties could adversely affect our business, financial condition, and results of operations.

In particular, we rely heavily on Amazon Web Services ("AWS") as our primary cloud services provider for hosting our websites and data. Services provided to us by AWS include, but are not limited to, storage, networking and database management. Our relationship with AWS is governed by their standard customer agreement (the "AWS Agreement"). The AWS Agreement will remain in effect until terminated by either party in accordance with the agreement. AWS can change or discontinue services provided under the AWS Agreement from time to time, provided that they provide twelve months' prior notice if such changes are material (except in certain situations, such as if such notice period would be economically or technically burdensome or cause AWS to violate legal requirements). AWS can also modify the AWS Agreement at any time by posting a revised version of the customer agreement or standard terms of service on their website or by notifying us, provided that they provide at least ninety days' advance notice of any adverse changes.

This reliance on AWS exposes us to various risks, including:

● the
 potential for service outages, disruptions or degradation in performance on the AWS platform, which could lead to interruptions in
 our services, loss of user trust and damage to our reputation;

● the
 possibility of AWS encountering technical difficulties, cybersecurity breaches or other issues that could impact the security, privacy
 and integrity of our data and systems, leading to potential legal liabilities, regulatory penalties and loss of user trust;

● the
 risk of AWS increasing its prices, changing its terms of service, or discontinuing certain features or services, which could result
 in increased operating costs or the need for us to find alternative providers, potentially disrupting our operations;

● the
 possibility of AWS facing regulatory scrutiny or legal action, which could lead to limitations on its ability to provide services,
 increased costs or reputational damage, indirectly impacting our business; and

● the
 reliance on AWS for ongoing maintenance, support and enhancements to its platform, which may not align with our needs.

While we have in the past been able to renew our customer agreement with AWS and expect to continue to do so in the future, there can be no assurance that we can continue to renew the AWS Agreement on commercially favorable terms, or at all, or if the AWS Agreement is not terminated early pursuant to its terms. While we have adopted technologies that work across all major cloud infrastructure platforms, the process of transferring data and systems between providers would likely be time-consuming and complex, and there is no guarantee that this could be done seamlessly or without disruption to our operations. Any disruption of, or interference with, our use of AWS or other third-party service providers could result in interruptions to our services, increased costs, reputational damage, loss of user trust and potential legal liabilities, all of which may adversely impact our business, financial condition and results of operations.

**Our use of open-source software could adversely affect our ability to offer our platforms and services and subject us to costly litigation and other disputes.**

We utilize open-source software and merge it with our own custom-developed stacks in various aspects of our platforms and services. By employing this multi-layered approach, we take the view that risk is minimized as, *inter alia*, we are better able to: (1) have control over the core functionality of the software as the Company's custom-developed stacks form the core of solutions which enhances the security of the critical functionalities; (2) actively monitor the open-source components for vulnerabilities by conducting a quarterly review of the list of libraries used in by our internal software, which allows the Company to tailor the software to suit their specific needs, meet industry standards from a compliance perspective, and monitor the libraries for the prompt implementation of the patches should the need arise; and (3) minimize the risk of cybersecurity threats through the additional layer of complexity in the software. Notwithstanding the above, the use of the relevant open-source software may nonetheless inadvertently expose us to risks that could adversely impact our ability to operate our platforms and subject us to costly litigation and other disputes.

In the event of noncompliance with open-source licensing terms or copyleft restrictions, we may be required to release the source code of our proprietary software, reengineer our platforms and services, or discontinue the use of certain software components, any of which could result in significant costs and disruptions to our business. Additionally, defending against potential legal claims or disputes relating to open-source software may consume valuable resources and divert the attention of our management and technical personnel. These factors could adversely affect our business, financial condition, and results of operations.

**In order to remain competitive and to continue to increase our revenues and earnings, we intend to continually and quickly update our services, a process that could result in higher costs and the loss of revenues, earnings and customers if the new services do not perform as intended or are not accepted in the marketplace.**

As part of the provision of our professional services, we compete in the payments technology industry which is characterized by rapid technological change, new product introductions, evolving industry standards and changing customer needs. In order to remain competitive, we are continually involved in a number of projects, including the development of new platforms, payment processing capabilities, new cross-border workflow and other new offerings emerging in the payments technology industry. These projects carry the risks associated with any development effort, including cost overruns, delays in delivery and performance problems. Based solely on our market observations, in the payments technology markets, these risks are even more acute. Any delay in the delivery of new services or the failure to differentiate our services could render our services less desirable to customers, or possibly even obsolete. Furthermore, as the market for alternative payment processing services evolves, it may develop too rapidly or not rapidly enough for us to recover the costs we have incurred in developing new services targeted at this market.

In addition, certain of the services we deliver to the payments technology market are designed to process very complex transactions and deliver reports and other information on those transactions, all at very high volumes, processing speeds while maintaining transaction integrity and accurate reconciliation. Any failure to deliver an effective and secure product or any performance issue that arises with a new product or service could result in significant processing or reporting errors or other losses. We rely in part on third parties, including some of our competitors and potential competitors, for the development of and access to new technologies. As a result of these factors, our development efforts could result in higher costs that could reduce our earnings in addition to a loss of revenues and earnings if promised new services are not delivered timely to our customers or do not perform as anticipated.

**Use of our digital payment solutions for illegal activities or improper purposes could harm our business.**

We cannot ensure that our users will not attempt to use the payments platform developed by us for our customers for illegal activities or improper uses, including money laundering, terrorist financing, sanctions evasion, illegal online gambling, fraudulent sales of goods or services, illegal telemarketing activities, illegal sales of prescription medications or controlled substances, piracy of software, movies, music, and other copyrighted, trademarked or digital goods, bank fraud, child pornography, human trafficking, prohibited sales of alcoholic beverages or tobacco products, securities fraud, pyramid or Ponzi schemes, or the facilitation of other illegal or improper activity. Moreover, certain activity that may be legal in one jurisdiction may be illegal in another jurisdiction, and a merchant may be found responsible for intentionally or inadvertently importing or exporting illegal goods, resulting in liability for us. Owners of intellectual property rights or government authorities may seek to bring legal action against providers of payments solutions that are peripherally involved in the sale of infringing or allegedly infringing items by a user. Further, measures to prevent and detect illegal activities that may occur on the payments platforms of commercial partners may require continuous improvement and may not be effective in detecting and preventing illegal activity or improper uses.

Any illegal or improper uses of our payments platform or failure by us to detect or prevent illegal or improper activity by our users may subject us to claims, individual and class action lawsuits, and government and regulatory requests, inquiries, or investigations that could result in liability, restrict our operations, impose additional restrictions or limitations on our business or require us to change our business practices, harm our reputation, increase our costs, and negatively impact our business.

**If we do not accurately predict, prepare for, and respond promptly to rapidly evolving technological and market developments and successfully manage product and subscription introductions and transitions to meet changing end-customer needs in the security market, our competitive position and prospects will be harmed.**

Cybersecurity is another professional service that we provide. In cyberspace, the digital security market has grown quickly and is expected to continue evolving rapidly. Moreover, many of our customers operate in markets characterized by rapidly changing technologies and business plans, which require them to add numerous network access points and adapt increasingly complex enterprise networks, incorporating a variety of hardware, software applications, operating systems, and networking protocols. If we fail to accurately predict customers' changing needs and emerging technological trends in the enterprise security industry, including in the areas of mobility, virtualization, cloud computing, and software defined networks ("SDN"), our business could be harmed. The technology in our platform is especially complex because it needs to effectively identify and respond to new and increasingly sophisticated methods of attack, while minimizing the impact on network performance. While we mainly use the cloud services as a replacement for hardware architectures, subject to the requests of our clients, some of our new platform features and related platform enhancements may require us to develop new hardware architectures that involve complex, expensive, and time-consuming research and development processes. The development of our platform is difficult and the timetable for commercial release and availability is uncertain as there can be long time periods between releases and availability of new platform features. Further, there is rapid evolution with the emergence of new standards, technologies, and regulations. If we experience unanticipated delays in the availability of new products, platform features, and subscriptions, and fail to meet customer expectations for such availability, our competitive position and business prospects will be harmed.

Additionally, we must commit significant time and resources to developing new platform features before knowing whether our investments will result in products, subscriptions, and platform features the market will accept. Unexpected technical challenges may also arise. The success of new platform features depends on several factors, including appropriate new product definition, differentiation of new products, subscriptions, and platform features from those of our competitors, and market acceptance of these products, services, and platform features. Moreover, successful new product introduction and transition depends on a number of factors including, our ability to manage the risks associated with new product production ramp-up issues, the availability of application software for new products, the effective management of purchase commitments and inventory, the availability of products in appropriate quantities and costs to meet anticipated demand, and the risk that new products may have quality or other defects or deficiencies, especially in the early stages of introduction. There can be no assurance that we will successfully identify opportunities for new products and subscriptions, develop and bring new products and subscriptions to market in a timely manner, or achieve market acceptance of our products and subscriptions, or that products, subscriptions, and technologies developed by others will not render our products, subscriptions, or technologies obsolete or noncompetitive.

**Our business is dependent on the maintenance of relationships between our partners and our customization and implementation of solutions to achieve their desired objectives.**

As of the date of this prospectus, we partner with providers like Google Asia Pacific Pte. Ltd., Trellix, and FutureX LP., who we believe each hold recognized international cybersecurity specifications. As a distributor and reseller of cybersecurity solutions, we implement and tailor our solutions to suit our clients' needs through a structured approach designed to meet each client's specific needs. We begin with a comprehensive assessment of the client's infrastructure, processes, and regulatory requirements to identify vulnerabilities. Using our partnerships with leading cybersecurity providers and in-house expertise, we design customized solutions that integrate seamlessly into existing systems. These solutions undergo rigorous System Integration Testing (SIT) and User Acceptance Testing (UAT) to facilitate effectiveness and compatibility. Once deployed, we provide 24/7 monitoring, regular updates, and incident response for purpose of continuous protection. Additionally, we offer tailored training to equip clients with the knowledge and tools needed to manage their cybersecurity effectively. This approach supports the customization and security of our solutions making them scalable to adapt to evolving threats.

If any of our partners fail to maintain the quality or competitiveness of their solutions, or if our relationships with these partners deteriorate for any reason or no reason at all, our ability to provide effective cybersecurity solutions to our clients could be materially and adversely impacted. Accordingly, we may lose our current clients to our competitors and may fail to attract new clients that bring in similar revenue. As such, if we are unable to retain existing clients or attract new clients due to our inability to adequately customize and implement solutions to meet our client's objectives, this may significantly and detrimentally impact our business, financial condition and results of operations.

**Our business is dependent on the level of awareness of cybersecurity threats**

Our business is substantially dependent on companies and governments recognizing the severity of the risks relating to cyber-attacks and that such attacks are not effectively prevented by legacy security solutions and IT infrastructure. Based solely on our market observation, the majority of spending on cybersecurity within the Southeast Asia region to date has been on threat protection products, such as network, endpoint and web security that are designed to stop threats from penetrating government and corporate networks including anti-virus software. Organizations that use these security products may believe that their existing security solutions and/or IT infrastructure are considered sufficient to safeguard the access to their sensitive business data. Premised on such notions, we believe they may continue to deprioritize cybersecurity services such as ours and allocate their budget towards threat protection products and may not adopt our vulnerability assessment and penetration testing services in addition to, or in lieu of, such traditional products.

We believe high visibility attacks on prominent companies, in particular, financial institutions have increased market awareness of the impact of advanced cyber-attacks on operations and help to provide an impetus for companies and governments to devote their resources to protecting against cyber-attacks, which includes engaging our vulnerability assessment and penetration testing services.

If the number of cyber-attacks were to decline, or companies or governments perceive that the general level of cyber-attacks have declined, our ability to attract new customers and expand our offerings within existing customers could be materially and adversely affected. A reduction, whether actual or perceived, in the cybersecurity threat landscape could adversely affect our business, financial condition and financial performance.

**Our increasing focus on cloud-based services presents execution, competitive and compliance risks; the Company's revenue growth may be materially adversely affected by our ability to develop cloud-based services and generate sufficient usage of such services.**

A growing part of our business involves cloud-based services available across a spectrum of computing devices. We are devoting significant resources to provide AI solutions, cloud infrastructure, and other services to enterprises and individuals. At the same time, based solely on our market observation, our competitors are rapidly developing and deploying their cloud-based solutions and services. Pricing and delivery models are evolving. Further, we believe that devices and form factors influence how users access services in the cloud and sometimes the user's choice of which suite of cloud-based services to use. Our success in cloud-based services strategy will depend on the level of adoption of our products and services. We may not establish a market share sufficient to achieve scale necessary to achieve our business objectives or recoup costs incurred to build and maintain infrastructure to support our cloud-based services. It is uncertain whether our strategies will attract the users or generate the revenue required to succeed. If we fail to generate sufficient usage of our new products and services, we may not grow revenue in line with the costs associated with infrastructure development and research and development investments. This may negatively and materially impact our results of operations and financial performance.

The development of cloud-based services is accompanied by regulatory compliance risks. However, the interpretation and application of relevant laws in the different countries are often uncertain and in flux, and any failure or perceived failure to comply with all applicable laws and regulations may result in legal proceedings or regulatory actions against us and could have a material adverse effect on our business and results of operations.

In the past, our peers have experienced data security and infrastructure stability issues arising out of their cloud services. Our cloud services may also encounter similar issues, which could have a material and adverse impact on our brand, operations, and financial performance.

**System interruptions that impair access to our cloud or other technology infrastructure, could damage our reputation and results of operations.**

The satisfactory performance, reliability and availability of our cloud infrastructure and other technology infrastructures are critical to our reputation and our ability to acquire and retain customers, as well as maintain adequate customer service levels. Further, our back-up services may process transactions more slowly and may not support all of our sites' functionality.

We may also experience periodic system interruptions from time to time and any slowdown, interruption or performance failure of our cloud or other technology infrastructure could harm our business, reputation and our ability to acquire, retain and serve our customers, which could materially adversely affect our results of operations.

**We provide service level commitments under some of our customer contracts. If we fail to meet these contractual commitments, we could be obligated to provide credits for future service and our business could suffer.**

Certain of our commercial partner and customer agreements contain service level commitments. Due to the nature of the digital solutions, we may be required to provide service level support to our commercial partners and customers. As we have limited support resources available, we have segregated the type of support required into three levels, Level 1, Level 2 and Level 3 support as discussed in the section "Business – Quality Assurance". It is recognized that the requested support that falls within Levels 1 and 2, would be performed by the commercial partner, the customer or the local partner as the software issues in Levels 1 and 2 are easily resolved, while Level 3 is more challenging. In the event that Level 3 support is required, the Company will provide this support due to the more complex nature of the problem.

Any failure or disruption to our infrastructure could potentially affect the performance of our digital solutions and the availability of services to our commercial partners and customers. We may encounter significant performance issues or downtime and should such events occur, we may be required to provide the affected commercial partners and customers with service credits for future use. In some instances, we offer complimentary support to rectify these issues rather than issuing refunds which, in the case of a complex issue, may result in even more time and resources spent, and we ultimately may not be able to resolve the issue, or may end up spending more time costs to resolve the issue than the issuance of a refund. If we do experience performance issues or downtime that exceeds our agreed service levels, our revenue, operational results, and financial condition could be adversely impacted.

**Our actual or perceived failure to protect information provided by our users and commercial partners, or other confidential information, and to comply with the relevant laws and regulations could adversely affect our business, financial condition, and results of operations.**

The protection of data is crucial to maintaining user trust and the confidence of our customers and commercial partners. As part of our business operations, we do not keep any of our commercial partners' and customers' information. The risk, however, may arise in relation to breaches in our source codes.

As we operate across various jurisdictions, both our subsidiaries and ourselves are subject to numerous laws and obligations related to cybersecurity and data protection. As we deploy our solutions primarily for financial institutions where security and data protection are paramount, any failure to comply with these requirements could significantly impact our business, financial condition, and operational results. Although we do not hold the ISO 27001 certification, which is an internationally recognized standard for information security management, we believe that our solutions meet the highest security standards to safeguard sensitive information effectively. Understanding that any failure to protect data due to factors like breaches, cyberattacks, or negligence could lead to reputational damage, loss of users and partners, regulatory penalties, and legal liabilities.

If we fail, or are perceived to fail, in protecting information provided by our users and commercial partners, or other confidential information, our business, financial condition and results of operations may be adversely affected.

**Our business is subject to the risks of warranty claims, product returns, product liability, and product defects from real or perceived defects in our solutions or their misuse by our customers or third parties and indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement and other losses.**

Warranties are provided as part of turnkey projects ranging from three months to twelve months based on market practices in respective countries and we may be subject to liability claims for damages related to errors or defects in our solutions. A material liability claim or other occurrence that harms our reputation or decreases market acceptance of our products may harm our business and the results of our operations. Provisions in our terms and conditions of sale do not cover our indemnification obligations and they may not fully or effectively protect us from claims as a result of federal, state, or local laws or ordinances, or unfavorable judicial decisions in Singapore or other countries. The sale and support of our products also entails the risk of product liability claims.

Additionally, our agreements with our commercial partners, customers and other third-parties typically include indemnification or other provisions under which we agree to indemnify or otherwise be liable to them for losses suffered or incurred as a result of claims regarding intellectual property infringement, breach of agreement, including confidentiality, privacy and security obligations, violation of applicable laws, damages caused by failures of our solutions or to property or persons, or other liabilities relating to or arising from our products and services, or other acts or omissions. These contractual provisions often survive termination or expiration of the applicable agreement. As we continue to grow, the possibility of these claims against us will likely increase.

If our commercial partners, customers or other third parties we do business with make intellectual property rights or other indemnification claims against us, we will incur significant legal expenses and may have to pay damages, license fees, and/or stop using the technology found to be in violation of the third-party's rights. As such, we may also have to seek a license for the technology. However, as the relevant license required either may not be available on reasonable terms or may not be available at all, our operating expenses might either significantly increase our operating expenses or require us to restrict our business activities respectively. This may result in the restriction of our business activities. Further, we may also be required to develop alternative non-infringing technology, which could require significant effort and expense and/or cause us to alter our products and services, which could harm our business. In addition, we may also be required to provide large indemnity obligations for our solutions. This may negatively impact our business, results of operations, and financial conditions.

During the course of performing certain solution-related services and our professional services, our teams may have significant access to our customers' networks and we cannot be sure that any employee may not take advantage of such access which may make our customers vulnerable to malicious activity by such employee. Any such misuse of our platforms could result in negative press coverage and negatively affect our reputation, which could result in harm to our business, reputation, and results of operations.

We maintain insurance to protect against certain claims associated with the use of our products, but our insurance coverage may not adequately cover any claim asserted against us. In addition, even claims that ultimately are unsuccessful could result in our expenditure of funds in litigation, divert management's time and other resources, and harm our business and reputation. We offer our customers a limited warranty, ranging from three months to twelve months, subject to certain conditions, and our potential liability under this warranty is provided by our insurance carrier to us. Any failure or refusal of our insurance providers to provide the expected insurance benefits to us after we have paid the warranty claims would cause us to incur significant expense or cause us to cease offering this warranty which could damage our reputation, cause us to lose customers, expose us to liability claims by our customers, negatively impact our sales and marketing efforts, and have an adverse effect on our business, financial condition and results of operations.

**We compete in a highly competitive and rapidly evolving market with a number of other companies, and we face the possibility of new entrants disrupting our market over time.**

We compete in a highly competitive and rapidly evolving market. In respect of our professional services business comprising, inter alia, digital payments, cybersecurity, and our information technology infrastructure solutions business, we face competition for user growth and commercial partnerships from other technology companies in the same space. Some of our current competitors are established players and may possess more capital, have greater brand recognition or are able to offer a wider range of services, which they could use to gain an edge over us, including through strategic acquisitions. Further, we believe some of our current competitors such as ACI Worldwide Inc., Fidelity National Information Services Inc., Finastra Group Holdings Limited International Limited and Network for Electronic Transfers (Singapore) Pte Ltd are well established in the markets we exist in or are planning to enter and have pre-existing relationships with the financial institutions that we offer services to, which could make it difficult for us to land contracts with our target customer base. Moreover, we must also contend with the potential emergence of new competitors. These newcomers may enter the market with the ability to innovate and launch products and services more rapidly or to better predict and meet the demands of consumers or commercial partners.

To stay competitive with both current and future competitors, we may need to invest substantial resources into innovating and refining our AI-RTE to offer greater functionality, security, and efficiency. We may also need to form strategic partnerships with established companies to leverage their brand recognition as we continue to fine-tune our core competencies. To increase our market share, we will also have to devote significant resources to effectively target specific regional segments and RTP initiatives. Should any of our competitors prove to be more successful in attracting and retaining users or commercial partners, our business, financial condition, and results of operations could be significantly and negatively impacted.

**Our business comprises project-based contracts and we may be unable to secure new contracts.**

We operate in a competitive market where it is difficult to predict when or if we will be awarded contracts. In respect of our professional services business, our ability to generate revenue is to a large extent dependent on its ability to secure new contracts as the Group derives its revenue mainly from the provision of payment and cybersecurity solutions, which would entail the securing of new contracts. The Group generated most of its revenue from the payment, cybersecurity and digital solutions in FY2023 and FY2024. The revenue from FY2023 and FY2024 represented approximately 99% and 99% of the Company's total revenue for the year ended December 31, 2023 and 2024, respectively. The remaining portion of the revenue were generated from a number of small projects and miscellaneous sales transactions, representing approximately 1% of the Company's total revenue for the year ended 2023 and 2024.

However, there is no assurance that the Company will be able to secure new contracts of a similar value or profit margins in similar sectors to existing projects. If the Company is unable to secure such new contracts, its results of operations, profitability and financial condition may be adversely affected.

**Our clients may delay in settlement of our bills, which may result in a material adverse impact on our business, financial conditions, and results of operations.**

As at the 31 December 2024, our overdue trade receivables amounted to approximately S$191,766, representing 7% of our current assets. As a result, our business operations are subject to the risk of payment deferral by our clients. Our efforts in strengthening our trade receivables collection and management may be in vain and, we cannot assure you that we will be able to fully recover the outstanding amounts due from our clients, if at all, or that our clients will settle the amounts in a timely manner. If settlements by our clients are not made in full or in a timely manner, our business, financial conditions, and results of operations will be adversely affected.

**The Company may encounter cost overruns or delays in its projects, which may materially and adversely affect its business, financial position, and results of operation.**

The Company provides a comprehensive range of professional services such as payment, cybersecurity and digital services and solutions to its customers on a project-by-project basis and the terms of such projects normally require the Company to complete a project at a fixed fee. In this connection, the Company estimates the time and cost expected to be incurred in a project in order to determine its quotations to customers. The actual time taken, and cost incurred by the Company in completing its projects may be affected by various factors, including, among others, integration with third party suppliers' products, technical difficulties, documentation readiness and other unforeseeable problems and circumstances. Any one of these factors could cause delays in project completion or cost overruns. There is no assurance that the actual time taken, and cost incurred will not exceed the Company's estimation. Failure to meet the schedules of the projects may result in claims, other liabilities, and disputes with the Company's customers or even termination of relevant projects. There is no guarantee that the Company would not encounter cost overruns or delays in its current and future projects. Should such problems occur, the Company's business, financial position and results of operations would be materially and adversely affected.

**Our ability to sell our solutions is dependent on the quality of our technical support services, and the failure to offer high-quality technical support services could have a material adverse effect on our customers' satisfaction with our products and subscriptions, our sales, and our operating results.**

Providing high-quality customer service and support is essential for fostering trust and loyalty among our commercial partners and customers. Poor customer service or inadequate support could reduce customer satisfaction, weaken our reputation, and harm our relationships with our commercial partners and customers.

After our solutions are deployed within our customers' networks, our customers depend on our technical support services to resolve any issues relating to our solutions.

In addition to technical support, we utilize a dedicated account management, training programs, and a knowledge base. However, if we do not effectively assist our customers in deploying our solutions, succeed in helping our customers quickly resolve post deployment issues, or provide effective ongoing support, our ability to sell additional solutions to existing customers would be adversely affected and our reputation with potential customers could be damaged. We believe many larger enterprises and financial institution customers have more complex networks and require higher levels of support than smaller customers. If we fail to meet the requirements of these larger customers, it may be more difficult to execute our strategy to increase our coverage with financial institutions. Additionally, if we are shorthanded and do not effectively provide support to the satisfaction of our customers, we may be required to hire additional personnel and to invest in additional resources. It can take several months to recruit, hire, and train qualified technical support employees. We may not be able to hire such resources fast enough to keep up with unexpected demand, particularly if the sales of our products exceed our internal forecasts. As a result, our ability to provide adequate and timely support to our customers will be negatively impacted, and our customers' satisfaction with our solutions will be adversely affected. Additionally, to the extent that we may need to rely on our sales engineers to provide post-sales support while we are ramping up our support resources, our sales productivity will be negatively impacted, which would harm our revenues.

While we invest in the continuous improvement of our technological infrastructure and customer service operations, including the training and development of customer service agents, streamlining our support processes, and implementing systems for monitoring and evaluating performance, these efforts may be resource intensive and may not guarantee the desired level of customer satisfaction. Our failure to provide and maintain high-quality support services could have a material adverse effect on our business, financial condition, and operating results.

**Our current research and development efforts may not produce successful solutions that result in significant revenue, cost savings or other benefits in the near future, if at all.**

Developing our solutions and related enhancements requires investment and such investments in research and development, particularly in enhancing our AI-RTE's capabilities for real time payment, integration and interoperability, and security and compliance, may not result in significant design improvements or marketable solutions, or may result in solutions that are more expensive than anticipated. The potential increase in cost could be due to factors such as the recruitment of more experienced employees in the fields of AI and machine learning, investments in high-performance computing infrastructure, access to high quality data sets, and the regular conduct of security audits and obtaining industry-recognized security certifications.

Additionally, we may not achieve the cost savings or the anticipated performance improvements we expect, and we may take longer to generate revenue, or generate less revenue, than we anticipate. We believe that we may continue to dedicate a significant amount of resources to our research and development efforts to attain adaptability in the ever changing software development landscape. However, we may not receive significant revenue from these investments in the near future, if at all, or these investments may not yield the expected benefits, either of which could adversely affect our business and operating results.

**If we continue to grow in the future and fail to manage our growth effectively, our brand, business, financial condition, and results of operations could be adversely affected.**

We intend to invest in infrastructure, technology, and human resources, as well as implement appropriate financial and operational controls. We believe this investment will require our ability to: anticipate market trends, adapt our product and service offerings based on the needs of our commercial partners, and maintain strong relationships with commercial partners. As our operations expand, we believe we will face increased challenges in maintaining the quality and efficiency of our services, managing our resources, and adapting to evolving market demands, and greater risks with respect to overextension of resources, loss of strategic focus and dilution of our company culture. Additionally, we may encounter difficulties in integrating acquired businesses, entering new markets, and navigating diverse regulatory environments. If we are unable to manage our growth effectively, we could experience reduced user satisfaction and loss of market share, and our brand, business, financial condition, and results of operations could be materially and adversely impacted.

**We may need to raise additional capital to grow our business or satisfy our liquidity requirements and may not be able to raise additional capital on terms acceptable to us, or at all.**

Our primary source of liquidity has been cash generated from our core operating activities. As part of our growth strategies, we expect to continue to require additional capital in the future to cover our costs and expenses. However, we may be unable to obtain additional capital in a timely manner or on commercially acceptable terms, or at all.

Beyond our credit rating, our ability to obtain additional financing in the future is subject to a number of uncertainties, including those relating to:

● Our
 market position and competitiveness;

● Our
 future profitability, overall financial condition, operating results and cash flows;

● The
 general market conditions for financing activities; and

● The
 macroeconomic and other conditions in the relevant countries.

As we continue to grow our business or as the relevant government policies change, we may not be able to rely on publicly funded loans which might impact our ability to obtain additional financing in the future. Any failure by us to raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our overall business prospects.

**We may be subject to complaints, litigation, arbitration proceedings, and regulatory investigations and inquiries from time to time.**

From time to time, we may become subject to complaints, litigation, arbitration proceedings and regulatory investigations or inquiries with respect to, among other things, intellectual property, labor and employment, disputes with our commercial partners or competitors, and compliance with regulatory requirements and other matters. As our business continues to grow, we also may become subject to additional types of claims, lawsuits, government investigations and legal or regulatory proceedings. In addition, improper, illegal, or otherwise inappropriate conduct by our users, commercial partners, content, and channel partners or other third parties could also expose us to liability.

The results of any such complaints, litigation, arbitration proceedings and regulatory investigations or inquiries cannot be predicted with any degree of certainty. Any claims against us or any of our subsidiaries, whether meritorious or not, could be time-consuming, result in costly litigation, be harmful to our reputation, require significant management attention and divert significant resources. Determining reserves for pending litigation is a complex and fact-intensive process that requires significant subjective judgment and speculation. It is possible that one or more of such proceedings could result in substantial damages, settlement costs, fines and penalties that could adversely affect our business, financial condition, and results of operations. These proceedings could also result in sanctions, consent decrees, injunctions or other orders requiring a change in our business practices. Any of these consequences could adversely affect our business, financial condition, and results of operations. Furthermore, under certain circumstances, we may be required to incur legal expenses on behalf of our business and commercial partners and current and former directors and officers.

**Claims by others that we infringe their proprietary technology, or other rights could harm our business.**

We believe companies in the payments and cybersecurity industry own large numbers of patents, copyrights, trademarks, domain names, and trade secrets and frequently enter into litigation based on allegations of infringement, misappropriation, or other violations of intellectual property or other rights. Such third-party companies may in the future assert claims of infringement of intellectual property rights against us.

Third-parties may also assert such claims against our customers or channel partners, which our agreements may obligate us to indemnify against claims that our products and subscriptions infringe the intellectual property rights of third parties. In addition, to the extent we hire personnel from competitors, we may be subject to allegations that they have been improperly solicited, that they have divulged proprietary or other confidential information, or that their former employers do not own their inventions or other work product. Furthermore, we may be unaware of the intellectual property rights of others that may cover some or all of our technology or products. As the number of products and competitors in our market increases and overlaps occur, infringement claims may increase. While we intend to increase the size of our patent portfolio, our competitors and others may now and in the future have significantly larger and more mature patent portfolios than we have. In addition, litigation may involve patent holding companies or other adverse patent owners who have no relevant product revenue and against whom our own patents may therefore provide little or no deterrence or protection. In addition, we have not registered any trademarks and failure to secure those registrations could adversely affect our ability to enforce and defend our trademark rights. Any claim of infringement by a third-party, even those without merit, could cause us to incur substantial costs defending against the claim, could distract our management from our business, and could require us to cease use of such intellectual property. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. A successful claimant could secure a judgment, or we may agree to a settlement that prevents us from distributing certain products or performing certain services or that requires us to pay substantial damages, royalties, or other fees. Any of these events could seriously harm our business, financial condition, and operating results.

**Our proprietary rights may be difficult to enforce or protect, which could enable others to copy or use aspects of our products without compensating us.**

Our intellectual property is mainly grounded on the maintenance of a sturdy knowledge bank, which includes but is not limited to, the accumulation of knowledge, skills and experience. As the Company operates in several jurisdictions, the costs associated with obtaining and enforcing any trademarks may be significant. Further, even if we have registered any trademark, there is no guarantee that such registered trademark can be renewed. Failure to renew, register or otherwise protect any trademarks could negatively affect the value of our brand names and our ability to use those names in certain geographical areas and allow our competitors to take advantage of the lapse by using such trademarks in competition, both of which could have a material and adverse effect on our business, financial condition, and results of operations.

Notwithstanding the above, we may still file applications to protect aspects of our intellectual property rights, should we deem it necessary, in the future. In addition, we will continue to evaluate our intellectual property strategy to determine the best course of action to protect our intellectual property rights.

Further to the above, in spite of the complexity of our source code and the tailored nature of our solutions and despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our products or subscriptions or obtain and use information that we regard as proprietary. We generally enter into agreements such as, *inter alia*, employment contracts, non-disclosure agreements, service agreements and product agreements containing confidentiality clauses with our employees, consultants, vendors, and customers, and typically limit access to and distribution of our proprietary information. However, we cannot be certain that we have entered into such agreements with all parties who may have or have had access to our confidential information or that the agreements we have entered into will not be breached. We cannot guarantee that any of the measures we have taken will prevent misappropriation of our technology or proprietary information. If we are unable to protect our proprietary rights (including aspects of our software and products protected other than by patent rights), we may find ourselves at a competitive disadvantage to others who need not incur the additional expense, time, and effort required to create the innovative products that have enabled us to be successful to date. Moreover, any changes in, or unexpected interpretations of, the intellectual property laws in any country or region in which we currently operate or may operate in the future may compromise our ability to apply for and thereafter enforce our intellectual property and proprietary rights. Such events would have a material adverse effect on our business, financial condition, and operating results.

**Our ability to attract, train and retain executives and other qualified employees is critical to our business, results of operations and future growth.**

We face intense competition for talent across all functional aspects. Several factors contribute to the risks associated with talent acquisition and retention, including, but not limited to:

● The
 necessity to offer competitive compensation packages to attract and retain skilled employees
 in a highly competitive market;

● The
 potential loss of key employees to competitors or other industries, which may negatively
 impact our operations and institutional knowledge;

● The
 need to invest in training and development programs to empower our employees to
 be equipped with the skills and expertise required to excel in their roles and adapt
 to the rapidly changing industry landscape;

● The
 challenge of maintaining a strong company culture that fosters employee engagement, job satisfaction
 and loyalty;

● The
 potential impact of changes in immigration policies and regulations on our ability to hire
 and retain foreign talent; and

● The
 need to establish and maintain strong succession planning for key executive and managerial
 positions to minimize the risk of disruption in our operations.

Failure to effectively manage these risks and challenges could result in a diminished ability to execute our business strategies, innovate, and respond to market demands, which may adversely affect our competitive position, business, financial condition, and results of operations.

**Our future international expansion could subject us to additional costs and risks, and such plans may not be successful.**

Our capacity for continued growth depends in part on our ability to expand our operations into and compete effectively in new markets. Entering new markets may require significant investment in resources, including time, capital, and human resources. We may incur significant investments in resources, including time, capital, and human resources. We may incur significant operating expenses and may not be successful in our international expansion for a variety of reasons, including:

● Recruiting
 and retaining talented and capable employees and maintaining our company culture across all
 of our offices;

● Operating
 our business across a significant distance, in different languages and among different cultures,
 including the potential need to modify our platforms and features so that they
 are culturally appropriate and relevant in different countries;

● Competition
 from local incumbents;

● Differing
 demand dynamics for our products and services;

● Difficulties
 in establishing relationships with local financial institutions, regulators and commercial
 partners;

● Compliance
 with applicable laws and regulations, including laws and regulations with respect to privacy,
 intellectual property, data protection, consumer protection, anti-corruption, trade barriers
 and economic sanctions, and the risk of penalties if our practice is deemed to be noncompliant;

● Obtaining
 required government approvals, licenses or other authorizations;

● Varying
 levels of internet adoption and infrastructure;

● Operating
 in jurisdictions that do not protect intellectual property rights to the same extent as other
 regions;

● Foreign
 exchange controls and exchange rate fluctuations;

● Political
 and economic instability;

● Public
 health emergencies and containment measures;

● Potentially
 adverse tax consequences; and

● Higher
 costs of doing business internationally, including increased accounting, travel, infrastructure,
 and legal compliance costs.

Each market we may seek to evaluate to enter presents unique characteristics and operating environments that may differ significantly from our current markets, posing challenges to the successful replication of our business model and strategies. If our international expansion efforts do not yield the desired results or if we fail to manage the risks and challenges associated with entering new markets, our brand, business, financial condition, and results of operations could be adversely affected.

**Acquisitions or strategic investments that we may pursue may not be successful or yield the intended benefits and could disrupt our business and harm our financial condition.**

Whilst we have yet to pursue any acquisitions or strategic investments, we may pursue acquisitions or strategic investments to enhance our business capabilities, expand our product offerings. However, such acquisitions or investments may not be successful or yield the intended benefits, and they could disrupt our business and harm our financial condition.

Acquisitions and strategic investments entail a variety of risks and challenges, including, but not limited to:

● Difficulties
 in integrating the acquired business, technologies or products into our existing operations
 while maintaining our company culture and values;

● The
 potential loss of key employees, customers or partners of the acquired or invested entities;

● Inaccurate
 assessments of the value, potential or synergies of the acquired or invested entities;

● The
 assumption of unforeseen liabilities or contingencies related to the acquired or invested
 entities;

● Potential
 dilution of our existing shareholders' ownership and earnings per share;

● The
 diversion of management's attention from our core business operations;

● Challenge
 in realizing cost savings, efficiencies or other benefits expected from the acquisitions
 or investments;

● The
 risk of overpaying for acquisitions or investments, resulting in impairment charges or write-downs;
 and

● Difficulties
 in obtaining required regulatory approvals or meeting other conditions for completing the
 acquisitions of investments.

If we fail to manage these risks and challenges effectively, our future acquisitions or strategic investments may not contribute positively to our growth, and our business, financial condition and results of operations could be adversely affected. Furthermore, any negative publicity or perception surrounding these transactions could damage our reputation and brand, potentially impacting our ability to retain and attract users, commercial partners, and employees.

**Our business could be adversely affected by natural disasters, political conflicts, or other unexpected events.**

Any significant natural disaster, such as an earthquake, fire, hurricane, tornado, flood, or significant power outage, could disrupt our operations, mobile networks, the internet, or the operations of our third-party technology providers. In addition, any unforeseen political conflicts, such as terrorist attacks, military actions and other political instability or catastrophic events in the jurisdictions in which we operate could adversely affect our operations, the overall economy and investor sentiment with respect to personal finance products. The impact of these disruptions could adversely affect our business, financial condition, and results of operations.

As we grow our business, the need for business continuity planning and disaster recovery plans will grow in significance. If we are unable to develop adequate plans to ensure that our business functions continue to operate during and after the aforementioned events and successfully execute on those plans, our business, financial condition and results of operations could be harmed.

**We may not be able to obtain or maintain adequate insurance coverage.**

We maintain insurance to cover costs and losses from certain risk exposures in the ordinary course of our operations. At present, we have Professional Indemnity Insurance coverage, however insurance policy does not cover 100% of the costs and losses from the events that they are intended to insure against. We are responsible for certain retentions and deductibles that vary by policy, and we may suffer losses that exceed our insurance coverage by a material amount. We also may incur costs or suffer losses arising from events which we have no insurance coverage. There are certain losses, including, but not limited to, losses from floods, fires, earthquakes, wind, pollution, certain environmental hazards, security breaches, litigation, regulatory action, and other events for which we may not be insured, because it may not be deemed economically feasible or prudent to do so, among other reasons. In addition, large-scale market trends or the occurrence of adverse events in our business may raise our cost of procuring insurance or limit the amount or type of insurance we are able to secure. We may not be able to maintain our current coverage or obtain new coverage in the future (including, but not limited to, coverage for our directors and executive officers), on commercially reasonable terms, or at all. Any losses resulting from a lack of insurance coverage could adversely affect our business, financial condition, and results of operations.

**Our business is subject to legal and regulatory risks that could have a material and adverse impact on our business, financial condition, and results of operations.**

As a provider of payment, cybersecurity and digital services and solutions, our business operates in a highly regulated environment, and we must comply with numerous laws, regulations and guidelines that govern consumer protection, data localization, data portability, cybersecurity, anti-money laundering, anti-trust, foreign ownership restrictions and other aspects of our operations. These requirements may vary across jurisdictions, and our compliance obligations may change over time as new regulations are introduced or existing ones are amended. There is no guarantee that our compliance efforts will be sufficient to prevent non-compliance or the associated adverse effects and any failure to comply with applicable legal and regulatory requirements may result in fines, penalties, sanctions, litigation, and reputational damage. In addition, non-compliance may lead to increased scrutiny from regulatory authorities and heightened expectations for future compliance, potentially increasing the costs and complexity of our operations.

Furthermore, the laws and regulations governing our business operations are subject to frequent changes and varying interpretations by regulatory authorities, and such changes may include more stringent licensing requirements, increased regulatory scrutiny, additional reporting obligations, or the imposition of new taxes or fees. These changes could increase our compliance costs, restrict our ability to place certain products or services on our platforms, require us to make significant changes to our business practices or limit our ability to enter new markets or expand our operations, which could adversely impact our competitive position and our ability to plan and execute our business strategies effectively and may also affect the perceptions and decisions of our users and commercial partners, leading to reduced demand for our services or increased competition from other providers who may be subject to different regulatory requirements.

**COVID-19 and other pandemics, epidemics or public health threats may adversely affect our business, financial condition and results of operations.**

The COVID-19 pandemic, its broad impact, and measures taken to contain or mitigate the pandemic had, and may continue to have, significant negative effects on the global economy, employment levels, employee productivity and certain aspects of the financial markets. This, in turn, had and may continue to have a negative impact on our users, their creditworthiness and demand for our products and services, the financial strength of our commercial partners, and our profitability, access to credit and ability to operate our business. In particular, this may have led to a slowdown in spending on infrastructure technology.

While COVID-related restrictions have largely been lifted in the markets in which we operate, measures used by government authorities to contain the spread of COVID-19 and other pandemics, epidemics or public health threats are often implemented unpredictably at short notice and can operate for extended periods. With the emergence and spread of new variants, we are unable to predict whether local governments will reimpose restrictive measures and the consequential impact on economies.

From time to time, our Company may require additional financing for the operations of our business, our potential businesses and products or as investments in our research and development. However, our access to and the availability of financing on acceptable terms may also be adversely impacted by pandemics, epidemics, or public health threats. Any continuing effects of, or prolonged reemergence from, pandemics, epidemics or public health threats could have a material adverse effect on our business, financial condition, and results of operations.

**Our business depends on a strong reputation and brand, and any failure to maintain, protect and enhance our brand could have a material adverse effect on our business, financial condition, and results of operations.**

Our business is dependent on maintaining a strong reputation and brand, which is crucial for attracting and retaining users and commercial partners and facilitating growth in our market share. Maintaining our brand reputation requires continuous investment in marketing and public relation strategies, user experience and customer support, as well as a commitment to appropriate business practices and compliance with relevant laws and regulations. However, our brand may be adversely affected by factors beyond our control, such as security breaches, incidents involving our platforms, our commercial partners, content and channel partners and other third-party service providers, negative publicity or media coverage about our Company, shareholders, commercial partners, content and channel partners and other participants in the personal finance and insurance industry, or regulatory investigations and litigation. Additionally, our brand may be vulnerable to risks associated with rapid expansion, including the challenges of maintaining consistent quality standards and adapting to local market preferences.

Failure to maintain, protect and enhance our brand could lead to a loss of users and commercial partners, reduced user engagement and diminished market share, which in turn could have a material adverse effect on our business, financial condition, and results of operations.

**We may fail to obtain, maintain, or renew the requisite licenses and approvals.**

Our business may be subject to various licensing and approval requirements, however, relevant laws and regulations in certain jurisdictions as well as their interpretations, may be unclear, which makes it difficult for us to assess which licenses and approvals are necessary for our business and to ascertain the process required for obtaining such licenses. As such, we cannot assure you that the relevant government authorities, which often have broad discretion in interpreting and implementing these laws and regulations, will not take a contrary position. In addition, new laws or regulations may be introduced to impose additional government approval, license and permit requirements, and there is no guarantee that we will be able to comply with these additional requirements.

In the event that we obtain licenses in the future, maintaining or renewing the licenses and approvals may require significant time and financial resources, which could divert our focus from strategic initiatives and increase our operational costs, and requirements for maintaining and renewing these licenses and approvals are complex and may be subject to change. Further, there is no guarantee that we may be able to renew these licenses in a timely manner. Regulatory authorities also may impose conditions on our licenses or approvals, which could restrict our ability to operate or grow our business, limit our ability to attract and retain users and commercial partners, impact our competitiveness, and ultimately harm our financial performance. Due to these factors or other circumstances beyond our control, we may fail to maintain or renew the requisite licenses and approvals for our operations.

Failure to secure or maintain the necessary licenses and approvals may result in fines, penalties, or other sanctions. Additionally, it could necessitate the modification or discontinuation of our services in certain jurisdictions, which may adversely affect our business, financial condition, and results of operations.

**Changes in, or failure to comply with, competition laws or regulations could adversely affect us.**

We are subject to competition laws in each of the markets we operate in. Our market position may subject us to heightened scrutiny from the relevant government authorities and as such we could be subject to fines or penalties, lose credibility with regulators, be subject to other administrative sanctions or otherwise incur expenses and diversion of management attention or other resources if regulators choose to investigate us or find that we have not made required notifications or filings in connection with our proposed listing.

In addition, any new requirements or restrictions, or proposed requirements or restrictions, could limit our ability to pursue future acquisitions, divestures or combinations, cause us to re-evaluate previous acquisitions, combinations or restructurings, subject us to significant fines, penalties or antitrust allegations from third parties, or require us to modify our operations, such as limitations on our contractual relationships with our users, restrictions on our pricing models or divesture of certain of our assets.

**We are subject to various laws with regard to anti-corruption, anti-bribery, anti-money laundering and countering the financing of terrorism and have operations in certain countries known to experience high levels of corruption. There can be no assurance that failure to comply with any such laws would not have a material adverse effect on us.**

We are subject to anti-corruption, anti-bribery, anti-money laundering and countering the financing of terrorism laws in the jurisdictions in which we do business and may also be subject to such laws in other jurisdictions under certain circumstances.

Under applicable anti-bribery and anti-corruption laws, we could be held liable for acts of corruption and bribery committed by third-party business partners, representatives and agents who acted, or may have purported to act, on our behalf. We and our employees, consultants, content and channel partners, commercial partners or other business partners, representatives and agents may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. Similarly, we are subject to the risk that we could be held liable for, or be inadvertently involved in, the violation of anti-corruption laws, by these parties and their respective employees, representatives, contractors and agents, notwithstanding that we do not authorize or have control over such activities. In addition, our activities in certain countries with high levels of corruption enhance such risks. There is no guarantee that any policies and procedures we have or may adopt are or will be fully effective at all times.

Any violation of applicable anti-bribery, anti-corruption, and anti-money laundering and countering the financing of terrorism laws could result in whistleblower complaints, adverse media coverage, harm to our reputation and brand, investigations, imposition of significant legal fees and criminal or civil sanctions, suspension of or restrictions on our business operations, diversion of management's attention or other adverse consequences, any or all of which could have a material and adverse effect on our business, financial condition and results of operations.

**We could face uncertain tax liabilities in various jurisdictions in which we operate, which could adversely impact our operating results.**

We collectively operate in multiple tax jurisdictions and pay income taxes according to the tax laws of those jurisdictions and as such our tax liabilities could be uncertain. Such uncertainty could cause us to suffer adverse tax and other financial consequences if tax authorities do not agree with our interpretation of the applicable tax laws. Various factors, some of which are beyond our control, determine our effective tax rate and/or the amount we are required to pay, including changes in tax laws in any given jurisdiction or their interpretations and changes in the geographical allocation of our income. We accrue income tax liabilities and tax contingencies based upon our best estimate of the taxes ultimately expected to be paid after considering our knowledge of all relevant facts and circumstances, existing tax laws, our experience with previous audits and settlements, the status of current tax examinations and how the tax authorities view certain issues. Such amounts are included in income taxes payable or deferred income tax liabilities, as appropriate, and are updated over time as more information becomes available. In addition, it is possible that the relevant tax authorities in the jurisdictions where we do not file returns may assert that we are required to file tax returns and pay such taxes in such jurisdictions. There can be no assurance that our subsidiaries will not be taxed in multiple jurisdictions in the future, and any such taxation in multiple jurisdictions could adversely affect our business, financial condition, and results of operations.

We have been and may, from time to time, be subject to inquiries or audits from tax authorities of certain jurisdictions. We cannot be certain that tax authorities will agree with our interpretations of the applicable tax laws, or that they will resolve any inquiries in our favor. To the extent the relevant tax authorities do not agree with our interpretation, we may seek to enter into settlements with the tax authorities, which may require significant payments and may adversely affect our results of operations or financial condition. While we may appeal against the tax authorities' determinations to the appropriate governmental authorities, we cannot be sure we will prevail. If our appeal does not prevail, we may have to make significant payments or otherwise record charges that could adversely affect our results of operations, financial condition, and cash flows. Similarly, any adverse or unfavorable determinations by tax authorities on pending inquiries could lead to increased taxation on us, harm our reputation and adversely affect our business, financial condition, and results of operations.

**Our management team has limited skills and experience related to managing a public company.**

Our management team has limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage the transition to being a public company subject to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and regulations and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, results of operations and prospects.

**RISKS RELATED TO THE JURISDICTIONS IN WHICH WE OPERATE**

**Our international operations subject us to increased risks, which could harm our business.**

Our international operations generate a significant portion of our net revenues, representing 87% of our net revenue. Our international operations subject us to significant challenges, uncertainties, and risks, including local regulatory, licensing, reporting, and legal obligations; costs and challenges associated with operating in markets in which we may have limited or no experience, including effectively localizing our products and services and adapting them to local preferences; difficulties in developing, staffing, and simultaneously managing a large number of varying foreign operations as a result of distance, language, and cultural differences and in light of varying laws, regulations, and customs; differing employment practices and the existence of works councils; difficulties in recruiting and retaining qualified employees and maintaining our company culture; fluctuations in foreign currency exchange rates; exchange control regulations; profit repatriation restrictions; potential tariffs, sanctions, fines, or other trade barriers or restrictions; import or export regulations; compliance with foreign anti-bribery, anti-corruption, sanctions, anti-money laundering and counter-terrorist financing laws and regulations; the interpretation and application of laws of multiple jurisdictions; and national or regional political, economic, or social instability.

Our international operations also may heighten many of the other risks described in this "Risk Factors" section. Any violations of the complex foreign laws, rules and regulations that may apply to our international operations may result in lawsuits, enforcement actions, criminal actions, or sanctions against us and, our directors, officers, and employees; prohibit or require us to change our business practices; and damage our reputation. There can be no assurance that our employees, contractors, or agents will not violate our policies. These risks are inherent in our international operations, may increase our costs of doing business internationally, and could materially and adversely affect our business.

**We are exposed to fluctuations in our operations in foreign jurisdictions, including changes in currency exchange rates and w**e may be subject to restrictions on foreign ownership in certain jurisdictions**.**

We operate across various markets in Greater Southeast Asia. Our transactions are only conducted, and our financial statements are only presented in USD or SGD. As a result, changes in the value of the USD or SGD relative to the SGD or USD respectively, could have a material impact on our financial results. Furthermore, our operations in different jurisdictions introduce additional layers of complexity. For example: fluctuations in foreign currency exchange rates can impact the value of our revenues and expenses, global economic downturns, political and social unrest, and variations in technological infrastructure across markets can all disrupt our international business and impact overall performance and changes to regulations in specific countries may require additional compliance efforts and costs.

Fluctuations in foreign currency exchange rates, which are affected by factors beyond our control, such as changes in economic and political conditions, monetary policies, and global market trends, can be volatile and could result in increased operating costs, reduced revenue, and lower profitability. However, there can be no assurance that these hedging activities will be effective in protecting us against adverse currency movements. To the extent that we are unable to manage or mitigate the risks associated with currency fluctuations, our business, financial condition and results of operations could be adversely affected.

As at the date of this prospectus we believe that our operations in Brunei and Singapore are not subject to foreign ownership restrictions insofar as we, a Singapore incorporated company, will be able to purchase land. However, government authorities have significant discretion in interpretating and implementing these laws and regulations, and there can be no assurance that the relevant authorities would take the same position as we do. In addition, the foreign ownership laws, and regulations in each of our markets and their interpretations render our arrangements invalid, we may face a range of consequences, including civil and criminal penalties against our subsidiaries and their shareholders, monetary penalties and restrictions or suspension on operations, and we may be required to reorganize our ownership arrangements in these markets. Any of the foregoing could have a material adverse effect on our business, financial condition, and results of operations.

**Developments in the social, political, regulatory, and economic environment in Brunei, Cambodia, Malaysia, and Singapore may have a material adverse impact on us.**

As of the date of this prospectus, we have engaged external independent contractors in both Cambodia and Malaysia to form our business development and engineering teams respectively to conduct most of our development work. In addition, as of the date of this prospectus we have engaged eight employees in Singapore to form our core management team with a focus on the provision of our professional services. While we are actively engaging potential commercial partners, in the year ended December 31, 2024, we generated approximately 25%, 50%, 0%, and 25% of our total revenue from the Brunei, Cambodian, Malaysian and Singapore markets. In consideration of the foregoing, we note our business, financial condition and results of operations may be adversely affected by social, political, regulatory, and economic developments and uncertainties in Brunei, Cambodia, Malaysia, and Singapore such as risks of war, terrorism, nationalism, nullification of contracts, changes in interest rates, imposition of capital controls and changes in methods of taxation.

**Foreign exchange controls may affect the repatriation of dividends or distributions from our overseas businesses.**

There are foreign exchange policies in Malaysia which entail the monitoring of capital flows into and out of the country in order to preserve its financial and economic stability. The foreign exchange policies are administered by the Foreign Exchange Administration, an arm of Bank Negara Malaysia which is the central bank of Malaysia. The foreign exchange policies are administered by the Foreign Exchange Administration, an arm of Bank Negara Malaysia which is the central bank of Malaysia. The foreign exchange policies monitor and regulate both residents and non-residents. Under the current Notices on Foreign Exchange Administration Rules issued by Bank Negara Malaysia, non-residents are free to repatriate any amount of funds in Malaysia at any time, including capital, divestment proceeds, profits, dividends, rental, fees, and interest arising from investment in Malaysia, subject to the requirement that such repatriation must be made in foreign currency and in accordance with the applicable reporting requirements and withholding tax. In the event Bank Negara Malaysia were to introduce more restrictive or additional foreign exchange controls in the future, our ability to repatriate dividends or distributions from our subsidiary in Malaysia may be affected.

**We believe there is a** **lack of sophistication of the regulatory landscape and customer awareness on the evaluation criteria for selection of cybersecurity service providers in Brunei, Cambodia, and Malaysia.**

We believe the regulatory landscape and the level of customer awareness in Brunei, Cambodia, and Malaysia on the evaluation criteria for selection of cybersecurity service providers lack sophistication compared to other developed nations. For example, the National Cyber Security Centre of the United Kingdom (NCSC) has implemented a scheme known as the IT Health Check Service (ITHC) under which only companies approved by the NCSC can conduct authorized penetration tests of public sector and critical national infrastructure systems and networks. While it is acknowledged that countries such that Brunei and Malaysia have local laws enacted in a bid to manage cyberattacks and raise customer awareness, it still may not be sufficient. In contrast, there are currently no detailed local guidelines or regulatory standards for assessing the credibility and track record of cybersecurity players in the local cybersecurity market in Cambodia. As a result, customers are often left to their own devices to conduct due diligence on their cybersecurity service providers. Therefore, there is no assurance that we will be able to successfully differentiate ourselves in the local cybersecurity market and leverage on the cybersecurity accreditations held by our own Group and employees, which could affect our business, financial condition, and financial performance.

**RISKS RELATED TO OUR SECURITIES AND THIS OFFERING**

**We will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity.**

Upon completion of this offering, we will become a public company in the United States. As a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act of 2002 and rules and regulations implemented by the Securities and Exchange Commission and [NYSE American] require significantly heightened corporate governance practices for public companies. As a result, we expect these rules and regulations to increase our legal, accounting and financial compliance costs and make many corporate activities more time-consuming and costly.

We do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S. public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action, investors may lose confidence in us and the market price of our Class A Ordinary Shares could decline.

As a public company, we expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 and rules subsequently implemented by the Securities and Exchange Commission and the [NYSE American] impose various requirements on the corporate governance practices of public companies. As a company with less than US$1.235 billion in net revenues for our last financial year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other generally applicable requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the Securities and Exchange Commission. We also expect that operating as a public company will make it more difficult and expensive for us to obtain director and officer liability insurance. We may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

In the past, shareholders of a public company often brought securities class action suits against the company following periods of instability in the market price of that company's securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

**The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.**

Upon completion of this offering, we will be a publicly listed company in the United States. As a publicly listed company, we will be required to file periodic reports with the Securities and Exchange Commission upon the occurrence of matters that are material to our Company and shareholders. In some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them advantages in competing with our Company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that our competitors, mostly Singapore-based companies, are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing could materially affect our results of operations.

**Our dual class voting structure has the effect of concentrating the voting control to holders of our Class B Ordinary Shares, which will limit or preclude your ability to influence corporate matters, and your interests may conflict with the interests of these shareholders.**

Upon consummation of this offering, the holders of our Class B Ordinary Shares will control, in the aggregate, approximately 86.1% of the voting power represented by all our outstanding shares of share capital. As a result, the holders of our Class B Ordinary Shares will continue to exercise significant influence over all matters on which holders of Class A Ordinary Shares are entitled to vote, including the election and removal of directors, amendments to our amended and restated memorandum and articles of association, and any approval of significant corporate transactions (including a sale of all or substantially all of our assets), and will continue to have significant control over our business, affairs, and policies, including the appointment of our management, through their influence over the board composition. The directors, whom the holders of our Class B Ordinary Shares will have the ability to elect through their voting power, will have the authority to incur additional debt, issue or repurchase stock, declare dividends, and make other decisions that could be detrimental to stockholders.

We expect that certain members of our board will continue to be holders of our Class B Ordinary Shares. The holders of our Class B Ordinary Shares Stock can take actions that have the effect of delaying or preventing a change of control of us or discouraging others from making tender offers for our shares, which could prevent stockholders from receiving a premium for their shares. These actions may be taken even if other stockholders oppose them. The concentration of voting power with the holders of our Class B Ordinary Shares may have an adverse effect on the price of our Class A Ordinary Shares. The holders of our Class B Ordinary Shares may have interests that are different from yours and may vote in a way with which you disagree and that may be adverse to your interests.

The holders of our Class B Ordinary Shares, both of whom are our directors and senior officers, will have the ability to control the outcome of most matters requiring shareholders' approval, including:

● [the election of our Board and, through our Board, decision making with respect to our business direction and policies, including the appointment and removal of our officers;

● determinations with respect to corporate transactions, such mergers, business combinations, change in control transactions or the acquisition or the disposition of assets;

● changes to our amended and restated memorandum and articles of association;

● our capital structure;

● determinations with respect to our business direction and policies, including the appointment and removal of officers; and

● our financing and dividend policy.

This voting control and influence may discourage transactions involving a change of control of the Company, including transactions in which you, as a holder of our Class A Ordinary Shares, might otherwise receive a premium for your shares.

**We are a "foreign private issuer" within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies and subject to reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. issuer. As a result, we may not provide you the same information as U.S. domestic public companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.**

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short swing profit disclosure and recovery regime.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

The information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by U.S. domestic issuers. As a Cayman Islands company listed on the [NYSE American], we will be subject to the [NYSE American] corporate governance listing standards. However, [NYSE American] rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in Cayman Islands, which is deemed our home country, may differ significantly from the [NYSE American] corporate governance listing standards. We plan to utilize the home country exemption for corporate governance matters, and as a result, our shareholders may be afforded less protection than they otherwise would under the [NYSE American] corporate governance listing standards applicable to U.S. domestic issuers. As a result, you may not be afforded the same protections or information, which would be made available to you, were you investing in a U.S. domestic issuer.

**We will be a "controlled company" after our listing under the [NYSE American] corporate governance rules and, as a result, will be eligible to rely on exemptions from certain corporate governance requirements that provide protection to shareholders of companies that are not controlled companies.**

Immediately after the completion of this offering, Mr. Lim Heng Hai will beneficially own approximately [45.1]% of our then-issued and outstanding Class A Ordinary Shares, [100%] of our then-issued and outstanding Class B Ordinary Shares and will be able to exercise approximately [86.1]% of the total voting power of our issued and outstanding ordinary shares immediately after the consummation of this offering, assuming the underwriter does not exercise its option to purchase additional ordinary shares. As a result of Mr. Lim Heng Hai's ownership of such voting power, after the completion of this offering, we will be a "controlled company" under the [NYSE American] corporate governance standards.

Because we will qualify to be treated as a controlled company, we will have the option not to comply with certain requirements to which companies that are not controlled companies are subject, including the requirement that a majority of our board of directors consists of independent directors, the requirement that a majority of the independent directors select or recommend its director nominees, the requirement that the remuneration committee be responsible for determining or recommending the compensation of executive officers other than our chief executive officer and the requirement that its remuneration committee be composed entirely of independent directors.

We do not intend to avail ourselves of the corporate governance exemptions afforded to a "controlled company" under the [NYSE American Rules]. However, our decision not to rely on the "controlled company" exemption could change.

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

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we will take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, although we could lose that status sooner if our revenues exceed US$1.235 billion, if we issue more than US$1 billion in non-convertible debt in a three-year period, or if the market value of our Class A Ordinary Shares held by non-affiliates exceeds US$700 million as of any June 30 before that time, in which case we would no longer be an emerging growth company as of the following June 30. We cannot predict if investors will find our Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and our stock price may be more volatile.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail our Company of this exemption from new or revised accounting standards. Therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

**We may** **be deemed a passive foreign investment company, or "PFIC", for U.S. federal income tax purposes for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Class A Ordinary Shares.**

A non-U.S. corporation will be a PFIC for any taxable year if either (1) at least 75% of its gross income for such year consists of certain types of "passive" income (the "income test"); or (2) at least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income (the "asset test"). Based on our current and expected income and assets (taking into account the expected cash proceeds and our anticipated market capitalization following this offering), we do not currently expect to be a PFIC for the current taxable year. However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets at the relevant time. In addition, there can be no assurance that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would not successfully challenge our position. Fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference to the market price of our Class A Ordinary Shares. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. If we were to be or become a PFIC for any taxable year during which a U.S. holder holds our Class A Ordinary Shares, certain adverse U.S. federal income tax consequences could apply to such U.S. holder and such U.S. Holder may be subject to additional reporting requirements.

**The market price and trading volume of our Class A Ordinary Shares may be volatile and could decline significantly following this offering, and you may not be able to resell your shares at or above the initial public offering price.**

The stock markets, including the [NYSE American], have from time-to-time experienced significant price and volume fluctuations. Even if active, liquid, and orderly trading market develops and is sustained for our Class A Ordinary Shares after this offering, the market prices of our listed securities may be volatile and could decline significantly. In addition, the trading volumes of our Class A Ordinary Shares may fluctuate and cause significant price variations to occur. If the market prices of our Class A Ordinary Shares decline significantly, you may be unable to resell the Class A Ordinary Shares you hold at or above the initial public offering price. There can be no assurance that the market prices of our Class A Ordinary Shares will not fluctuate widely or decline significantly in the future in response to a number of factors, including, among others, the following:

● High
 level of redemptions prior to the Extraordinary General Meeting;

● The
 realization of any of the risk factors presented in this prospectus;

● Actual
 or anticipated differences in our estimates, or in the estimates of analysts, for the Company's
 revenue, results of operations, adjusted earnings before interest, taxes, depreciation, and amortization or "EBITDA", cash flows, level of indebtedness,
 liquidity or financial condition;

● Announcements
 by us or our competitors of significant business developments;

● Acquisitions
 or expansion plans;

● Our
 involvement in litigation;

● Sales
 of the our securities in the future;

● Market
 conditions in the industry we operate in;

● Changes
 in our key personnel;

● The
 trading volume of our securities;

● Actual,
 potential or perceived control, accounting or reporting problems;

● Changes
 in accounting principles, policies and guidelines;

● Other
 events or factors, including, but not limited to, those resulting from infectious diseases,
 health epidemics and pandemics (including, but not limited to, the COVID-19 pandemic), natural
 disasters, war, acts of terrorism or responses to these events; and

● General
 economic and market conditions.

**If securities or industry analysts do not publish research, publish inaccurate or unfavorable research, or cease publishing research about our Company, our share price and trading volume could decline significantly.**

The trading market for our Class A Ordinary Shares will depend, in part, on the research and reports that securities or industry analysts publish about us and our business. We may be unable to sustain coverage by well-regarded securities and industry analysts. If no, or only a limited number of, securities or industry analysts maintain coverage of our Company, or if these securities or industry analysts are not widely respected within the general investment community, the demand for our Class A Ordinary Shares could decrease, which might cause our share price and trading volume to decline significantly. In the event that one or more of the analysts who cover our Company downgrade their assessment of us or publish inaccurate or unfavorable research about us, the market price and liquidity for our Class A Ordinary Shares could be negatively impacted.

**Our operating results may vary significantly from period to period and be unpredictable, which could cause the market price of our Class A Ordinary Shares to decline.**

Our operating results, in particular, our revenues, gross margins, operating margins, and operating expenses, [have historically varied from period to period, and even though we have experienced growth,] we expect variation to continue as a result of a number of factors, many of which are outside of our control and may be difficult to predict, including:

● Our
 ability to attract and retain new customers or to sell additional products and subscriptions
 to our existing customers;

● The
 budgeting cycles and purchasing practices of our customers;

● Changes
 in customer, distributor or reseller requirements, or market needs;

● Price
 competition;

● The
 timing and success of new product and service introductions by us or our competitors or any
 other change in the competitive landscape of our industry, including consolidation among
 our competitors or customers and strategic partnerships entered into by and between our competitors;

● Changes
 in the mix of our products and support;

● Our
 ability to successfully and continuously expand our business domestically and internationally;

● Changes
 in the growth rate of the digital and cybersecurity market;

● Deferral
 of procurement of services from customers in anticipation of new solution or solution enhancements
 announced by us or our competitors;

● The
 timing and costs related to the development or acquisition of technologies or business or
 strategic partnerships;

● Lack
 of synergy or the inability to realize expected synergies, resulting from acquisitions or
 strategic partnerships;

● Our
 inability to execute, complete or integrate efficiently any digital problem that we may undertake;

● Increased
 expenses, unforeseen liabilities, or write-downs and any impact on our operating results
 from any acquisitions we consummate;

● Changes
 in customer penetration;

● Timing
 of revenue recognition and revenue deferrals;

● Insolvency
 or credit difficulties confronting our customers, which could adversely affect their ability
 to purchase or pay for our products and support offerings;

● Any
 disruption in our sales channel or termination of our relationships with important commercial
 partners, including as a result of consolidation among providers of security solutions;

● The
 cost and potential outcomes of litigation, which could have a material adverse effect on
 our business;

● Future
 accounting pronouncements or changes in our accounting policies, including the potential
 impact of the adoption and implementation of the Financial Accounting Standards Board's
 new standard regarding revenue recognition;

● Increases
 or decreases in our expenses caused by fluctuations in foreign currency exchange rates;

● Political,
 economic and social instability caused by the Russia-Ukraine war; the Israel-Hamas war, continued
 hostilities in the Middle East, terrorist activities, and any disruption these events may
 cause to the broader global industry economy; and

● General
 macroeconomic conditions, both domestically and in our foreign markets that could impact
 some or all regions where we operate.

Any one of the factors above, or the cumulative effect of some of the factors referred to above, may result in significant fluctuations in our financial and other operating results. This variability and unpredictability could result in our failure to meet our revenue, margin, or other operating result expectations or those of securities analysts or investors for a particular period. If we fail to meet or exceed such expectations for these or any other reasons, the market price of our Class A Ordinary Shares could fall substantially, and we could face costly lawsuits, including securities class action suits.

**Our actual operating results may differ significantly from our guidance.**

From time to time, we may release, guidance in our interim results releases, interim results conference calls, or otherwise, regarding our future performance that represents our management's estimates as of the date of release. This guidance, which includes forward-looking statements, has been and will be based on projections prepared by our management. These projections are not prepared with a view towards compliance with published guidelines of the American Institute of Certified Public Accountants, and neither our registered public accountants nor any other independent expert or outside party compiles or examines the projections. Accordingly, no such person expresses any opinion or any other form of assurance with respect to the projections.

Projections are based upon a number of assumptions and estimates that, while presented with numerical specificity, are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and are based upon specific assumptions with respect to future business decisions, some of which will change. The rapidly evolving market in which we operate may make it difficult to evaluate our current business and our future prospects, including our ability to plan for and model future growth. We intend to state possible outcomes as high and low ranges which are intended to provide a sensitivity analysis as variables are changed. However, actual results will vary from our guidance and the variations may be material. The principal reason that we release guidance is to provide a basis for our management to discuss our business outlook as of the date of release with analysts and investors. We do not accept any responsibility for any projections or reports published by any such persons. Investors are urged not to rely upon our guidance in making an investment decision regarding our Class A Ordinary Shares.

Any failure to successfully implement our operating strategy or the occurrence of any of the events or circumstances set forth in this "Risk Factors" section could result in our actual operating results being different from our guidance, and the differences may be adverse and material.

**Sales of substantial amounts of our Class A Ordinary Shares in the public markets, or the perception that they might occur, could reduce the price that our Class A Ordinary Shares might otherwise attain and may dilute your voting power and your ownership interest in us.**

Sales of a substantial number of shares of our Class A Ordinary Shares in the public market after this offering, particularly sales by our directors, executive officers and significant stockholders, or the perception that these sales could occur, could adversely affect the market price of our Class A Ordinary Shares and may make it more difficult for you to sell your Class A Ordinary Shares at a time and price that you deem appropriate.

We may also issue our shares of Class A Ordinary Shares from time to time in connection with a financing, acquisition, investments or otherwise. Any such issuance could result in substantial dilution to our existing shareholders and cause the market price of our Class A Ordinary Shares to decline.

**Our failure to meet the continued listing requirements of the [NYSE American] could result in a delisting of our Class A Ordinary Shares.**

If, after listing, we fail to satisfy the continued listing requirements of the [NYSE American], such as the corporate governance requirements or the minimum closing bid price requirement, the [NYSE American] may take steps to delist our Class A Ordinary Shares. Such a delisting would likely have a negative effect on the price of our Class A Ordinary Shares and would impair your ability to sell or purchase our Class A Ordinary Shares when you wish to do so. In the event of a delisting, we can provide no assurance that any action taken by us to restore compliance with listing requirements would allow our Class A Ordinary Shares to become listed again, stabilize the market price or improve the liquidity of our Class A Ordinary Shares, prevent our Class A Ordinary Shares from dropping below the [NYSE American] minimum bid price requirement or prevent future non-compliance with the [NYSE American]'s listing requirements.

**We may allocate the net proceeds from this offering in ways that you may not approve.**

Our management will have broad discretion in the application of the net proceeds from this offering. Because of the number and the variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management might not apply the net proceeds in ways that ultimately increase the value of your investment, and the failure by our management to apply these funds effectively could harm our business. Pending their use, we plan to invest the net proceeds from this offering in future acquisitions, working capital, upgrading our information technology systems, and expanding our logistics infrastructure. These investments may not yield a favorable return to our shareholders. If we do not invest or apply the net proceeds from this offering in ways that enhance the shareholder value, we may fail to achieve expected results, which could cause the price of our Class A Ordinary Shares to decline.

**Techniques employed by short sellers may drive down the market price of our listed securities.**

Short selling is the practice of selling securities that a seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. Short sellers hope to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as short sellers expect to pay less in that purchase than they received in the sale. As it is in short sellers' interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market.

We may become the subject of other short seller attacks from time to time in the future and class actions or regulatory enforcement actions derivative of such short seller attacks or actions of a similar nature. Any such allegations may be followed by periods of instability in the market price of our Class A Ordinary Shares and negative publicity. If and when we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we may have to expend a significant amount of resources to investigate such allegations and/or defend ourselves, including in connection with class actions or regulatory enforcement actions derivative of such allegations. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short sellers by principles of freedom of speech, applicable state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming and could divert management's attention from the day-to-day operations of our Company. Even if such allegations are ultimately proven to be groundless, allegations against us could severely impact the market price of our securities and our business operations.

**Our Company is obligated to maintain proper and effective internal controls over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our Company and, as a result, the value of its securities.**

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal control over financial reporting. In connection with the audits of our consolidated financial statements for the years ended December 31, 2023 and 2024 and as of December 31, 2023 and 2024, we and our independent registered public accounting firm identified one material weakness in accordance with the standards established by the Public Company Accounting Oversight Board or "PCAOB", namely, the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to prepare and review the consolidated financial statements and related disclosures to fulfil U.S. GAAP and SEC financial reporting requirements. As defined in standards established by the PCAOB, a "material weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness, if not remediated timely, may lead to material misstatements in our consolidated financial statements in the future. Neither we nor our independent registered public accounting firm undertook a comprehensive assessment of our internal control under the Sarbanes-Oxley Act of 2002 for purposes of identifying and reporting any material weakness in our internal control over financial reporting. We and they are required to do so only after we become a public company. Had we performed a formal assessment of our internal control over financial reporting or had our independent registered public accounting firm performed an audit of the effectiveness of our internal control over financial reporting, additional material weaknesses may have been identified.

To remedy our identified material weakness, we plan to undertake steps to strengthen our internal control over financial reporting, including: (1) hiring additional qualified personnel equipped with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework, (2) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for accounting and financial reporting personnel, and (3) establishing effective oversight and clarifying reporting requirements for non-recurring and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance with U.S. GAAP and SEC reporting requirements. However, the implementation of these measures may not fully address the material weakness in our internal control over financial reporting, and we cannot conclude that they will be fully remediated in a timely manner. Our failure to correct the material weakness identified or our failure to discover and address any other deficiencies could result in inaccuracies in our financial statements and impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. Moreover, ineffective internal control over financial reporting could significantly hinder our ability to prevent fraud.

Our reporting obligations as a public company may place a significant strain on our management, resources and systems for the foreseeable future. Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, requires that we include a report from management on the effectiveness of our internal control over financial reporting in our annual report on Form 20-F beginning with our second annual report after becoming a public company. In addition, once we cease to be an "emerging growth company," as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective and may identify other weaknesses and deficiencies in our internal control over financial reporting. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. We may be unable to timely complete our evaluation testing and make required remediation. In addition, as the applicable standards may be modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404.

If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our operating results and lead to a decline in the trading price of our Class A Ordinary Shares.

Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting, regulatory investigations and civil or criminal sanctions. We may also be required to restate our financial statements for prior periods.

**If our Class A Ordinary Shares are not eligible for deposit and clearing within the facilities of the Depository Trust Company ("DTC"), then transactions in our Class A Ordinary Shares may be disrupted.**

The facilities of DTC are widely used and allow for rapid electronic transfers of securities between the participants in the DTC system, which include many large banks and brokerage firms. We expect that our Class A Ordinary Shares will be eligible for deposit and clearing within the DTC system. DTC is not obligated to accept our Class A Ordinary Shares for deposit and clearing within its facilities in connection with the Company's listing and, even if DTC does initially accept our Class A Ordinary Shares, it will generally have discretion to cease to act as a depository and clearing agency for our Class A Ordinary Shares.

If DTC determines prior to the completion of this offering that our Class A Ordinary Shares are not eligible for clearance within the DTC system, then we would not expect to complete the transactions and the listing contemplated by this prospectus in its current form. However, if DTC determines at any time after the completion of this offering that our Class A Ordinary Shares were not eligible for continued deposit and clearance within its facilities, we believe that our Class A Ordinary Shares would not be eligible for continued listing on [NYSE American] and trading in the shares would be disrupted. While we would pursue alternative arrangements to preserve its listing and maintain trading, any such disruption could have a material adverse effect on the market price of our Class A Ordinary Shares.

**Negative publicity which includes those relating to any of the Directors, members of senior management team or Controlling Shareholders may adversely affect the market price of our Class A Ordinary Shares.**

Negative publicity or announcements relating to any of the Directors, members of senior management team or Controlling Shareholders may adversely affect the market perception of the Company or the performance of the market price of our Class A Ordinary Shares, whether or not it is justified. For instance, such negative publicity may arise from unsuccessful attempts in joint ventures, acquisitions or take-overs, or involvement in litigation or insolvency proceedings.

**You may face difficulties in protecting your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the U.S. and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.**

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated memorandum and articles of association and by the Companies Act (Revised) and common law of the Cayman Islands. The rights of shareholders to take legal action against our directors, officers and us, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law. Decisions of the English courts are generally of persuasive authority but are not binding on the courts of the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and provides significantly less protection to investors. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before the U.S. federal courts. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will generally recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

The courts of the Cayman Islands are unlikely (i) to recognize or enforce 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 securities laws; and (ii) in original actions brought in the Cayman Islands, to impose liabilities predicated upon the civil liability provisions of the federal securities laws of the United States or any state securities laws, 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, 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.

Currently, all of our operations are conducted outside the United States, and substantially all of our assets are located outside the United States. All of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult or impossible for a shareholder to bring an action against us or against these individuals outside of the United States, or to enforce against us or them judgments obtained in U.S. courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association, a list of the current directors of the company, the register of mortgages and charges and any special resolutions passed by our shareholders) or to obtain copies of lists of shareholders of these companies. Our directors are not required under our memorandum and articles of association to make our corporate records available for inspection by our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

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

As a result of all of the above, our shareholders may have more difficulty in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act (Revised) and the laws applicable to companies incorporated in a U.S. state and their shareholders, see "Description of Share Capital — Differences in Corporate Law."

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

Except in connection with the settlement of trades, transactions or transfers of Class A Ordinary Shares entered into through the facilities of a stock exchange or automated quotation system on which our Class A Ordinary Shares are listed or traded from time to time, our Board may, in its sole discretion, decline to register any transfer of any Class A 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 Ordinary Share unless (i) the instrument of transfer is filed 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 transferred are free of any lien in favor of us; and (vi) a fee of such maximum sum as the [NYSE American] may determine to be payable, or such lesser sum as our Board may from time to time require, is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal. The registration of transfers may, after compliance with any notice required in accordance with the rules of the relevant stock exchange, be suspended and our register of members closed at such times and for such periods as our Board may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register of members closed for more than 30 days in any year.

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 on the [NYSE American], the legal title to such Class A Ordinary Shares and the registration details of those Class A Ordinary Shares in the Company's 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.

**Upon completion of this offering, our shareholders** **may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.**

Cayman Islands law provides shareholders with only limited rights to requisition a general meeting, but does not provide shareholders with any right to put any proposal before a general meeting. These rights, however, may be provided in a company's articles of association. Our articles of association allow our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of the Company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Advance notice of not less than ten calendar days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for a general meeting of shareholders consists of, at the time when the meeting proceeds to business, at least one shareholder present or by proxy, representing not less than one-third of all votes attaching to the issued and outstanding shares in the Company entitled to vote at such general meeting of the Company. However, no assurance can be given that our shareholders will be able to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.

**We may not be able to, or we may decide not to, pay dividends, or repurchase shares at a level anticipated by our shareholders, which could reduce shareholder returns.**

The extent to which we pay dividends on our Class A Ordinary Shares and repurchase our Class A Ordinary Shares in the future is at the discretion of our board of directors and will depend on, among other factors, our results of operations, financial condition, capital requirements and such other factors as our board of directors deems relevant. No assurance can be given that we will be able to or will choose to continue to pay any dividends or repurchase any shares in the foreseeable future which may reduce shareholder returns.

**We have not determined a specific use for a portion of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree.**

We have not determined a specific use for a portion of the net proceeds from this offering, and anticipate that we will use the net proceeds from this offering for working capital and other corporate purposes. See "Use of Proceeds." However, our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the net proceeds in ways that do not improve our results of operations or enhance the trading price of our Class A Ordinary Shares. The net proceeds from this offering may be placed in investments that do not produce income or that lose value. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately.

**Prospective investors in this offering should read the entire document carefully and we strongly caution you not to place any reliance on any information contained in press articles or the media regarding us.**

There may be press and media coverage regarding us, which may include certain events, financial information, financial projections, and other information about us that do not appear in this document. We have not authorized the disclosure of any other information not contained in this document. We do not accept any responsibility for any such press or media coverage, and we make no representation as to the accuracy or completeness or reliability of any such information or publication. To the extent that any such information appearing in publications other than this document is inconsistent or conflicts with the information contained in this document, we disclaim responsibility for them. Accordingly, prospective investors in this offering should not rely on any such information. In making your decision as to whether to subscribe for and/or purchase the Class A Ordinary Shares offered hereunder, you should rely only on the financial, operational, and other information included in this document.

**Forward-looking statements contained in this document are subject to risks and uncertainties.**

This document contains certain statements and information that are "**forward-looking**" and uses forward-looking terminology such as "**aim**", "**anticipate**", "**believe**", "**consider**", "**continue**", "**could**", "**estimate**", "**expect**", "**forecast**", "**going forward**", "**intend**", "**may**", "**might**", "**ought to**", "**plan**", "**potential**", "**predict**", "**project**", "**propose**", "**seek**", "**should**", "**will**", "**would**", "**wish**" or similar terms. Those statements include, among other things, the discussion of our Group's growth strategy and expectations concerning our future operations, liquidity, and capital resources. Investors are cautioned that reliance on any forward-looking statements involves risks and uncertainties and that any or all of those assumptions could prove to be inaccurate and as a result, the forward-looking statements based on those assumptions could also be incorrect.

The uncertainties in this regard include, but are not limited to, those identified in this section, many of which are not within our Group's control. In light of these and other uncertainties, the inclusion of forward-looking statements in this document should not be regarded as representations by our Company that our plans or objectives will be achieved, and investors should not place undue reliance on such forward-looking statements. Our Company does not undertake any obligations to update publicly or release any revisions of any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the section headed "Forward-looking Statements" of this document for further details.

**Special Note regarding Forward-Looking Statements and Industry Data**

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

You can identify some of these forward-looking statements by words or phrases such as "aim," "anticipate," "believe," "continue" "estimate," "expect," "hope," "intend," "is/are likely to," "may," "plan," "potential," "predict," "target," "will," or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:

● our ability to execute our strategies, manage growth and maintain our corporate culture;

● our future business development, financial conditions and results of operations;

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

● our ability to successfully compete in the highly competitive markets;

● our expectations regarding our relationships with service partners;

● The safety, affordability, and convenience of our platform and our offerings;

● our anticipated investments in new products and offerings, and the effect of these investments on our results of operations;

● our ability to successfully enter into new geographies, expand our presence in countries in which we are limited by regulatory restrictions, and manage our international expansion;

● our expected growth in the number of platform users, and our ability to promote our brand and attract and retain platform users;

● anticipated technology trends and developments and our ability to address those trends and developments with our products and offerings;

● our ability to identify, recruit, and retain skilled personnel, including key members of senior management;

● our ability to maintain, protect, and enhance our intellectual property rights;

● our ability to successfully acquire and integrate companies and assets;

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

● our ability to prevent disturbance to our information technology systems;

● our ability to successfully defend litigation brought against us;

● relevant government policies and regulations relating to our industry;

● man-made or natural disasters, including war, acts of international or domestic terrorism, civil disturbances, occurrences of catastrophic events and acts of God such as floods, earthquakes, wildfires, typhoons and other adverse weather and natural conditions that affect our business or assets;

● our ability to implement, maintain, and improve effective internal controls; and

● our anticipated uses of net proceeds from this offering.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. Our actual results could be materially different from our expectations. Important risks and factors that could cause our actual results to be materially different from our expectations are generally set forth in "Prospectus Summary — Our Challenges," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business," "Regulation" and other sections in this prospectus. You should read thoroughly this prospectus and the documents that we refer to with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The industries in which we operate may not grow at the rate projected by market data, or at all. Failure of those industries to grow at the projected rate may have a material and adverse effect on our business and the market price of the Class A Ordinary Shares. In addition, the rapidly evolving nature of this industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our market. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

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

**Use of Proceeds**

We estimate that we will receive net proceeds from this offering of approximately US$11.5 million, or approximately US$13.2 million if the underwriter exercises its option to purchase additional Class A Ordinary Shares in full, after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. These estimates are based upon an assumed initial offering price of US$4.50 per Class A Ordinary Share, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus.

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

● approximately [25]% for sales and marketing activities for the development and expansion of business and our business operations;

● approximately [35]% for research and development to better deliver high-quality services;

● approximately [30]% for potential merger and acquisitions; and

● the remainder for working capital and other general corporate purposes.

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 Related to Our Securities and This Offering — We have not determined a specific use for a portion of the net proceeds from this offering and we may use these proceeds in ways with which you may not agree."

**Dividend Policy**

Our Board has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our Company may only pay dividends out of profits or share premium, and provided always that, in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

We have not previously declared or paid any cash dividends and we do not have any present plan to pay any cash dividends on our Class A Ordinary Shares in the foreseeable future after this offering. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

**Capitalization**

The following table sets forth our capitalization as of December 31, 2024:

● on an actual basis; and

● on a pro forma basis, giving effect to the Reorganization as if such Reorganization had occurred as of December 31, 2024; and

● on a pro forma as adjusted basis to give effect to the issuance and sale of Class A Ordinary Shares by us in this offering at an assumed initial public offering price of US$[4.50] per Class A Ordinary Share, the mid-point of the estimated range of the initial public offering price shown on the front cover of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Actual** |  | **Pro Forma** | **Pro Forma As<br> Adjusted** |
|  | |  | **(unaudited)** | **(unaudited)** |
|  | **(US$ thousands, except for share and per share data)** | **(US$ thousands, except for share and per share data)** | **(US$ thousands, except for share and per share data)** | **(US$ thousands, except for share and per share data)** |
| Long-term borrowings: |  |  |  |  |
| [Interest bearing loans] | [563 | ] | [-] | [563 |
| Total long-term borrowings | [563 | ] | [-] | [563 |
| Shareholders' equity/(deficit): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Ordinary Shares (US$0.0002 par value; [225,000,000] shares authorized, [14,927,250] shares issued and outstanding on an actual basis and [17,477,250] shares issued and outstanding on a pro forma basis) | [- | ] | [3.5] | [3.5 |
| &nbsp;&nbsp;&nbsp;Class B Ordinary Shares (US$0.0002 par value; 25,000,000 shares authorized, 2,572,750 shares issued and outstanding on an actual basis and 2,572,750 shares issued and outstanding on a pro forma basis) | [- | ] | [0.5] | [0.5 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital<sup>(1)</sup> | [1,001 | ] | [9,552] | [10,553 |
| &nbsp;&nbsp;&nbsp;Accumulated Other Comprehensive Loss | [(6 |)] | [-] | [(6 |
| &nbsp;&nbsp;&nbsp;Retained Earnings/ (Accumulated Losses) | [(347 |)] | [-] | [(347 |
| Total shareholders' equity <sup>(1)</sup> | [648 | ] | [9,556] | [10,204 |
| Total capitalization<sup>(1)</sup> | [1,211 | ] | [9,556] | [10,767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Each
 US$1.00 increase (decrease) in the assumed initial public offering price of US$[4.50]
 per Class A Ordinary Share, the mid-point of the estimated range of the initial public offering
 price shown on the front cover of this prospectus, would increase (decrease) each of additional
 paid-in capital, total shareholders' equity and total capitalization by US$[2.3]
 million, assuming the number of Class A Ordinary Shares offered by us, as set forth on the
 front cover of this prospectus, remains the same and after deducting underwriting discounts
 and commissions and estimated offering expenses payable by us.

**Dilution**

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

Our net tangible book value as of December 31, 2024 was US$[0.6] million, or US$[0.04] per Class A Ordinary Share as of that date. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per Class A and Class B Ordinary Share, after giving effect to the additional proceeds we will receive from this offering, from the assumed initial public offering price of US$[4.50] per Class A Ordinary Share, which is the mid-point of the estimated initial public offering price range set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

Without taking into account any other changes in net tangible book value after December 31, 2024, other than to give effect to our sale of the Class A Ordinary Shares offered in this offering at the assumed initial public offering price of US$[4.50] per Class A Ordinary Share, the mid-point of the estimated range of the initial public offering price, after deduction of the underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of December 31, 2024 would have been US$[9.4] million, or US$[0.47] per Class A Ordinary Share. This represents an immediate increase in net tangible book value of US$[0.50] per Class B Ordinary Share to the existing shareholders and an immediate dilution in net tangible book value of US$[3.96] per Class A Ordinary Share to investors purchasing Class A Ordinary Shares in this offering. The following table illustrates such dilution:

---

| | | |
|:---|:---|:---|
| Assumed initial public offering price per Class A Ordinary Share | US$ | [4.50] |
| Net tangible book value per Class A Ordinary Share as of December 31, 2024 | US$ | [0.04] |
| Pro forma net tangible book value per Class A Ordinary Share after giving effect to the conversion of our preferred shares | US$ | [0.47] |
| Pro forma net tangible book value immediately after this offering | US$ | [9,427,377] |
| Amount of dilution in net tangible book value to new investors in this offering | US$ | [3.96] |

---

Each US$1.00 increase (decrease) in the assumed public offering price of US$[4.50] per Class A Ordinary Share would increase (decrease) our pro forma as adjusted net tangible book value after giving effect to this offering by US$[2.3] million, the pro forma as adjusted net tangible book value per Ordinary Share after giving effect to this offering by US$[0.20] per Class A Ordinary Share and the dilution in pro forma as adjusted net tangible book value per Class A Ordinary Share to new investors in this offering by US$[0.13] per Class A Ordinary Share, assuming no change to the number of Class A Ordinary Shares offered by us as set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and other offering expenses.

The following table summarizes, on a pro forma as adjusted basis as of December 31, 2024, the differences between existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us, the total consideration paid and the average price per Ordinary Share paid before deducting the underwriting discounts and commissions and estimated offering expenses. The total number of ordinary shares does not include Class A Ordinary Shares issuable upon the exercise of the over-allotment option granted to the underwriter.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Purchased** | **Ordinary Shares Purchased** | **Total Consideration** | **Total Consideration** | **Total Consideration** | **Average Price Per Ordinary** | **Average Price Per Ordinary** |
|  | **Number** | **Percent** | **Amount** | **Amount** | **Percent** | **Share** | **Share** |
| Existing shareholders | [17,500,000] | [87]% | US$ | [647,752] | [5]% | US$ | [0.04] |
| New investors | [2,550,000] | [13]% | US$ | [11,475,000] | [95]% | US$ | [4.50] |
| Total | [20,050,000] | 100% | US$ | [12,122,752] | 100% | US$ | [0.60] |

---

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

**Enforceability of Civil Liabilities**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands to take advantage of certain benefits associated with being a Cayman Islands exempted company, such as:

● political and economic stability;

● an effective judicial system;

● a favorable tax system;

● the absence of exchange control or currency restrictions; and

● the availability of professional and support services.

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

● the Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and

● Cayman Islands companies may not have standing to sue before the federal courts of the United States.

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

Substantially all of our operations are conducted in Singapore, and substantially all of our assets are located in Singapore. A majority of our directors and officers are nationals or residents of jurisdictions other than the United States and most of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these individuals, or to bring an action against us or these individuals in the United States, 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. You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.

We have appointed Cogency Global Inc., located at 122 E. 42nd St., 18th Fl., New York, NY 10168, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

Harney Westwood & Riegels Singapore LLP, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands will allow shareholders of our Company to originate actions in the Cayman Islands based upon securities laws of the United States. In addition, there is uncertainty regarding Cayman Islands law related to whether a judgment obtained from the U.S. courts under civil liability provisions of U.S. securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company, such as our Company. As the courts of the Cayman Islands have yet to rule on making such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws, it is uncertain whether such judgments would be enforceable in the Cayman Islands. We have been further advised that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, a final and conclusive monetary judgment for a definite sum obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the foreign court had jurisdiction in the matter and the Company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the judgment given by the foreign court was not in respect of penalties, fines, taxes or similar fiscal or revenue obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the foreign court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) recognition or enforcement in the Cayman Islands would not be contrary to public policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the proceedings pursuant to which judgment was obtained were not contrary to the principles of natural justice.

Shook, Lin & Bok LLP, our counsel as to Singapore law, has advised us that:

There is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore.

In making a determination as to enforceability of a foreign judgment, the Singapore courts need to be satisfied that the foreign judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, a foreign judgment would be enforceable in Singapore unless procured by fraud, or if the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or if the enforcement thereof would be contrary to the public policy of Singapore, or if the judgment would conflict with earlier judgments from Singapore or earlier foreign judgments recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our Directors and officers. The Singapore courts do not allow the enforcement of foreign judgments which amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States awarding such punitive damages would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such determination has yet to be conclusively made by a Singapore court in a reported decision.

**Corporate History and Structure**

**Corporate History**

Our Group's history began in 2015 when Mr. Lim Heng Hai established TechCreate Solution Private Limited, a Singapore Company with limited liability to carry on the business of technology consultancy and payment solutions services. Along the way, TechCreate Solution Private Limited's service offerings grew with the development of a RTE devised to better address customers' payment solutions needs. The business then expanded, over the years, to include the provision of digitalization solutions and consultancy services premised on a Design-Build-Operate-Transfer model.

On June 2, 2022, TechCreate Solution Private Limited acquired 51% of the equity interest in Diginius Private Limited, a Singapore company with limited liability established in 2020 by Mr. Ronald Vong, specializing in server and cybersecurity products and services. On October 30, 2024, TechCreate Solution Private Limited acquired the remaining 49% of equity interest in Diginius Private Limited. The acquisition led to Diginius Private Limited becoming a direct 100%-owned subsidiary of TechCreate Solution Private Limited and at the time, a combined headcount of 8 employees.

On May 12, 2023, TC Digital Private Limited was incorporated in Singapore as a company with limited liability and a direct 51%-owned subsidiary of TechCreate Solution Private limited with the remaining 49% equity shareholding held by Mr. Ronald Vong. On November 30, 2024, pursuant to a share swap agreement, TC Digital Private limited became a direct 100% owned subsidiary of TechCreate Solution Private Limited. As of the date of this prospectus, TC Digital Private Limited remains a dormant company.

Since 2015, we have grown into a technology consultancy and software solutions provider with a comprehensive range of professional services spanning payment, cybersecurity, and digital services and solutions. These include the development of RTE, RTP solutions, API management and other services, such as cybersecurity defense, IT infrastructure, and cloud services. In order to comprehensively service our clients, we also sell software licenses and maintenance licenses as well as hardware solutions, in the course of providing our professional services. The sale of software licenses, maintenance licenses, and hardware solutions complement our professional services as these products enhance the functionality of our technological solutions as well as optimize cybersecurity for our clients. Accordingly, our core business areas comprise: (1) the provision of professional services, (2) the sale of software licenses and maintenance licenses, and (3) the sale of hardware solutions.

Our key markets comprise customers based in three countries, namely, Singapore, Brunei, and Cambodia.

**Corporate Structure**

Our Company was incorporated in the Cayman Islands on July 29, 2024, under the Companies Act (Revised) as an exempted company with limited liability. As of the date of this prospectus, our authorized share capital is US$50,000 divided into 250,000,000 ordinary shares of nominal or par value US$0.0002 each, comprising (a) 225,000,000 Class A Ordinary Shares of par value US$0.0002 each, and (b) 25,000,000 Class B Ordinary Shares of par value of US$0.0002 each.

TechCreate Group Inc. was incorporated as a BVI business company in the British Virgin Islands on July 31, 2024 and as part of our Group's Reorganization, is authorized to issue a maximum of 250,000,000 ordinary shares of nominal or par value US$0.0002 each, comprised of (a) 225,000,000 Class A ordinary shares of par value US$0.0002 each, and (b) 25,000,000 Class B ordinary shares of par value US$0.0002 each. Prior to the Reorganization, TechCreate Group Inc. issued 1 Class B ordinary share of par value US$0.0002 to Mr. Lim Heng Hai.

The Reorganization was completed pursuant to a restructuring agreement entered into on July 24, 2025 (the "Restructuring Agreement"), the shareholders of TechCreate Solution Private Limited, being a company incorporated in Singapore on March 16, 2015 as a private company limited by shares, whereby namely (i) Ronald Vong, (ii) Lim Heng Hai (iii) Chai Chang Ruey Fen, (iv) Vong Tze Poh, (v) Neo Meng Chu, (vi) Teo Mui Lan, (vii) ICHAM Master Fund VCC, (viii) Lim Chong Guan, and (ix) iCapital Holdings (SG) Pte. Ltd. ((i)-(ix), being the "TSPL Shareholders") transferred their respective ordinary shares in the share capital of TechCreate Solution Private Limited, representing in aggregate 100% of the issued share capital of TechCreate Solution Private Limited, to TechCreate Group Inc. Under the Restructuring Agreement, the consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 8,530 Class A ordinary shares with par value of US$0.0002 each and 1,469 Class B ordinary shares with par value of US$0.0002 each in TechCreate Group Inc. to the TSPL Shareholders. On July 25, 2025, the Reorganization was completed as each of the TSPL Shareholders transferred their respective shares in TechCreate Group Inc. representing in aggregate 100% of the issued shares of TechCreate Group Inc., to TechCreate Group Ltd. The consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 14,927,250 Class A Ordinary Shares with par value of US$0.0002 each and 2,572,749 Class B Ordinary Shares with par value of US$0.0002 each in TechCreate Group Ltd. to the TSPL Shareholders. Thus, upon completion of the Reorganization, TechCreate Solution Private Limited has become a subsidiary of TechCreate Group Inc., which in turn, became a wholly-owned subsidiary of the Company.

The following diagram illustrates our corporate structure as of the date hereof, including our principal subsidiaries, upon the completion of the Reorganization:

![](formf-1_001.jpg)

The following diagram illustrates our corporate structure, including our principal subsidiaries, upon the immediately upon the completion of this offering:

![](formf-1_002.jpg)

**Entities**

A description of our principal subsidiaries are set out below.

**TechCreate Solution Private Limited**

On March 16, 2015, TechCreate Solution Private Limited was incorporated in Singapore as an exempt private company limited by shares. TechCreate Solution Private Limited commenced business on March 16, 2015, and is principally engaged in the provision of management consultancy services.

**Diginius Private Limited**

On February 6, 2020, Diginius Private Limited was incorporated in Singapore as a private company limited by shares. Diginius Private Limited commenced business on February 6, 2020, and is principally engaged in the provision of information service activities and management consultancy services. On June 2, 2022, pursuant to an acquisition of Diginius Private Limited by TechCreate Solution Private Limited, Diginius Private Limited became a direct 51%-owned subsidiary of TechCreate Solution Private Limited. On October 30, 2024, pursuant to a share swap agreement executed between the shareholders of Diginius Private Limited and TechCreate Solution Private Limited, Diginius Private Limited became a direct 100%-owned subsidiary of TechCreate Solution Private Limited.

**TC Digital Private Limited**

On May 12, 2023, TC Digital Private Limited was incorporated in Singapore as an exempt private company limited by shares. It is a dormant company and a direct 51%-owned subsidiary of TechCreate Solution Private limited with the remaining 49% equity shareholding held by Mr. Ronald Vong. On November 30, 2024, pursuant to a share swap agreement executed between the shareholder of TC Digital Private Limited and TechCreate Solution Private Limited, TC Digital Private limited became a direct 100% owned subsidiary of TechCreate Solution Private Limited.

**Selected Consolidated Financial Data**

The following consolidated statements of operations and comprehensive loss data for the years ended December 31, 2023 and 2024, consolidated balance sheets data as of December 31, 2023 and 2024, and consolidated statements of cash flow data for the years ended December 31, 2023 and 2024, have been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. You should read this Selected Consolidated Financial Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. Our historical results are not necessarily indicative of results expected for future periods.

The following table sets forth a summary of our consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2024.

**Selected Consolidated Statements of Operation and Comprehensive Loss Data**

---

| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| **Revenue** | 2879645 | 3104324 | 2298818 |
| **Cost of revenue** | (1460778) | (2210508) | (1636928) |
| **Gross profit** | 1418867 | 893816 | 661890 |
| **Total operating expenses** | (1465930) | (1762839) | (1305420) |
| **Loss from operations** | (47063) | (869023) | (643530) |
| **Other income** | 52375 | 30828 | 22829 |
| **Interest expense** | - | (41952) | (31066) |
| **Net comprehensive loss** | (188374) | (1018543) | (754253) |

---

**Selected Consolidated Balance Sheet Data**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Cash and cash equivalents | 997846 | 1205951 | 893032 |
| Accounts and other receivable | 119067 | 276734 | 204927 |
| Contract assets | 76157 | 145383 | 107659 |
| Deferred cost | 824822 | 576562 | 426956 |
| Amount due from shareholders | 4900 | 4900 | 3629 |
| Amount due from related party | 56887 | 11772 | 8717 |
| Deferred offering costs |  | 457718 | 338950 |
| Total current assets | 2079679 | 2679020 | 1983870 |
| Property, plant and equipment, net | 9014 | 7929 | 5872 |
| Right-of-use assets, operating leases | 49870 | 83288 | 61677 |
| Deferred cost | 246246 | 57400 | 42506 |
| Other receivable | 11488 |  |  |
| Total assets | 2396297 | 2827637 | 2093925 |
| Current contract and operating lease liabilities | 1334382 | 1021466 | 756418 |
| Accounts and other payables | 110623 | 100653 | 74536 |
| Amount due to directors | 6943 | 14907 | 11039 |
| Income tax payables | 27408 | 277 | 205 |
| Current working capital loans |  | 151714 | 112347 |
| Total current liabilities | 1479356 | 1289017 | 954545 |
| Non-current contract and operating lease liabilities | 265414 | 55480 | 41084 |
| Non-current working capital loan |  | 608416 | 450545 |
| Total liabilities | 1744770 | 1952913 | 1446174 |
| Shareholders' Equity | 651527 | 874724 | 647751 |

---

**Selected Consolidated Statements of Cash Flow Data**

---

| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Net cash generated from/ (used in) operating activities | 141242 | (1286364) | (952580) |
| Net cash used in investing activities | (10651) | (7848) | (5812) |
| Net cash (used in)/ generated from financing activities | (302291) | 1510164 | 1118309 |
| Effects of changes in foreign exchange of cash | 6422 | (7847) | (5811) |
| Cash and cash equivalents at the beginning of the year | 1163124 | 997846 | 738926 |
| **Cash and cash equivalents at the end of the year** | 997846 | 1205951 | 893032 |

---

**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 our consolidated financial statements and related notes included elsewhere in this prospectus. Our actual results may differ materially from those we currently anticipate as a result of many factors, including those we describe under "Risk Factors" and elsewhere in this prospectus. The operating results in any period are not necessarily indicative of results that may be expected for any further period. See "Special Note Regarding Forward-Looking Statements."

**Overview**

TechCreate Group Ltd. is a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material operations of our own, we conduct our substantial operations via our operating subsidiaries in Singapore.

We are a technology consultancy and advanced software solution provider offering a comprehensive range of payment, cybersecurity, and digital services and solutions. We serve large institutions, primarily financial institutions and telecommunication companies, by providing them with payment, cybersecurity, and digital solutions such as, the development of RTE, RTP, API management and other services, such as cybersecurity defense, IT infrastructure, and cloud services. Our key markets comprise customers based in three countries, namely, Singapore, Brunei, and Cambodia. In addition to strengthening our presence in these regions, we are actively exploring expansion opportunities into the Republic of Korea, and the United States of America to further diversify our market reach and drive growth.

**Key Factors that Affect Operating Results**

We believe the key factors affecting our financial condition and results of operations include the following:

*Our ability to retain existing commercial partners' and customers*

Our ability to maintain our existing commercial partners' and customers' trust in our services and product offerings is primarily affected by the following factors:

● our ability to maintain commercial partners' and customers' user experience and the quality of services and products provided through our systems;

● the breadth of offerings of our services and products and their efficacy in addressing our commercial partners' and customers' needs and meeting their expectations;

● the reliability, security and functionality of our systems;

● our ability to adopt new technologies or adapt our technology infrastructure to changing user requirements or emerging industry standards;

● the strength of our consumer protection measures; and

● our ability to increase brand awareness among existing and potential commercial partners and customers through various marketing and promotional activities.

*Our ability to manage the growth of our business and operations or implement our business strategies on schedule or within our budget*

Our business has become increasingly complex in terms of both the type and scale of business we operate. Our ability to successfully execute our plans, including development of new platforms and other new offerings emerging in the payments technology industry, marketing and branding, obtaining and continued compliance with relevant regulatory laws, regulations and requirements in Singapore and other jurisdictions where we may operate will significantly impact our financial results and conditions.

*Our ability to analyse key operational metrics pertaining to our business*

We continually assess the key operational metrics pertaining to our business to help us make informed decisions and adopt targeted approaches towards achieving our strategic business goals. To this end we have relied on the following operational metrics:

&nbsp;&nbsp;&nbsp;&nbsp;(i) **Revenue Growth** 

Revenue growth is a metric that demonstrates our Group's sales growth over a specified period (monthly, quarterly, or annually). This metric is an important marker in assessing the Group's growth trajectory and market performance. The formula to calculate this metric is:

**Revenue Growth Rate (%) = (Revenue in Current Year – Revenue in Previous Year) / (Revenue in Previous Year) x 100**

For FY2023 and FY2024, our revenue experienced a decline of 5% and a growth of 8% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Operational Expenses** 

Operational expenses are the costs that our Group incurs in performing our core functions on a day-to-day basis. These expenses include rent, technology expenditure, salaries, and other costs related to the Group's operation. The formula to calculate this metric is:

**Operating Expense Ratio = (Operating Expenses / Total Revenue) X 100**

For FY2023 and FY2024, our operational expenses ratio was 51% and 57% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Gross Profit Margin** 

The gross profit margin is a metric used to assess our Group's financial health and is equal to revenue less cost of goods sold as a percent of total revenue. It explains how our Group procures, markets and sells our products and services; this involves aspects like the pricing strategy, benchmarking, etc. The formula to calculate this metric is:

**Gross Profit Margin (%) = (Total revenue – COGS) / (Total Revenue) x 100**

For FY2023 and FY2024, our gross profit margin was 49% and 29% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Net Profit Margin** 

Net profit margin is a metric used to measure how much net income a company makes for every dollar of revenue. This metric measures overall profitability after all expenses have been deducted. The formula to calculate this metric is:

**Net Profit Margin (%) = (Net Income or Net Profit/ Total Revenue) x 100**

For FY2023 and FY2024, our net profit margin was a deficit 7% and 33% respectively.

*Our ability to price our products and services or manage our cost effectively*

We are subject to risks of rising business costs due to, amongst others, tight labor market conditions for talents. Depending on our ability to price and manage our costs of operations, our margins may be subject to changes going forward.

*Fluctuations in exchange rates*

We operate in multiple markets, which exposes us to the effects of fluctuations in currency exchange rates as we report our financials in SGD. In the event that such fluctuations in the relevant foreign currency are substantial, and we are unable to pass on our costs to users, our earnings, financial position and results of operations may be materially and adversely affected.

*Growth arising from our strategic partnerships*

We may meticulously pursue partnerships that we believe are strategic, complementing and adding value to our current operations and state-of-the-art technology. The contributions, experience, and connections that our partners can provide will directly impact the results of our operations and financial health in the future.

**Results of Operations**

The following table sets forth certain operational data for the years ended December 31, 2023 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **Variance** | | |
|  | **S$** | **S$** | **US$** |<br>**S$** |<br>**% Change** |
| **Revenue** | 2879645 | 3104324 | 2298818 | 224679 | 8% |
| Cost of revenue | (1460778) | (2210508) | (1636928) | (749730) | 51% |
| **Gross profit** | 1418867 | 893816 | 661890 | (525051) | (37)% |
| Selling and distribution expenses | (704128) | (786428) | (582367) | (77112) | 11% |
| Research and development expenses | (7000) |  |  | 7000 | (100)% |
| General and administrative expenses | (754802) | (976411) | (723053) | (226797) | 30% |
| Loss from operations | (47063) | (869023) | (643530) | (821960) | 1747% |
| **Other income (expense)** |  |  |  |  |  |
| Other income, net | 52375 | 30828 | 22829 | (21547) | (41)% |
| Interest expense |  | (41952) | (31066) | (41952) | 100% |
| **Total other income (expenses)** | 52375 | (11124) | (8237) | (63499) | (121)% |
| Income/ (loss) before income tax | 5312 | (880147) | (651767) | (885459) | (16669)% |
| Income tax expense | (200107) | (132679) | (98252) | 67428 | (34)% |
| **Net loss** | (194795) | (1012826) | (750019) | (818031) | 420% |

---

*Revenues*

For the years ended December 31, 2023 and 2024, we derived our revenues from the provision of professional services, sale of software licenses and maintenance licenses, sale of hardware solutions and provision of hosting and supporting service. Our breakdown of revenues for the years ended December 31, 2023 and 2024, respectively, is summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** | **Variance** | |
|  | **S$** | **S$** | **US$** | **S$** |<br>**% Change** |
| **Revenue:** |  |  |  |  |  |
| Provision of professional services | 608327 | 1223782 | 906237 | 615455 | 101% |
| Sale of software licenses and maintenance licenses | 2246408 | 1844082 | 1365582 | (402326) | (18)% |
| Sale of hardware solutions | 5910 |  |  | (5910) | (100)% |
| Provision of hosting and supporting service | 19000 | 36460 | 26999 | 17460 | 92% |
| **Total** | **2879645** | **3104324** | **2298818** | **224679** | **8%** |
| **Revenue as a percentage of total:** |  |  |  |  |  |
| Provision of professional services | 21% | 39% |  |  |  |
| Sale of software licenses and maintenance licenses | 78% | 59% |  |  |  |
| Sale of hardware solutions | 0% | 0% |  |  |  |
| Provision of hosting and supporting service | 1% | 1% |  |  |  |
| **Total** | 100% | **100%** |  |  |  |

---

Revenue derived from the provision of professional services increased by approximately S$615,455 or 101% to approximately S$1,223,782 for the year ended December 31, 2024 from approximately S$608,327 for the year ended December 31, 2023. The increase was mainly attributable to the timing of deliverables and the contract length, as a large portion of the work under ongoing contracts was scheduled for completion in 2024. This led to a significant portion of revenue being recognized in 2024, reflecting the completion of key milestones and extended contract terms.

Revenue derived from the sale of software licenses and maintenance licenses decreased by approximately S$402,236 or 18% to approximately S$1,844,082 for the year ended December 31, 2024 from approximately S$2,246,408 for the year ended December 31, 2023. The decrease was mainly attributable to the evolving focus of the Company, as software licenses and maintenance, which complement our professional services in enhancing the functionality of our technology solutions and are recognized at a point in time, naturally saw a shift in emphasis. This strategic direction towards expanding our professional services resulted in a stronger revenue contribution from this area.

Revenue derived from the sale of hardware solutions decreased by approximately S$5,910 or 100% to approximately S$Nil for the year ended December 31, 2024 from approximately S$5,910 for the year ended December 31, 2023. This decrease was primarily due to a strategic reduction in outreach efforts within this segment. However, the Company remains confident in the growth potential of this segment, as at the date of this prospectus we have dedicated key personnel to focus on strengthening and expanding our hardware solutions offerings, which we believe positions us for future growth in this area.

Revenue derived from the provision of hosting and supporting service increased by approximately S$17,460 or 92% to approximately S$36,460 for the year ended December 31, 2024 from approximately S$19,000 for the year ended December 31, 2023. The increase was mainly attributable to the change requests as we continued to provide enhanced support to our customers. We believe this growth reflects our strong commitment to meeting evolving customers need, which in turn has driven increased demand for our hosting and support services.

*Cost of revenues*

Cost of revenue for the years ended December 31, 2024 and 2023 was approximately S$2,210,508 and S$1,460,778 respectively, representing a notably increase of 51%. This growth is primarily driven by a strategic increase in contractor service engagements and a rise in third-party software license costs, both of which are essential to scaling our operations and enhancing our service offerings. The cost of revenue consists primarily of contractor fees, AWS cloud and service expenses, and third-party software licenses, all of which are integral to supporting our expanding business needs and driving future growth.

Our breakdown of cost of revenues for the years ended December 31, 2024 and 2023, respectively, is summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** | **Variance** | |
|  | **S$** | **S$** | **US$** | **S$** |<br>**% Change** |
| **License, service support and maintenance** | (1460778) | (2210508) | (1636928) | (749730) | 51% |

---

*Gross profit*

Gross profit for the year ended December 31, 2024 amounted to approximately S$893,816 as compared to gross profit of approximately S$1,418,867 for the year ended December 31, 2023. Gross profit margin was approximately 49% and 29% for the years ended December 31, 2023 and 2024, respectively. The decrease in gross profit margin was mainly due to an increase in our cost of revenues, driven by higher contractor service engagements and increased third-party software license costs. While these costs grew, they were necessary to support the 8% revenue growth and the scaling of our business operations. We believe these investments are an important step in strengthening our foundation for future growth and improving our long-term profitability.

*Operating expenses*

Our operating expenses consist of selling and marketing expenses, research and development expenses and general and administrative expenses.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **Variance** | | |
|  | **S$** | **S$** | **US$** |<br>**S$** |<br>**% Change** |
| **Operating expenses:** |  |  |  |  |  |
| Selling and distribution expenses | (704128) | (786428) | (582367) | (82300) | 12% |
| Research and development expenses | (7000) |  |  | 7000 | (100)% |
| General and administrative expenses | (754802) | (976411) | (723053) | (221609) | 29% |
| **Total** | **(1465930)** | **(1762839)** | **(1305420)** | **(296909)** | **20%** |

---

*Selling and marketing expenses*

Selling and marketing expenses for the years ended December 31, 2023 and 2024 amounted to approximately S$704,128 and S$786,428, respectively, representing an increase of approximately S$82,300 or 12%.

In fiscal year 2023, we incurred significant expenses related to sponsorship investments in exhibitions aimed at enhancing our visibility, reaching out to new potential customers, and strengthening relationships with existing clients. Additionally, traveling expenses were also incurred as part of these efforts. The increase in expenses in fiscal year 2024 reflects a continuation of this strategy, with higher sponsorship costs and additional traveling expenses due to expanded efforts in entering new markets. While the approach remained consistent, the increased scope of both sponsorship and traveling activities in 2024 resulted in higher overall expenses in attracting new customers and expanding our market presence.

*Research and development expenses*

Research and development expenses for the years ended December 31, 2023 and 2024 amounted to approximately S$7,000 and S$Nil, respectively, representing a decrease of approximately $7,000 or 100%. The decrease was primarily due to one-off, ad hoc costs incurred in 2023. Moving forward, the Company is committed to investing in research and development to enhance the core capabilities of our products. This focus will enable us to deliver high-quality services and drive innovation, supporting our long-term growth and competitiveness in the market.

*General and administrative expenses*

General and administrative expenses for the years ended December 31, 2023 and 2024 amounted to approximately S$754,802 and S$976,411, respectively, representing an increase of approximately $221,609 or 29%. The increase was primarily driven by our strategic investment in recruiting key personnel to support the Company's growth and expansion. Additionally, the rise in expenses reflects costs associated with various activities, including audits, the establishment of new entities, and other essential initiatives to support the Company's ongoing development.

*Other income*

Other income amounted to approximately S$52,375 for the year ended December 31, 2023, compared with approximately S$30,828 for the year ended December 31, 2024. The decrease was mainly attributable to a reduction in government grants received during the year, as previous grant programs were completed and fewer grants were available in 2024.

*Interest expense*

Our interest expense for the years ended December 31, 2023 and 2024 was S$Nil and S$41,952 respectively. The increase in interest expense is primarily due to the incurrence of working capital loans in 2024.

*Income tax expense*

Our income tax expenses for the years ended December 31, 2023 and 2024 was S$7,085 and S$(1,744) respectively. The decrease was mainly attributable to the Company incurring losses during the year, resulting in no income tax expenses for the current period, compared to the prior year when income tax expenses were recorded. Additionally, the prior year included an over-provision for income tax, which contributed to the higher expense in that period.

Our withholding tax for the years ended December 31, 2023 and 2024 was S$193,022 and S$134,423 respectively. The decrease was mainly attributable to lower invoicing in markets with withholding tax, resulting in a reduced withholding tax liability for the current year compared to the previous year.

*Net loss*

As a result of foregoing, our net loss amounted to S$194,795 and S$1,012,826 for the year ended December 31, 2023 and 2024, respectively.

*Liquidity and capital resources*

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| **Liquidity and capital resources:** |  |  |  |
| Cash and cash equivalents at the beginning of the year | 1163124 | 997846 | 738926 |
| Net cash generated from/ (used in) operating activities | 141242 | (1286364) | (952580) |
| Net cash used in investing activities | (10651) | (7848) | (5812) |
| Net cash used in/ (generated from) financing activities | (302291) | 1510164 | 1118309 |
| Effects of changes in foreign exchange of cash | 6422 | (7847) | (5811) |
| Net (decrease)/ increase in cash and cash equivalents | (165278) | 208105 | 154106 |
| Cash and cash equivalents at the end of the year | 997846 | 1205951 | 893032 |

---

*Net cash used in operating activities*

For the year ended December 31, 2024, cash used in operating activities was approximately S$1,286,364. This consisted of net loss of approximately S$1,012,826, adjusted for non-cash items of approximately S$91,293 and net changes in operating assets and liabilities of approximately S$364,831. Non-cash items primarily consisted of depreciation of approximately S$8,933, operating lease expense of approximately S$40,408 and interest for working capital loans of approximately S$41,952.

For the year ended December 31, 2023, net cash generated from operating activities was attributed to the net loss of S$194,795 adjusted for non-cash items which included depreciation and operating lease expenses totaling S$35,161 This was offset against net cash inflow arising from the net change in operating assets and liabilities of S300,876.

*Net cash used in investing activities*

For the year ended December 31, 2024, net cash used in investing activities amounted to approximately S$7,848, which mainly consisted of the purchase of computers.

For the year ended December 31, 2023, net cash used in investing activities amounted to approximately S$10,651, which mainly consisted of the purchase of computers.

*Net cash provided by financing activities*

For the year ended December 31, 2024, net cash generated from financing activities amounted to approximately S$1,510,164 which primarily consisted of S$1,241,740 from the issuance of shares, amount due to shareholder of S$7.964 and S$850,000 from working capital loans. This was offset against the working capital loans repayment of S$131,822 and deferred offerings costs of S$457,718.

For the year ended December 31, 2023, net cash used in financing activities amounted to approximately S$302,291 which primarily consisted of dividend payment.

*Working capital*

We believe that our Group has sufficient working capital for our requirements for at least the next 12 months from December 31, 2024, in absence of unforeseen circumstances, taking into account the financial resources presently available to us, including cash and cash equivalents on hand, cash flows from our operations and the estimated net proceeds from this Offering.

*Commitments and Contingencies*

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and through the date the consolidated financial statements were available to be issued.

On July 7, 2023, DPL entered into a lease agreement for a lease term of 3 years for office space at 336 Smith Street, #10-303, Singapore 050336. The Company is committed to pay a total rental fee of approximately S$25,910 in the future.

On April 26, 2024, DPL had applied for a long-term working capital loan from a financial institution in the amount of S$500,000, which is repayable by 60 equal monthly instalments of S$10,138.50 with the first instalment to paid on April 30, 2024. The working capital loan bears a fixed interest rate of 8.0% per annum. The loan was jointly secured by Lim Heng Hai and Ronald Vong Chin Hua, directors and shareholders of the Company. The Company is committed to pay a total working capital loan of approximately S$444,349 in the future.

On May 2, 2024, TSPL applied for a long-term working capital loan from a financial institution in the amount of S$350,000, which is repayable by 60 equal monthly instalments of S$7,054.94 with the first instalment to paid on June 3, 2024. The working capital loan bears a fixed interest rate of 7.75% per annum. The loan was jointly secured by Lim Heng Hai and Ronald Vong Chin Hua, directors and shareholders of the Company. The Company is committed to pay a total working capital loan of approximately S$315,781 in the future

On June 28, 2024, we entered into a lease agreement for a lease term of 3 years for office space at 336 Smith Street, #06-303, Singapore 050336. We have committed to pay a total rental fee of approximately S$58,896 in the future.

*Off-Balance Sheet Arrangements*

As of December 31, 2023 and December 31, 2024, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our shareholders.

**Critical Accounting Policies and Estimates**

*Impairment of Intangible and Long-Lived Assets*

The Company's long-lived assets with finite lives, including property, plant and equipment, net are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2023 and 2024, no impairment of long-lived assets was recognized.

*Leases*

The Company determines if an arrangement is a lease at inception. A lease is classified at the inception date as either a finance lease or an operating lease. As the lessee, operating leases are included in operating lease right-of-use ("ROU") assets, current operating lease liabilities and non-current operating lease liabilities, 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 April 1, 2020 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.

The Company has an operating lease for offices, including an option to renew which is at the Company's sole discretion. The renewal to extend the lease term is included in the Company's ROU assets and operating lease liabilities as they are reasonably certain of exercise. The Company regularly evaluates the renewal option, and, when it is reasonably certain of exercise, the Company will include the renewal period in its lease term. New lease modifications result in re-measurement of the ROU assets and operating lease liabilities. The Company's lease agreement does not contain any material residual value guarantees or material restrictive covenants.

The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the consolidated balance sheets.

The Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. Lease payments associated with these leases are expensed as incurred.

*Revenue recognition*

The Company adopted Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"), on April 1, 2021 using the modified retrospective approach. The Company's accounting for revenue recognition remains substantially unchanged prior to adoption of ASC 606. There were no cumulative effect adjustments for prior to April 1, 2020. The effect from the adoption of ASC 606 was not material to the Company's financial statements.

The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the client.

Sale of goods

Revenue for sales of products, which are primarily IT hardware and software licenses are recognized at a point in time when the Company has satisfied its performance obligation. The key performance obligation of the Company is delivery of goods or collection by customer has occurred, evidenced by the acceptance of products by customers, whereby physical and legal control of the products is passed from the Company to its customer, and there's no unfulfilled obligation from the Company. Customer returns have historically represented a small percentage of customer sales on an annual basis. The Company does not provide warranty but gives customers one week of validation period for right of return.

Upon local customers' acceptance/acknowledgement on the acceptance of goods, control of the goods is passed from the Company to the customer, at which the Company believes it has satisfied its performance obligation to recognize revenue. No element of financing is deemed present as typical payment terms range from 30 to 120 days from the date of issuance of invoice.

Service revenue

Revenue for the rendering of hosting and support services, rendering of professional services and maintenance services are recognized over time when the Company has satisfied its performance obligation to recognize revenue. The key performance obligation of the Company is when the services have been performed and rendered, evidenced by the acceptance of services by customers, and there's no fulfilled obligation from the Company. A large portion of the revenue comes from the rendering of hosting and support services.

The amount of revenue recognized is based on the transaction price, which comprises the contractual price, net of the estimated volume rebates and adjusted for expected returns. Based on the Company's experience with similar types of contracts, variable consideration is typically constrained and is included in the transaction only to the extent that it is a highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company is a principal and records revenue on a gross basis as the Company is primarily responsible for fulfilling the goods or services to the customers, is subject to inventory risk, has discretion in establishing pricing and the ability to direct the control of the promised goods before transferring those goods to the customers.

The SSP is the price at which we would sell a promised good or service separately to a customer. The best estimate of SSP is the observable price of a good or service when we sell that good or service separately. A contractually stated price or a list price for a good or service may be the SSP of that good or service. We use a range of amounts to estimate SSP when we sell each of the goods and services separately and need to determine whether there is a discount that needs to be allocated based on the relative SSP of the various goods and services. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we typically determine the SSP using an adjusted market assessment approach using information that may include market conditions and other observable inputs. We typically have more than one SSP for individual goods and services due to the stratification of those goods and services by customers and circumstances. In these instances, we may use information such as the nature of the customer and distribution channel in determining the SSP.

When software licenses and significant customization engineering services are sold together, they are accounted for as a combined performance obligation, as the software licenses are generally highly dependent on, and interrelated with, the associated customization services and therefore are not distinct performance obligations. Revenue for the combined performance obligation is recognized over time as the services are delivered using an input method (i.e., labor hours incurred as a percentage of total labor hours budgeted).

When software subscription licenses are sold, the term software license and software maintenance are generally considered distinct performance obligations. The transaction price is allocated to the term software license and the software maintenance based on relative SSP. We sell our software subscription license for a fixed fee or a usage-based royalty fee, sometimes subject to a minimum guarantee. The minimum guarantee refers to a specified minimum revenue amount, which is sometimes applied to usage-based royalties. When the fee is fixed, or includes the guaranteed minimum within a usage-based royalty arrangement, revenue allocated to the software license is recognized at a point in time upon delivery, provided all other revenue recognition criteria are met. Any royalties earned in excess of the guaranteed minimum, or not subject to the guarantee, are recognized as revenue when the related usage occurs. Revenue allocated to software maintenance is recognized over the contract term.

The amount of consideration is not adjusted for a significant financing component if the time between payment and the transfer of the related good or service is expected to be one year or less under the practical expedient in ASC 606-10-32-18. Our revenue arrangements are typically accounted for under such expedient, as payment is typically due within 30 days. As of December 31, 2023 and 2024, none of our contracts contained a significant financing component.

*Income Taxes*

The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The Company conducts its businesses in Singapore, Malaysia, Brunei, and Cambodia, and is subject to tax in these jurisdictions. As a result of its business activities, the Company files separate tax returns in those countries that are subject to examination by the foreign tax authorities.

**Concentrations and Risks**

*Concentrations*

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 a more detailed description of these risks, see "Risk Factors—Risks Related to Our Business and Industry—In 2023 and 2024, we depended on our major customers for a substantial portion of our revenue and such dependence may continue in the future, and the loss of, or significant reduction in our provision of services to, one or more of our major customers could negatively impact our revenue and operating results".

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

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| | | |
|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of Company's revenue** |  |  |
| Customer A <sup>(1)</sup> | 35% | 34% |
| Customer B <sup>(2)</sup> | 25% | 23% |
| Customer C <sup>(3)</sup> | 11% | 19% |
| Customer D <sup>(4)</sup> | 4% | 11% |

---

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

---

| | | |
|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of Company's accounts receivable** |  |  |
| Customer B <sup>(2)</sup> | 0% | 68% |
| Customer C <sup>(3)</sup> | 100% | 23% |

---

(1) Customer
 A is Cambodia's largest and leading financial institution.

(2) Customer
 B is Brunei's largest telecommunications company.

(3) Customer C is a local insurance corporation based in Singapore.

(4) Customer D is a technology service provider specializing
 in system integration and customer engagement solutions based in Cambodia.

**Industry Overview**

*The information presented in this section has been derived from an industry report commissioned by us and issued by Frost & Sullivan, an independent research firm, to provide information regarding our industry and our market position in Southeast Asia. We refer to this report as the Frost & Sullivan Report.*

**Overview of Transaction Banking Payment Service Middleware Market in Southeast Asia**

***Definition of "transaction banking payment service middleware"***

"Transaction banking payment service middleware" refers to software that acts an intermediary layer between a bank's internal system and external payment networks or applications, which facilitates the seamless integration and processing of various payment services across multiple methods, including RTP and Non-Real-Time Payment such as, among others, wire transfer and automated clearing house ("ACH") transfer. Transaction banking payment service middleware helps streamline the complexities of handling different transaction forms, currencies and compliance regulations while ensuring security, scalability, efficiency and many others features.

***Market size of transaction banking payment service middleware market in Southeast Asia***

The market size of transaction banking payment service middleware market in U.S., in terms of revenue, reached USD10.7 billion in 2023, growing from USD8.0 billion in 2019 at a CAGR of 7.6% from 2019 to 2023, and is expected to reach USD14.5 billion in 2028 at a CAGR of 6.4%. Comparably, the market in Southeast Asia has a huge growth potential with a faster growth rate. The market size of transaction banking payment service middleware market in Southeast Asia, in terms of revenue, reached USD3.4 billion in 2023, growing from USD1.7 billion in 2019 at a CAGR of 19.6% from 2019 to 2023, and is expected to reach USD9.4 billion in 2028 at a CAGR of 22.3% from 2023 to 2028.

![](formdrs_003.jpg)

***Market drivers of transaction banking payment service middleware market in Southeast Asia***

The following factors are expected to drive the growth of transaction banking payment service middleware market in Southeast Asia:

● *Increasing complexity of transaction banking operations.* Large banks often face complex transaction banking operations, especially when dealing with multiple regions, time zones, currencies, and regulatory environments. Middleware simplifies these complexities by offering a centralized system for managing transactions, ensuring operational efficiency and reducing manual processes, which is critical in managing large-scale, global banking operations.

● *Digital transformation and adoption of emerging technologies.* With the rise of digital banking, financial institutions have been rapidly modernizing their IT infrastructure to support growing transaction volumes and complex services. Middleware plays a crucial role in bridging legacy systems with modern, real-time, and user-friendly platforms. Middleware solutions provide essential capabilities to streamline payment processing, including support for various transaction formats and integration with mobile banking services, which has become essential due to the growing adoption of online and mobile banking.

● *Demand for Real-Time Payment solutions.* The global push towards real-time payments has led to a rise in demand for middleware that can handle instantaneous transaction processing, especially for large corporates and transaction banking services. Regions like China, the United States, the United Kingdoms, and Southeast Asia have adopted real-time payment systems, requiring robust middleware solutions for integration. Middleware helps manage the continuous flow of real-time payments, connecting older banking systems with new real-time infrastructures, and ensuring secure, 24/7 transaction processing.

● *Focus on customer experience.* Enhancing customer experience has become a top priority for banks as they adapt to the digital transformation in the financial sector. Middleware solutions play a crucial role in this process by acting as a bridge between the front-end applications and the back-end systems where banking operations take place. Middleware solutions enable banks to streamline payment processing across various channels. By integrating these systems, banks can offer faster transactions, significantly reducing latency in payments, which significantly improves the customer experience when they make payments.

***Future trends of transaction banking payment service middleware market in Southeast Asia***

The future trends of transaction banking payment service middleware market in Southeast Asia include:

● *Increasing usage of Real-Time Payments*. The usage for real-time payment systems will continue to grow, especially with the rise of e-commerce and digital payments. Middleware providers will increasingly focus on supporting real-time payments across regions, enhancing payment processing speed, and providing transparency for both consumers and businesses. This will require middleware systems to handle higher transaction volumes and enhance security while maintaining compliance with different regional payment regulations.

● *Increased adoption of emerging technologies such artificial intelligence.* Emerging technologies such as artificial intelligence are expected to play larger roles in transaction banking payment middleware solutions, enable advanced data analysis, fraud detection, and predictive analytics. For example, with artificial intelligence technology, banks can improve decision-making processes, identify suspicious activities in real-time, and enhance customer experience through personalized services.

● *Enhanced security features.* As digital payments increase, so do the risks of cyberattacks and data breaches. Middleware solutions will evolve to incorporate more sophisticated cybersecurity features, such as encryption, tokenization, and multi-factor authentication, to safeguard transaction data and prevent fraud.

***Competitive Landscape of transaction banking payment service middleware market in Southeast Asia***

The transaction banking payment service middleware market in Southeast Asia is rapidly growing, driven by the surge in digital payments, e-commerce, and mobile banking, among many other factors. The competitive landscape is comprised of a mix of both global players and local players offering transaction banking payment service middleware solutions to financial institutions.

With its "fit and play" solutions and Design-Build-Operate-Transfer model, TechCreate has been a rising global provider of transaction banking payment service middleware solutions in Southeast Asia, particularly focusing on delivering real-time payment solutions and others innovative solutions to help financial institutions enhance their operation efficiency. In addition, it also has a global influence in ISO 20022 implementation, which is an important international standard for electronic data interchange between financial institutions, by representing Singapore for ISO 20022 Registration Management Group and Payment Standard Evaluation Group, drafting Singapore ISO 20022 Interbank Clearing and Settlement Message Definition, and among others

**Overview of POS QR Code Payment Terminal Market in Southeast Asia**

***Definition of POS QR Code payment terminals***

POS QR Code payment terminals are payment terminal devices with integrated QR code scanning capabilities that allow consumers to complete the payment process by scanning a QR code provided by merchants. Such payment terminals are usually used in conjunction with mobile payment applications, such as Alipay, WeChat Pay, PromptPay, and among others. The emergence of POS QR Code payment terminals greatly simplifies the payment process and improves payment efficiency while also bringing more convenience to both merchants and consumers.

***Market size of POS QR Code payment terminal market in Southeast Asia***

The market size of digital payment market in Southeast Asia, in terms of transaction volume, has increased from USD19.0 trillion in 2019 to USD32.9 trillion in 2023 at a CAGR of 14.7% from 2019 to 2023, and it is expected to reach USD70.1 trillion in 2028, growing at a CAGR of 16.3% from 2019 to 2023. Digital payment via POS QR Code payment terminals has been an increasingly important approach for people to make digital payment in Southeast Asia. The market size of digital payment via POS QR Code payment terminal market in Southeast Asia, in terms of transaction volume, has increased from USD1.9 trillion in 2019 to USD4.6 trillion in 2023, growing at a CAGR of 24.7% from 2019 to 2023, and it is expected to reach USD13.3 trillion in 2028, growing at a CAGR of 23.7% from 2023 to 2028. The proportion of transaction volume of digital payment made via POS QR Code payment terminal to transaction volume of digital payment has increased from 10% in 2019 to 14.0% in 2023, and is expected to further increase to 19.0% in 2028.

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***Market drivers of POS QR Code payment terminal market in Southeast Asia***

The following factors are expected to drive the growth of POS QR Code payment terminal market in Southeast Asia:

● *Technology development and advancement.* The development of the POS QR Code payment terminal industry has benefited from the continuous innovation and development of emerging technologies. Integration of POS QR Code payment terminals with emerging technologies has enabled POS QR Code payment terminals to realize technological innovations in various aspects, such as payment efficiency, user experience and risk management.

● *Growing market demand.* With the popularity of mobile payment, consumers' demand for convenient payment methods has increased. POS QR Code payment terminals can provide a variety of payment options to meet consumers' payment needs, which makes more and more consumers tend to use mobile phones and other mobile devices to make payments. In addition, for merchants, POS QR Code payment terminal is not only a payment tool, but also a powerful assistant for business management. Through the POS QR Code payment terminal, merchants can grasp real-time sales information, inventory information, and other key information to provide strong support for business decisions. This demand for business management is driving the continued growth of the POS QR Code payment terminal market.

● *Favorable policies.* With the rapid development of the fintech industry, governments and regulators have introduced relevant policies aimed at regulating the payment market, safeguarding transaction security, and promoting fintech innovation and healthy development. These policies not only set clear compliance standards for the POS QR Code payment terminal industry, but also encourage enterprises to increase R&D investment and promote technological innovation through tax incentives, financial support and other measures. Meanwhile, with the growing maturity of the payment market, consumers are increasingly concerned about payment security and privacy protection, which has prompted the POS QR Code payment terminal industry to pay more attention to the compliance and security design of its products to meet market demand and regulatory requirements. Therefore, policy guidance and compliance requirements have become one of the important factors driving the continued development of the POS QR Code payment terminal industry.

***Future trends of POS QR Code payment terminal market in Southeast Asia***

The future trends of POS QR Code payment terminal market in Southeast Asia include:

● *Seamless integration with other systems.* The future of POS QR Code payment terminals lies in their ability to integrate seamlessly with other business systems such as inventory management, customer relationship management, and enterprise resource planning. This interconnectedness will enable real-time data synchronization and automation, reducing manual tasks and streamlining operations. For example, when a purchase is made, the terminal can instantly update stock levels, sales analytics, and customer databases, giving businesses more control over their operations.

● *Growth in emerging market.* Emerging markets, particularly Southeast Asia, are seeing rapid adoption of mobile payments and QR Code-based systems due to their lower cost and ease of deployment. As smartphone penetration increases and banking infrastructure improves, these regions will drive substantial growth in the POS QR Code payment terminal market. Governments and businesses are likely to push for digital payment adoption to promote financial inclusion and reduce the reliance on cash.

● *More safety and stability.* As payment data volumes grow and payment risks become more complex, POS QR Code payment terminal providers will face mounting pressure to adopt more advanced and robust security measures. The evolving tactics of cybercriminals who are continually developing new methods of fraud, data breaches, and system infiltration will drive providers to stay ahead of these threats. In response, POS QR Code payment terminal providers will not only need to safeguard sensitive transaction data and personal information but also facilitate compliance with increasingly stringent regulatory requirements and industry standards.

**Overview of Digital Solution in Southeast Asia**

***Definition of digital solutions***

Digital solutions refer to a range of technological solutions designed to address organization challenges, including setting out strategic decisions, streamlining operations, improving user experience and others, across different industries, such as financial services, retails, manufacturing and healthcare.

***Market drivers and future trends of digital solution market in Southeast Asia***

The following factors are expected to be the drivers and future trends growth of digital solution market in Southeast Asia:

● *Increased demand for digital transformation.* Organizations across industries are actively seeking digital solutions to remain competitive, improve efficiency, and better serve customers. The global shift to digital operations, accelerated by the COVID-19 pandemic, has heightened the demand for advanced technologies such as artificial intelligence, big data, cloud computing, automation and blockchain. Organizations not only use digital solutions to automate manual processes, reduce costs and improve overall operational efficiency, but also assist to make more informed decisions derived from vast amount of data, and use advanced technologies to provide better user experience to their customers and employees.

● *Technological advancement.* Technological advancements are making digital solutions more sophisticated and efficient. Innovations in AI, big data, and IoT are enabling new applications across industries, from financial services to manufacturing. These advancements enhance the supply of digital solutions tailored to specific business needs. In addition, the proliferation of cloud service models has reduced the cost and complexity of adopting digital solutions, which allows even SMEs to access advanced tools for digital transformation, driving supply-side growth.

● *Increased emphasis on cybersecurity and data privacy.* Cybersecurity is poised to become one of the most critical areas of the digital solution market in the future. As digital transformation continues to advance across industries, the reliance on interconnected systems, cloud-based services, and vast data networks is increasing exponentially. This connectivity, while offering numerous benefits, also exposes organizations to heightened security risks, such as cyberattacks and data breaches. Future trends include enhanced encryption techniques, blockchain-based solutions for secure transactions, and zero-trust security models to protect organizations' digital assets from evolving threats.

**Business**

**OVERVIEW**

***Who We Are***

Headquartered in Singapore, we are a technology consultancy and advanced software solution provider offering a comprehensive range of payment, cybersecurity, and digital services and solutions. We serve large institutions, primarily financial institutions and telecommunication companies, by providing them with payment, cybersecurity, and digital solutions such as, the development of RTE, RTP, API management and other services, such as cybersecurity defense, IT infrastructure, and cloud services. We have developed our proprietary know-how and digital solutions over the past 9 years. Notably, we have developed an AI-RTE that we believe optimizes RTP through providing increased functionality, security, and efficiency to various financial institutions in the region. In order to comprehensively service our clients, we also sell software licenses and maintenance licenses as well as hardware solutions, in the course of providing our professional services as a technology consultancy and software solutions provider. The sale of software licenses, maintenance licenses, and hardware solutions complement our professional services as these products enhance the functionality of our technological solutions as well as optimize cybersecurity for our clients. Accordingly, our core business areas comprise: (1) the provision of professional services, (2) the sale of software licenses and maintenance licenses, and (3) the sale of hardware solutions.

Founded in 2015, TechCreate Solution Private Limited initially concentrated on pioneering advancements in payment and consultancy services. Our early focus was addressing the intricate challenges of payment systems and ensuring that our clients received robust and cutting-edge solutions tailored to their specific needs.

As we progressed, we recognized the growing demand for integrated digital solutions beyond our initial scope. This insight led us to broaden our offerings, strategically developing what we believe to be a complementary suite of services to meet a wider array of digital needs. Our commitment to innovation and client-centric solutions drove this evolution.

A significant milestone in our journey occurred on June 2, 2022 with the strategic acquisition of 51% equity interest in Diginius Private Limited, a Singapore company with limited liability established in 2020 by Mr. Ronald Vong specializing in server and cybersecurity products and services, by TechCreate Solution Private Limited. On October 30, 2024, TechCreate Solution Private Limited acquired the remaining 49% of equity interest in Diginius Private Limited. This acquisition allowed us to consolidate our expertise and resources, and we believe has, positioned us as a comprehensive provider of advanced payment technologies, robust cybersecurity measures, and a diverse range of digital solutions.

As of the date of this prospectus, TechCreate operates as a comprehensive provider of digital payment and cybersecurity solutions, designed to meet both specific challenges and broader, complex transformations. We believe our integrated approach enables us to deliver solutions that are not only reliable but also forward-looking, helping businesses adapt and thrive in a fast-changing landscape.

We believe our growth is built on disciplined expansion and reinvestment into innovation, sustained by our profitability and commitment to excellence. We have established a presence in Singapore, Brunei, and Cambodia, while forming strategic partnerships in what we believe to be are key markets such as India, Vietnam, Indonesia, Laos, and Hong Kong. We believe these partnerships expand our reach and allow us to serve a diverse range of clients with precision and reliability.

**KEY MILESTONES**

The table below sets forth the key development milestones in our Group's history:

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| | | |
|:---|:---|:---|
| **Year** | **Milestone** | **Milestone** |
| 2015 | ● | TechCreate Solution Private Limited was incorporated in Singapore for the provision of payment standard and payment consultancy services. |
|  | ● | TechCreate Solution Private Limited assisted a Malaysian bank to participate in RTP. |
| 2017 | ● | TechCreate Solution Private Limited developed the RTE, a revolutionary solution that streamlines the payment process and delivers real-time confirmation, eliminating hassle for customers. |
| 2018 | ● | TechCreate Solution Private Limited secured its first RTE customer and integrated its payment gateway with the largest bank by assets in Southeast Asia's operations in Hong Kong, enabling connection to HKMA FAST. |
| 2020 | ● | TechCreate Solution Private Limited expanded its business to provide digitalization solutions and consultancy services based on the Design-Build-Operate-Transfer model. |
|  | ● | TechCreate Solution Private Limited implemented its payment gateway in Vietnam and India. |
|  | ● | TechCreate secured a consulting role for the National Payment Project, facilitating connectivity between PromptPay and PayNow. This appointment by the Association of Banks of Singapore signifies TechCreate's expertise in the Singaporean payments landscape. |
|  | ● | Building on our role as a consultant for the National Payments Project led by the Monetary Authority of Singapore (MAS), we believe TechCreate's expertise garnered further recognition. A Southeast Asian sovereign wealth fund selected us as an advisor on a blockchain initiative involving collaboration with a global bank as well as a regional Southeast Asian bank. This project ultimately laid the groundwork for the establishment of Partior in Singapore. Today, Partior is a leading global unified ledger-based interbank network that facilitates real-time clearing and settlement of cross-border payments. |
| 2021 | ● | TechCreate Solution Private Limited implemented RTE as its core payment middleware for Southeast Asia's largest bank across six countries. |
| 2022 | ● | TechCreate Solution Private Limited acquired Dignius Private Limited, expanding its business, with the newly formed Group providing server and cybersecurity offerings in addition to its payment and digitalization services. |
|  | ● | TechCreate Solution Private Limited secured a contract with a Singapore insurance corporation project for their Cash Compensation System. This system facilitates swift disbursement of insured deposits to depositors in the event of a bank failure, bolstering financial stability in Singapore. We believe our success against reputable global competitors underscores the Group's growing expertise in FinTech. |
| 2023 | ● | TechCreate Solution Private Limited was awarded a payment and digitization project by Brunei's largest telecommunications company. We believe this win highlights our expertise in driving digital transformation within the telecommunications sector. |
|  | ● | TechCreate Solution Private Limited's RTE was utilized in the development of a client's super app. We believe this utilization of the RTE showcases TechCreate Solution Private Limited's ability to deliver comprehensive and user-friendly financial solutions as well as its commitment to innovation. |
|  | ● | TechCreate Solution Private Limited won an Islamic Bruneian bank's project. We believe this win signifies our ability to deliver comprehensive financial solutions, including facilitating connections to Brunei's National Digital Payment Hub (NDPX) in collaboration with the Brunei Darussalam Central Bank and other participating banks. |

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**OUR SOLUTIONS AND SERVICES**

Our Group's core businesses are comprised of: (1) professional services, (2) the sale of software and maintenance licenses, and (3) the sale of hardware. We view the sale of software and maintenance licenses as well as the sale of hardware as complementary to our primary core business, the provision of our professional services. Our professional services business is composed of a wide variety of solutions and services, including, amongst others, our technology consultancy services, Payment System Engine services, and cybersecurity services. We have, thus, outlined our solutions and services as follows:

***Professional Services***

<u>Technology Consultancy Services</u>

We offer technology consultancy services to corporate clients. We believe our expertise in information technology infrastructure, payments, cybersecurity, and digital solutions enable us to recommend and implement various technological solutions to address our clients' varied needs. We strive to support clients by offering the following services:

● Consulting: We offer advice to help businesses choose the right technology for their needs and assist in planning their technological projects.

● System Integration: We help businesses' various software and systems function well together.

● Implementation: We set up and install new software, verifying it functions correctly, for businesses.

● Customization: We modify software to fit businesses' specific needs of a business, for example, adding custom or special features.

● Training: We teach clients how to use software effectively through tutorials, workshops, and guides.

● Technical Support: We help clients fix issues or problems they encounter with the software.

● Security and Compliance: We check that the software meets security standards and is in line with relevant regulations.

● Project Management: We coordinate and manage software-related projects to facilitate projects timely completion and within budget.

● Maintenance: We provide regular updates, fixes, and improvements to keep customers' software running smoothly.

The technology consultancy services described above are generally provided in conjunction with the solution-oriented professional services that are outlined in the following paragraphs. When providing technology consultancy services in conjunction with our solution oriented professional services, we typically follow a Design-Build-Transfer-Operate model. The Design-Build-Transfer-Operate (DBTO) model represents a cornerstone of our commitment to delivering end-to-end, value-driven solutions tailored to our clients' needs. We believe this model encompasses a structured approach that facilitates the seamless conceptualization, development, deployment, and ongoing operation of critical systems and infrastructure.

**Design Phase:** We collaborate closely with clients to assess their unique requirements, taking into account technical, operational, and strategic objectives. By leveraging, what we believe to be, our expertise in solution architecture and industry best practices, we design a customized framework that aligns with their long-term goals.

**Build Phase:** During the build phase, we oversee the development and implementation of the solution. This involves integrating cutting-edge technology, adhering to rigorous quality assurance standards, and conducting thorough testing to enable functionality, scalability, and compliance with regulatory requirements.

**Transfer Phase:** Once the solution is fully operational, we endeavor to facilitate a smooth transition, by equipping the client with the necessary training, documentation, and support to manage the system independently. We believe our transfer process effectively minimizes disruption and supports knowledge transfer, empowering the client to maintain control.

**Operate Phase:** While the transfer phase provides the foundation for client independence, the operate phase underscores our long-term partnership. We offer continued operational support, including system monitoring, maintenance, and optimization, which we believe enables sustained performance and adaptability to evolving business needs.

This DBTO model enables our Company to act as a trusted partner, delivering not only cutting-edge solutions but also the expertise and operational support required for their success. By integrating this approach, we take the view that we are able to minimize risk, maximize resource efficiency, and provide clients with a robust framework for achieving operational excellence and long-term growth.

<u>Payment System Engine Services</u>

As discussed in the section "Industry Overview - Overview of Transaction Banking Payment Service Middleware Market in Southeast Asia - Definition of transaction banking payment service middleware", transaction banking payment service middleware refers to software that acts an intermediary layer between a bank's internal system and external payment networks or applications, which facilitates the seamless integration and processing of various payment services across multiple methods, including RTP and Non-Real-Time Payment such as, wire transfer and ACH transfer, amongst others.

We develop and implement a type of transaction banking payment service middleware, namely, our AI-RTE for financial institutions to optimize Real-Time-Payments. The high-availability and resilient base RTE is designed to support round-the-clock banking services with the base engine used to orchestrate and support the omni-channel payment requirements. In addition to development and custom implementation services, we offer integration services to clients so that they can connect their existing systems with RTP networks. Our Payment System Engine services also incorporate several advanced security measures, enhancing the security of our clients' RTP networks. This is achieved through advanced encryption, multi-factor authentication, and the deployment of secure application interface (API) and integration protocols. This helps to minimize vulnerabilities and enhances the overall security of the payment ecosystem. Additionally, we offer compliance services to our clients to ensure that clients' RTP systems and processes comply with specific regulatory requirements applicable. Our Payment System Engine services help streamline the complexities of handling different transaction forms, currencies and compliance regulations while ensuring security, scalability, efficiency and many others features.

We have also used the RTE framework developed to build the Cash Compensation System used by a Singapore insurance corporation as discussed in "Business – Key Milestones – 2022". This system ensures that depositors are compensated promptly if a bank fails. Under current provisions, the Singapore insurance corporation guarantees coverage of up to SGD 105,000 per depositor per insured bank. This means that in the event of a bank's default, depositors are entitled to receive compensation up to this limit, providing a level of financial security. The Cash Compensation System is designed to offer peace of mind to depositors by ensuring that their savings are protected, even in adverse scenarios. By covering up to SGD 105,000, we believe the Cash Compensation System helps to maintain public confidence in the stability of Singapore's financial institutions and protects the interests of individual depositors through facilitating prompt disbursement of their insured sum.

<u>Cybersecurity Services</u>

As an authorized partner of various cybersecurity providers, our Group strives to assist clients with going beyond malware detection, to defend their networks, infrastructure, data and assets by recommending and implementing products which anticipate and defend against cyber-attacks. These products facilitate detection, analysis, response and automated security operations with actionable alerts without compromising clients' data and experience. We believe we are able to assess and recommend cost-effective, world-class network protection through our extensive partnerships. The cybersecurity products our Group has previously recommended and implemented, through our partnerships, are as follows:

● **FireEye**: FireEye is a unified security platform which detects and responds to internal and advanced threats through threat intelligence, automated security operations and third-party applications all on one platform.

● **Google Web Risk**: We believe this solution is a comprehensive threat intelligence platform that provides real-time insights into the safety and reputation of websites and URLs. Its core functionalities are safe browsing, which continuously identifies and blocks malicious websites known for phishing, malware distribution, and other fraudulent activities, continuously updating a database of such; URL risk evaluation which analyses the risk level of any URL in real-time and identifies suspicious characteristics indicative of fraudulent activity; and reporting of suspected malicious websites to Google for further investigation and potential inclusion in the Safe Browsing list.

● **Mandiant**: We believe the Mandiant solutions our Group recommends and implements strengthen clients' abilities to withstand and recover from cyberattacks.

○ Managed Defense: Mandiant Managed Defense is Mandiant's detection and response service. This aims to defend businesses across endpoint, network, cloud, email and operational technology providing around the clock detection, human analysis and expert response. Managed Defense supports a wide array of products and vendors, from endpoint to network to cloud telemetries.

○ Incident Response Retainer: Mandiant Incident Response Retainer allows businesses to establish terms and conditions for incident response services before a cybersecurity incident is suspected. This proactive approach can significantly reduce the response time, thereby reducing the impact of a breach.

● **Trellix**:

○ Trellix XDR: Helix Connect integrates security controls from the Trellix XDR platform and over 490 third parties to create deep multi-vector threat detections and prioritized, AI-guided responses to threat events.

○ Endpoint Security: Trellix Endpoint Security solutions apply proactive threat intelligence and defenses across the entire attack lifecycle to keep organizations safer and more resilient.

○ Data Security: Trellix Data Security protects sensitive and proprietary information shared on endpoints, networks, email, the web, and within databases - as well as provides encryption protection for devices and data transfers to removable media.

○ Network Security: Trellix Network Detection and Response helps organizations focus on real attacks, contain intrusions with speed and intelligence, and eliminate their cybersecurity weak points.

○ Email Security: Trellix Email Security helps people to work together securely across the extended enterprise by conducting real time analysis of URLs and attachments to block suspicious emails and extract those weaponized post-delivery.

● **Futurex**:

○ Hardware Security Module (HSM) Solutions: Futurex delivers hardware security modules to protect sensitive data. They are FIPS 140-2 Level 3 and PCI HSM validated. Futurex HSMs handle both payment and general purpose encryption, as well as key lifecycle management. They are deployed on-premises, through the global VirtuCrypt cloud service, or as a hybrid model.

○ Public Key Infrastructure (PKI) Solutions: Futurex's Public Key Infrastructure (PKI) is a framework that manages digital certificates and encryption keys to secure communication. Utilizing asymmetric encryption, PKI uses a pair of keys: the public key encrypts data, while the private key decrypts it. For digital signatures, the private key creates the signature, and the public key verifies it.

● **Somansa**: Somansa Data Loss Prevention (DLP) security solution is designed to help organizations in financial services, healthcare, retail, government and other industries protect sensitive company data including intellectual property and confidential information, wherever it may be (cloud, on-premise, endpoints) from leakage, while reducing the costs and complexity of managing a DLP solution.

● **NETAND**:

○ HIWARE Privileged Session Management for System: HIWARE Privileged Session Management for System enables the management and supervision of users by controlling all accesses to and operations of the IT infrastructure operating system such as network and server, monitoring work details in real time and saving log records.

○ HIWARE Identity Management for System: HIWARE Identity Management for System manages all user accounts scattered across systems in an integrated fashion by interworking a client's HR system. It also automates the account and password management process for work efficiency and for more complete security.

○ Privileged Session Management for Database: HIWARE Privileged Session Management for Database grants access to personal information database and authority differentially by each user and prevents information leaks through SQL audit and log records.

○ HIWARE Identity Management for Database: HIWARE Identity Management for Database collects the accounts scattered across database management systems and automatically manages account life-cycle and password from creation to deletion according to the security management policy. It saves time and costs for database management systems accounts management through unified and automated identity management and offers more efficient work environments.

○ HIWARE Identity Management for Active Directory: HIWARE Identity Management for Active Directory was developed to make up for human error and security loopholes from manual active directory account management. It automatically manages active directory accounts through consistent policies and unified management cycle by linking active directory, human resource systems and server all together.

○ HIWARE Threat Analytic: HIWARE analyzes user behavior in real time, exceeding conventional access management technologies, predicts user risk behavior through which unusual acts can be detected and prevented in advance.

○ HIWARE Mobile One Time Password (OTP) Solution: HIWARE Mobile OTP solution delivers one time password directly through mobile. In addition, it observes security regulations concerning two-factor authentication.

<u>Digitalization Services</u>

As an authorized partner/distributor of Axway and Kong Software, we aim to facilitate application security, be it on-premise or on cloud environments for higher performing applications. Through providing, what we believe to be, a reliable and flexible interface between multiple business applications, we strive to provide our customers with greater visibility on incidents which occur across their different pre-existing software systems and multiple channels. We believe this streamlines communications between the management of the business and information technology departments. Furthermore, we believe this also helps financial institutions process bulk transactions and manage multi-channels with enhanced service continuity. The digitalization products our Group has previously recommended and implemented through our partnerships, are as follows:

● **Axway**:

○ API Management: Axway provides comprehensive API management solutions that enable organizations to design, secure, publish, and monitor APIs. This helps in improving the connectivity between applications, services, and devices.

○ B2B Integration: We believe Axway's B2B Integration solutions facilitate seamless and secure data exchange between businesses, supporting various standards and protocols like EDI (Electronic Data Interchange) and AS2.

○ Managed File Transfer (MFT): We believe Axway's MFT solutions ensure secure, reliable, and compliant file transfer between systems, partners, and customers. This is critical for businesses handling sensitive or large volumes of data.

○ Hybrid Integration Platform: Axway's Hybrid Integration Platform offers a unified approach to integrate on-premises, cloud, and third-party applications. It provides tools for API management, MFT, and B2B integration within a single platform.

○ Digital Ecosystem Engagement: Axway provides tools and platforms that enable businesses to build and manage digital ecosystems, improving collaboration with partners, customers, and developers.

○ Content Collaboration Platform: Axway's Syncplicity platform is a content collaboration solution that offers secure file sharing and synchronization, and we believe it enhances productivity and collaboration across teams.

○ Operational Intelligence: Axway's Operational Intelligence solutions offer real-time visibility into data flows and business processes, helping organizations to monitor performance and optimize operations.

○ Identity and Access Management: Axway provides solutions to manage and secure user identities, access controls, and authentication across various platforms and services.

● **Kong Software**:

○ Kong Gateway: We believe Kong's flagship API gateway solution acts as a lightweight, fast, and scalable gateway to manage, secure, and orchestrate APIs and microservices. It aims to support high-performance traffic handling, load balancing, and API routing.

○ Kong Enterprise: An enterprise-grade API platform that builds on Kong Gateway, Kong Enterprise offers features such as role-based access control (RBAC), service mesh integration, end-to-end monitoring, and enterprise support. It is designed for large-scale deployments and we believe, it provides enhanced security and governance capabilities.

○ Kong Konnect: Kong Konnect is a full-lifecycle API management platform that provides tools for designing, testing, securing, and deploying APIs. It includes an intuitive interface for managing APIs across distributed environments and integrates with Kong Gateway.

○ Kong Mesh: Kong Mesh is a service mesh solution based on Kuma and Envoy, designed to manage and secure service-to-service communication across any cloud, including multi-cloud and hybrid environments. It provides features like traffic control, security policies, observability, and zero-trust networking.

○ Kong Insomnia: Kong Insomnia is a powerful tool for API design, testing, and debugging. Insomnia supports GraphQL, REST, and gRPC APIs, offering a collaborative environment for API development with capabilities like automated testing and environment management.

○ Kong Immunity: Kong Immunity is a machine learning-based security solution that automatically detects and mitigates API threats. It provides real-time threat intelligence and anomaly detection to protect API traffic against sophisticated attacks.

○ Kong Vitals: Kong Vitals is a monitoring and analytics tool integrated into Kong Enterprise, offering real-time insights into API performance, traffic patterns, and system health. It helps in proactive monitoring and optimizing API operations.

○ Kong Brain: Kong Brain is a tool within the Kong Enterprise suite that automates the generation of API documentation, schemas, and governance rules based on API traffic. It aids in maintaining API consistency and compliance across environments.

<u>Cloud and Information Technology Infrastructure Services</u>

As an authorized partner of AWS and Google Cloud, we deploy agile multi-cloud secure application services across public, private and hybrid clouds and aim to facilitate high-performance standards and traffic management. We believe that the products we recommend and implement are available, stable and rapidly responsive, allowing our customers to future-proof their applications infrastructure. We believe our Group is equipped with a deep understanding of our customers' environment needs and assists in not only ensuring a smooth migration to cloud-based infrastructure but also empowers our customers with future-proof infrastructures, multi-cloud transformation and 5G readiness. In addition to futureproofing our clients, we believe these services also reduce customers' operational expenses on expensive hardware and maintenance costs.

As an authorized partner of Nutanix, Inc, we aim to help our customers increase productivity and reduce maintenance costs by streamlining their fragmented, legacy information technology systems into a single infrastructure-based system. We believe this facilitates their digital transformation process and reduces the resources required to maintain and troubleshoot various legacy systems. We believe the product provides optimized management on a single infrastructure-based system and is easily scalable with the ability to run multiple applications across departments. Our customers in turn have improved visibility on day-to-day operations and receive actionable alerts before any information technology problems occur. As an authorized partner of Nutanix, Inc, our Group assists clients with providing and implementing the following Nutanix products:

● Nutanix Prism: Nutanix Prism is a multi-cloud management interface and unified control plane that simplifies and streamlines management of all environments running on the Nutanix Cloud Platform.

● AOS Storage: AOS Storage simplifies storage for virtual and container environments by pooling the storage devices that are directly attached to a cluster of servers and presenting them to applications across a variety of storage protocols. Data is managed and protected by a fine-grained, distributed metadata system.

<u>e-Invoicing Services</u>

***Software licenses and maintenance licenses***

In the course of providing our professional services, as discussed above, we also sell software licenses and maintenance licenses related to our Payment System Engine services, namely:

<u>Real-Time Payment License</u>

In connection with our Payment System Engine services as detailed in the section "**Business**" – "**Our Solutions and Services**" – "**Payment System Engine Services**", we undertake the sale of our RTP license. To do so, our Group provides the necessary microservice components as building blocks for the RTE (built using open-source code) and leverages our expertise in the payment domain to design and customize the engine for our clients. Our Group retains all licensing fees for the final RTE product for subsequent sales of this engine. This license facilitates the provision and implementation of our AI-RTE for financial institutions to optimize Real-Time-Payments.

***Hardware***

In the course of providing our professional services to clients, as discussed above in "Business – Our Solutions and Services – Professional Services", we also sell a hardware product, a SoundBox Point of Sale ("POS") which supports our payment engine and cybersecurity solutions and services. Our POS device leverages our RTE to simplify and secure transactions, promoting hygiene, convenience, and reducing the potential for fraud. Unlike traditional POS systems, our SoundBox POS utilizes a central hub for secure data aggregation and real-time transaction processing. This, combined with eSIM technology, allows for mobility – merchants can accept payments anywhere with a data connection. Furthermore, we believe our system excels in cross-border payments, supporting dynamic QR codes that adapt to regional specifications like DuitNow, PayNow, and Tarus across Southeast Asian nations. We believe that this eliminates the need for multiple QR codes and simplifies regional transactions for both merchants and customers.

**AWARDS AND ACCREDITATIONS**

Throughout our operating history, our Group has received a number of awards and accreditations in recognition of our performance and quality services. The following table sets forth the major awards and accreditations we have been granted up to the date of this prospectus:

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| | | | |
|:---|:---|:---|:---|
| Year | Award/Recognition | Organized/granted by | Recipient |
| 2023 | Excellent Bank Payment Gateway Provider | Lang International Corporate Titan Award | TechCreate Solution Private Limited |
| 2023 | Cyber Security Education Innovation of the Year | Malaysia Cyber Security Awards | TechCreate Solution Private Limited |

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**OUR STRATEGIES AND FUTURE PLANS**

Our business strategies and future plans largely concern our primary core business, the provision and professional services and in particular, our Payment System Engine services (and any related software license and maintenance license sales). We explain our focus on Payment System Engine services below as well as in the section titled "Business – Competitive Strengths". Our business strategies and future plans are as follows:

**Expanding Business Focus: Real-Time Payments Domination**

Our Group aspires to be the preeminent RTP solutions provider in Southeast Asia. We plan to achieve this by leveraging what we believe to be our deep regional expertise, a cutting-edge proprietary AI-RTE, and strategic partnerships to empower financial institutions with seamless, secure, and efficient RTP integrations. Our Group aspires to replace Network For Electronic Transfers (Singapore) Pte Ltd ("NETS") as the dominant player in Singapore's payments landscape and our Group's long-term ambition is to compete globally against established industry players like ACI Worldwide, Inc and Finastra Group Holdings Limited.

We expect the RTP business expansion will contribute significantly to our overall revenue and profitability due to:

● Anticipated High-Growth Market: The Southeast Asian RTP market is experiencing exponential growth, presenting a revenue opportunity as discussed in the sections "Industry Overview - Overview of transaction banking payment service middleware market in Southeast Asia - Market size of transaction banking payment service middleware market in Southeast Asia" and "Industry Overview - Overview of transaction banking payment service middleware market in Southeast Asia - Market drivers of transaction banking payment service middleware market in Southeast Asia".

● Recurring Revenue Streams: We believe that our focus on value-added services and ongoing support will facilitate consistent revenue generation as discussed in "Business – Our Strategies and Future Plans – Build Recurring Revenue Streams".

● Scalability: We believe our solutions can be adapted to different regional markets, creating a scalable business model.

Our strategy to increase our market share as an RTP solution provider comprises the following key tenets:

● Strategic Partnerships: We will continue to forge strategic alliances with what we believe to be established players in the payments space to leverage their brand recognition and broader reach while the Group focuses on developing its core competencies as discussed in the section "Business – Our Strategies and Future Plans – Expansion through Organic Growth and Acquisitions – Strategic Alliances".

● Focus on Customer Success: We will continue to deliver what we believe to be exceptional customer service which prioritizes clients' needs and provides ongoing support. We will continue to build what we believe to be are strong relationships with FIs to foster loyalty and create a competitive advantage as discussed in "Business – Competitive Strengths - Strong partnerships and client relationships".

● Superior Technology: We aim to continuously innovate and refine the RTP solutions leveraging the AI-RTE to offer what we believe to be unmatched functionality, security, and efficiency as discussed in the sections "Business – Our Solutions and Services – Professional Services – Payment System Services" and "Business – Our Strategies and Future Plans - Product Improvement and Expansion through Research and Development".

● Competitive Pricing: We aim to develop a cost-effective pricing model that undercuts competitors, attracting budget conscious FIs as discussed in the section "Business – Competitive Strengths – Competitively priced solutions".

● Strategic Marketing: We plan to implement targeted marketing campaigns that highlight our Group's unique advantages over competitors, focusing on the benefits for FIs as discussed in the section "Business – Our Strategies and Future Plans - Expansion Through Organic Growth and Acquisitions - Organic Growth into Market Segment".

● Targeted Acquisitions: We plan to consider strategic acquisitions of smaller regional players to gain market share and expertise as discussed in the section "Business – Our Strategies and Future Plans - Expansion Through Organic Growth and Acquisitions - Acquisition Opportunities".

● Open-Source Collaboration/Industry Advocacy: We plan to contribute to open-source RTP initiatives to gain industry recognition and build a strong developer community. We hope to continue to contribute to industry discussion and regulatory forums, further solidifying what we believe to be is our position as a thought leader in the RTP space as discussed in "Business – Our Strategies and Future Plans - Expansion Through Organic Growth and Acquisitions - Organic Growth into Market Segment".

**Geographic Expansion**

We intend to establish ourselves as an international player in the digital payments industry by providing RTP solutions and other digital solutions to provide clients with a one-stop shop for their digital and payment needs. While our operations are currently focused on Singapore, Brunei, and Cambodia, we have identified the United States and Republic of Korea as target markets for expansion, in addition to markets across Southeast Asia that we do not currently operate in.

We have identified the United States as a target market for expansion given the upcoming transition of the Federal Reserve Bank's Fedwire Funds Service to the ISO 20022 messaging format on March 10, 2025. Given what we believe is our expertise in ISO 20022, discussed below in the section "Business – Our Strategies and Future Plans – Expansion Through Organic Growth and Acquisitions – Organic Growth into Market Segment", we intend to expand into this market during this transitional period and support FIs in achieving seamless connectivity. We have successfully passed the Federal Reserve's MyStandards required criteria and have been appointed a Senior Relationship Manager from the Federal Reserve to provide guidance, technical support, and compliance expertise to TechCreate, ensuring the smooth integration of our products and services with the Federal Reserve Bank's policies and systems. We remain engaged in discussions with the Federal Reserve Bank regarding the necessary procedures and steps to facilitate this transition.

We have identified the Republic of Korea as another target market as we are acutely aware of the heightened importance of cybersecurity, given the geopolitical climate in the region. We believe that while businesses in the Republic of Korea have historically relied on domestic cybersecurity products, we have observed a shift with South Korean businesses beginning to explore foreign cybersecurity solutions as well, for additional layers of protection. Recognizing what we believe are these unique security needs, we are actively collaborating with what we believe are leading cybersecurity providers from the United States and Europe to bolster cybersecurity infrastructure in the Republic of Korea which help us to offer security solutions tailored to the needs of the South Korean market, strengthening cybersecurity infrastructure while complementing domestic cybersecurity products.

We intend to strategically expand into neighboring Southeast Asian countries by conducting market research to identify countries with emerging RTP initiatives, adapting our existing solutions to fit the specific requirements of each new market, and leveraging our regional expertise to establish ourselves as a trusted partner for FIs across Southeast Asia.

**Product Improvement and Expansion through Research and Development**

We intend to invest in our research and development efforts to enhance our proprietary AI-RTE and develop a comprehensive suite of RTP solutions. In terms of enhancing the AI-RTE, we plan to utilize the proprietary AI-RTE to offer enhanced features such as:

● Real-time fraud detection and prevention to minimize financial risks for FIs and their customers.

● Predictive analytics to optimize transaction processing for improved efficiency and scalability.

● Data-driven insights to help FIs tailor their RTP offerings to meet evolving customer needs.

● Risk scoring and identity verification to streamline onboarding and enhance overall security.

● Additional data privacy and security enhancements, like federated learning, to ensure users' data privacy within the AI-RTE.

In terms of expanding our current suite of digital solutions, we plan to develop and offer the following:

● Regulatory compliance support to help FIs navigate the complexities of evolving RTP regulations.

● Customer onboarding and training solutions to streamline the integration process for FIs.

● Data analytics and reporting tools to provide FIs with valuable insights into their RTP transactions.

In particular, our Group plans to capitalize on open banking, the practice that allows third-party providers to access and use consumer financial data through APIs, to expand our suite of innovative solutions that enable secure and efficient RTP within FIs' existing software infrastructure. We will capitalize on open banking by:

● Developing solutions that leverage open banking APIs to enable RTPs within existing FI ecosystems.

● Partnering with FIs to ensure compliance with evolving open banking regulations.

● Positioning ourselves as a leader in this transformative technology shift.

In order to realize our research and development goals, we plan on recruiting experienced AI engineers, data scientists, and machine learning specialists to drive innovation of our AI-RTE; investing in high-performance computing infrastructure to support the training and development of complex AI models; acquiring high quality data sets for training AI algorithms and implementing robust data management practices; and conducting regular security audits as well as pursuing industry-recognized security certifications to ensure the highest level of security within the AI-RTE.

**Expansion Through Organic Growth and Acquisitions**

*Organic Growth into Market Segment*

As discussed above, we intend to grow our portfolio of clientele through our specialization in RTP and marketing strategies to increase the number of FI clients we have.

We believe we are a key player in Southeast Asia in the RTP space and through such, we believe we have been able to influence global change in ISO 20022 by participating in the Global ISO TC68 Financial Services Plenary Meeting. We believe our strong understanding of ISO 20022 implementation is crucial to our success as ISO 20022 is an international standard for electronic data exchange between financial institutions. It defines a common language for financial messaging, covering areas such as domestic and international payments, securities trading and settlement, credit and debit card transactions, and trade finance. Through implementation of ISO 20022, financial institutions achieve greater standardization (reducing errors and multiple formats), improve efficiency by streamlining communication and reducing processing times, increase transparency as ISO 20022 provides richer and more structured data, and reduce costs as data exchange is simplified.<sup>1</sup> We believe our Company's involvement in drafting the ISO 20022 Standards deepened our expertise in the implementation of and compliance with the standard, allowed us to participate in shaping the future of financial messaging, as well as positioned us as thought leaders with expertise in financial messaging. We believe all of which, in turn, help us to provide our clients with expert knowledge on how to navigate the new ISO 20022 Standards. We envisage our ISO 20022 expertise to continue to facilitate our organic growth through cementing our position as a key player in the RTP space and continued participation in the development of global standards in turn, developing our network of partners and clients.

With regard to marketing strategies, we plan on strategically positioning ourselves in the United States market as a payment solution provider with expertise in ISO 20022 that is able to provide comprehensive support to FIs in response to the Federal Reserve's mandated ISO 20022 compliance for all FIs, which includes over 10,000 community banks and credit unions in the United States.<sup>2</sup> We believe our extensive experience and expertise in ISO 20022 implementation provides a significant advantage to us when marketing ourselves, particularly with smaller FIs that may face challenges navigating these new requirements. Given the size of this market and the impending compliance deadlines as discussed above in the section "Business – Our Strategies and Future Plans – Geographic Expansion", we will be focusing our marketing efforts on the United States market. This aligns with our broader strategy to establish a more significant foothold in the region and tackle the opportunities presented by ISO 20022 compliance as discussed above in the section "Business – Our Strategies and Future Plans – Geographic Expansion".

<sup>1</sup> https://www.iso20022.org/about-iso-20022

<sup>2</sup> https://www.frbservices.org/resources/financial-services/wires/iso-20022-implementation-center

In connection with the above, we plan to focus on targeted marketing campaigns that target FIs and which emphasize that compliance not only ensures regulatory adherence but also offers an opportunity to modernize FI's payment infrastructures should they engage TechCreate for their ISO 20022 compliance needs. We hope that by highlighting our track record and success with previous ISO 20022 implementations, we will showcase TechCreate as the ideal partner for seamless migration to ISO 20022. In addition to our compliance solutions, we plan to offer bundled service offerings that include cybersecurity solutions and real-time data integration, presenting ourselves as a one-stop shop solution provider for FIs looking to future-proof their systems. Additionally, we believe our continued participation in key industry events and conferences, particularly those focused on Federal Reserve regulations, will further solidify our presence and expertise, positioning TechCreate at the forefront of ISO 20022 adoption. We aim to further emphasize in our marketing messaging that our comprehensive approach can assist clients with meeting regulatory demands and simultaneously gaining a competitive edge in the evolving financial landscape by future proofing their systems.

*Strategic Alliances*

The Company intends to devote resources to partnering with disruptive FinTech players to offer a comprehensive RTP ecosystem. We believe this will allow the Group to further expand our product portfolio beyond core integrations to encompass fraud detection, financial management tools, and other value-added services as well as leverage the agility and innovation of FinTech startups to remain at the forefront of the industry. In order to achieve such, we will focus on the following:

● Collaboration and Knowledge Sharing: We plan to establish clear communication channels between our Group and its strategic alliance partners, to foster knowledge sharing and cross-pollination of ideas. We believe this can lead to the development of innovative solutions that leverage the combined expertise of all parties.

● Joint Marketing and Sales Initiatives: We plan to partner with strategic alliance partners to develop co-branded marketing campaigns that target specific client segments. We believe this can significantly expand our Group's reach and generate new leads.

● Cross-Selling and Up-Selling Opportunities: We aim to identify opportunities to cross-sell or up-sell complementary services offered by our Group and its partners. For example, our Group's information technology integration services can be bundled with fraud detection tools offered by a FinTech partner.

*Acquisition Opportunities*

We also intend to pursue suitable inorganic growth opportunities such as acquisitions and joint ventures to expand our suite of solutions in the payments and digital solutions space. For example, potential acquisition or strategic investment targets may include: (1) companies with deep technical capabilities in artificial intelligence (2) companies which provide digital payments services or RTP solutions, (3) companies that TechCreate can vertically or horizontally integrate with to bring more value to FIs and (4) distributors of technology in the payments, cybersecurity, or digital solutions space. We may also acquire or partner with companies that provide complementary services in new markets segments such as those described above. We believe that building up a comprehensive suite of payments and digital solutions technologies will enable us to maintain our competitive edge and attract financial institutions to select us for their payment and digital solution needs.

**Build Recurring Revenue Streams**

Our Group intends to cultivate strong client relationships with a focus on recurring revenue streams through value-added services and ongoing support following the initial provision of our professional services. We plan to cultivate long-term client relationships with a focus on recurring revenue by:

● Implementing a robust Customer Success Management program to foster client satisfaction and retention.

● Developing a portfolio of value-added services that address evolving client needs and drive ongoing revenue streams.

● Providing ongoing support and maintenance to aid with seamless operation of RTP solutions.

In doing so, we hope to achieve sustainable profitability through a combination of upfront integration fees and recurring revenue streams.

**Contribute to Industry Transformation**

The payments industry is rapidly transforming due to the increasing complexity of transaction banking operations, widespread digital transformation and adoption of emerging technologies, a demand for RTP solutions, and an increased focus on customer experience as discussed in the section "Industry Overview – Overview of transaction banking payment service middleware market in Southeast Asia - Market drivers of transaction banking payment service middleware market in Southeast Asia".

Despite the advancements led by major players such as FIS, ACI Worldwide, Inc, and Finastra Group Holdings Limited, we believe we have identified a critical gap in the market—a lack of a singular, AI-powered RTE that seamlessly integrates cutting-edge technologies to tackle evolving challenges in transaction banking. We believe that most competitors focus on modular solutions, whereas our RTE aims to consolidates speed, scalability, and security into a unified, AI-driven framework, designed to address operational pain points that we believe were previously unsolvable.

We believe our RTE is poised to redefine how financial institutions and businesses operate in the digital economy. By leveraging advanced AI algorithms, real-time data processing, and robust cybersecurity measures, we believe our solution offers unparalleled agility and reliability. We believe that unlike traditional middleware, which often requires extensive integration across disparate systems, our RTE is designed to deliver end-to-end functionality with minimal deployment friction, making it highly adaptable to a variety of transaction environments.

As the payments industry evolves, we hope that our RTE will set a new benchmark for operational efficiency and innovation, empowering financial institutions to navigate the demands of real-time digital transformation with confidence and ease.

We believe our RTE and Real Time Payment services contribute to industry transformation in the following ways:

● Empowering Financial Institutions: We believe the RTE enables financial institutions to process high volumes of transactions with minimal latency, ensuring seamless customer experiences even during peak periods. We believe its advanced analytics and predictive capabilities empower institutions to make data-driven decisions in real-time, driving operational efficiency and enhancing customer satisfaction.

● Driving Digital Transformation: We believe our RTE supports a broad spectrum of use cases, including ISO20022-compliant payment processing, instant cross-border transactions, and real-time fraud detection. We believe these capabilities are instrumental in accelerating the digital transformation journeys of our clients, positioning them at the forefront of the digital economy.

● Enhancing Financial Inclusion: We believe that by enabling faster and more cost-effective payment solutions, our RTE supports financial inclusion initiatives across ASEAN and beyond. We believe it helps underserved populations gain access to secure, RTP services, fostering economic growth and stability in emerging markets.

● Industry Leadership and Innovation: Our RTE represents our Group's commitment to driving innovation within the financial services and digital payments industries. We believe it sets a new benchmark for operational excellence, demonstrating the potential of real-time technology to not only meet but exceed industry standards and regulatory requirements.

Therefore, we view our RTE as not just a technological advancement but a catalyst for systemic change. By bridging the gap between traditional financial systems and next-generation digital infrastructures, we believe it empowers our clients to achieve unprecedented levels of agility, efficiency, and resilience. As the financial landscape continues to evolve, we hope that our RTE will play a pivotal role in shaping the future of payments, fostering greater collaboration, and unlocking new opportunities for businesses worldwide.

Moreover, our Group plans to contribute to regional expertise and expand our presence in the RTP integration space by:

● Developing a dedicated Center of Excellence for each system, fostering in-depth knowledge.

● Standardizing and optimizing integration processes for maximum efficiency.

● Investing in industry certifications and thought leadership initiatives.

● Actively participating in and contributing to industry discussions on RTP.

**OUR OPERATIONS**

As our primary core business is the provision of professional services with the sale of software licenses, maintenance licenses, and hardware flowing from the primary core business, our operational process and project delivery framework are designed primarily for the provision of professional services but apply and are adapted on a case-by-case basis to all three of our core business areas. Our Group's operational process, is as follows:

![](formdrs_005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1. Project
 Tender

Although each project tender process is different, given the niche industry we operate in, our standard project tender process is as follows:

● Prospecting and Lead Generation: We identify potential customers who could benefit from our software. This involves market research, creating buyer personas, and utilizing lead generation techniques like content marketing, social selling, or attending industry events.

● Lead Qualification: We qualify leads by assessing their Budget, Authority, Need, and Timeline (BANT) to ensure they are a good fit for our product and have decision-making power.

● Presentation and Demonstration: We showcase the value proposition of our software and solutions. We tailor our presentation to address the prospect's specific pain points and how our product solves them.

● Objection Handling: We address prospects' questions and concerns by providing clear explanations, data-driven ROI (Return on Investment) metrics, and success stories from similar clients.

● Negotiation and Closing: We negotiate pricing and terms that are beneficial to both parties. We enter into the Master Services Agreement with input from the Project Management Office on the high-level schedule and estimated manpower required.

● Onboarding and Customer Success: We facilitate a smooth onboarding process for the new customer and provide ongoing support to maximize their success with our software.

&nbsp;&nbsp;&nbsp;&nbsp;2. Project
 Management

Once a tender is awarded, the project management office runs through the contract to understand its scope, budget, and schedule, amongst other things. The project management office then prepares for the project's kick-off, sets up the project team and organizes the kick-off meeting. Project planning, execution, tracking, monitoring begins and are based on the project delivery framework. This involves monthly project reporting. When the project has been executed, we include it in the project documentation depository as an organization asset.

&nbsp;&nbsp;&nbsp;&nbsp;3. Project
 After-Sales Support

Once the project has been completed, it is passed to the after-sales support team to provide continued on-going support to the system and client. After-sales support includes the implementation of new patches and system upgrades as well as incident management and escalation. The after-sales support team also provides support services in accordance with the service level agreement entered into. Once the project is finished, the project will be purged from our support activity workstream.

Our Group's project delivery framework is as follows:

![](formdrs_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Project
 Initiation

In the initial stages of the project, we draft the commercial contracts that will be involved as well as clarify our scope of work. We also draft the stakeholders register, a list that identifies all parties who have an interest or influence in or over the project as well as their desired outcomes, role, and responsibilities. This helps project teams keep track of parties who need to be kept informed, as well as manage their expectations, and we aim to ensure their concerns are addressed throughout the project's life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Project
 Planning

In the planning stage of the project, we come up with a requirement workshop plan and project management plan. The latter includes documenting risks, change requests, as well as quality and communication management systems we will put in place for the project. It is at this stage that the functional and technical specifications of the project will also be decided. Following such, we produce a work breakdown structure and a detailed project timeline. The project team is also set up and moves on to test the strategy and plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Project
 Execution

In the execution phase of the project, the project team develops the solution(s) required. This involves setting up and configuring such solutions to our clients' networks and conducting System Integration Testing ("SIT") and User Acceptance Testing ("UAT"). During this phase, the project team keeps a risk, change request and issue log. Upon milestone sign-off, the project moves into its next phase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Project
 Monitoring and Control

During the project monitoring and control phase, we track issues and risks as well as handover the solution implemented. We also work with our clients to monitor the status of the project when implemented. At this stage, the client will verify and accept the deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Project
 Closure

At project closure, we will deliver the project closure report to our clients, make final delivery of the solution, and bill our clients in accordance with the master service agreements (the "Master Service Agreements") entered into. Internally, we conduct project post-mortems to go over any lessons learnt over the course of the project.

**OUR CONTRACTS AND PORTFOLIO**

We typically enter into Master Service Agreements with our clients. Our Master Service Agreements ordinarily take into account the entire suite of services and solutions that we provide to clients, and this may include the provision of professional services such as technology consultancy and digital solutions; as well as the sale of software and maintenance licenses and hardware, if required, as part of our bespoke solutions for the client. Therefore, depending on the client's requirements, we may charge our clients for the provision of professional services, sale of software and maintenance licenses and/or the sale of hardware.

Our Master Service Agreements typically include the following terms:

Payment terms.

● We typically list the payment term, which is normally 30 days.

Service/Solution.

● We typically list our reference for the solution, service, and price.

Milestones

● We typically state the expected service milestones and phases.

Term of the agreement.

● We typically state the expected term of the agreement.

**QUALITY ASSURANCE**

As a technology consultancy and advanced software solution provider, we believe quality assurance is a core component of our service delivery process. For our software solutions, we believe that we undertake a rigorous SIT phase to check that all systems and components are working together as expected. Following this, we proceed with UAT in collaboration with our customers. This phase is where we check that the final product meets the specific needs and expectations of the client and that all functionalities are operational before the solution goes live.

For our hardware solutions, we implement what we believe are stringent testing protocols at various stages of procurement and delivery to check that the products meet both our internal standards and the client's specifications. These include verifying product quality, functionality, and compatibility with our software solutions.

Furthermore, we engage in continuous monitoring and post-deployment support as we strive to promptly address any issues. We believe these measures are designed to not only meet but exceed client expectations, ensuring long-term reliability and satisfaction with both our software and hardware solutions.

For example, depending on the nature of the solutions and services provided and the Master Service Agreement entered into with any given client, we provide service level software support following implementation and handover of our solutions and services. The type of support provided is categorized into three levels, Level 1, Level 2 and Level 3 software support. The type of required support arrangement that may be requested has been categorized into the abovementioned three levels, below:

Level 1 Software Support:

● First Point of Contact: Level 1 support is the initial help for users with software issues. They handle basic problems and simple troubleshooting.

● Account and Password Help: Assisting with password resets, unlocking accounts, and login issues.

● Basic Software Support: Helping users with common software issues, such as installation, setup, and basic functionality.

● Application Support: Providing guidance on navigating software interfaces and resolving minor errors.

● Logging and Escalation: Documenting issues and escalating more complex problems to Level 2 support.

Level 2 Software Support:

● Advanced Troubleshooting: Level 2 handles more complex software issues that Level 1 cannot resolve.

● Software Configuration: Managing advanced settings and custom configurations within the software.

● Bug Fixes and Compatibility: Addressing software bugs, compatibility issues, and more involved application errors.

● User Training: Offering guidance on advanced features and creating helpful documentation for users.

● Incident Resolution: Ensuring that escalated software issues are resolved quickly and effectively.

Level 3 Software Support:

● Expert Problem Solving: Level 3 deals with the most complex software issues, often involving in-depth technical analysis.

● Custom Software Development: Working on customizations, developing patches, and implementing advanced features.

● System Integration: Managing the integration of software with other systems and ensuring seamless operation.

● Security and Compliance: Handling software security issues and ensuring compliance with industry standards.

● Performance Optimization: Enhancing software performance and resolving any underlying technical challenges.

● Collaboration with Development Teams: Working closely with developers to fix deep-rooted issues and add new functionalities.

Generally, if the requested support falls within Levels 1 and 2, this would be performed by the commercial partner, the customer or the local partner as the software issues in Levels 1 and 2 are easily resolved, while Level 3 is more challenging. In the event that Level 3 support is required, the Company will provide this support due to the more complex nature of the problem. We believe our support categorizations and system allow our customers receive the support they require from us in a time and cost-efficient manner. This support system acts as one of our Quality Assurance measures post-implementation for our various solutions and services.

**MAJOR CUSTOMERS**

Our major customers which accounted for 5.0% or more of our total revenue for FY 2023 and/or FY 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Customer** | **Services/products provided** | **Percentage of total revenue** | **Percentage of total revenue** |
|  |  | **FY 2023** | **FY 2024** |
| **Customer A - Cambodia financial institution** | HIWARE (NETAND), Trellix and Nutanix | 35% | 34% |
| **Customer B - Brunei telecommunications company** | RTE – Payments & eKYC | 25% | 23% |
| **Customer C – Singapore insurance corporation** | RTE – Payments (Compensation Payment System) | 11% | 19% |
| **Customer D - Cambodia system integration company** | Advance Threat Intelligent (ATI) and Trellix | 4% | 11% |

---

The general material terms of our agreements with our major customers are largely structured around service agreements, performance-based pricing models, and renewal terms that are based on mutual consent. Each of these agreements have provisions for termination, generally allowing either party to terminate with prior notice, ensuring flexibility in maintaining our customer relationships.

Although our business relies on a select group of key customers for a significant portion of our revenue, we believe that this concentration should be viewed in the context of our overall business strategy, which emphasizes strong, long-term partnerships and repeat business. As such, we believe the risk associated with dependence on a limited number of customers is mitigated by our ongoing efforts to diversify our customer base and foster continuous collaboration with existing partners. Furthermore, we work diligently to maintain mutually beneficial relationships that are highly valued by both parties, which we believe fosters sustainability despite the concentration of revenue from a few customers. A brief summary of the material terms with our major customers are set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 relation to Customer A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Material
 Agreement 1

(a) The
 term of the agreement lasted for 1 year, from August 31, 2023 to August 30, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Termination
 may occur under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. with
 30 days written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. failure
 to fulfil the obligations of the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. in
 the event of force majeure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. any
 breaches of the agreement or law which results in harm to the reputation of the other party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Diginius
 Private Limited shall be liable to compensate Customer A in the event that there is a delay
 in the performance of service that has been agreed upon, that is caused solely by Diginius
 Private Limited.

ii. Material
 Agreement 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 term of the agreement is undefined, commencing from April 26, 2024, and continuing in full force and effect until the disclosure
 or receipt of all confidential information to the parties to the Agreement including any and all data, information, documents, materials,
 and other information of whatsoever nature not generally known to public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Termination
 may occur under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. with
 30 days written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. failure
 to fulfil the obligations of the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. delay
 in the delivery and/or implementation of services not due to natural disasters for more than 15 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. any
 breaches of the agreement or law which results in harm to the interest or reputation of the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TechCreate
 Solution Private Limited shall be liable to compensate Customer A 0.5% of license or service
 price per day of delay, up to a maximum of 15% in the event that there is a delay in the
 performance of service that has been agreed upon, that is caused solely by TechCreate Solution
 Private Limited;

(d) TechCreate
 Solution Private Limited shall be liable to compensate Customer A 15% of the agreed amount in the event that there is a delay in
 the performance of service that has been agreed upon by more than 15 days, that is caused solely by TechCreate Solution Private Limited;

(e) TechCreate
 Solution Private Limited shall be liable to compensate Customer A 5% of the agreed amount per day of delay in the event that TechCreate
 Solution Private Limited cannot provide support on site or remotely more than 10 days after being notified by Customer A;

(f) TechCreate
 Solution Private limited shall be liable to compensate Customer A 100% of the service items price, and an additional 10% of the agreed
 amount in the event that TechCreate Solution Private Limited does not comply with the supplier warranties in the agreement;

(g) TechCreate
 Solution Private Limited shall indemnify Customer A against any action, claim, damages, charges, and cost that the court or an arbitration
 tribunal finally awards or arising from or incurred by reason of any infringement or use of patents, copyrights, trade secrets or
 other proprietary rights of the software supplied by TechCreate Solution Private Limited;

(h) In
 the event that either party to the agreement does not comply with any term of the agreement, the other party reserves the right to
 terminate the agreement, and the breaching party must pay the other party an additional 10% of the agreed amount. Additionally, TechCreate
 Solution Private Limited must refund amounts paid back to Customer A; and

(i) In
 the event that either party terminates the agreement without complying with the provisions to notify the other party, the breaching
 party shall pay compensation of 10% of the products not delivered yet, and TechCreate Solution Private Limited must refund amounts
 paid back to Customer A.

iii. Material
 Agreement 3

(a) Save
 for the effective date of the agreement which commences on May 23, 2024, the material terms of Material Agreement 3 (including the
 term of this agreement) are the same as that of Material Agreement 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 relation to Customer B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 initial term of the agreement shall be for 5 years commencing on May 14, 2020. Thereafter, upon serving notice at least 90 days before
 the expiration of the term, parties may extend the term for a period of 5 years at the expiry of the initial term and each further
 term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TechCreate
 Solution Private Limited is appointed as the non-exclusive supplier of any of the hardware, software, services and/ or systems to
 Customer B, and Customer B may sell or resell any part of the hardware or software supplied by TechCreate Solution Private Limited;

(c) Termination
 may occur under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. breach
 of any provision that fails to be cured within 14 days of receiving the notice of breach, or in Customer B's reasonable opinion
 the breach cannot be cured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. failure
 to achieve the agreed upon milestones by the timeline stipulated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any
 change of control of TechCreate Solution Private Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. any
 sale of 20% or more of TechCreate Solution Private Limited's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the
 deterioration of TechCreate Solution Private Limited's financial position that in Customer B's sole discretion TechCreate
 Solution Private Limited will not be able to perform its obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. any
 insolvency event as agreed by parties that TechCreate Solution Private Limited suffers from;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. any
 service interruptions caused by TechCreate Solution Private Limited,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. a
 force majeure event that lasts for more than 120 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. or
 with 40 days written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) TechCreate
 Solution Private Limited must maintain the minimum insurance requirements set out in the agreement, and must ensure that any subcontractor
 is insured against all liabilities that the subcontractor is required to insure against pursuant to any applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer
 B, to the extent permitted by the law, will only be liable up to a maximum of 10% of the fees due and owing under the statement of
 work, and expressly excludes (i) all express or implied representations, conditions, warranties, and provisions whether based in
 any law or otherwise that relates to the agreement but which are not contained in the agreement, and (ii) all liability arising under
 or in connection with this agreement for special, indirect, incidental, consequential, or punitive damages, and damages for economic
 loss, loss or profits, revenue, clients, bargain, goodwill, anticipated savings, use of products or equipment, software, data, or
 management time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) TechCreate
 Solution Private Limited may not assign or novate under the agreement to any third party without the prior written consent of Customer
 B, however, Customer B may assign or novate this agreement or otherwise deal with the benefit or right under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
 relation to Customer C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 term of this agreement shall be from December 2, 2021 to March 27, 2027, unless otherwise earlier terminated by either party in accordance
 with the termination provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Termination
 may occur under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. with
 30 days written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. upon
 delivery of a written notice of termination in the event of any criminal conviction of TechCreate Solution Private Limited which
 at the discretion of Customer C affects their business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any
 breach of a provision by TechCreate Solution Private Limited that fails to be cured within 21 days of written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TechCreate
 Solution Private Limited shall provide Customer C with the intellectual property rights and all other rights in the products of the
 services, with full title guarantee free from all third party rights even if TechCreate Solution Private Limited has to procure any
 such agreement from a third party at its own cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) TechCreate
 Solution Private Limited shall indemnify Customer C, for a period of 24 months after the system is decommissioned or Customer C ceases
 to procure maintenance support from TechCreate Solution Private Limited, for all liabilities, costs, proceedings, damages, and expenses,
 awarded against, or incurred by Customer C in relation to any service that was provided in breach of the agreement, due to negligent
 performance, or due to failure or delay in performance of the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) TechCreate
 Solution Private Limited shall be liable for all taxes and other statutory charges arising in connection to any payments made to
 TechCreate Solution Private Limited, and shall reimburse and indemnify Customer C for any amount paid on behalf of TechCreate Solution
 Private Limited as may be required by law, as well as any costs and expenses incurred in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None
 of the parties hereto may assign or transfer its rights or obligations under the agreement to any third party without the prior written
 consent of the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In
 relation to Customer D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 term of this agreement lasted for 1 year, from September 29, 2023 to September 28, 2024.

(b) As
 the agreement between Diginius Private Limited and Customer D comprised only an authorization letter, quotation, and purchase order,
 being a resale of cybersecurity software transaction with other commercial and legal terms entered into between Customer D and the
 cybersecurity software principal, there are no other material terms that governed the agreement between Customer D and Diginius Private
 Limited.

Although, as of the date of this prospectus our business relies on a select group of key customers for a significant portion of our revenue, we believe that this concentration should be viewed in the context of our overall business strategy, which emphasizes strong, long-term partnerships and repeat business. As such, we believe the risk associated with dependence on a limited number of customers may be mitigated by our ongoing efforts to diversify our customer base and foster continuous collaboration with existing partners. Furthermore, we work diligently to maintain mutually beneficial relationships that are highly valued by both parties, which we believe fosters sustainability despite the concentration of revenue from a few customers.

As at the date of this prospectus, none of the Directors or major shareholders of our Company or their respective associates has any interest, direct or indirect, in any of our customers. None of our major customers have any personal relationship with the Directors or major shareholders of our Company which would influence the award of these contracts.

**MAJOR SUPPLIERS**

Our major suppliers (including sub-contractors) which accounted for 5.0% or more of our Group's total cost of revenue for FY 2023 and/or FY 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Percentage of total cost of revenue** | **Percentage of total cost of revenue** |
| <br>**Supplier** | <br>**Solution provided** | **FY 2023** | **FY 2024** |
| **Supplier A – Cloud-based technology solutions company** | Hardware, Service Support and Maintenance | 23% | 12% |
| **Supplier B – Company that sells and supports the implementation and operation of Cybersecurity products and cloud services** | Software & License | 17% | 4% |
| **Supplier C – Technology company specialized in cryptography** | License & Support | 12% | 4% |
| **Supplier D - Leader in biometrics and cryptography** | Service Support and Maintenance | 0% | 8% |
| **Supplier E - Cybersecurity company that provides Trellix-based cyber security solutions** | Service Support and Maintenance | 0% | 13% |

---

Our purchasing decisions are based on individual, transaction-based purchase orders and annual licensing agreements, rather than long-term, binding commitments, and the suppliers do not have any minimum purchase commitments under such agreements. This flexible approach allows us to maintain operational agility and respond to shifting business needs without being locked into predetermined purchase volumes. Consequently, our suppliers are not contractually obliged to fulfill a fixed minimum level of business from us.

As at the date of this Prospectus, none of the Directors or major shareholders of our Company or their respective associates has any interest, direct or indirect, in any of our major suppliers.

**COMPETITION**

We operate in a competitive environment and face competition from new and existing competitors based in Singapore and elsewhere. With regard to our primary core business, the provision of professional services and in particular, our Payment System Engine services (and any related software license and maintenance license sales), we believe that our primary competitors are payments software companies serving financial institutions in Southeast Asia such as Network for Electronic Transfers (Singapore) Pte Ltd. ("NETS"), Payments Network Malaysia Sdn Bhd ("PayNet"), 2C2P Pte. Ltd., and PayMate India Limited. These payments software companies operate in a similar space and offer software development as a service as well. We believe our competitors' advantages include robust infrastructure, extensive global reach, and established reputations within the financial services industry. We believe their solutions are comprehensive and have been adopted by many leading financial institutions due to their reliability, scalability, and compliance with international standards. We believe our competitive edge comes from our positioning as a holistic payments, cybersecurity, and digitalization service provider with what we believe to be deep regional expertise in RTP systems such as FAST, PayNow, and DuitNow. We believe we differentiate ourselves by offering holistic solutions that integrate seamlessly with emerging technologies and prioritize flexibility over rigidity. Through strategic partnerships with innovative solution providers, we believe we address specific gaps that legacy systems often overlook, such as what we believe to be, faster implementation cycles, customizable features, and enhanced cost-efficiency tailored to the needs of evolving markets. Further, we believe our proprietary AI-RTE has the potential to offer faster, more secure, and more efficient RTP integrations compared to our competitors. We believe our competitive edge also lies in our agility and innovative capabilities in responding to market changes as a challenger brand as opposed to more established payments software companies.

Globally, we believe major software companies such as ACI Worldwide, Inc, Fidelity National Information Services, Inc., and Finastra Group Holdings Limited to be our potential competition. While we believe ACI Worldwide, Inc, Fidelity National Information Services, Inc., and Finastra Group Holdings Limited deliver well-established systems, we believe our approach emphasizes agility and scalability, empowering financial institutions to adapt quickly to shifting demands and emerging trends. Moreover, we believe our deep expertise in e.g., ISO20022 compliance, AI-driven analytics, and partnering with next-generation cybersecurity partners facilitates future-readiness for our clients. Therefore, we believe that our holistic solutions, made possible through partnerships with other solutions providers, present a strong alternative to the existing competition.

**COMPETITIVE STRENGTHS**

As discussed in the sections titled "Business – Our Solutions and Services" and "Business – Our Strategies and Future Plans", our Group's focus is on the provision of professional services and in particular, our Payment System Engine services (and any related software license and maintenance license sales). Accordingly, we believe that our competitive strengths are specific to our operations and expertise in Payment System Engine services. Our main competitive strengths are as follows:

**We believe we have expertise** **in RTP with an established track record**

We believe our Group has deep expertise and specialization in RTP. We believe our focus on fast, secure payment solutions like RTP similar to that utilized in FAST, PayNow, and DuitNow, Payment Orchestrator, Payment Hubg/Payment Switch position us strategically within the growing Southeast Asian RTP market. Having implemented RTP solutions for various financial institutions in Southeast Asia, we believe we have extensive experience in and a comprehensive understanding of regional payment systems.

We believe our regional experience and expertise in payment systems has led to our position as a thought leader in the industry. We have participated in ISO 20022 RMG, Payment Segment and through such participation, have been given the opportunity to shape the future of global RTP standards. This collaboration with central banks, financial institutions and various governments helps us to keep abreast with the ever-changing digital payments landscape. We believe our position in the industry has been further cemented through our leadership role as Chairman in the Infocomm Media Development Authority's eFinancial Services Technical Committee (eFSTC). We believe our strong relationships with regulatory bodies solidify our reputation as a trusted authority in the RTP landscape in Southeast Asia. Moreover, we were responsible for the drafting of the Singapore ISO 20022 Interbank Clearing and Settlement Message Definition as well as the Singapore Standard for ISO 20022 Corporate-to-Bank Payment Initiation and Payment Status (SS611). We believe our exposure and involvement to and with regulatory bodies means we are able to anticipate regulatory and market changes and adhere to continued compliance.

**Development of a proprietary RTE for optimized RTP**

We believe our proprietary AI-RTE has the potential to offer faster, more secure, and more efficient RTP integrations compared to competitors. As a result, we believe we are able to enable cost-effective integrations for financial institutions seeking to adopt RTP. Moreover, we believe the AI-RTE also offers enhanced security and fraud prevention capabilities through AI-powered anomaly detection as well as optimized transaction processing for improved efficiency and scalability.

**Emerging economies market**

We believe the RTP market in Southeast Asia is experiencing rapid growth, driven by government initiatives to promote cashless economies, smartphone adoption, and increasing e-commerce activity. According to the industry report issued by Frost & Sullivan, the market size of transaction banking payment service middleware market in the U.S., in terms of revenue, reached USD10.7 billion in 2023, growing from USD8.0 billion in 2019 at a CAGR of 7.6% from 2019 to 2023, and is expected to reach USD14.5 billion in 2028 at a CAGR of 6.4%. Comparably, we believe the market in Southeast Asia has a huge growth potential with a faster growth rate. The market size of transaction banking payment service middleware market in Southeast Asia, in terms of revenue, reached USD3.4 billion in 2023, growing from USD1.7 billion in 2019 at a CAGR of 19.6% from 2019 to 2023, and is expected to reach USD9.4 billion in 2028 at a CAGR of 22.3% from 2023 to 2028. We believe this trend presents a significant opportunity for us and creates a favorable sales environment for our Group.

**Agility and efficiency in adapting to change**

We believe our Group's smaller size and focused specialization, relative to established industry players such as Fidelity National Information Services, Inc., Finastra Group Holdings Limited, Vocalink Holdings Limited, and ACI give us the ability to quickly adapt to change in the industry space and make and implement important decisions at a faster pace. We believe this agility can translate to reduced development costs given our streamlined development processes. Further, we believe our focus on innovation means we are primed to adapt to industry and market changes, and our size enables us to move with the requisite speed to stay future-ready.

**Strong partnerships and client relationships**

Our Group has established partnerships with distributors of digital solutions, allowing us to provide our customers with what we believe to be comprehensive, bespoke solutions. We believe this allows us to offer a larger number of solutions and makes us a "one-stop-shop" solutions provider, distributing cybersecurity and digital solution products not otherwise available in Southeast Asia. We believe our collaboration with complementary industry players allows us to expand our reach and product offerings without the burden and cost of developing all of our solutions in-house. We believe this also allows for faster market entry and the possibility of capturing greater market share in a more efficient manner, as we believe we are able to distribute niche products not widely available in Southeast Asia and meet demand for advanced security solutions. Thus, we believe these partnerships also allow us to leverage on the complementary expertise of our partners and leverage partner knowledge to enhance our security offerings.

Our Group prides itself on cultivating and maintaining strong client relationships. We believe financial institutions consistently choose our Group as their trusted payment solutions partner due to our unwavering commitment to cutting-edge technology, superior customer service, and scalable solutions. We believe our platform is not only innovative and cost-effective but also robust and reliable, which often seamlessly integrates with our clients' core systems. Given the significant impact that changes to these systems can have, we believe financial institutions are generally reluctant to switch solutions unless the existing technology becomes outdated or fails to meet their evolving needs. We think of our solutions as designed to be future-proof, therefore we believe this allows our clients to be equipped with the latest advancements while maintaining stability and continuity. By consistently delivering on these promises, we believe we minimize the risks associated with system changes and foster strong, enduring partnerships. We believe our commitment to excellence and our ability to provide solutions that align with industry regulations and client expectations make us a preferred choice in a competitive market.

We believe our close, long-term relationships are a significant strength as we foster trust and earn repeat business from what we believe to be some of the biggest financial institutions in the region. We believe our emphasis on close, long-term client relationships translates to cost advantages in a few ways, such as reducing customer acquisition costs, allowing us to focus on developing and providing bespoke solutions for our clients, and generating recurring revenue streams from maintenance and support services we provide. Furthermore, by working with the same clients for extended periods, we believe we gain an unparalleled understanding of their IT infrastructure, goals, and challenges. We believe this helps us to deliver customized solutions that precisely address their evolving needs. We believe we are also equipped to move beyond simply reacting to any issues which arise. Thus, we believe the established relationship and close collaboration with our clients allow us to anticipate potential problems and proactively recommend solutions, preventing disruptions and ensuring optimal IT performance. Moreover, we believe our commitment to long-term partnerships allows us to invest more time and resources into each client, ensuring the delivered solutions deliver maximum value. While we may have a smaller number of clients compared to some of our competitors, we believe the depth and longevity of these relationships is a source of our stability and success.

**Competitively priced solutions**

We believe that our low operating costs and specialization allow us to maintain competitive pricing as savings are passed on to clients through competitive pricing. We aim to keep our operating costs low by having our own pre-built solutions tailored to specific RTP systems like FAST, PayNow, and DuitNow, leveraging on our regional experience. Therefore, we may present as more cost-effective for regional clients compared to fully customized solutions offered by some competitors.

**INSURANCE**

We carry technology consultants' professional indemnity insurance. The aforementioned insurance policies are reviewed annually to ensure that our Company has sufficient insurance coverage. As of the date of this prospectus, having considered the risk levels and cost of procuring insurance for certain risks associated with our business, we believe that we have taken up sufficient insurance coverage in line with industry practice and we will conduct annual reviews of such coverage of our Company and will consider taking up additional insurance if necessary.

**FACILITIES**

We do not own any real property. Our principal place of business is 336 Smith Street, #06-303, Singapore 050336, where we lease approximately 96 square meters of office space. Our lease will expire on 1 July 2027. We believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available on commercially reasonable terms to accommodate any expansion of our operations.

**INTELLECTUAL PROPERTY**

The success and future revenue growth of the Group will depend, in part, on its ability to protect its proprietary know-how and intellectual property. Protecting our proprietary know-how with regard to the RTE is particularly vital to our Group given our Group's focus on our Payment System Services.

We seek to protect our intellectual property rights and know-how, in Singapore and other jurisdictions, through confidentiality agreements and procedures with our employees, partners and others. We generally enter into agreements such as, inter alia, employment contracts, non-disclosure agreements, service agreements and product agreements containing confidentiality clauses with our employees, consultants, vendors, and customers, and implement stringent internal procedures to limit access to our proprietary information and prevent the distribution of our proprietary information.

Unlike physical products or publicly accessible technologies, our solutions are built upon proprietary source code that is not publicly available and cannot be easily replicated. The complexity of our source code, combined with the tailored nature of our solutions, makes it difficult for third parties to duplicate or use our products without authorization.

As discussed in the section "Risk Factors – Risks Related to Our Business and Industry - Our proprietary rights may be difficult to enforce or protect, which could enable others to copy or use aspects of our products without compensating us", at present, our strategy towards maintaining and protection our proprietary know-how and any intellectual property focuses on the maintenance of a comprehensive knowledge bank. This repository comprises years of accumulated expertise, skills, and experience in solution development, grounded in our in-house innovations and know-how.

Whilst we have considered filing various applications for aspects of our solutions, we have decided against this for the time being for the following non-exhaustive reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Resource
 Intensive Process: The process of obtaining patent protection is expensive and time-consuming,
 and we may not be able to pursue all necessary or desirable patent applications for aspects
 of our solutions at a reasonable cost or in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Flexibility
 in Development: Further, by building and utilizing our knowledge bank, we are able to maintain
 our flexibility since the core banking system of each bank and the payment products vary
 significantly. Therefore, our strategy emphasizes adaptability and by leveraging our proprietary
 knowledge bank, we can maintain the flexibility needed to tailor our solutions to these unique
 systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Market
 Practice Variability: In addition, the market practice for the protection of proprietary
 rights differs across jurisdictions, which makes it challenging and resource intensive to
 register our intellectual property and seek comprehensive protection across jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Confidentiality
 as a Competitive Advantage: By keeping the specifics of our solutions confidential, we preserve
 our competitive edge in a dynamic and rapidly evolving market.

Given these considerations, we emphasize the protection of our intellectual property through confidentiality and control measures rather than reliance on patent filings. However, the Group remains open to exploring opportunities to register intellectual property related to its RTP solutions and services, as and when these align with our strategic and operational goals.

As of the date of this prospectus, the Group has 2 registered domain names. As of the date of this prospectus, the Group has no trademarks or patents registered in Singapore.

As of the date of this prospectus, we were not involved in any proceedings with regard to, and we have not received notice of any claims of infringement of, any intellectual property rights that may be threatened or pending, in which we may be involved either as a claimant or respondent.

**EMPLOYEES**

As of December 31, 2024, our Group had a workforce of 8 individuals, comprising 8 employees who are located within our offices at 336 Smith Street, #06-303, Singapore 050336 in Singapore. The following table sets forth the numbers of our employees categorized by function as of December 31, 2022, 2023 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Function** | **As of <br> December 2022** | **As of<br> December 2023** | **As of<br> December 2024** |
| Executive Leadership | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Project Management | 1 | 1 | 1 |
| Technology | 3 | 3 | 2 |
| Marketing |  | 1 | 1 |
| Finance | 1 |  | 1 |
| **Total** | **7** | **7** | **8** |

---

We have developed various methods to ensure that our employees are adequately and correctly trained for the functions they perform. We host industry experts for internal dialogue sessions to ensure our employees remain up-to-date with industry knowledge as well as encourage them to pursue professional qualifications in areas such as cloud computing and cybersecurity. Our success depends on our ability to attract, retain, and motivate qualified employees. We endeavor to offer our employees competitive compensation packages and a positive, dynamic, and creative work environment. We believe that we maintain a good working relationship with our employees, and we have not experienced any material employment disputes or work stoppages.

We enter into standard employment contracts with our employees. We also enter into standard confidentiality agreements with all of our employees

**LEGAL PROCEEDINGS**

We and our subsidiaries may from time to time be involved in various legal proceedings and claims in the ordinary course of business, including contractual disputes and other commercial disputes. As of the date of this prospectus, we are not a party to any legal or governmental proceedings (including any pending or known to be contemplated) which may have a material adverse effect on our business, financial condition, or results of operations in Singapore. We are not aware of any legal proceedings of which we are a party outside of Singapore.

**LICENSES**

As of the date of this prospectus, our Group does not hold any approvals or permissions from any governmental authority to conduct its business operations (collectively, "Licenses") and we are not required to obtain any such Licenses as of the date of this prospectus. As discussed in the section "Regulations – Regulations on Cybersecurity", the Group has confirmed that it does not require a cybersecurity service provider's license under the Cybersecurity Act 2018 as it does not provide managed security operations center monitoring services and penetration testing services (i.e. licensable cybersecurity services) to the Singapore market.

We may be required under the relevant laws and regulations of Singapore to hold certain Licenses in order to conduct our business operations in the future.

**ENVIRONMENTAL MATTERS**

Our Group's environmental impacts are managed by our Group Chief Executive Officer, Mr. Lim Heng Hai, and our Group Chief Operating Officer, Mr. Ronald Vong, who are responsible to ensure that our Group is compliant with all applicable environmental laws and regulations.

We leverage on cloud-based infrastructure for our computing needs to reduce our Group's environmental impact. This is effective for the following reasons:

● Energy Efficiency: Cloud service providers typically operate large data centers that are optimized for energy efficiency. These data centers can achieve economies of scale that smaller, on-premises data centers may struggle to match. Providers invest in energy-efficient hardware, cooling systems, and other technologies to minimize energy consumption.

● Resource Consolidation: Cloud infrastructure allows for resource consolidation, meaning multiple users share the same physical hardware. This reduces the overall number of servers required, leading to lower energy consumption and a smaller physical footprint.

● Dynamic Scaling: Cloud services allow our businesses to scale our computing resources up or down based on demand. This means that resources are only consumed when needed, reducing energy waste from idle servers.

● Virtualization: Cloud providers utilize virtualization technology to run multiple virtual servers on a single physical machine. This maximizes the utilization of hardware resources, reducing the need for additional physical servers and lowering energy consumption.

● Renewable Energy: Many cloud service providers are investing in renewable energy sources to power their data centers. This includes purchasing renewable energy credits, investing in solar or wind power projects, or directly sourcing renewable energy for their operations.

● Remote Work: Cloud-based infrastructure enables remote work by providing access to applications and data from anywhere with an internet connection. This reduces the need for employees to commute to a central office, leading to lower carbon emissions from transportation.

● Lifecycle Management: Cloud providers often handle the lifecycle management of hardware, including decommissioning older equipment in an environmentally responsible manner through recycling or proper disposal.

**CORPORATE SOCIAL RESPONSIBILITY**

We view corporate social responsibility as both a responsibility and a competitive advantage. We recognize that we have an obligation towards our employees, investors, users and the community as a whole. We believe our reputation, together with the trust and confidence of those with whom we deal with, is one of our most valuable assets. We seek to maintain our reputation and such trust and confidence, and we are committed to achieving long-term mutually sustainable relationships with our stakeholders.

**Regulation**

This section sets forth a summary of the most significant rules and regulations that affect our business activities in Singapore.

***Regulations on Data Protection***

The Personal Data Protection Act 2012 of Singapore (the "Singapore PDPA") governs the collection, use and disclosure of the personal data of individuals (i.e., data, whether true or not, about an individual, whether living or deceased, who can be identified (a) from that data or (b) from that data and other information to which the organization has or is likely to have access) by organizations and is administered and enforced by the Personal Data Protection Commission (the "PDPC"). It sets out data protection obligations that all organizations are required to comply with in undertaking activities relating to the collection, use or disclosure of personal data.

Organizations are required to, among other things, (i) obtain consent from their customers and inform them of the applicable purposes before collecting, using or disclosing their personal data, unless an exception applies; and (ii) put in place reasonable measures to (a) protect the personal data in their possession or control from unauthorized access, loss or damage and (b) prevent the loss of any storage medium or device on which personal data is stored. In the event of a data breach involving any personal data in an organization's possession or control, the Singapore PDPA requires the organization to reasonably and expeditiously assess whether the data breach is notifiable and notify the PDPC and, unless exceptions apply, the affected individuals of the data breach, if the data breach is assessed to be one that (a) is likely to result in significant harm or impact to the individuals to whom the information relates, or (b) is, or is likely to be, of a significant scale. Other obligations include accountability, retention and requirements around the overseas transfers of personal data. In addition, Do-Not-Call ("DNC") requirements require organizations to check "Do-Not-Call" registries prior to sending marketing messages addressed to Singapore telephone numbers, through voice calls, fax or text messages, including text messages transmitted over the internet, unless clear and unambiguous consent to the sending of such marketing messages to the individual's Singapore telephone number was obtained from the individual.

Non-compliance with the Singapore PDPA may attract financial penalties or even criminal liability. The PDPC has broad powers to give any such directions as it thinks fit to ensure compliance, which include requiring an organization to pay a financial penalty. In this connection: (i) in the case of contravention of the parts of the Singapore PDPA which sets out the obligations of organizations relating to data protection (including the obligation to protect and care for personal data, and to conduct assessments of data breaches), the maximum financial penalty that may be imposed: (a) on an organization whose annual turnover in Singapore exceeds S$10 million is 10% of the organization's annual turnover in Singapore, if the contravention occurs on or after October 1, 2022; and (b) in any other case is S$1 million; and (ii) in the case of contravention of the DNC requirements, the maximum financial penalty that may be imposed is S$1 million.

***Regulations on Financial Services***

The Monetary Authority of Singapore ("MAS") regulates persons who carry on the business of providing certain regulated payment services in Singapore under the Payment Services Act 2019 which came into force on January 28, 2020 (the "PS Act"). Unless excluded or exempted, a person must obtain and have in force the relevant licence to carry on a business in providing regulated payment services under the PS Act, namely, account issuance service, e-money issuance service, domestic money transfer service, cross-border money transfer service, merchant acquisition service, digital payment token service, and money-changing service. In addition to the foregoing, the Payment Services (Amendment) Act came into force on 4 April 2024.

Under the PS Act, licensees may generally be subject to obligations relating to general approval requirements for changes of control, appointment and removal of CEOs and directors, general notification and record-keeping requirements, audit requirements, base capital requirements, anti-money laundering requirements (see below), the requirement to furnish security (for a major payment institution), the requirement to safeguard customer monies (for certain major payment institutions), and other applicable requirements. Licensees are expected to implement certain systems, processes and controls in line with the various notices and guidelines published by the MAS, including without limitation the MAS' Guidelines on Risk Management Practices – Technology Risk applicable to financial institutions in Singapore. Non-compliance with the above could potentially result in penalties under the PS Act including revocation or suspension of the licence, civil damages claims, and criminal penalties for the respective licensee and/or its officers including fines with potential for additional amounts for ongoing non-compliance, for the duration of the non-compliance, and (in the case of officers) imprisonment, for each offence.

***Regulations on Cybersecurity***

The Cybersecurity Act 2018 and the Cybersecurity (Cybersecurity Service Providers) Regulations 2022 (the "Cybersecurity Act") provides for the protection of critical information infrastructure against cybersecurity threats, the taking of measures to prevent, manage and respond to cybersecurity threats and incidents in Singapore, and the regulation of providers of licensable cybersecurity services. All providers of managed security operations centre monitoring services and penetration testing services (i.e. licensable cybersecurity services) to the Singapore market must apply for a cybersecurity service provider's licence, regardless of whether they are companies or individuals (i.e. freelancers or sole proprietorships owned and controlled by individuals) or third-party cybersecurity service providers ("CSPs") that provide these services in support of other CSPs. Under the Cybersecurity Act, the two main requirements that CSPs must comply with are ensuring that their key officers (i.e. any director or partner of the business entity or other person who is responsible for the management of the business entity) are fit and proper, and keeping basic records on the cybersecurity services provided for a duration of at least three years. Non-compliance with the above could potentially result in penalties under the Cybersecurity Act including revocation or suspension of the licence, criminal penalties for the respective licensee and/or its officers including fines. The Group has confirmed that they do not require a cybersecurity service provider's licence as they do not provide managed security operations centre monitoring services and penetration testing services (i.e. licensable cybersecurity services) to the Singapore market.

***Regulations on Anti-Money Laundering and Prevention of Terrorism Financing***

The primary anti-money laundering legislation in Singapore is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 of Singapore (the "CDSA") provides for the confiscation of benefits derived from, and to combat, corruption, drug dealing and other serious crimes. Generally, the CDSA criminalizes the concealment or transfer of the benefits of criminal conduct as well as the knowing assistance of the concealment, transfer or retention of such benefits.

The Terrorism (Suppression of Financing) Act 2002 of Singapore (the "TSOFA"), is the primary legislation for the combating of terrorism financing. It was enacted to give effect to the International Convention for the Suppression of the Financing of Terrorism. Besides criminalizing the laundering of proceeds derived from drug dealing and other serious crimes and terrorism financing, the CDSA and the TSOFA also require suspicious transaction reports to be lodged with the Suspicious Transaction Reporting Office. If any person fails to lodge the requisite reports under the CDSA and the TSOFA, it may be subject to criminal liability.

***Regulations on Labor and Employment***

The Employment Act 1968 of Singapore (the "Employment Act") generally extends to all employees regardless of their designation, salary level or type of work performed, with the exception of certain groups of employees (i.e., seafarers, domestic workers and public workers). It provides employees falling within its ambit certain protections such as minimum notice periods, restrictions in relation to the deductions from wages, minimum days of annual and sick leave, maternity/paternity leave and paid childcare leave. The Employment Act also applies to employees who are foreigners so long as they fall within the definition of "employee" under the Employment Act. Employers in Singapore owe a statutory obligation to contribute to a Central Provident Fund in relation to wages for employees who are Singapore citizens or permanent residents of Singapore. The specific contribution rate to be made by employers varies depending on whether the employee is a Singapore citizen or permanent resident and the age group and wage band of the employee. Under the Workplace Safety and Health Act 2006, every employer has a duty to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of its employees and any contractors when at work.

The Central Provident Fund Act 1953 of Singapore ("CPF Act") governs the contributions made by employers and employees into the Central Provident Fund ("CPF"). The CPF Act is administered by the CPF Board. Under the CPF Act, every employer of an employee shall pay to the CPF monthly, in respect of each employee, contributions at the prescribed rates set out in the First Schedule of the CPF Act with a prescribed portion of such contribution recoverable from the monthly wages of the employee. Where such contributions are not paid within the prescribed time period, the employer is liable to pay interest on the amount for every day the amount remains unpaid. Any person convicted of an offence under the CPF Act for which no penalty is provided shall be liable on conviction to a fine not exceeding S$5,000 or to imprisonment for a term not exceeding six (6) months or to both. If such person is a repeat offender in relation to the same offence, such person shall be liable to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding 12 months or to both.

The Workplace Safety and Health Act 2006 of Singapore (the "WSHA") is the principal legislation governing the safety, health and welfare of persons at work in workplaces. Among other things, the WSHA imposes a duty on every employer and every principal to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of its employees, and any contractor, any direct or indirect subcontractor, and any employee employed by such contractor or subcontractor, when at work. These measures include, among other things, developing and implementing procedures for dealing with emergencies that may arise while the employees are at work and ensuring that the employee at work has adequate instruction, information, training and supervision as is necessary for that employee to perform his work. More specific duties imposed by the MOM on employers are laid out in the Workplace Safety and Health (General Provisions) Regulations, which is a subsidiary legislation to the WSHA. Some of these duties include, among other things, preventing the workplace from being overcrowded and ensuring adequate ventilation of the workplace. The general penalties for non-compliance with the WSHA include the imposition of fines up to the amount of S$500,000 in the case of a body corporate. Further or other penalties may apply in the case of repeat offences or specific offences under the WSHA or its subsidiary legislation.

**Management**

**Directors and Executive Officers**

The following table provides information regarding our directors and executive officers as of the date of this prospectus.

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| | | |
|:---|:---|:---|
| **Directors and Executive Officers** | **Age** | **Position/Title** |
| Lim Heng Hai | 47 | Chairman of the Board, Chief Executive Officer |
| Ng Ling Soon | 52 | Director, Chief Information Officer |
| Ling Wee Seng\* | 64 | Independent Director |
| Masayuki Tagai\* | 64 | Independent Director |
| Jim Northey\* | 66 | Independent Director |
| In Weiyee\* | 60 | Independent Director |
| Yingzheng Wang | 38 | Chief Financial Officer |

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\* Has accepted the appointment as our independent director, effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part.

**Lim Heng Hai**

Mr. Lim is the Chairman of our board of directors and our Chief Executive Officer. He was appointed to our Board on July 11, 2025. His responsibilities include executive management of the Group's strategy, innovation, finances, and regulatory compliance.

Mr. Lim has been the Chief Executive Officer of TechCreate Solution Private Limited since its incorporation in March 2015 and is responsible for providing strategic leadership and vision, managing stakeholders through building and maintaining strong relationships and driving its innovation and product development.

Mr. Lim has also served as a Director of Orange Pay Pte. Ltd. from December 2015, a payments enabler and BPMN engine provider. Mr. Lim also currently holds a Director position at Teravin International, one which he has held since December 2015, a Company which specializes in digital solutions for FIs. Between July 2018 and February 2020, Mr. Lim occupied positions as Group Chief Technology Officer and Technology Advisor at ADERA Global where he was responsible for overseeing the development and implementation of innovative technologies, driving digital transformation initiatives, and ensuring the integration of cutting-edge solutions to enhance operational efficiency and competitive advantage across the organization. Mr. Lim has also previously held positions at Banking Computer Services as a Projects and Products Manager from 2002 to 2009 and as a Project Director from 2011 to 2014, SingTel as a Business Development Manager from 2009 to 2010, and DBS Bank as IBG-Digital from 2016 to 2017, where he was responsible for the corporation's digital integration projects.

Mr. Lim graduated from Nanyang Technological University with a Bachelor of Business Studies in Banking in 2000. Mr. Lim obtained a Master of Science in Information Technology from the University of Portsmouth in 2010. Mr. Lim has also been a certified Project Management Professional with the Project Management Institute since 2013. He served as the Vice Convenor of the ISO 20022 Payment Standard Evaluation Group in Singapore in 2016, was its Convenor in 2018, and has been a member of the ISO 20022 Registration Management Group since November 2015. Mr. Lim also serves as the Chairman of the eFinancial Services Technical Committee (eFSTC), a position appointed by Singapore's Infocomm Media Development Authority (IMDA).

**Ng Ling Soon**

Mr. Ng has been our Chief Information Officer since October 1, 2024. He was appointed to our Board on July 11, 2025.

Mr. Ng has more than 20 years of experience in technology solutions with an industry specialization in the banking and finance industry with experience managing large scale infrastructure and application projects such as Regional Data Centre consolidation, Core Banking System, and Branch Teller System, amongst others. Mr. Ng was previously the Client Delivery Lead, Client Service Unit (Financial Service Industry) at NCS Pte. Ltd, the largest system integrator in Singapore and Southeast Asia from 2022 to 2024 and the Director of MOHH Entities Technology Services at Integrated Health Information Systems, the technology agency for Singapore's public healthcare sector. Mr. Ng has held roles such as Head of IT Platforms Support, E-Channels Manager (Consumer Banking), Program Manager (Mega Projects) at OCBC Bank where he was employed from 1997 to 2013, Program Manager and Chief Technology Officer at NETS Solutions Pte Ltd where he was employed from 2013 to 2018, and Chief Operating Officer at InfoCorp Technologies Pte. Ltd.

Mr. Ng graduated from the National University of Singapore with a Bachelor of Engineering (Mechanical) in 1997.

**Ling Wee Seng**

Mr. Ling will become an independent director of the Company effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Ling has had over 20 years of experience in the technology solutions industry working across industry sectors such as Finance, Transportation, Supply Chain, and Manufacturing. Mr. Ling was the head of business transformation at NTT Data Singapore Pte. Ltd. from 2019 to 2022 where he oversaw business development and growth and a managing director at BCS Information Systems Pte. Ltd., a company which successfully delivered FAST (Fast And Secure Transfer), GIRO (General Interbank Recurring Order) and MEPS+ (Monetary Authority of Singapore Electronic Payment System) for Singapore's financial infrastructure from 2014 to 2015. Mr. Ling has had held roles such as Principal at IBM Business Management Services, Senior Vice President at EcNet, Director of the Manufacturing Industry at HP (Asia Pacific), Group Managing Director at Infowave Pte Ltd (Asia Pacific), and Managing Director at Disys (Asia Pacific).

Mr. Ling graduated from the German Singapore Institute with a Diploma in Production Technology in 1984.

**Masayuki Tagai**

Mr. Tagai will become an independent director of the Company effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Tagai is a highly regarded expert in financial messaging standards, cross-border payments, and transaction banking modernization, with over 25 years of leadership experience across global financial institutions and standard-setting bodies. His scope of expertise spans ISO 20022 implementation, real-time payments infrastructure, and financial market structure governance. Mr, Tagai currently serves as Managing Director, Industry Issues Executive (APAC) at JPMorgan Chase in the Payments division where he is responsible for industry issues including global standards and market practice development in Asia Pacific through interaction with relevant industry associations, market infrastructures and public policy authorities, a position he has held since 2019. His work has been instrumental in driving the industry's transition to ISO 20022-based payments and enhancing data capabilities for financial institutions.

Previously, Mr. Tagai served as Executive Director, Industry Issues (APAC) at JPMorgan Chase from December 2009 and subsequently promoted to Managing Director in March 2012. In this role, he oversaw financial market infrastructure in APAC where the bank had memberships and led critical industry-wide initiatives focused on payment standardization, interoperability, and regulatory alignment across the Asia-Pacific region. Prior to joining JPMorgan Chase, Mr. Tagai was with the Bank of Tokyo-Mitsubishi UFG where he was the Chief Manager, Corporate Responsibility from August 2000 to December 2005, and later, the Chief Manager of Global Network Management from January 2006 to December 2009. In his roles at the Bank of Tokyo-Mitsubishi UFG, he oversaw the bank's global network, including managing relationships with Nostro agents, Custodians, Clearing Houses, Brokers, E-platforms, and Exchanges, facilitating smooth cash, custody, clearing, and execution processes.

Since March 2021, Mr. Tagai has represented Japan at the ISO 20022 Registration Management Group (RMG), the governing body responsible for the running of ISO 20022 financial messaging standards globally. He was elected as Convenor of the RMG, where he continues to lead international efforts to ensure effective adoption and implementation of ISO 20022 across financial institutions, payment networks, and market infrastructures. Mr. Tagai has also collaborated with the Bank of Japan (BoJ) on industry discussions and participated in high-level policy forums on financial messaging and wholesale payment modernization. His insights have been featured at key industry events, including SWIFT, G20 financial working groups, and central bank forums, where he has provided strategic guidance on regulatory priorities and cross-border payment innovation.

Mr. Tagai also currently serves as the Representative Director and Lead Counselor of SAVEMERI, a Japanese non-profit organization dedicated to advancing international financial standards and market practice enhancements, a position he has held since Feb 2025. In his role at SAVEMERI, Mr. Tagai collaborates with central banks, regulatory authorities, financial institutions, and industry associations to drive the adoption of next-generation payment standards and regulatory compliance frameworks.

Mr. Tagai holds a Bachelor of Law degree from the University of Tokyo and an MBA from the MIT Sloan School of Management.

**Jim Northey**

Mr. Northey will become an independent director of the Company effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Northey is a globally recognized authority in financial market infrastructures, trading standards, and post-trade processing. Mr. Northey has over 35 years of experience in capital markets and fintech, and has pioneered electronic trading protocols, post-trade automation, and market transparency initiatives. Mr. Northey currently serves as the Chief Technology Officer of CalcGuard Technologies, a position he has held since September 2021, where he leads advancements in capital markets analytics, market transparency, regulatory reporting, and cybersecurity solutions, focusing on self-sovereign identity, zero trust network environments, and post-quantum cryptographic applications within finance.

Mr. Northey has also served as a director of the FIX Trading Community (FIX Protocol Ltd.) since November 2020 having served in prior elected roles as Global Technical Committee Co-chair from November 2013 to November 2020 and Chair of the Global Derivatives Committee from January 2003 to December 2003, in which he works to align ISO and FIX standards for seamless global market integration. Additionally, as the Chair of ISO TC68, a position he has held since January 2019, Mr. Northey oversees the development of critical financial messaging standards, including ISO 20022, ISO 15022, and ISO 8583, which underpin banking and securities markets worldwide. Mr. Northey is also an adjunct instructor of Derivatives, Financial Engineering, and Financial Technology at Michigan Technological University, a position he has held since February 1997.

In August 2006, Mr. Northey co-founded The LaSalle Technology Group, LLC, a FinTech firm focused on capital markets infrastructure and trading solutions, which was later acquired by Itiviti Group AB in February 2015. Between November 2009 to November 2015, Mr. Northey was the X9D Subcommittee Co-Chair of Accredited Standards Committee X.9 and was responsible for establishing and maintaining financial standards within the United States, and from February 2016 to February 2018, he was the Senior Vice President of Itiviti AB where he was responsible for fixed income Exchange-Traded Fund strategy and distribution, managing strategic relationships with banks and broker/dealer partners.

Mr. Northey holds a B.S. in Mathematics from the University of Indianapolis and an M.S. in Financial Markets and Trading from the Illinois Institute of Technology.

**In Weiyee**

Mr. In will become an independent director of the Company effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. In is a globally recognized leader in AI-driven FinTech, institutional cloud security, and digital banking infrastructure. Mr. In has expertise in enterprise architecture, cybersecurity, and financial data governance and has led the adoption of cutting-edge financial technology solutions across banking, capital markets, and payments. Mr. In currently serves as the Chief Information Officer at Protego Trust Bank where he is responsible for enterprise cloud strategy, digital asset security, and regulatory compliance frameworks, a position he has held since October 2020. Mr. In is also the Chief Information Officer at Fortress Payments Inc, where he is responsible for IT strategy, regulatory compliance, and risk management, a position he has held since February 2023.

Mr. In previously worked in the Content Strategy team at Bloomberg, from June 2015 to April 2017, where he was responsible for analyzing regulatory, technology and industry trends across the global financial ecosystem in order to assess impact, risk and responses. Mr. In was also previously a Managing Director at BNP Paribas, between November 2009 and December 2013, where he served as the head of Technology, Media, and Telecommunication, Mr. In has also previously held positions as Executive Director at Tao Group from June 2006 to June 2007, Head of Industry Intelligence at NYGS from August 2005 to June 2006, Head of Equity Research and Global Tech Strategist at TNI from January 2004 to June 2005, Global Technologist at UBS from November 1999 – April 2003, Managing Director at MSI from July 1998 – August 1999, and the Asia Pacific Director of McGraw-Hill Companies IT Group from January 1996 – June 1998.

Mr. In has been recognized as an IBM Champion and is a member of the IBM Financial Services Cloud Council, where he contributes to industry-wide advancements in financial cloud computing, AI-driven compliance solutions, and next-generation cybersecurity frameworks.

With a deep background in capital markets, post-trade processing, and regulatory-driven technology, Mr. In has published extensively on financial cybersecurity, AI risk management, and cloud security and actively advises financial institutions on scalable AI adoption, blockchain infrastructure, and digital transformation strategies.

Weiyee holds a Bachelor of Arts from Columbia University, with a double major in Political Science and East Asian Studies.

**Wang Yingzheng**

Mr. Wang joined the Group as the Chief Financial Officer in July 2025. In this capacity, he leads the Group's overall accounting and financial management operations, providing strategic direction and financial stewardship to support sustainable growth.

Mr. Wang brings 18 years of comprehensive experience in finance and accounting across diverse industries and corporate structures. Prior to joining our Group, he served as Chief Financial Officer of the Alric Group from March 2019 to July 2025, where he played a key role in driving financial transformation and corporate governance.

Earlier in his career, Mr. Wang held leadership roles at IAG Holdings, Otto Marine Offshore, and Maersk Drilling. At IAG Holdings, he notably contributed to the successful listing of the company on the Hong Kong Stock Exchange—an achievement that demonstrates his expertise in capital markets and regulatory compliance.

Mr. Wang holds a Bachelor of Business in Accountancy with Distinction from Queensland University of Technology in Brisbane, Australia, and has been a certified public accountant with CPA Australia since December 2016.

**Board of Directors**

Our board of directors will consist of six directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. A director is not required to hold any shares in our Company to qualify to serve as a director. A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our Company is required to declare the nature of his interest at a meeting of our directors. A general notice given to the directors by any director to the effect that he is a member, shareholder, director, partner, officer or employee of any specified company or firm and is to be regarded as interested in any contract or transaction with that company or firm shall be deemed a sufficient declaration of interest for the purposes of voting on a resolution in respect to a contract or transaction in which he has an interest, and after such general notice it shall not be necessary to give special notice relating to any particular transaction. Subject to any separate requirement for audit committee approval under applicable law or the Listing Rules of the [NYSE American] and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract, proposed contract, arrangement or transaction notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract, proposed contract, arrangement or transaction is considered, provided that the nature of the interest of any directors in such contract or transaction is disclosed by him at or prior to its consideration and any vote in that matter. Our board of directors may exercise all of the powers of our Company to borrow money, to mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and to issue debentures, debenture stock or other securities whenever money is borrowed or as security for any debt, liability or obligation of our Company or of any third-party. None of our directors has a service contract with us that provides for benefits upon termination of service.

As a Cayman Islands company listed on the [NYSE American], we are a foreign private issuer and are permitted to follow the home country practice with respect to certain corporate governance matters. Cayman Islands law does not require a majority of a publicly traded company's board of directors to be comprised of independent directors. We elect not to rely on this home country practice exception, and have a majority of independent directors serving on our board of directors.

**Committees of the Board**

Prior to the completion of this offering, we intend to establish an audit committee, a compensation committee and a nominations committee under the board of directors. We intend to adopt a charter for each of the three committees prior to the completion of this offering. Each committee's members and functions are described below.

***Audit Committee***. Our audit committee will consist of Mr. Masayuki Tagai, Mr. Ling Wee Seng and Mr. Lim Heng Hai, and will be chaired by Mr. Masayuki Tagai. Mr. Masayuki Tagai, and Mr. Ling Wee Seng satisfy the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the [NYSE American] and meets the independence standards under Rule 10A-3 under the Exchange Act. Our audit committee will consist solely of independent directors that satisfy the [NYSE American] and SEC requirements within one year of the completion of this offering. Our board of directors has also determined that Mr. Masayuki Tagai qualifies as an "audit committee financial expert" within the meaning of the SEC rules and possesses financial sophistication within the meaning of the Listing Rules of the [NYSE American]. 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:

● selecting our independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by our independent registered public accounting firm;

● reviewing with our independent registered public accounting firm any audit problems or difficulties and management's response and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K;

● discussing the annual audited financial statements with management and our independent registered public accounting firm;

● periodically reviewing and reassessing the adequacy of our audit committee charter;

● meeting periodically with the management and our internal auditor and our independent registered public accounting firm;

● reporting regularly to the full board of directors;

● reviewing the adequacy and effectiveness of our accounting and integral control policies and procedures and any steps taken to monitor and control major financial risk exposure; and

● such other matters that are specifically delegated to our audit committee by our board of directors from time to time.

***Compensation Committee***. Our compensation committee will consist of Mr. Jim Northey, Mr. In Weiyee and Mr. Lim Heng Hai, and will be chaired by Mr. Jim Northey. Mr. Jim Northey and Mr. In Weiyee satisfy the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the [NYSE American]. Our 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 upon. 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 chief executive officer;

● reviewing the total compensation package for our employees and recommending any proposed changes to our management;

● reviewing and recommending to the board with respect to the compensation of our directors;

● reviewing annually and administering all long-term incentive compensation or equity plans;

● selecting and receiving advice from 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.

***Nomination Committee***. Our nomination committee will consist of Mr. Ling Wee Seng, Mr. Jim Northey and Mr. Lim Heng Hai, and will be chaired by Mr. Ling Wee Seng. Mr. Ling Wee Seng and Mr. Jim Northey satisfy the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the [NYSE American]. The nomination committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nomination 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;

● 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.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. Our Company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in our name if a duty owed by our directors is breached.

The functions and powers of our board of directors include, among others:

● convening shareholders' annual general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of officers;

● exercising the borrowing powers of our Company and mortgaging the property of our Company; and

● approving the transfer of shares of our Company, including the registering of such shares in our share register.

**Terms of Directors and Executive Officers**

Each of our directors holds office until the expiration of his or her term, as may be provided in a written agreement with our Company, or until his or her resignation or until his or her office is otherwise vacated in accordance with our articles of association. All of our executive officers are appointed by and serve at the discretion of our board of directors. Our directors may be appointed or removed from office by an ordinary resolution of shareholders. A director will be removed from office automatically if, among other things, the director (i) resigns; (ii) dies; (iii) is declared to be of unsound mind and the board of directors resolves that his office be vacated; (iv) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally; (v) is prohibited from being or ceases to be a director by operation of law; (vi) without special leave, is absent from meetings for three consecutive meetings, and the board of directors resolves that his office is vacated; (vii) has been required by the Designated Stock Exchange (as defined in the amended and restated memorandum and articles of association); or (vii) is removed from office by the requisite majority of the directors or otherwise pursuant to our amended and restated memorandum and articles of association then in effect. The remuneration of our directors may be determined by the board of directors or by ordinary resolution. There is no mandatory retirement age for directors.

**Employment Agreements and Indemnification Agreements**

We [will enter/have entered] into employment agreements with our executive officers. Each of our executive officers is employed for a continuous term, or a specified time period which will be automatically extended, unless either we or the executive officer gives prior notice to terminate such employment. 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 commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense other than one which in the opinion of the board does not affect the executive's position, willful, disobedience of a lawful and reasonable order, misconduct being inconsistent with the due and faithful discharge of the executive officer's material duties, fraud or dishonesty, or habitual neglect of his or her duties. An executive officer may terminate his or her employment at any time with a [three- to six-]month prior written notice.

Each executive officer has agreed to hold, both during and after the employment agreement expires or is earlier terminated, in strict confidence and not to use or disclose to any person, corporation or other entity without our written consent, any confidential information or trade secrets. Each executive officer has also agreed to disclose in confidence to us all inventions, intellectual and industry property rights and trade secrets which they made, discover, conceive, develop or reduce to practice during the executive officer's employment with us and to assign to our Company all of his or her associated titles, interests, patents, patent rights, copyrights, trade secret rights, trademarks, trademark rights, mask work rights and other intellectual property and rights anywhere in the world which the executive officer may solely or jointly conceive, invent, discover, reduce to practice, create, drive, develop or make, or cause to be conceived, invented, discovered, reduced to practice, created, driven, developed or made, during the period of the executive officer's employment with us that are either related to our business, actual or demonstrably anticipated research or development or any of our products or services being developed, manufactured, marketed, sold, or are related to the scope of the employment or make use of our resources. In addition, all executive officers have agreed to be bound by non-competition and non-solicitation restrictions set forth in their agreements. Each executive officer has agreed to devote all his or her working time and attention to our business and use best efforts to develop our business and interests. Moreover, each executive officer has agreed not to, for a certain period following termination of his or her employment or expiration of the employment agreement: (i) carry on or be engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent or otherwise carry on any business in direct competition with us, (ii) solicit or entice away any of our customer, client, representative or agent, or (iii) employ, solicit or entice away or attempt to employ, solicit or entice away any of our officers, managers, consultants or employees.

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

**Compensation of Directors and Executive Officers**

In 2024, we paid an aggregate of S$0.21 million (US$0.16 million) in cash to our executive officers, and we [did not pay any] compensation to our non-executive 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 Singapore subsidiaries 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.

**2025 Share Incentive Plan**

On July 23, 2025, we adopted the 2025 Share Incentive Plan, or the "Plan", to promote the success and enhance our value by linking the personal interests of the members of the Board, employees and consultants to those of our shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to our shareholders. The Plan is further intended to provide flexibility to our Company in its ability to motivate, attract, and retain the services of members of the Board, employees and consultants upon whose judgment, interests and special efforts the successful conduct of our Company's operation is largely dependent. Under the Plan, the aggregate number of Class A Ordinary Shares which may be issued or transferred pursuant to awards is 20% of the number of Class A Ordinary Shares outstanding as of the date of our Company's initial public offering, without taking into account the over-allotment option to be exercised by the underwriter.

The following paragraphs summarize the terms of the Plan:

*Plan Administration*. The compensation committee shall administer the Plan and, unless otherwise provided by the Board, shall consist of two or more members of the Board who have been appointed by the Board (or such greater number as may be required by applicable laws). The plan administrator as applicable, will determine the participants to receive awards, the type and number of awards to be granted to each participant, and the terms and conditions of each award grant.

*Types of Awards*. The Plan permits the awards of options, restricted shares, restricted share units, dividend equivalents awards, deferred share awards, share payment awards or share appreciation rights.

*Eligibility*. We may grant awards to our employees, consultants, non-employee directors of our Company, as determined by the plan administrator; provided, however, that awards shall not be granted to consultants or non-employee directors who are resident of any country in the European Union, and any other country which pursuant to applicable laws does not allow grants to non-employees.

*Term of Awards*. Awards granted pursuant to the Plan may, in the sole discretion of the plan administrator, be granted either alone, in addition to, or in tandem with, any other award granted pursuant to the Plan. Awards granted in addition to or in tandem with other awards may be granted either at the same time as or at a different time from the grant of such other awards.

*Award Agreement.* Any written notice, agreement, terms and conditions, contract or other instrument or document evidencing the grant of an award, including through electronic medium, which shall contain such terms and conditions with respect to an award as the plan administrator shall determine consistent with the Plan.

*Vesting Period and Other Restrictions*. The period during which the right to exercise, in whole or in part, an option vests in the award holder shall be set by the plan administrator and the plan administrator may determine that an option may not be exercised in whole or in part for a specified period after it is granted. The plan administrator shall have the right to require any holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any award, including a window-period limitation, as may be imposed in the sole discretion of the plan administrator.

*Exercise of Options*. The exercise price per Class A Ordinary Share subject to an option shall be determined by the plan administrator and set forth in the award agreement which may be a fixed or variable price related to the fair market value of the Shares. The plan administrator shall determine the time or times at which an option may be exercised in whole or in part, including exercise prior to vesting and that a partial exercise must be with respect to a minimum number of shares. The plan administrator shall also determine any conditions, if any, that must be satisfied before all or part of an option may be exercised. The term of any option granted under the Plan shall not exceed ten years.

*Transfer Restrictions*. The holder of awards shall give our Company prompt notice of any disposition of Shares acquired by exercise of an incentive option within (i) two years from the date of grant of such incentive option or (ii) one year after the transfer of such Shares to the holder of awards.

*Amendment, Suspension or Termination*. Except as otherwise provided in the Plan, at any time and from time to time, the plan administrator may amend, suspend or terminate the Plan.

**Principal Shareholders**

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant, or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person.

The following table sets forth information concerning the beneficial ownership of our ordinary shares upon the completion of the Reorganization and immediately after the Offering (assuming the underwriter does not exercise their over-allotment option) by:

● each of our directors and executive officers; and

● each person known to us to beneficially own more than 5% of our ordinary shares.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** | **Ordinary Shares Beneficially Owned** | | |
|  | **Class A Ordinary Shares** | **Class A Ordinary Shares** | **Class A Ordinary Shares** | **Class B Ordinary Shares** | **Class B Ordinary Shares** | **Class B Ordinary Shares** | | |
|  | **Number of Shares** | **Pre-<br> Offering<br> Percentage<br> Ownership of<br> Class A<br> Shares** | **Post-Offering<br> Percentage<br> Ownership of<br> Class A<br> Shares** | **Number of Shares** | **Pre-<br> Offering<br> Percentage<br> Ownership of<br> Class B<br> Shares** | **Post-Offering<br> Percentage<br> Ownership of<br> Class B<br> Shares** |<br>**Pre-Offering Combined<br> Voting Power of<br> Class A and Class B<br> Shares** |<br>**Post-Offering<br> Combined Voting<br> Power of Class A and<br> Class B Shares** |
| **Directors and Executive Officers** |  |  |  |  |  |  |  |  |
| Lim Heng Hai, Chairman of the Board, Chief Executive Officer | 7880000 | 52.79 | [45.09] | 2572750 | 100.00 | [100.00] | 89.38 | [86.08] |
| Ng Ling Soon, Director and Chief Information Officer |  |  |  |  |  |  |  |  |
| Ling Wee Seng, Independent Director\* |  |  |  |  |  |  |  |  |
| Masayuki Tagai, Independent Director\* |  |  |  |  |  |  |  |  |
| Jim Northey, Independent Director\* |  |  |  |  |  |  |  |  |
| In Weiyee, Independent Director\* |  |  |  |  |  |  |  |  |
| Wang Yingzheng, Chief Financial Officer |  |  |  |  |  |  |  |  |
| **All Directors and Executive Officers as a Group** | **7880000** | **52.79** | **[45.09]** | **2572750** | **100.00** | **[100.00]** | **89.38** | **[86.08]** |
| **Other Principal Shareholders** |  |  |  |  |  |  |  |  |
| Vong Ronald Chin Hua | 1814750 | 12.16 | [10.38] |  |  |  | 2.73 | 2.63 |
| Lim Chong Guang | 841750 | 5.64 | [4.82] |  |  |  | 1.27 | 1.22 |
| Teo Mui Lan | 841750 | 5.64 | [4.82] |  |  |  | 1.27 | 1.22 |
| Neo Meng Chu | 841750 | 5.64 | [4.82] |  |  |  | 1.27 | 1.22 |
| Vong Tze Poh | 841750 | 5.64 | [4.82] |  |  |  | 1.27 | 1.22 |
| Chai Chang Ruey Fen | 841750 | 5.64 | [4.82] |  |  |  | 1.27 | 1.22 |

---

\* Has accepted the appointment as our independent director, effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part.

As of the date of this prospectus, we did not have any Class A Ordinary Shares outstanding that were held by record holders in the United States. None of our shareholders has informed us that it is affiliated with a registered broker-dealer or is in the business of underwriting securities. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company. See "Description of Share Capital—History of Securities Issuances" for a description of issuances of our securities that have resulted in significant changes in ownership held by our major shareholders.

**Related Party Transactions**

**Private Placements**

See "Description of Share Capital — History of Securities Issuances."

**Employment Agreements and Indemnification Agreements**

See "Management — Employment Agreements and Indemnification Agreements."

**Other Related Party Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| <br>**Nature** **Name** | **2022** | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **S$** | **US$** |
| Rental income Orange Pay Pte. Ltd.<sup>(1)</sup> | 14400 | 14400 | 14440 | 10693 |
| Sale of products Gridhut Automation Pte Ltd<sup>(2)</sup> | 13545 | 11031 |  |  |
| Sub-contractor charges TechCreate Solutions Sdn Bhd<sup>(3)</sup> | 46642 | 223755 | 515007 | 381374 |
| Sub-contractor charges Orange Pay Pte. Ltd.<sup>(5)</sup> |  |  | 154000 | 114040 |
| Payment on behalf by Mr Lim Heng Hai and Mr Ronald Vong Chin Hua <sup>(4)</sup> | 1824 | 36770 | 21285 | 15762 |
| Payment on behalf of Orange Pay Pte. Ltd.<sup>(5)</sup> |  | 48579 | 45718 | 33855 |

---

(1) Orange
Pay Pte. Ltd. is a company wholly owned by Mr. Lim Heng Hai. We leased office space to Orange Pay Pte. Ltd.

(2) Gridhut
 Automation Pte Ltd. is a company in which Mr. Lim Heng Hai and Mr. Ronald Vong Chin Hua hold 65% and 7.5% shareholdings. We provided
 e-SIM services to Gridhut Automation Pte Ltd. in the ordinary course of business.

(3) TechCreate
 Solutions Sdn Bhd is a company in which Mr. Ronald Vong Chin Hua holds both shareholder
 and director positions, while Mr. Lim Heng Hai serves as a director. The company is primarily
 engaged in providing solution developers manpower contracting services. Transactions between
 the company and related parties pertain to these contracting services.

(4) OrangePay, a company owned by Mr. Lim Heng Hai. The
 company is engaged in providing license and solution architect manpower contracting services.

(5) Each
 of Mr. Lim Heng Hai and Mr. Ronald Vong Chin Hua is a director of our Company, have incurred
 expenses related to the Company's operating activities.

(6) OrangePay,
 a company owned by Mr. Lim Heng Hai, has made payments on behalf of the Company for AWS service
 charges.

**Description of Share Capital** 

We are a Cayman Islands exempted company incorporated with limited liability and our affairs are governed by our memorandum and articles of association, the Companies Act (Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 250,000,000 ordinary shares of par value US$0.0002 each, comprising 225,000,000 Class A Ordinary Shares with a par value of US$0.0002 each, and 25,000,000 Class B Ordinary Shares with a par value of US$0.0002 each.

As of the date of this prospectus, 14,927,250 Class A Ordinary Shares and 2,572,750 Class B Ordinary Shares are issued and outstanding. All of our issued and outstanding shares are fully paid.

Immediately prior to the completion of this offering, our authorized share capital will be US$50,000 divided into 250,000,000 ordinary shares of par value US$0.0002 each, comprising 225,000,000 Class A Ordinary Shares, and 25,000,000 Class B Ordinary Shares.

Immediately after the completion of this offering, we will have [17,477,250] Class A Ordinary Shares and 2,572,750 Class B Ordinary Shares issued and outstanding, assuming the underwriter does not exercise its option to purchase additional Class A Ordinary Shares. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

**Our Post-Offering Memorandum and Articles of Association**

Our shareholders have adopted an amended and restated memorandum and articles of association, which we refer to below as our post-offering memorandum and articles of association and which became effective on 17 July 2025. The following are summaries of material provisions of the post-offering memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our ordinary shares.

*Objects of Our Company*. Under our post-offering memorandum and articles of association, the objects of our Company are unrestricted and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

*Ordinary Shares*. Our ordinary shares are divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. Each Class A Ordinary Share shall entitle the holder thereof to one vote on all matters subject to vote at our general meetings and each Class B Ordinary Share shall entitle the holder thereof to 20 votes on all matters subject to vote at our general meetings. Our ordinary shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Conversion.* Class B Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time, while Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

*Dividends.* The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors or declared by our shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended by our directors). Our post-offering memorandum and articles of association provide that dividends may be declared and paid out of our profits, realized or unrealized, or from any reserve set aside from profits which our board of directors determine is no longer needed. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company. Each Class A Ordinary Share shall be entitled to one vote and each Class B Ordinary Share shall be entitled to 20 votes on all matters subject to the vote at general meetings of our Company. Voting at any meeting of shareholders is by show of hands unless a poll (before or on the declaration of the result of the show of hands) is demanded. A poll may be demanded by the chairperson of such meeting or any one or more shareholders who together hold not less than 10% of the votes attaching to the total shares that are present in in person or by proxy.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the outstanding and issued ordinary shares cast at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our post-offering memorandum and articles of association. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our post-offering memorandum and articles of association provide that we may (but are not obliged to) in each year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.

Shareholders' general meetings may be convened by a majority of our board of directors. Advance notice of at least 10 calendar days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of at least one or more shareholder present or by proxy, representing not less than one-third of all votes attaching to the issued and outstanding shares in our Company entitled to vote at the general meeting.

The 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 post-offering memorandum and articles of association provide that upon the requisition of any one or more of our shareholders who together hold shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. Shareholders seeking to bring business before an annual general meeting or to nominate candidates for election as directors at the annual general meeting must deliver notice to the registered office not later than the close of business on the 90<sup>th</sup> day or earlier than the close of business on the 120<sup>th</sup> day prior to the scheduled date of the annual general meeting. Other than the rights mentioned above, our post-offering memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Ordinary Shares.* Subject to the restrictions set out in our post-offering memorandum and articles of association as set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of ordinary shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four;

● the ordinary shares transferred are free of any lien in favor of us; and

● a fee of such maximum sum as the [NYSE American] may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required of [NYSE American], be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

*Liquidation*. On the winding up of our Company, if the assets available for distribution amongst our shareholders 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 our shareholders 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 our Company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by our shareholders in proportion to the par value of the shares held by them.

*Calls on Shares and Forfeiture of Shares*. Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares*. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our Company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares issued and outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares*. If at any time, our share capital is divided into different classes of shares, the rights attached to any class may be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction of a resolution passed by not less than two-thirds (2/3) of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, be deemed to be materially adversely varied by the creation, allotment or issue of further shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any shares of any class by the Company. The rights of the holders of shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

*Issuance of Additional Shares*. Our post-offering memorandum and articles of association authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent out of available authorized but unissued ordinary shares.

Our post-offering memorandum and articles of association also authorize our board of directors to establish from time to time one or more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including (but not limited to):

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights, voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preferred shares without action by our shareholders to the extent out of authorized but unissued preferred shares. Issuance of these shares may dilute the voting power of holders of ordinary shares.

*Inspection of Books and Records*. Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information."

*Anti-Takeover Provisions*. Some provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable, including provisions that:

● authorize our board of directors to issue preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our post-offering memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Exempted Company*. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as a limited duration company; and

● may register as a segregated portfolio company.

***Differences in Corporate Law***

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements*. The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (i) "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 (ii) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided that the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

*Shareholders' Suits*. In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires (and is therefore incapable of ratification by the shareholder);

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained;

● an act purports to abridge or abolish the individual rights of a shareholder; and

● those who control the company are perpetrating a "fraud on the minority."

In the case of a company (not being a bank) having its share capital divided into shares, the Grand Court of the Cayman Islands may, on the application of members holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such manner as the Grand Court of the Cayman Islands shall direct.

*Indemnification of Directors and Executive Officers and Limitation of Liability*. Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of 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 post-offering memorandum and articles of association provide that that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including, without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our post-offering memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties*. Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law and our post-offering memorandum and articles of association provide that our shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

*Shareholder Proposals*. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders; provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The 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 post-offering memorandum and articles of association allow any one or more of our shareholders holding shares which carry in aggregate not less than one-third of the total number of votes attaching to all issued and the outstanding shares of our Company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Shareholders seeking to bring business before an annual general meeting or to nominate candidates for election as directors at the annual general meeting must deliver notice to the registered office not later than the close of business on the 90<sup>th</sup> day or earlier than the close of business on the 120<sup>th</sup> day prior to the scheduled date of the annual general meeting. Other than the rights mentioned above, our post-offering memorandum and articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As a Cayman Islands exempted company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting*. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our post-offering memorandum and articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the issued and outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering memorandum and articles of association, directors may be removed with or without cause, by an ordinary resolution of our shareholders. A director will also cease to be a director if he (i) resigns; (ii) dies; (iii) is declared to be of unsound mind and the board of directors resolves that his office be vacated; (iv) (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally; (v) makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns by notice in writing to our Company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being or ceases to be a director by operation of law; (vi) without special leave, is absent from meetings for three consecutive meetings, and the board of directors resolves that his office is vacated; (vii) has been required by the Designated Stock Exchange (as defined in the amended and restated memorandum and articles of association); or (vii) is removed from office by the requisite majority of the directors or otherwise pursuant to our amended and restated memorandum and articles of association then in effect.

*Transactions with Interested Shareholders*. The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up*. Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by either an order of the courts of the Cayman Islands or by the board of directors.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares*. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering memorandum and articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be materially adversely varied by the creation, allotment or issue of further shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any shares of any class by our Company. The rights of the holders of shares shall not be deemed to be materially adversely varied by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

*Amendment of Governing Documents*. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under the Companies Act and our post-offering memorandum and articles of association, our memorandum and articles of association may only be amended by a special resolution of our shareholders.

*Rights of Non-resident or Foreign Shareholders*. There are no limitations imposed by our post-offering memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our post-offering memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

**History of Securities Issuances**

The following is a summary of our securities issuances in the past three years.

***Ordinary Shares***

Upon incorporation of the Company on July 29, 2024, we issued 1 ordinary share of par value of US$0.0002 to Harneys Fiduciary (Cayman) Limited and Harneys Fiduciary (Cayman) Limited transferred this share to Mr. Ronald Vong on the same day.

On December 11, 2024, we redesignated the 1 issued ordinary share of par value US$0.0002 held by Mr. Ronald Vong to 1 Class B Ordinary Share.

On July 11, 2025, Mr. Ronald Vong transferred his 1 Class B Ordinary Share to Mr. Lim Heng Hai.

The Reorganization was completed pursuant to a restructuring agreement entered into on July 24, 2025 (the "Restructuring Agreement"), the shareholders of TechCreate Solution Private Limited, being a company incorporated in Singapore on March 16, 2015 as a private company limited by shares, whereby namely (i) Ronald Vong, (ii) Lim Heng Hai (iii) Chai Chang Ruey Fen, (iv) Vong Tze Poh, (v) Neo Meng Chu, (vi) Teo Mui Lan, (vii) ICHAM Master Fund VCC, (viii) Lim Chong Guan, and (ix) iCapital Holdings (SG) Pte. Ltd. ((i)-(ix), being the "TSPL Shareholders") transferred their respective ordinary shares in the share capital of TechCreate Solution Private Limited, representing in aggregate 100% of the issued share capital of TechCreate Solution Private Limited, to TechCreate Group Inc. Under the Restructuring Agreement, the consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 8,530 Class A ordinary shares with par value of US$0.0002 each and 1,469 Class B ordinary shares with par value of US$0.0002 each in TechCreate Group Inc. to the TSPL Shareholders. On July 25, 2025, the Reorganization was completed as each of the TSPL Shareholders transferred their respective shares in TechCreate Group Inc. representing in aggregate 100% of the issued shares of TechCreate Group Inc., to TechCreate Group Ltd. The consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 14,927,250 Class A Ordinary Shares with par value of US$0.0002 each and 2,572,749 Class B Ordinary Shares with par value of US$0.0002 each in TechCreate Group Ltd. to the TSPL Shareholders. Thus, upon completion of the Reorganization, TechCreate Solution Private Limited became a subsidiary of TechCreate Group Inc., which in turn, became a wholly-owned subsidiary of the Company.

**[Registration Rights**

Pursuant to our shareholders agreement dated [ ], we have granted certain registration rights to our shareholders. Set forth below is a description of the registration rights granted under the shareholders agreement.

*Demand Registration Rights*. At any time after the earlier of (i) [ ] or (ii) six months following the closing of a qualified initial public offering, holders of at least [ ]% of the voting power of the then outstanding registrable securities held by all such holders may request in writing that we effect a registration of at least [ ]%, or any less percentage if the anticipated gross proceeds would exceed US$[ ], of the registrable securities. Upon such a request, we shall promptly give notice of such requested registration to the other shareholders and thereupon shall use reasonable best efforts to effect, as soon as practicable, the registration under the Securities Act of all registrable securities that the holders request to be registered and included in such registration by written notice given by such holders to us within twenty days after receipt of our notice of the demand registration. However, we are not obliged to effect any such registration if we have, within the six month period preceding the date of such request, already effected a registration under the Securities Act in which the Holders had an opportunity to participate. We are obligated to effect no more than two demand registrations that have been declared effective. Further, if the registrable securities are offered by means of an underwritten offering and the underwriter advises us that marketing factors require a limitation of the number of securities to be underwritten, the number of registrable securities that may be included in the underwriting shall be reduced as required by the underwriter and allocated among the holders of registrable securities on a *pro rata* basis according to the number of registrable securities then outstanding held by each holder requesting registration; provided that at least [ ]%, or any lesser percentage if the anticipated gross proceeds would exceed US$[ ], of registrable securities requested to be registered shall be so included, but only after first excluding all other securities from the registration and underwritten offering.

*Piggyback Registration Rights*. If we propose to file a registration statement for a public offering of our securities, we shall offer shareholders an opportunity to include in the registration all or any part of the registrable securities held by such holders. If the underwriter of any underwritten offering determine that marketing factors require a limitation of the number of shares to be underwritten, and the number of shares that may be included in the registration and the underwriting shall be allocated (i) first, to us, (ii) second, to each holder requesting inclusion of its registrable securities in such registration statement on a pro rata basis based on the total number of registrable securities then held by each such holder; provided that at least [ ]% of the registrable securities requested by the holders to be included in the underwriting and registration shall be so included and all shares that are not registrable securities shall first be excluded from such registration and underwriting before any registrable securities are so excluded.

*Form F-3 Registration Rights*. Our shareholders may request us in writing to file an unlimited number of registration statements on Form F-3 if we qualify for registration on Form F-3. We have a right to defer filing of a registration statement for the period during which such filing would be materially detrimental to us or our members on the condition that we furnish to the holders requesting registration a certificate signed by our chief executive officer stating that in the good faith judgment of our board of directors, it would be materially detrimental to us and our shareholders for such registration statement to be filed in the near future. However, we cannot exercise the deferral right more than once during any 12-month period for a period of not more than 60 days and cannot register any other securities during such 60 day period. We are obligated to effect no more than two demand registrations that have been declared effective within any 12-month period.

*Expenses of Registration*. We will bear all registration expenses, other than underwriting discounts and selling commissions applicable to sale of registrable securities. However, expenses in excess of US$[ ] of any special audit required in connection with a demand registration shall be borne *pro rata* by the holders participating in such registration.

*Termination of Obligations*. We have no obligation to effect any demand, piggyback or Form F-3 registration upon the earlier of (i) the [ ] anniversary from the date of closing of a Qualified IPO as defined in the shareholders agreement, and (ii) with respect to any holder, the date on which such holder may sell without registration, all of such holder' registrable securities Rule 144 of the Securities Act in any 90-day period.]

**Shares Eligible For Future Sale**

Before this offering, there was no established public market for our Class A Ordinary Shares, and while we have applied for approval to have our Class A Ordinary Shares listed on the [NYSE American], we cannot assure you that a liquid trading market for the Class A Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of our Class A Ordinary Shares in the public markets after this offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Class A Ordinary Shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Class A Ordinary Shares, including Class A Ordinary Shares issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Class A Ordinary Shares and our ability to raise equity capital in the future.

Upon the closing of this offering, we will have [17,477,250] outstanding Class A Ordinary Shares, assuming no exercise of the underwriter's over-allotment option. Of that amount, [2,550,000] Class A Ordinary Shares will be publicly held by investors participating in this offering, and [14,927,250] Class A Ordinary Shares will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Class A Ordinary Shares sold in this offering will be freely transferable by persons other than our affiliates in the United States without restriction or further registration under the Securities Act. Class A Ordinary Shares purchased by one of our affiliates may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

The Class A Ordinary Shares held by existing shareholders are, and any Class A Ordinary Shares issuable upon exercise of options outstanding following the completion of this offering will be, restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

In general, persons who have beneficially owned restricted Class A Ordinary Shares for at least six (6) months, and any affiliate of the company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

*Non-Affiliates*

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three (3) months preceding, may sell an unlimited number of restricted securities under Rule 144 if:

● the restricted securities have been held for at least six (6) months, including the holding period of any prior owner other than one of our affiliates;

● we have been subject to the Exchange Act periodic reporting requirements for at least ninety (90) days before the sale; and

● we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three (3) months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

*Affiliates*

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three (3) months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three (3) month period only that number of securities that does not exceed the greater of either of the following:

● 1% of the number of Class A Ordinary Shares then outstanding, which will equal approximately [1,747,000] Class A Ordinary Shares immediately after the closing of this offering, assuming the underwriter does not exercise its over-allotment option; or

● the average weekly trading volume of our Class A Ordinary Shares on the [NYSE American] during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Additionally, persons who are our affiliates at the time of, or any time during the three (3) months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six (6) month holding period of Rule 144, which does not apply to sales of unrestricted securities. 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.

**Rule 701**

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until ninety (90) days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**Regulation S**

Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director of may resell their restricted shares in an "offshore transaction" under Regulation S if:

● none of the shareholder, its affiliate nor any person acting on their behalf engages in directed selling efforts in the United States, and

● in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

Additional restrictions are applicable to a holder of our restricted shares who will be our affiliate other than by virtue of his or her status as our officer or director.

**Lock-up Agreements** 

Our directors, officers and holders of more than five percent (5%) of our outstanding Class A Ordinary Shares as of the effective date of the Registration Statement will enter into customary "lock-up" agreements in favor of the underwriter for a period of six (6) months from the date of the Offering, and we will agree, for a period of three (3) months from the closing of the Offering, that we will not (A) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (B) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company. The restrictions described will be automatically extended under certain circumstances.

Other than this Offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our Class A Ordinary Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Class A Ordinary Shares may dispose of significant numbers of our Class A Ordinary Shares in the future. We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Ordinary Shares.

**Taxation**

The following summary of the material Cayman Islands, Singapore and U.S. federal income tax consequences of an investment in the Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Class A Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, Singapore and the United States. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Harney Westwood & Riegels Singapore LLP, our Cayman Islands counsel.

**Cayman Islands Taxation**

Pursuant to Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands, our Company has obtained an undertaking from the Financial Secretary: (a) that no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to our Company or its operations; and (b) that the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable on or in respect of the shares, debentures or other obligations of our Company or by way of withholding in whole or in part of any relevant payment as defined in section 6(3) of the Tax Concessions Act (Revised) of the Cayman Islands. The undertaking for our Company is for a period of 20 years from January 20, 2025.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in the Cayman Islands in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of our Class A Ordinary Shares except those which hold interests in land in the Cayman Islands and so long as the instrument of transfer is not executed in, brought to, or produced before a court of the Cayman Islands.

**Singapore Tax Considerations**

**Dividends or Other Distributions with Respect to Ordinary Shares**

All Singapore-tax resident companies are currently under the one-tier corporate tax system, or one-tier system.

Under the one-tier system, the income tax paid by a tax resident company is a final tax and its distributable profits can be distributed to shareholders as tax exempt (one-tier) dividends. Such dividends are tax exempt in the hands of a shareholder, regardless of the tax residence status, shareholding level or legal form of the shareholder.

Accordingly, dividends received in respect of the ordinary shares by either a resident or non-resident of Singapore are not subject to Singapore income tax (whether by withholding or otherwise), on the basis that we are a tax resident of Singapore and under the one-tier system.

Foreign shareholders are advised to consult their own tax advisers to take into account the tax laws of their respective countries of residence and the existence of any agreement for the avoidance of double taxation which their country of residence may have with Singapore.

**Capital Gains upon Disposition of Ordinary Shares**

Singapore does not currently impose tax on capital gains. Gains arising from the disposal of the shares may be construed to be of an income nature and subject to Singapore income tax, especially if they arise from activities which may be regarded as the carrying on of a trade or business in Singapore. Such gains may also be considered income in nature, even if they do not arise from an activity in the ordinary course of trade or business or an ordinary incident of some other business activity, if the shares were purchased with the intention or purpose of making a profit by sale rather than holding for long-term investment purposes in Singapore. Conversely, gains from disposition of the shares in Singapore, if considered as capital gains rather than income by the Inland Revenue Authority of Singapore ("IRAS"), are not taxable in Singapore.

There are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. The characterization of gains arising from the sale of our shares will depend primarily on the facts and circumstances (commonly referred to as the "badges of trade") of each shareholder.

Subject to specified exceptions, Section 13W of the Singapore Income Tax Act 1947, or "SITA," provides for certainty on the non-taxability of gains derived by a corporate taxpayer from the disposal of ordinary shares during the period from June 1, 2012 to December 31, 2027 (both dates inclusive) where:

● the divesting company had legally and beneficially held a minimum shareholding of 20% of the ordinary shares of the company whose shares are being disposed; and

● the divesting company had maintained the minimum 20% shareholding for a continuous period of at least 24 months immediately prior to the disposal.

The above-mentioned "safe harbour rules" prescribed under Section 13W of SITA will not apply to a divesting company under certain scenarios. These include, but are not limited to, the divesting company that is in the business of trading or holding Singapore immovable properties (excluding property development), where the shares are not listed on a stock exchange in Singapore or elsewhere, the divesting company whose gains or profits from the disposal of ordinary shares are included as part of its income based on the provisions of section 26 of the SITA, disposal of shares by a partnership, limited partnership or limited liability partnership where one or more of the partners is a company or are companies, etc.

Shareholders who apply, or who are required to apply, the Singapore Financial Reporting Standard 39 –Financial Instruments: Recognition and Measurement, or FRS 39; the Singapore Financial Reporting Standard 109 – Financial Instruments, or FRS 109; or the Singapore Financial Reporting Standard (International) 9 – Financial Instruments, or SFRS(I) 9, may for the purposes of Singapore income tax be required to recognize gains or losses in respect of financial instruments (not being gains or losses in the nature of capital) in accordance with FRS 39, FRS 109 or SFRS(I) 9 (as the case may be) (as modified by the applicable provisions of Singapore income tax law) even where no sale or disposal of the shares is made.

Section 34A of the SITA provides of the tax treatment for financial instruments in accordance with FRS 39 (subject to certain exceptions and "opt-out" provisions) for taxpayers who are required to comply with FRS 39 for financial reporting purposes. The IRAS has also issued a circular entitled "Income Tax Implications Arising from the Adoption of FRS 39 — Financial Instruments: Recognition and Measurement." FRS 109 or SFRS(I) 9 (as the case may be) is mandatorily effective for annual periods beginning on or after January 1, 2018, replacing FRS 39. Section 34AA of the SITA requires taxpayers who comply or who are required to comply with FRS 109 or SFRS(I) 9 (as the case may be) for financial reporting purposes to calculate their profit, loss or expense for Singapore income tax purposes in respect of financial instruments in accordance with FRS 109 or SFRS(I) 9 (as the case maybe), subject to certain exceptions. The IRAS has also issued a circular entitled "Income Tax: Income Tax Treatment Arising from Adoption of FRS 109 — Financial Instruments."

Shareholders who may be subject to the above-mentioned tax treatments, including under Sections 34A or 34AA of the SITA, should consult their accounting and tax advisers regarding the Singapore income tax consequences of their acquisition, holding and disposal of the shares.

**Corporate Income Tax**

A Singapore tax resident corporate taxpayer is subject to Singapore income tax on:

● income accrued in or derived from Singapore; and

● foreign sourced income received or deemed received in Singapore, unless otherwise exempted.

Foreign income in the form of branch profits, dividends and service fee income, or specified foreign income, received or deemed received in Singapore by a Singapore tax resident corporate taxpayer on or after June 1, 2003 are exempted from Singapore tax subject to meeting the qualifying conditions.

Foreign-sourced income is deemed to be received in Singapore when it is:

(a) remitted to, transmitted or brought into Singapore;

(b) used to pay off any debt incurred in respect of a trade or business carried on in Singapore; or

(c) used to purchase any movable property brought into Singapore.

Foreign income in the form of branch profits, dividends and service fee income ("specified foreign income") received or deemed received in Singapore by a Singapore tax resident corporate taxpayer are exempted from Singapore tax provided that the following qualifying conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 income is subject to tax of a similar character to income tax (by whatever name called) under
 the law of the territory from which such income is received;

&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 the time such income is received in Singapore by the person resident in Singapore, the highest
 rate of tax of a similar character to income tax (by whatever name called) levied under the
 law of the territory from which such income is received on any gains or profits from any
 trade or business carried on by any company in that territory at that time is at least 15.0%;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Comptroller of Income Tax ("the Comptroller") is satisfied that the tax exemption
 would be beneficial to the person resident in Singapore who is receiving or deemed to be
 receiving the specified foreign income.

A non-Singapore tax resident corporate taxpayer, subject to certain exceptions, is subject to Singapore income tax on income accrued in or derived from Singapore, and on foreign income received or deemed received in Singapore.

A company is regarded as tax resident in Singapore if the control and management of the company's business is exercised in Singapore. Control and management is defined as the making of decisions on strategic matters, such as those concerning the company's policy and strategy. Generally, the location of the company's board of directors meetings where strategic decisions are made determines where the control and management is exercised. However, under certain scenarios, holding board meetings in Singapore may not be sufficient and other factors will be considered to determine if the control and management of the business is indeed exercised in Singapore

The prevailing corporate tax rate in Singapore is 17.0% for both resident and non-resident companies.

With effect from year of assessment 2020, the partial tax exemption scheme will be limited to the first S$200,000 (instead of S$300,000 previously) of the normal chargeable income – 75.0% of the first S$10,000 and 50.0% of the next S$190,000. The remaining chargeable income that exceeds S$200,000 will be fully taxable at the prevailing corporate tax rate.

**Goods and Services Tax**

The sale of the shares by a Goods and Services Tax (GST)-registered investor belonging in Singapore for GST purposes to another person belonging in Singapore is an exempt supply not subject to GST. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in connection with the making of an exempt supply is generally not recoverable from the Singapore Comptroller of GST and will become an additional cost to the investor unless the investor satisfies certain conditions prescribed under the GST legislation or satisfies certain GST concessions.

Where the shares are sold by a GST-registered investor in the course of or furtherance of a business carried on by such investor contractually to and for the direct benefit of a person belonging outside Singapore, and that person is outside Singapore at the time the sale is executed, the sale should generally, subject to satisfaction of certain conditions, be considered a taxable supply subject to GST at 0%. Any input GST (for example, GST on brokerage) incurred by the GST-registered investor in making such a supply in the course of or furtherance of a business may be fully recoverable from the Singapore Comptroller of GST. Investors should seek their own tax advice on the recoverability of GST incurred on expenses in connection with the purchase and sale of the shares.

Services consisting of arranging, brokering, underwriting or advising on the issue, allotment or transfer of ownership of the shares rendered by a GST-registered person to an investor belonging in Singapore for GST purposes in connection with the investor's purchase, sale or holding of the shares will be subject to GST at the standard rate of 9% with effect from January 1, 2024. Similar services rendered by a GST registered person contractually to an investor belonging outside Singapore and for the direct benefit of such an investor or a GST registered person belonging in Singapore should generally, subject to the satisfaction of certain conditions, be subject to GST at 0%, provided that the investor is outside Singapore when the services are performed and the services provided do not directly benefit any Singapore persons.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of the ordinary shares by a U.S. Holder (as defined below) that acquires the Class A Ordinary Shares in this offering and holds the ordinary shares as "capital assets" (generally, property held for investment) under the Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing U.S. federal income tax laws, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal estate, gift, Medicare, and alternative minimum tax considerations, or any state, local and non-U.S. tax considerations, relating to the purchase, ownership or disposition of the Class A Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● banks and other 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);

● holders who acquire their Class A Ordinary Shares pursuant to any employee share option or otherwise as compensation;

● investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction for U.S. federal income tax purposes;

● investors that have a functional currency other than the U.S. dollar;

● persons holding their Class A Ordinary Shares in connection with a trade or business conducted outside the United States;

● persons that actually or constructively own 10% or more of our stock (by vote or value); or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding the Class A Ordinary Shares through such entities,

all of whom may be subject to tax rules that differ significantly from those discussed below.

This discussion is for informational purposes only and is not tax or legal advice.Each U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal income taxation to its particular circumstances, and the U.S. federal estate and gift, state, local, non-U.S. and other tax considerations of the purchase, ownership and disposition of the Class A Ordinary Shares.

**General**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of the 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 the 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 the ordinary shares and their partners are urged to consult their tax advisors regarding an investment in the ordinary shares.

For U.S. federal income tax purposes, a U.S. Holder of ordinary shares will generally be treated as the beneficial owner of the underlying shares represented by the ordinary shares. The remainder of this discussion assumes that a U.S. Holder of the ordinary shares will be treated in this manner. Accordingly, deposits or withdrawals of ordinary shares will generally not be subject to U.S. federal income tax.

**Passive Foreign Investment Company Considerations**

A non-U.S. corporation, such as our Company, will be a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce, or are held for the production of passive income. For this purpose, cash and assets readily convertible into cash are generally categorized as a passive asset and the company's goodwill and other unbooked intangibles are taken into account. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. For purposes of determining whether we are a PFIC, income earned by us in connection with the performance of services would not be treated as passive income. By contrast, royalties income and gain from the disposition of certain intangible property would generally be treated as passive income unless we are treated under specific rules as deriving such income or gain in the active conduct of a trade or business. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the stock.

Based upon our current and projected income and assets, including the expected proceeds from this offering, and projections as to the value of our assets (which are based on the expected market price of the ordinary shares immediately following this offering), we do not expect to be a PFIC for the current taxable year. However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a factual determination made annually that will depend, in part, upon the future composition of our income and assets. Fluctuations in the market price of the ordinary shares may cause us to be or become a PFIC for the current or future taxable years because the value of our assets for purposes of the asset test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of the ordinary shares from time to time (which may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into account our anticipated market capitalization immediately following the close of this offering. Among other matters, if our market capitalization is less than anticipated or subsequently declines, we may be or become a PFIC for the current or future taxable years. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where our active income items are characterized as passive income, our revenue from activities that produce passive income significantly increases relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of being or becoming a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules, and because our PFIC status is an annual factual determination, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year. In addition, there can be no assurance that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would not successfully challenge our position.

If we are a PFIC for any year during which a U.S. Holder holds the ordinary shares, we generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds the ordinary shares.

The discussion below under "— Dividends" and "— Sale or Other Disposition" is written on the basis that we will not be or become a PFIC for U.S. federal income tax purposes. The U.S. federal income tax rules that apply generally if we are treated as a PFIC are discussed below under "— Passive Foreign Investment Company Rules."

**Dividends**

Any cash distributions paid on the ordinary shares (including the amount of any Singapore tax withheld) out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of ordinary shares. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on the ordinary shares will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from U.S. corporations.

Individuals and other non-corporate U.S. Holders will be subject to tax at the lower capital gain tax rate applicable to "qualified dividend income"; provided that certain conditions are satisfied, including that (1) the ordinary shares on which the dividends are paid are readily tradable on an established securities market in the United States, (2) we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend is paid and the preceding taxable year, and (3) certain holding period and other requirements are met.

For U.S. foreign tax credit purposes, dividends paid on the ordinary shares generally will be treated as income from foreign sources and generally will constitute passive category income. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

**Sale or Other Disposition**

A U.S. Holder will generally recognize gain or loss upon the sale or other disposition of 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 ordinary shares. The gain or loss will generally be capital gain or loss. Any capital gain or loss will be long term if the ordinary shares have been held for more than one year. The deductibility of a capital loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will generally be treated as U.S. source income or loss for foreign tax credit limitation purposes, which may limit the availability of foreign tax credits. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of the ordinary shares, including the availability of the foreign tax credit under its particular circumstances.

**Passive Foreign Investment Company Rules**

If we are a PFIC for any taxable year during which a U.S. Holder holds the ordinary shares, and unless the U.S. Holder makes a "qualified electing fund" ("**QEF**") or a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the ordinary shares), and (ii) any gain realized on the sale or other disposition including, under certain circumstances, a pledge, of ordinary shares. Under the PFIC rules:

● the excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for the ordinary shares;

● the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC (each, a "pre-PFIC year") will be taxable as ordinary income; and

● the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year, increased by an additional tax equal to the interest at the rate applicable to underpayment of tax on the resulting tax deemed deferred with respect to each such taxable year.

If we are a PFIC for any taxable year during which a U.S. Holder holds the ordinary shares, and any of our subsidiaries is also a PFIC (a "lower-tier PFIC"), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

The excess distribution rules may be avoided if a U.S. Holder makes a QEF election effective beginning with the first taxable year in the holder's holding period in which the corporation is a PFIC. A U.S. Holder that makes a QEF election is required to include in income its pro rata share of the PFIC's ordinary earnings and profits and net capital gain as ordinary income and long-term capital gain, respectively, on a current basis, in each case whether or not distributed, in the taxable year of the U.S. Holder in which or with which our Company's taxable year ends. A U.S. Holder generally may make a separate election to defer the payment of taxes on undistributed income inclusions under the QEF rules, which deferral is subject to an interest charge. A U.S. Holder whose QEF election is effective after the first taxable year during the holder's holding period in which the corporation is a PFIC will continue to be subject to the excess distribution rules for years beginning with such first taxable year for which the QEF election is effective, adjusted to take into account the current income inclusions resulting from the QEF election, unless the U.S. Holder makes a purging election under the PFIC rules.

The QEF election is made on a shareholder-by-shareholder basis. In general, a U.S. Holder makes a QEF election by attaching a completed IRS Form 8621 to a timely filed (taking into account any extensions) U.S. federal income tax return for the year beginning with which the QEF election is to be effective. In certain circumstances, a U.S. Holder may be able to make a retroactive QEF election. A QEF election can be revoked only with the consent of the IRS. In order for a U.S. holder to make a valid QEF election, the PFIC corporation must annually provide or make available to the holder certain information. Our Company does not intend to provide to U.S. Holders the information required to make a valid QEF election and our Company currently makes no undertaking to provide such information. Accordingly, it is currently anticipated that a U.S. Holder will not be able to avoid the special tax rules described above by making the QEF election.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election with respect to such stock. If a U.S. Holder makes this election with respect to the ordinary shares, the holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ordinary shares held at the end of the taxable year over the adjusted tax basis of such ordinary shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ordinary shares over the fair market value of such ordinary shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the ordinary shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of the ordinary shares and we cease to be a PFIC, the holder will not be required to take into account the gain or loss described above during any period that we are not a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of the ordinary shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

A mark-to-market election is available only if the shares are considered "marketable stock" for these purposes. shares will be marketable if they are regularly traded on a national securities exchange that is registered with the Securities and Exchange Commission or on a non-U.S. exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. For these purposes, shares will be considered regularly traded during any calendar year during which they are traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. Any trades that have as their principal purpose meeting this requirement will be disregarded. Each U.S. holder should ask its own tax advisor whether a mark-to-market election is available or desirable.

Because a mark-to-market election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

If a U.S. Holder owns the ordinary shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form 8621. You should consult your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of the ordinary shares if we are or become a PFIC.

U.S. Holders are urged to consult their tax advisors as to our Company's status as a PFIC, and, if our Company is treated as a PFIC, as to the effect on them of, and the reporting requirements with respect to, the PFIC rules and the desirability of making, and the availability of, either a QEF election, purging election or a mark-to-market election with respect to our class A Ordinary Shares. Our Company provides no advice on taxation matters.

***Information with Respect to Foreign Financial Assets***

Certain U.S. Holders may be subject to certain reporting obligations with respect to the class A Ordinary Shares if the aggregate value of these and certain other "specified foreign financial assets" exceeds $50,000 (and in some circumstances, a higher threshold). If required, this disclosure is made by filing Form 8938 with the IRS. Significant penalties can apply if U.S. Holders are required to make this disclosure and fail to do so. In addition, a U.S. Holder should consider the possible obligation for online filing of a FinCEN Report 114—Foreign Bank and Financial Accounts Report as a result of holding the class A Ordinary Shares. U.S. Holders are thus encouraged to consult their U.S. tax advisors with respect to these and other reporting requirements that may apply to their acquisition, ownership and disposition of the class A Ordinary Shares.

***Information Reporting and Backup Withholding***

In general, information reporting requirements will apply to distributions made on our class A Ordinary Shares within the U.S. to a non-corporate U.S. Holder and to the proceeds from the sale, exchange, redemption or other disposition of class A Ordinary Shares by a non-corporate U.S. Holder to or through a U.S. office of a broker. Payments made (and sales or other dispositions effected at an office) outside the U.S. will be subject to information reporting in limited circumstances.

In addition, backup withholding of U.S. federal income tax may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification number (or otherwise establishes, in the manner provided by law, an exemption from backup withholding) or to report dividends required to be shown on the U.S. Holder's U.S. federal income tax returns.

Backup withholding is not an additional income tax, and the amount of any backup withholding from a payment to a U.S. Holder will be allowed as credit against the U.S. Holder's U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the appropriate returns are filed.

You should consult your own tax advisor as to the qualifications for exemption from backup withholding and the procedures for obtaining the exemption.

**Underwriting**

In connection with this offering, we will enter into an underwriting agreement with Revere Securities LLC., as representative of the underwriters named herein, or the representative (collectively referred to as "Underwriters"), in this offering. The representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this offering. Subject to the terms and conditions of the underwriting agreement, each of the Underwriters has severally and not jointly agreed to purchase, on a firm commitment basis, and we have agreed to sell to each of the Underwriters, the number of Class A Ordinary Shares listed next to their names in the following table, at the initial public offering price less the underwriting discounts set forth on the cover page of this prospectus.

---

| | |
|:---|:---|
| **Underwriter** | **Number of Class A Ordinary Shares** |
| Revere Securities LLC. | [ ] |
| Total | [ ] |

---

The Underwriters are committed to purchase all the Class A Ordinary Shares offered by this prospectus if it purchases any Class A Ordinary Shares. The Underwriters are not obligated to purchase Class A Ordinary Shares covered by the Underwriters' over-allotment option to purchase Ordinary Shares as described below. The Underwriters are offering the Class A Ordinary Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the Underwriters of officer's certificates and legal opinions. The Underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Pricing of this Offering**

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The initial 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 representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our Class A Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book value or other established criteria of value of our Company.

**Over-Allotment Option**

We have granted to the Underwriters an over-allotment option, exercisable for not later than 45 days after the closing of this offering, to purchase up to an aggregate of [382,500] additional Class A Ordinary Shares (equal to 15% of the total number of Class A Ordinary Shares offered by us) at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The representative may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus.

**Discounts and Expenses**

The underwriting discounts for the shares and the over-allotment shares are equal to 7.5% of the initial public offering price.

The following table shows the price per share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Class A Ordinary Share** | **Total Without Over-Allotment Option** | **Total Assuming Full Exercise of Over-Allotment Option<sup>(3)</sup>** |
| Initial public offering price | $[ ] | $[ ] | $[ ] |
| Underwriting fees and commissions (7.5%)<sup>(1)</sup> | $[ ] | $[ ] | $[ ] |
| Proceeds, before expenses, to us<sup>(2)</sup> | $[ ] | $[ ] | $[ ] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We have agreed to pay the underwriter a fee equal to 7.5% of the gross proceeds of the offering, at the closing of this offering, and each closing of the over-allotment option, if any. This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering payable to the underwriter as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The total estimated fees and expenses related to this offering are set forth in this section below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes the sale of [382,500] additional Class A Ordinary Shares (equal to 15% of the total number of Class A Ordinary Shares offered by us), assuming the full exercise of the over-allotment option by the underwriter. For more information, see the section entitled "Underwriting—Over-allotment Option" in this prospectus.

We will also pay to the Underwriters by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to 1.0% of the gross proceeds received by us from the sale of the shares, including any shares issued pursuant to the exercise of the representative's over-allotment option.

We have also agreed to reimburse the representative, promptly when invoiced, up to a maximum of $220,000 for all of its reasonable, out-of-pocket accountable expenses (including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background checks on the Company's principals) in connection with the performance of its services in connection with this offering, regardless of whether this offering closes, provided that any expenses over $5,000 shall require prior written or email approval of us. Upon the termination of the engagement of the representative or the closing of this offering, whichever is earlier, we agree to pay promptly in cash any unreimbursed expenses that have been accrued as of such date. Whether or not this offering is successfully completed, the Company shall be responsible for reasonable, necessary and accountable out-of-pocket expenses relating to this offering including but not limited to:(a) the costs of preparing, printing and filing the registration statement with the SEC, including amendments and supplements, and post-effective amendments, as well as filing with FINRA, and payment of all necessary fees in connection with and the printing of a sufficient quantity of preliminary and final prospectuses as the representative and underwriters may reasonably request; (b) the costs of preparing, printing and delivering exhibits thereto in such quantities as the representative and underwriters may reasonably request; (c) all fees, expenses and disbursements related to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the representatives and underwriters and pre-approved by us; (d) the fees of counsel(s) and accountants for the Company, including fees associated with any blue sky filing where applicable; (e) fees associated with the Company's transfer agent; (f) fees, if necessary, associated with translation services; (g) expenses related to road shows; and (h) the costs of any pre-approved due diligence work in legal, finance and business.

We have agreed to pay advisory fees to the representative in connection with the offering in the amount of $85,000. As of the date of this prospectus, $45,000 has been paid to the representative, and the remaining $40,000 will be paid within three business days upon listing of the Company.

We will bear all of our fees, disbursements and expenses in connection with this 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 $[1,500,000].

**Representative's Warrants**

We have agreed to issue to the Underwriters and to register herein representative's warrants to purchase up to [146,625] Class A Ordinary Shares (which is equal to five percent (5%) of the total number of Class A Ordinary Shares sold in this offering, including all Class A Ordinary Shares sold pursuant to the full exercise of the over-allotment option) and to also register herein such Class A Ordinary Shares underlying the representative's warrants. In accordance with FINRA Rule 5110(e)(1), and except as otherwise permitted by FINRA rules, neither the representative's warrants nor any of our Class A Ordinary Shares issued upon exercise of the representative's warrants shall not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of the commencement of sales of the offering (in accordance with FINRA Rule 5110), except that they may be transferred to any member participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction for the remainder of the time period. The representative's warrants shall be exercisable commencing six months from the date of the offering and at any time, in whole or in part for a term of three (3) years, at a per share price of 120% of the offering price of the Class A Ordinary Shares offered hereby. The representative's warrants contain cashless exercise provisions and are non-callable and non-cancellable with immediate demand and/or piggy-back registration rights to the satisfaction of the Underwriters at our expense, so that they are registered in this offering. The representative's warrants and the underlying Class A Ordinary Shares will be deemed compensation by FINRA, and therefore will be subject to FINRA Rule 5110(e)(1). The representative's warrants and the underlying Class A Ordinary Shares are being registered by the registration statement of which this prospectus forms a part. We agreed to maintain an effective registration statement on Form F-1 (or Form F-3, if we are eligible to use such form) until such date that is the earlier of the date when all of the Class A Ordinary Shares underlying the Representative's Warrants have been publicly sold by holder of such warrants or such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Class A Ordinary Shares underlying the representative's warrants without registration.

We will bear all fees and expenses attendant to registering the Class A Ordinary Shares underlying the Representative's Warrants, other than any underwriting commissions incurred and payable by the warrant holders. The exercise price and number of Class A Ordinary Shares issuable upon exercise of the Representative's Warrants may be adjusted in certain circumstances, including in the event of a share dividend, share split or other similar recapitalization events.

**Lock-up Agreements** 

The Company's directors, officers and holders of more than five percent (5%) of the Company's outstanding Class A Ordinary Shares as of the effective date of the Registration Statement will enter into customary "lock-up" agreements in favor of the Underwriters 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 share capital of the Company or any securities convertible into or exercisable or exchangeable for shares of share capital of the Company; or (B) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company. The restrictions described will be automatically extended under certain circumstances.

**Right of First Refusal**

We have agreed to grant to the representative, provided that this offering is completed, for a period of 12 months from the closing of the offering, the right, on an exclusive basis, to provide investment banking services in the matters below for which investment banking services are sought (such right, the "Right of First Refusal"), which right is exercisable in the representative's sole discretion. For these purposes, investment banking services shall include, (a) acting as lead or joint-lead manager for any underwritten public offering; (b) acting as lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities of the Company; and (c) acting as financial advisor in connection with any sale or other transfer by us, directly or indirectly, of a majority or controlling portion of our share capital or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of our share capital or assets, and any merger or consolidation of our Company with another entity. The Right of First Refusal granted hereunder may be terminated by the Company for "cause," which shall mean a material breach by the Underwriters of the terms of its engagement letter with the Company or a material failure by the Underwriters to provide the services as contemplated by such engagement letter.

**No Sales of Similar Securities**

We have agreed not to (A) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of our share capital or any securities convertible into or exercisable or exchangeable for shares of our share capital; or (B) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of our share capital or any securities convertible into or exercisable or exchangeable for shares of our share capital, for a period of three (3) months from the effective date of registration statement of which this prospectus forms a part.

**Indemnification**

We have agreed to indemnify the underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and to contribute to payments that the underwriters may be required to make for these liabilities.

**Electronic Offer, Sale and Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the Underwriters may distribute the prospectus electronically, such as by way of email. The Underwriters may agree to allocate a number of Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Underwriters, and should not be relied upon by investors.

**Passive Market Making**

Any underwriter who is a qualified market maker on [NYSE American] may engage in passive market making transactions on [NYSE American], in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Potential Conflicts of Interest**

The Underwriters and its affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of its business for which it may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the Underwriters and its 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 its own accounts and for the accounts of its customers and such investment and securities activities may involve securities and/or instruments of our Company. The Underwriters and its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to its clients that they acquire, long and/or short positions in such securities and instruments.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the Securities and Exchange Commission may limit the ability of the Underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the Underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. The Underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the Underwriters for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the Underwriters sells more of our Class A Ordinary Shares than they purchase from us in this offering. In order to cover the resulting short position, the Underwriters may exercise the over-allotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The Underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the Underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of shares covered by the registration statement.

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the Underwriters on behalf of the underwriting syndicate in order to reduce a short position incurred by the Underwriters on behalf of the underwriting syndicate.

● A penalty bid is an arrangement permitting the Underwriters to reclaim the selling concession that would otherwise accrue to an underwriter if the ordinary shares originally sold by such underwriter were later repurchased by the Underwriters and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on [NYSE American] or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**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, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares, where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this Offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

***Abu Dhabi Global Market ("ADGM").*** This prospectus relates to an Exempt Offer as that term is defined in Rule 4.3.1 of the Markets Rulebook of the Financial Services Regulatory Authority ("FSRA"). This prospectus is intended for distribution only to persons of a type specified in 4.3.1 of the FSRA Markets Rulebook. It must not be delivered to, or relied on by, any other person. The FSRA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The FSRA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for this prospectus. The Class A Ordinary Shares to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Class A Ordinary Shares offered should conduct their own due diligence on the Ordinary Shares. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

***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 — Belgium, Germany, Luxembourg and Netherlands.*** 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.

***France.*** This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code Monétaire et Financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité des Marchés Financiers ("AMF"). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.

This document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.

Such offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D. 744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation; and/or (ii) a restricted number of non-qualified investors (cercle restreint d'investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2 and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation.

Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.

***Ireland.*** The information in this document does not constitute a prospectus under any Irish laws or regulations, and this document has not been filed with or approved by any Irish regulatory authority, as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the "Prospectus Regulations"). The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering, except to (i) qualified investors as defined in Regulation 2(l) of the Prospectus Regulations; and (ii) fewer than 100 natural or legal persons who are not qualified investors.

***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.

***Israel.*** The securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the ISA), nor have such securities been registered for sale in Israel. The shares may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with the offering or publishing of the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.

***Italy.*** The offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le Societ - $$- Aga e la Borsa, "CONSOB") pursuant to Italian securities legislation, and, accordingly, no offering material relating to the securities may be distributed in Italy, and such securities may not be offered or sold in Italy in a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 ("Decree No. 58"), other than:

● to Italian qualified investors, as defined in Article 100 of Decree no. 58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of 14 May 1999 ("Regulation no. 1197l") as amended ("Qualified Investors"); and

● in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.

Any offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:

● made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No. 385 of 1 September 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable laws; and

● in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.

Any subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree No. 58 and Regulation No. 11971, as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring the securities for any damages suffered by the investors.

***Japan.*** The 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.

***Kazakhstan.*** This prospectus does not constitute an offer, or an invitation to make offers, to sell, purchase, exchange or otherwise transfer shares in Kazakhstan to or for the benefit of any Kazakhstan person or entity, except for those persons or entities that are capable to do so under the legislation of the Republic of Kazakhstan and any other laws applicable to such capacity of such persons or entities. This prospectus shall not be construed as an advertisement (i.e., information intended for an unlimited group of persons which is distributed and placed in any form and aimed to create or maintain interest in the Company and its merchandise, trademarks, works, services and/or its securities and promote their sales) in, and for the purpose of the laws of, Kazakhstan, unless such advertisement is in full compliance with Kazakhstan laws.

***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.

***Portugal.*** This document is not being distributed in the context of a public offer of financial securities (oferta pública de valores mobiliários) in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Código dos Valores Mobiliários). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this document, and they may not distribute it or the information contained in it to any other person.

***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.

***Russian Federation.*** This prospectus or information contained therein is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in the Russian Federation to or for the benefit of any Russian person or entity, and does not constitute an advertisement or offering of any securities in the Russian Federation within the meaning of Russian securities laws. Information contained in this prospectus is not intended for any persons in the Russian Federation who are not "qualified investors" within the meaning of Article 51.2 of the Federal Law no. 39-FZ dated 22 April 1996 "On the securities market" (as amended) ("Russian QIs") and must not be distributed or circulated into the Russian Federation or made available in the Russian Federation to any persons who are not Russian QIs, unless and to the extent they are otherwise permitted to access such information under Russian law.

***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 or any other offering material relating to the Class A Ordinary Shares has not been registered as a prospectus with the Monetary Authority of Singapore under the Securities and Futures Act 2001 of Singapore (the "**SFA**"). Accordingly, (a) the Class A Ordinary Shares have not been, and will not be, offered or sold or made the subject of an invitation for subscription or purchase of such Class A Ordinary Shares in Singapore, and (b) this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A Ordinary Shares have not been and will not be circulated or distributed, nor may be 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 the public or any member of the public in Singapore other than (i) to an institutional investor under Section 274 of the SFA, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), 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.

Where the Class A Ordinary Shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, securities (as defined in Section 2(1) of the SFA) 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 pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 an institutional investor as defined under Section 4A of the SFA or to a relevant person as defined in Section 275(2)
 of the SFA, or to any person pursuant to an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pursuant
 to Section 276(7) of SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based
 Derivatives Contracts) Regulations 2018 of Singapore.

***Sweden.*** This document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are "qualified investors" (as defined in the Financial Instruments Trading Act). Only such investors may receive this document, and they may not distribute it or the information contained in it to any other person.

***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 Outside of the DIFC and the ADGM.*** This prospectus has not been reviewed, approved, or licensed by the Securities and Commodities Authority ("SCA") and does not constitute a public offering of securities in the UAE as that term is defined in SCA Chairman Resolution No. 13/R.M. of 2021 Concerning the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rulebook ("SCA Rulebook"). This prospectus will only be made available on an exempt Private Offering basis pursuant to Article 6, Chapter 5, of Section 3 of the SCA Rulebook to Professional Investors or Counterparties, as each of the terms is defined in the SCA Rulebook, respectively, or on a reverse solicitation basis. Nothing in this prospectus constitutes the provision of any type of financial service engagement in any of the financial activities set out in Article 1, Chapter 2 of the SCA Rulebook.

The SCA accepts no liability in relation to the marketing, issuance and/or sale of the shares and is not making any recommendation with respect to any investment. Nothing contained in this prospectus is intended to constitute UAE investment, legal, tax, accounting or other professional advice. This prospectus is for the information of prospective investors only and nothing in this prospectus is intended to endorse or recommend a particular course of action. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation.

***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.

**Expenses Related To This Offering**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, which are expected to be incurred in connection with the offer and sale of the Class A Ordinary Shares by us. With the exception of the SEC registration fee, the [NYSE American] listing fee and the Financial Industry Regulatory Authority ("FINRA") filing fee, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | US$1,760 |
| NYSE Listing fee | US$50,000 |
| FINRA filing fee | US$[2,831] |
| Printing and engraving expenses | US$7,000 |
| Legal fees and expenses | US$692,700 |
| Accounting fees and expenses | US$363,500 |
| Miscellaneous | US$382,209 |
| **Total** | **US$[1,500,000**] |

---

These expenses will be borne by us, except for underwriting discounts and commissions, which will be borne by us in proportion to the numbers of Class A Ordinary Shares sold in the offering by us.

**Legal Matters**

We are being represented by Sidley Austin LLP with respect to certain legal matters as to United States federal securities law. The Underwriters are being represented by Ortoli Rosenstadt LLP with respect to certain legal matters as to United States federal securities law, and Bird & Bird ATMD LLP with respect to certain legal matters as to Singapore law. The validity of the Class A Ordinary Shares offered in this offering will be passed upon for us by Harney Westwood & Riegels Singapore LLP. Certain legal matters as to Singapore law will be passed upon for us by Shook, Lin & Bok LLP. Sidley Austin may rely upon Harney Westwood & Riegels Singapore LLP with respect to matters governed by Cayman Islands law and Shook, Lin & Bok LLP with respect to matters governed by Singapore law.

**Experts**

The financial statements as of and for the years ended December 31, 2023 and 2024, and the related financial statement schedule included in this prospectus have been audited by Audit Alliance LLP, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements and financial statement schedule are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

The office of Audit Alliance LLP is located at 10 Anson Road, #20-16, International Plaza, Singapore 079903.

**Where You Can Find Additional Information**

We have filed a registration statement, including relevant exhibits and schedules, with the SEC on Form F-1 under the Securities Act with respect to the underlying Class A Ordinary Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules for further information with respect to us and the Class A Ordinary Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the internet at the SEC's website at www.sec.gov or inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of documents, upon payment of a duplicating fee, by writing to the SEC.

**TECHCREATE GROUP LTD**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#ss_005) (PCAOB ID: 3487) | F-2 |
| [Consolidated Balance Sheets as of December 31, 2023 and 2024](#na_002) | F-3 |
| [Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2023 and 2024](#na_003) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2023 and 2024](#na_004) | F-5 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2024](#na_005) | F-6 |
| [Notes to Consolidated Financial Statements](#na_006) | F-7 to F-30 |

---

**Report of Independent Registered Public Accounting Firm**

To: The Board of Directors and Shareholders of <br> TechCreate Group Ltd

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of TechCreate Group Ltd and its subsidiaries (the "Company") as of December 31, 2023 and 2024, and the related consolidated statements of operations and comprehensive losses, changes in stockholders' equity, and cash flows for the year ended December 31, 2023 and 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its cash flows for the years ended December 31, 2023 and 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Audit Alliance LLP

We have served as the Company's auditor since 2023.

Singapore

June 4, 2025 except for Note 1, Note 14,weighted average number of shares used in loss per share computation and Note 22 which is dated July 28, 2025.

PCAOB ID Number 3487

**TECHCREATE GROUP LTD**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| Deferred Cost | 824822 | 576562 | 426956 |
| Contract Assets | 76157 | 145383 | 107659 |
| Accounts and Other Receivable | 119067 | 276734 | 204927 |
| Amount Due from Shareholders | 4900 | 4900 | 3629 |
| Amount Due from Related Party | 56887 | 11772 | 8717 |
| Cash and Cash Equivalents | 997846 | 1205951 | 893032 |
| Deferred Offering Costs | - | 457718 | 338950 |
| **Total Current Assets** | 2079679 | 2679020 | 1983870 |
| **Non-Current Assets** |  |  |  |
| Property, Plant and Equipment, net | 9014 | 7929 | 5872 |
| Right-of-Use Assets – Operating Leases | 49870 | 83288 | 61677 |
| Deferred Cost | 246246 | 57400 | 42506 |
| Other Receivables | 11488 | - | - |
| **Total Non-Current Assets** | 316618 | 148617 | 110055 |
| **TOTAL ASSETS** | 2396297 | 2827637 | 2093925 |
| **Commitments and Contingencies** |  |  |  |
| **LIABILITIES** |  |  |  |
| **Current Liabilities** |  |  |  |
| Contract Liabilities | 1307594 | 981651 | 726934 |
| Account and Other Payables | 110623 | 100653 | 74536 |
| Amount Due to Directors | 6943 | 14907 | 11039 |
| Operating Lease Liability | 26788 | 39815 | 29484 |
| Income Tax Payables | 27408 | 277 | 205 |
| Working Capital Loans | - | 151714 | 112347 |
| **Total Current Liabilities** | 1479356 | 1289017 | 954545 |
| **Non-Current Liabilities:** |  |  |  |
| Operating Lease Liability | 27290 | 47233 | 34977 |
| Contract Liabilities | 238124 | 8247 | 6107 |
| Working Capital Loans | - | 608416 | 450545 |
| **Total Non-Current Liabilities** | 265414 | 663896 | 491629 |
| **TOTAL LIABILITIES** | 1744770 | 1952913 | 1446174 |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Class A Ordinary Shares, US$0.0002 par value, 225,000,000 shares authorized, 14,927,250 shares issued and outstanding as of December 31, 2023 and 2024 respectively.\* |  |  |  |
| Class B Ordinary Shares, US$0.0002 par value, 25,000,000 shares authorized, 2,572,750 share issued and outstanding as of December 31, 2023 and 2024 respectively.\*  |  |  |  |
| Additional Paid-in Capital | 109800 | 1351540 | 1000844 |
| Accumulated Other Comprehensive Loss | (2158) | (7875) | (5832) |
| Retained Earnings/ (Accumulated Losses) | 543885 | (468941) | (347261) |
| **Total Shareholders' Equity** | 651527 | 874724 | 647751 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 2396297 | 2827637 | 2093925 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

The accompanying notes are an integral part of these consolidated financial statements.

**TECHCREATE GROUP LTD**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2024** |
|  | **Reclassification\*\***<br>**S$** |<br>**S$** |<br>**US$** |
| **Revenue** | 2879645 | 3104324 | 2298818 |
| **Cost of revenue** | (1460778) | (2210508) | (1636928) |
| **Gross profit** | 1418867 | 893816 | 661890 |
| Selling and distribution expenses | (704128) | (786428) | (582367) |
| Research and development expenses | (7000) |  |  |
| General and administrative expenses | (754802) | (976411) | (723053) |
| **Total operating expenses** | (1465930) | (1762839) | (1305420) |
| **Loss from operations** | (47063) | (869023) | (643530) |
| **Other income (expenses)** |  |  |  |
| Other income | 52375 | 30828 | 22829 |
| Interest expense | - | (41952) | (31066) |
| **Total other income (expenses)** | 52375 | (11124) | (8237) |
| Income/ (Loss) before income tax | 5312 | (880147) | (651767) |
| Income tax expense | (200107) | (132679) | (98252) |
| **Net loss** | (194795) | (1012826) | (750019) |
| **Other comprehensive loss, net of tax** |  |  |  |
| Currency translation differences arising from consolidation | 6421 | (5717) | (4234) |
| **Net comprehensive loss** | (188374) | (1018543) | (754253) |
| **Net loss per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted | (0.01) | (0.06) | (0.04) |
| **Weighted average number of ordinary shares used in computing net loss per share** |  |  |  |
| Basic and diluted\* | 17500000 | 17500000  | 17500000 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

\*\* Comparative amounts of S$326,747 was reclassified from general and administrative expenses to selling and distribution expenses for consistency. Since the amounts were reclassification within operating expenses, the reclassification did not have any effect on the net loss.

The accompanying notes are an integral part of these consolidated financial statements.

**TECHCREATE GROUP LTD**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary** **Shares** | **Class A Ordinary** **Shares** | **Class B Ordinary Shares** | **Class B Ordinary Shares** | | | | |
|  | **Number of shares\*** | **Amount** | **Number of shares\*** | **Amount** |<br>**Additional paid-in capital** | **Retained**<br>**earnings/ (Accumulated losses)** | **Accumulated**<br>**other comprehensive**<br> **loss** | <br>**Total equity** |
|  | | **S$** |  | **S$** | **S$** | **S$** | **S$** | **S$** |
| Balance as at January 1, 2023 | 14927259 |  | 2572750 |  | 104900 | 1044690 | (8579) | 1141011 |
| Net loss |  |  |  |  |  | (194795) |  | (194795) |
| Investment in subsidiary |  |  |  |  | 4900 |  |  | 4900 |
| Foreign currency translation |  |  |  |  |  |  | 6421 | 6421 |
| Dividends distribution | - | - | - | - | - | (306010) | - | (306010) |
| Balance as at December 31, 2023 | 14927259 |  | 2572750 |  | 109800 | 543885 | (2158) | 651527 |
| Issuance of shares |  |  |  |  | 1241740 |  |  | 1241740 |
| Net loss |  |  |  |  |  | (1012826) |  | (1012826) |
| Foreign currency translation | - | - | - | - | - | - | (5717) | (5717) |
| Balance as at December 31, 2024 | 14927259 | - | 2572750 | - | 1351540 | (468941) | (7875) | 874724 |
|  |  | **US$** |  | **US$** | **US$** | **US$** | **US$** | **US$** |
| Balance as at December 31, 2024 |  | - |  | - | 1000844 | (347261) | (5832) | 647751 |

---

\* Giving retroactive effect to the issuance of ordinary shares which are detailed in Note 1.

The accompanying notes are an integral part of these consolidated financial statements.

**TECHCREATE GROUP LTD**

**CONSOLIDATED STATEMENTS OF CASH FLOW**

---

| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| **Cash flows from operating activities** |  |  |  |
| Net loss | (194795) | (1012826) | (750019) |
| Adjustments to reconcile net loss to net cash provided by operating activities |  |  |  |
| Depreciation | 7450 | 8933 | 6615 |
| Operating lease expenses | 27711 | 40408 | 29923 |
| Working capital loan interest |  | 41952 | 31066 |
| Changes in operating assets and liabilities |  |  |  |
| Deferred cost | (80766) | 437106 | 323686 |
| Contract assets | 188760 | (69226) | (51263) |
| Trade and other receivables | 58179 | (146179) | (108249) |
| Amount due from directors | 176685 |  |  |
| Amount due from related parties | (41479) | 45115 | 33409 |
| Contract liabilities | (13939) | (553690) | (410019) |
| Trade and other payables | 55098 | (9970) | (7383) |
| Lease liabilities | (26231) | (40856) | (30255) |
| Income tax payable | (15431) | (27131) | (20091) |
| **Net cash generated from/ (used in) operating activities** | 141242 | (1286364) | (952580) |
| **Cash flow from investing activities:** |  |  |  |
| Acquisition of property, plant and equipment | (10651) | (7848) | (5812) |
| **Net cash used in investing activities** | (10651) | (7848) | (5812) |
| **Cash flows from financing activities:** |  |  |  |
| Dividend paid to equity holders | (306010) |  |  |
| Amount due to shareholders | 3719 | 7964 | 5898 |
| Repayment of working capital loans |  | (131822) | (97617) |
| Proceeds from working capital loans |  | 850000 | 629443 |
| Proceeds from issuance of shares |  | 1241740 | 919535 |
| Deferred offering costs | - | (457718) | (338950) |
| **Net cash (used in)/ generated from financing activities** | (302291) | 1510164 | 1118309 |
| **Effects of changes in foreign exchange of cash** | 6422 | (7847) | (5811) |
| **Net (decrease)/ increase in cash and cash equivalents** | (165278) | 208105 | 154106 |
| **Cash and cash equivalents at beginning of financial year** | 1163124 | 997846 | 738926 |
| **Cash and cash equivalents at end of financial year** | 997846 | 1205951 | 893032 |
| **Supplemental cash flow information** |  |  |  |
| Income taxes paid | (22597) | (25423) | (18826) |
| Withholding taxes paid | (193022) | (134423) | (99543) |
| Cash paid for interest |  | (41952) | (31066) |
| Capital contribution subscription receivable from shareholder | 4900 | - | - |

---

The accompanying notes are an integral part of these consolidated financial statements.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 — NATURE OF BUSINESS AND REORGANIZATION**

TechCreate Group Ltd. (the "Company" or "Techcreate") was incorporated as an exempted limited liability company under the laws of the Cayman Islands on July 29, 2024. The Company issued 1 ordinary share on July 29, 2024 of par value of US$0.0002 to Harneys Fiduciary (Cayman) Limited and Harneys Fiduciary (Cayman) Limited transferred this share to Mr. Ronald Vong Chin Hua on the same day. The Company has no substantial operations other than holding all of the outstanding share capital of TechCreate Group Inc. ("Techcreate BVI") established under the laws of the British Virgin Islands ("BVI") on July 31, 2024. Techcreate BVI, intermediate holding company, has no substantial operations other than holding all of the equity interest of subsidiaries of the Company as mentioned below.

The Company, through its wholly-owned subsidiaries (collectively, the "Group"), primarily engages in sale and provision of software licenses, information technology related professional and consultancy services, in Singapore. The Company is principally engaged in investment holding.

The consolidated financial statements of the Company include the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Date of**<br> **incorporation** | **Place of**<br> **incorporation** | **Ownership** | **Principal activities** |
| Techcreate BVI ("TBVI") | July 31, 2024 | British Virgin Islands | 100% | Investment holding |
| Techcreate Solution Private Limited. ("TSPL") | March 16, 2015 | Singapore | 100% | Management consultancy services |
| Diginius Pte. Ltd. ("DPL") | February 6, 2020 | Singapore | 100% | Sale of software licenses |
| TC Digital Pte. Ltd. ("TCDPL") | May 12, 2023 | Singapore | 100% | Management consultancy services |

---

On January 1, 2022, the Company through one of its subsidiaries, TSPL (the "Buyer"), entered into a definitive agreement (the "Definitive Agreement") for the acquisition of a related party, DPL, a technology company headquartered in Singapore. DPL is under the common control of its existing shareholders, who collectively owned all the equity interests of DPL and TSPL. The existing shareholders entered into a share swap arrangement with TSPL, in which, Mr. Ronald Vong Chin Hua and Mr. Lim Heng Hai (collectively "shareholders"), transferred their existing 5,100 ordinary shares in DPL to the TSPL in exchange for 5,100 ordinary shares in the TSPL. TSPL issued 5,100 ordinary shares on January 1, 2022.

On October 30, 2024, TSPL completed its acquisition of shares in DPL via a share swap arrangement with its shareholders, Mr Ronald Vong Chin Hua and Mr Lim Heng Hai, who collectively owned all the equity interests of DPL. The existing shareholders entered into a share swap agreement with TSPL, in which, Mr Ronald Vong Chin Hua and Mr Lim Heng Hai transferred their existing 3,900 ordinary shares and existing 1,000 ordinary shares respectively, in DPL to TSPL in exchange for no consideration.

On November 30, 2024, TSPL completed its acquisition of shares in TCDPL via a share swap arrangement with its shareholder, Mr Ronald Vong Chin Hua, who owned 49% of the equity interest in TCDPL. The existing shareholder entered into a share swap agreement with TSPL, in which, Mr Ronald Vong Chin Hua transferred his existing 4,900 ordinary shares in TCDPL to TSPL.

On December 11, 2024, the Company redesignated the 1 issued ordinary share of par value US$0.0002 held by Mr. Ronald Vong to 1 Class B Ordinary Share.

On July 23, 2025, shareholders of TSPL resolved to reclassify 101,880 ordinary shares into 86,901 Class A and 14,979 Class B shares.

On July 11, 2025, Mr. Ronald Vong transferred his 1 Class B Ordinary Share to Mr. Lim Heng Hai.

The Reorganization was completed pursuant to a restructuring agreement entered into on July 24, 2025 (the "Restructuring Agreement"), the shareholders of TechCreate Solution Private Limited, being a company incorporated in Singapore on March 16, 2015 as a private company limited by shares, whereby namely (i) Ronald Vong, (ii) Lim Heng Hai (iii) Chai Chang Ruey Fen, (iv) Vong Tze Poh, (v) Neo Meng Chu, (vi) Teo Mui Lan, (vii) ICHAM Master Fund VCC, (viii) Lim Chong Guan, and (ix) iCapital Holdings (SG) Pte. Ltd. ((i)-(ix), being the "TSPL Shareholders") transferred their respective ordinary shares in the share capital of TechCreate Solution Private Limited, representing in aggregate 100% of the issued share capital of TechCreate Solution Private Limited, to TechCreate Group Inc. Under the Restructuring Agreement, the consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 8,530 Class A ordinary shares with par value of US$0.0002 each and 1,469 Class B ordinary shares with par value of US$0.0002 each in TechCreate Group Inc. to the TSPL Shareholders. On July 25, 2025, the Reorganization was completed as each of the TSPL Shareholders transferred their respective shares in TechCreate Group Inc. representing in aggregate 100% of the issued shares of TechCreate Group Inc., to TechCreate Group Ltd. The consideration for the share transfers was satisfied by the allotment and issuance of an aggregate of 14,927,250 Class A Ordinary Shares with par value of US$0.0002 each and 2,572,749 Class B Ordinary Shares with par value of US$0.0002 each in TechCreate Group Ltd. to the TSPL Shareholders. Thus, upon completion of the Reorganization, TechCreate Solution Private Limited became a subsidiary of TechCreate Group Inc., which in turn, became a wholly-owned subsidiary of the Company.

Upon completion of the aforementioned, the Company became the ultimate holding company of the operating subsidiaries.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies**

<u>Basis of preparation</u>

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC").

<u>Principles of consolidation</u>

The consolidated financial statements are prepared based on the basis that the Reorganization has been accounted for as a business combination among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period eliminating the effects of intra-entity transactions.

The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

On consolidation the entities should be combined for all periods that the relationship of common control started and the transaction would be treated as a capital transaction with any gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize any goodwill and/or gain/losses from the acquisition and results of operations would be presented for all periods under common control.

The consolidated financial statements of the Company were prepared by applying the pooling of interest method. Such manner of presentation reflects the economic substance of the companies, which were under common control throughout the relevant period, as a single economic enterprise, although the legal parent-subsidiary relationships were not established.

<u>Risks and uncertainties</u>

The main operations of the Company are in Singapore. Accordingly, the Company's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company's results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. The Company believes that it is following existing laws and regulations including its nature of business disclosed in Note 1, such experience may not be indicative of future results.

<u>Use of estimates and assumptions</u>

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, management evaluates estimates, including but not limited to, those related to allocation of transaction price to each performance obligation, allowance for credit loss for accounts receivable, impairment assessment of long-lived assets, fair value of financial instrument, deferred taxes valuation allowance and incremental borrowing rate of operating leases. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company's assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates. Actual results may differ from these estimates.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Foreign currency translation</u>

The accompanying consolidated financial statements are presented in the Singapore Dollars ("S$"), which is the reporting currency of the Company. The functional currency of the Company in the Cayman Islands is United States Dollars ("US$"), its other subsidiaries which are incorporated in Singapore, subsidiary incorporated in BVI, and newly acquired subsidiary are in Singapore Dollars ("S$"), United States Dollars ("US$")and United States Dollars ("US$"), respectively, which are their respective local currencies based on the criteria of ASC 830, "Foreign Currency Matters".

In the consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the consolidated statements of operations and comprehensive income during the year in which they occur.

The following table outlines the currency exchange rates that were used in the consolidated financial statements in this report:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2023** | **December 31,**<br> **2024** |
| Year-end spot rate | S$1 = US$1.3321 | S$1 = US$1.3603 |
| Average rate | S$1 = US$1.3426 | S$1 = US$1.3380 |

---

The financial statements of the Company of which the functional currency is not S$ are translated from their respective functional currency into S$. Assets and liabilities denominated in foreign currencies are translated into S$ at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into S$ at the appropriate historical rates. Income and expense items are translated into S$ using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income or loss in the consolidated statements of operations and comprehensive loss, and the accumulated currency translation adjustments are presented as a component of accumulated other comprehensive income or loss in the consolidated statements of changes in shareholders' equity.

<u>Convenience translation</u>

Translations of amounts in the consolidated balance sheet, consolidated statements of operations and comprehensive income and consolidated statements of cash flows from S$ into US$ as of and for the year ended December 31, 2024 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 = S$1.3504 as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the S$ amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.

<u>Cash and cash equivalents</u>

The Company considers cash equivalents to be short-term, that are readily convertible to cash and have a maturity of three months or less at the time of purchase. Cash and cash equivalents consist of cash on hand, demand deposit placed with financial institutions, which is unrestricted as to withdrawal and use. Management believes that the banks and other financial institutions are of high credit quality and continually monitors the credit worthiness of these banks and financial institutions.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Accounts receivable</u>

Accounts receivable include trade accounts due from customers. Management reviews the adequacy of the allowance for credit loss on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer's financial condition, credit history, and the current economic conditions to make adjustments in the allowance for credit loss when it is considered necessary. Allowance for credit loss is written off after all means of collection have been exhausted and the potential for recovery is considered remote. Management continues to evaluate the reasonableness of the allowance for credit loss policy and update, if necessary.

<u>Other receivables</u>

Other receivables primarily consist of prepaid expenses for insurance and refundable deposits for leases. These amounts bear no interest. Management reviews its prepayments and refundable deposits placed with counterparties on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of December 31, 2023 and 2024, no allowance was deemed necessary. Management believes that these counterparties are of high credit quality and continually monitors the credit worthiness of these counterparties.

<u>Property, plant and equipment, net</u>

Property, plant and equipment are stated at cost, less accumulated depreciation, and impairment loss, if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:

---

| | |
|:---|:---|
| | **<u>Useful life</u>** |
| Office equipment | 2 years |
| Computer | 2 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations and comprehensive income. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u>Impairment for long-lived assets</u>

The Company's long-lived assets with finite lives, including property, plant and equipment, net are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of December 31, 2023 and 2024, no impairment of long-lived assets was recognized.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Fair value measurement</u>

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.

Cash and cash equivalents, accounts receivable, net, other receivables, financial instrument, operating lease liabilities, accounts payable, other payables, amount due from shareholders, amount due from related party and amount due to directors are financial assets and liabilities and working capital loans are subject to fair value measurement. The Company's financial assets and liabilities are short-term in nature, therefore, management believes their carrying value approximate their fair value.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Leases</u>

The Company determines if an arrangement is a lease at inception. A lease is classified at the inception date as either a finance lease or an operating lease. As the lessee, operating leases are included in operating lease right-of-use ("ROU") assets, current operating lease liabilities and non-current operating lease liabilities, 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 April 1, 2020 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.

The Company has an operating lease for offices, including an option to renew which is at the Company's sole discretion. The renewal to extend the lease term is included in the Company's ROU assets and operating lease liabilities as they are reasonably certain of exercise. The Company regularly evaluates the renewal option, and, when it is reasonably certain of exercise, the Company will include the renewal period in its lease term. New lease modifications result in re-measurement of the ROU assets and operating lease liabilities. The Company's lease agreement does not contain any material residual value guarantees or material restrictive covenants.

The operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current on the consolidated balance sheets.

The Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. Lease payments associated with these leases are expensed as incurred.

<u>Revenue recognition</u>

The Company adopted Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606"), on April 1, 2021 using the modified retrospective approach. The Company's accounting for revenue recognition remains substantially unchanged prior to adoption of ASC 606. There were no cumulative effect adjustments for prior to April 1, 2020. The effect from the adoption of ASC 606 was not material to the Company's financial statements.

The Company recognizes revenues when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the client.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Revenue recognition (cont.)</u>

<u>Sale of products</u>

Revenue for sales of products, which are primarily IT hardware and software licenses are recognized at a point in time when the Company has satisfied its performance obligation. The key performance obligation of the Company is delivery of products or collection by customer has occurred, evidenced by the acceptance of products by customers, whereby physical and legal control of the products is passed from the Company to its customer, and there's no unfulfilled obligation from the Company. Customer returns have historically represented a small percentage of customer sales on an annual basis. The Company does not provide warranty but gives customers one week of validation period for right of return.

Upon local customers' acceptance/acknowledgement on the acceptance of products, control of the products is passed from the Company to the customer, at which the Company believes it has satisfied its performance obligation to recognize revenue. No element of financing is deemed present as typical payment term is 30 days from the date of issuance of invoice.

<u>Service revenue</u>

Revenue for the rendering of hosting and support services, rendering of professional services and maintenance services are recognized over time when the Company has satisfied its performance obligation to recognize revenue. The key performance obligation of the Company is when the services have been performed and rendered, evidenced by the acceptance of services by customers, and there's no unfulfilled obligation from the Company. A large portion of the revenue comes from the rendering of hosting and support services.

The amount of revenue recognized is based on the transaction price, which comprises the contractual price, net of the estimated discounts and adjusted for expected returns. Based on the Company's experience with similar types of contracts, variable consideration is typically constrained and is included in the transaction only to the extent that it is a highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company is a principal and records revenue on a gross basis as the Company is primarily responsible for fulfilling the goods or services to the customers, is subject to inventory risk, has discretion in establishing pricing and the ability to direct the control of the promised goods before transferring those goods to the customers. In accordance with ASC 606, the Company recognizes revenue either at a point of time or over time, in ensuring compliance to the standard and provide clarity on the appropriate revenue recognition approach depending on the nature of the performance obligations in the contract.

In addition to selling hardware, software licenses, software maintenance and software services on a standalone basis, a significant portion of our contracts include multiple performance obligations, which require an allocation of the transaction price to each distinct performance obligation based on a relative standalone selling price ("SSP") basis.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Revenue recognition (cont.)</u>

The SSP is the price at which we would sell a promised good or service separately to a customer. The best estimate of SSP is the observable price of a good or service when we sell that good or service separately. A contractually stated price or a list price for a good or service may be the SSP of that good or service. We use a range of amounts to estimate SSP when we sell each of the goods and services separately and need to determine whether there is a discount that needs to be allocated based on the relative SSP of the various goods and services. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we typically determine the SSP using an adjusted market assessment approach using information that may include market conditions and other observable inputs. We typically have more than one SSP for individual goods and services due to the stratification of those goods and services by customers and circumstances. In these instances, we may use information such as the nature of the customer and distribution channel in determining the SSP.

When software licenses and significant customization engineering services are sold together, they are accounted for as a combined performance obligation, as the software licenses are generally highly dependent on, and interrelated with, the associated customization services and therefore are not distinct performance obligations. Revenue for the combined performance obligation is recognized over time as the services are delivered using an input method (i.e., labor hours incurred as a percentage of total labor hours budgeted).

When software subscription licenses are sold, the term software license and software maintenance are generally considered distinct performance obligations. The transaction price is allocated to the software license and the software maintenance based on relative SSP. We sell our software subscription license for a fixed fee or a usage-based royalty fee, sometimes subject to a minimum guarantee. The minimum guarantee refers to a specified minimum revenue amount, which is sometimes applied to usage-based royalties. When the fee is fixed, or includes the guaranteed minimum within a usage-based royalty arrangement, revenue allocated to the software license is recognized at a point in time upon delivery, provided all other revenue recognition criteria are met. Any royalties earned in excess of the guaranteed minimum, or not subject to the guarantee, are recognized as revenue when the related usage occurs. Revenue allocated to software maintenance is recognized over the contract term.

The amount of consideration is not adjusted for a significant financing component if the time between payment and the transfer of the related good or service is expected to be one year or less under the practical expedient in ASC 606-10-32-18. Our revenue arrangements are typically accounted for under such expedient, as payment is typically due within 30 days. As of December 31, 2023 and 2024, none of our contracts contained a significant financing component.

<u>Contract assets</u>

A contract asset is the Company's right to consideration in exchange for goods or services that the Company has transferred to a customer. ASC 606, Revenue from Contracts with Customers, distinguishes between a contract asset and a receivable based on whether receipt of the consideration is conditional on something other than the passage of time. When the Company transfers control of goods or services to a customer before the customer pays consideration, the Company records either a contract asset or a receivable depending on the nature of the Company's right to consideration for its performance. The point at which a contract asset becomes an account receivable may be earlier than the point at which an invoice is issued. The Company assesses a contract asset for impairment in accordance with ASC 310, Receivables.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Revenue recognition (cont.)</u>

<u>Cost of revenue</u>

Cost of revenue is made up of IT hardware, software licenses and provision of hosting and support services, which are directly related to revenue-generating transactions, primarily consisting of cost of purchasing of products, net of discount received, freight and handling charges and labor hours.

<u>Selling and marketing expenses</u>

Selling and marketing expenses mainly consist of promotion and marketing expenses, media expenses for online and traditional advertising, as well as labor costs.

<u>Research and development expenses</u>

Research and development expenses primarily consist of compensation cost to engineering, design and product development.

<u>General and administrative expenses</u>

General and administrative expenses consist primarily of motor vehicle running expenses, travelling and entertainment, staff costs, depreciation, legal and professional fees and other miscellaneous administrative expenses.

<u>Employee benefit</u>

*Defined contribution plan*

The Company participates in the national pension schemes as defined by the laws of Singapore's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

<u>Government grants</u>

Government grants are compensation for expenses already incurred or for the purpose of giving immediate financial support to the Company. The government evaluates the Company's eligibility for the grants on a consistent basis and then makes the payment. Therefore, there are no restrictions on the grants.

Government grants, which are non-covid related grants, are recognized when received and all the conditions for their receipt have been met and are recorded as part of "other income".

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Deferred offering costs</u>

Pursuant to ASC 340-10-S99-1, offering costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. As of December 31, 2024, the Company has not concluded its IPO hence incurred professional fees are recorded as deferred offering costs. As of December 31, 2023 and 2024, the accumulated deferred offering cost was S$Nil and S$457,718 respectively.

<u>Interest expense</u>

Working capital loans interest are recognized in interest expenses in the consolidated statement of operations and comprehensive loss in the period in which they are incurred.

<u>Income taxes</u>

The Company accounts for income taxes in accordance with U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest were incurred related to underpayment of income tax for the years ended December 31, 2023 and 2024. The Company had no uncertain tax positions for the years ended December 31, 2023 and 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

<u>Related parties' transactions</u>

The Company follows ASC 850 Related Party Disclosures for the identification of related parties and disclosure of related party transactions.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 2 — Summary of Significant Accounting Policies** (cont.)

<u>Earnings per share</u>

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share". ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average number of ordinary shares outstanding for the period. Diluted EPS presents the diluted effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2023 and 2024, there were no dilutive shares.

<u>Deferred costs</u>

Pursuant to ASC 340-40, deferred costs directly attributable to software license and maintenance services are deferred and would be amortized over the outsource maintenance services contract life. These costs include prepaid software license and maintenance services.

<u>Segment reporting</u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in consolidated financial statements for detailing the Company's business segments. Based on the criteria established by ASC 280, the Company's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting.

**Recently issued accounting pronouncements**

The Company considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The purpose of the update was to improve financial reporting by requiring disclosures of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all periods presented in the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company's management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of operations and comprehensive income and statements of cash flows.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 3 — Revenue**

The following table presents the Company's revenue disaggregated by product categories for the years ended December 31, 2023 and 2024, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| **Revenue:** |  |  |  |
| Provision of professional services | 608327 | 1223782 | 906237 |
| Sale of software licenses and maintenance licenses | 2246408 | 1844082 | 1365582 |
| Sale of hardware solutions | 5910 |  |  |
| Provision of hosting and supporting service | 19000 | 36460 | 26999 |
| **Total** | **2879645** | **3104324** | **2298818** |

---

In the following table, revenue is disaggregated by the timing of revenue recognition.

---

| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Point in time | 763438 | 638881 | 473105 |
| Overtime | 2116207 | 2465443 | 1825713 |
| **Total** | **2879645** | **3104324** | **2298818** |

---

**Note 4 — OTHER INCOME**

Rental income related to short-term leasing of office equipment and premises to a related party for the years ended December 31, 2023 and 2024, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Government grants | 34493 | 14233 | 10540 |
| Rental income | 14400 | 14400 | 10664 |
| Interest income | 3256 | 1177 | 872 |
| Others | 226 | 1018 | 753 |
| **Total other income** | **52375** | **30828** | **22829** |

---

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 5 — INCOME TAX EXPENSE**

<u>Income tax</u>

**Cayman and BVI**

The Company and its intermediate holding company are domiciled in the Cayman Island and British Virgin Island, respectively. Both localities currently enjoy permanent income tax holidays; accordingly, the Company and Techcreate BVI do not accrue for income taxes.

Singapore

TSPL, DPL and TCDPL are operating in Singapore and are subject to the Singapore tax law at the corporate tax rate at 17% on the assessable income arising in Singapore during its tax year.

The income tax provision consists of the following components:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Current income tax | 2163 |  |  |
| Withholding tax arising on foreign source income | 193022 | 134423 | 99543 |
| Under/ (over) provision current taxation in respect of prior year | 4922 | (1744) | (1291) |
|  | 200107 | 132679 | 98252 |

---

The following table reconciles Singapore statutory rates to the Company's effective tax rate:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Profit before tax | 5312 | (880147) | (651767) |
| Singapore statutory income tax rate | 17% | 17% | 17% |
| Tax calculated at statutory tax rate | 903 | (149625) | (110800) |
| <u>Reconciling items:</u> |  |  |  |
| Tax effects of non-deductible expenses | 13597 | 3839 | 2843 |
| Tax exemption and rebates | (10571) | (340) | (252) |
| Temporary differences arising from tax depreciation | (1811) |  |  |
| Under/(over)provision in respect of prior years | 4922 | (1744) | (1291) |
| Withholding tax arising on foreign source income | 193022 | 134423 | 99543 |
| Deferred tax assets on temporary differences not recognized | 45 | 146126 | 108209 |
|  | 200107 | 132679 | 98252 |

---

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 5 — INCOME TAX EXPENSE** (cont.)

<u>Deferred tax</u>

Significant components of deferred tax were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Net operating loss carried forward | 35524 | 984891 | 729333 |
| Deferred tax assets, gross | 6039 | 167431 | 123987 |
| Valuation allowance | (6039) | (167431) | (123987) |
| Deferred tax assets, net of valuation allowance | - | - | - |

---

**Note 6 — PROPERTY, PLANT AND EQUIPMENT, NET**

Property, plant and equipment, net, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Computers | 28623 | 36471 | 27008 |
| Office equipment | 3098 | 3098 | 2294 |
| **Subtotal** | 31721 | 39569 | 29302 |
| Less: Accumulated depreciation | (22707) | (31640) | (23430) |
| **Property, plant and equipment, net** | 9014 | 7929 | 5872 |

---

No impairment loss was recognized during the years ended December 31, 2023 and 2024, respectively.

Depreciation expense for the years ended December 31, 2023 and 2024 was S$7,450 and S$8,933 (US$6,615) respectively.

**Note 7 — OPERATING LEASES**

The Company determines if a contract contains a lease at inception. 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, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option which results in an economic penalty. The Company has 2 office premises lease agreements with lease terms of 3 years. Upon adoption of ASU 2016-02, no right-of-use ("ROU") assets nor lease liability was recorded for the lease with a lease term of one year.

As of December 31, 2024, the Company had the following remaining non-cancellable lease contracts:

---

| | |
|:---|:---|
| Description of lease | **Lease term** |
| Office premises | 2.13 years |

---

(a) Amounts recognized in the consolidated balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Right-of-use assets | 49870 | 83288 | 61677 |
| Leases |  |  |  |
| Current | 26788 | 39815 | 29484 |
| Non-current | 27290 | 47233 | 34977 |

---

(b) A summary of lease cost recognized in the Company's consolidated statements of operations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Amortization of right-of-use assets | 25624 | 36909 | 27332 |
| Interest on lease liabilities | 2087 | 3499 | 2591 |

---

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 7 — OPERATING LEASES (cont.)**

The Company entered into two non-cancellable operating lease agreements for office premises. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the lease in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The lease terms does not include options to extend the lease terms.

Future operating lease payments, excluding short-term leases, as of December 31, 2024, are detailed as follows:

---

| | | |
|:---|:---|:---|
| **Operating leases** | **S$** | **US$** |
| 2025 | 43048 | 31877 |
| 2026 | 36032 | 26682 |
| 2027 | 12600 | 9332 |
| Total future lease payment | 91680 | 67891 |
| Less: Imputed interest | (4632) | (3430) |
| Present value of operating lease liabilities | 87048 | 64461 |
| Less: Current portion | (39815) | (29484) |
| Long-term portion of lease liabilities | 47233 | 34977 |

---

The following table shows the weighted-average lease terms and discount rates for operating leases:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
| **Weighted average remaining lease term (Years)** |  |  |
| Operating leases | 3 | 2.13 |
| **Weighted average discount rate (%)** |  |  |
| Operating leases | 5.25% | 4.83% |

---

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 8 — DEFERRED COST**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Current portion | 824822 | 576562 | 426956 |
| Non-current portion | 246246 | 57400 | 42506 |
|  | 1071068 | 633962 | 469462 |

---

Deferred costs are prepaid software license and maintenance services not recognized in the current financial year.

Deferred costs for the year ended December 31, 2024 amounting to S$576,562 (US$426,956) is expected to be recognized in the consolidated statements of operations and comprehensive income in the next fiscal year.

**Note 9 — CONTRACT ASSETS**

The following table shows the changes in contract asset balances during the fiscal years ended December 31, 2023 and 2024, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Contract assets, beginning of the year | 264917 | 76157 | 56396 |
| Additions | 35000 | 145383 | 107659 |
| Transferred to accounts receivable or collected | (223760) | (76157) | (56396) |
| Contract assets, end of the year | 76157 | 145383 | 107659 |

---

The contract assets primarily relate to the Company's right to consideration for work completed but not yet billed at reporting date. The contract assets are transferred to accounts receivables when the rights become unconditional.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 10 — ACCOUNTS AND OTHER RECEIVABLE**

Accounts and other receivable consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Accounts receivable – third parties | 52013 | 191766 | 142007 |
| Deposits | 50625 | 53146 | 39356 |
| GST receivable | 16429 | 8360 | 6191 |
| Other receivable |  | 16737 | 12393 |
| Prepayment | - | 6725 | 4980 |
| Accounts and other receivable | 119067 | 276734 | 204927 |

---

Accounts receivable are unsecured, non-interest bearing and are generally on 30 days' credit terms (2023: 30 days). They are recognized at their original amounts which represent their fair value on initial recognition.

Deposits that are denominated in the currency other than the functional currencies of the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| United States dollar | 6593 | 6802 | 5037 |
| Ringgit Malaysia | 38834 | 41146 | 30469 |

---

As at the end of each reporting period, the aging analysis of accounts receivable based on due date is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Within 30 days | 52013 | 191766 | 142007 |
| Between 31 and 60 days | **-** |  |  |
| Between 61 and 90 days | **-** |  |  |
| Between 91 and 120 days | **-** |  |  |
| Over 120 days | **-** | - | - |
| **Total accounts receivable** | 52013 | 191766 | 142007 |

---

For the financial years ended December 31, 2023 and 2024, there's no outstanding receivable past due more than one year from the end of the reporting period. No allowance for credit losses were made for the financial years ended December 31, 2023 and 2024.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 11 — CASH AND CASH EQUIVALENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Cash at banks | 853724 | 1205951 | 893032 |
| Deposit with online payment system | 12262 |  |  |
| Fixed deposits | 131860 | - | - |
| Cash and cash equivalents per consolidated statement of cash flows | 997846 | 1205951 | 893032 |

---

Fixed deposits bear interest rate of 4.95% per annum and matured on January 2, 2024.

Cash and cash equivalents that are denominated in the currency other than the functional currencies of the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| United States dollar | 205565 | 806464 | 597204 |

---

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 12 — CONTRACT LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Current portion | 1307594 | 981651 | 726934 |
| Non-current portion | 238124 | 8247 | 6107 |
|  | 1545718 | 989898 | 733041 |

---

Contract liabilities relate to the Company's obligation to deliver services promised to customers for which the Company has received advances from customers. Contract liabilities are recognized as revenue over the period the performance obligations are satisfied.

The following table shows the changes in contract liability balances during the fiscal years ended December 31, 2023 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Contract liabilities at the beginning of the year | 1559657 | 1545718 | 1144637 |
| Revenue recognized | (1622657) | (1620059) | (1199688) |
| Additions | 1634348 | 1043501 | 772734 |
| Foreign exchange difference | (25630) | 20738 | 15358 |
| Contract liabilities at end of the year | 1545718 | 989898 | 733041 |

---

<u>Transaction price allocated to remaining performance obligations</u>

Management expects that the transaction price allocated to remaining unsatisfied (or partially unsatisfied) performance obligations as at December 31, 2024 may be recognized as revenue in the next reporting periods as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Unsatisfied and partially unsatisfied performance obligations |  |  |  |
| - Within one year | 1307594 | 981651 | 726934 |
| - More than one year | 238124 | 8247 | 6107 |

---

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 13 — ACCOUNT AND OTHER PAYABLES**

The components of account and other payables are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| **Account and other payables** |  |  |  |
| -Third parties | 47688 |  |  |
| Accrued expenses | 62935 | 79878 | 59151 |
| Other payable | **-** | 20775 | 15385 |
|  | 110623 | 100653 | 74536 |

---

Account and other payables that are denominated in the currency other than the functional currencies of Company entities are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| United States dollar | 8089 | 29510 | 21853 |

---

**Note 14 — SHARE CAPITAL**

*Ordinary shares*

The Company was incorporated under the laws of the Cayman Islands on July 29, 2024. At incorporation, our authorized share capital was US$50,000 divided into 250,000,000 ordinary shares at par value US$0.0002 per share.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company has undertaken a series of reorganization transactions resulting in 14,927,250 Class A ordinary shares and 2,572,750 Class B ordinary shares outstanding that have been retroactively restated to the beginning of the first period presented (Note 1).

**Note 15 — CURRENCY TRANSLATION RESERVE**

The currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Company's presentation currency.

**Note 16 — DIVIDENDS**

No dividends were declared or paid for the year ended December 31, 2024.

During the financial year ended December 31, 2023, TSPL declared a final tax-exempt dividend of S$200,000 for financial year ended December 31, 2022, which was settled during the financial year ended December 31, 2023.

During the financial year ended December 31, 2023, DPL declared a final tax-exempt dividend of US$150,000 (S$207,863) for financial year ended December 31, 2022, which was settled during the financial year ended December 31, 2023.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 17 — WORKING CAPITAL LOANS**

Working capital loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **S$** | **S$** | **US$** |
| Loan I (a) |  | 444349 | 329050 |
| Loan II (b) |  | 315781 | 233842 |
| Total working capital loans |  | 760130 | 562892 |
| Less: current portion |  | (151714) | (112347) |
| Non-current portion |  | 608416 | 450545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 April 26, 2024, the Company applied for a long-term working capital loan from a financial institution in the amount of S$500,000,
 which is repayable by 60 equal monthly instalments of S$10,138.50 with the first instalment to paid on April 30, 2024. The working
 capital loan bears a fixed interest rate of 8.0% per annum. The loan was jointly secured by Lim Heng Hai and Ronald Vong Chin Hua,
 directors and shareholders of the Company.

(b) On
 May 2, 2024, the Company applied for a long-term working capital loan from a financial institution in the amount of S$350,000, which
 is repayable by 60 equal monthly instalments of S$7,054.94 with the first instalment to paid on June 3, 2024. The working capital
 loan bears a fixed interest rate of 7.75% per annum. The loan was jointly secured by Lim Heng Hai and Ronald Vong Chin Hua, directors
 and shareholders of the Company.

The working capital loans were primarily obtained for general working capital.

Interest expense on the working capital loans totaled S$Nil and S$41,952 (US$31,066) during the year ended December 31, 2023 and 2024, respectively.

**Note 18 — Related party balances and transactions**

The Company's relationships with related parties who had transactions with the Company are summarized as follows:

---

| | |
|:---|:---|
| **Related Party Name** | **Relationship to the Company** |
| Mr Ronald Vong Chin Hua ("Mr Ronald") | Shareholder and Director |
| Mr Lim Heng Hai ("Mr Lim") | Shareholder and Director |
| Mr Ling Wee Weng ("Mr Ling") | Director |
| Gridhut Automation Pte Ltd | Shareholder and Director is Mr Lim and Mr Ronald |
| Orange Pay Pte. Ltd. | Shareholder and Director is Mr Lim |
| Techcreate Solution Sdn Bhd | Shareholder and Director is Mr Ronald and Director is Mr Lim |

---

a. <u>Related party balances</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| <br>**Nature** | <br>**Name** | **2023** | **2024** | **2024** |
|  |  | **S$** | **S$** | **US$** |
| Amount due from related party | Orange Pay Pte. Ltd. | 56887 | 11772 | 8717 |
| Amount due to shareholders | Mr Lim Heng Hai ("Mr Lim") | (2481) | (2481) | (1837) |
| Amount due (to)/ from shareholders | Mr Ronald Vong Chin Hua ("Mr Ronald") | 437 | (7526) | (5573) |
| &nbsp;&nbsp;&nbsp;**Total** |  | 54843 | 1765 | 1307 |

---

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 18 — Related party balances and transactions (cont.)**

b. <u>Related party transactions</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| <br>**Nature** | <br>**Name** | **2023** | **2024** | **2024** |
|  |  | **S$** | **S$** | **US$** |
| Rental income | Orange Pay Pte. Ltd. | 14400 | 14440 | 10693 |
| Sale of products | Gridhut Automation Pte Ltd | 11031 |  |  |
| Sub-contractor charges | TechCreate Solutions Sdn Bhd | 223755 | 515007 | 381374 |
| Sub-contractor charges | Orange Pay Pte. Ltd. |  | 154000 | 114040 |
| Payment on behalf by | Mr Lim Heng Hai ("Mr Lim") and Mr Ronald Vong Chin Hua ("Mr Ronald") | 36770 | 21285 | 15762 |
| Payment on behalf of | Orange Pay Pte. Ltd. | 48579 | 45718 | 33855 |

---

**Note 19 — CONCENTRATION AND RISKS**

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

---

| | | |
|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of Company's revenue** |  |  |
| Customer A<sup>(1)</sup> | 35% | 34% |
| Customer B<sup>(2)</sup> | 25% | 23% |
| Customer C<sup>(3)</sup> | 11% | 19% |
| Customer D<sup>(4)</sup> | 4% | 11% |

---

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

---

| | | |
|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of Company's accounts receivable** |  |  |
| Customer B<sup>(2)</sup> | 0% | 68% |
| Customer C<sup>(3)</sup> | 100% | 23% |

---

(1) Customer A is Cambodia's largest and leading financial institution.

(2) Customer B is Brunei's largest telecommunications company.

(3) Customer C is a local insurance corporation based in Singapore.

(4) Customer D is a technology service provider specializing in system integration and customer engagement solutions based in Cambodia.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 19 — CONCENTRATION AND RISKS (cont.)**

The following table sets forth a summary of single vendor who represent 10% or more of the Company's cost of revenue:

---

| | | |
|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** |
| **Percentage of Company's cost of revenue** |  |  |
| Vendor A<sup>(1)</sup> | 23% | 12% |
| Vendor B<sup>(2)</sup> | 17% | 4% |
| Vendor C<sup>(3)</sup> | 12% | 4% |
| Vendor D<sup>(4)</sup> | 0% | 13% |

---

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

---

| | | |
|:---|:---|:---|
|  | **For Years Ended December 31,** | **For Years Ended December 31,** |
|  | **2023** | **2024** |
| **Amount of the Company's accounts payable** |  |  |
| Vendor B<sup>(2)</sup> | 80% | 0% |

---

(1) Vendor A is a company specialized in cloud-based technology solutions.

(2) Vendor B is a company that sells and supports the implementation and operation of IT products and cloud services.

(3) Vendor C is technology company specialized in cryptography.

(4) Vendor D is a cybersecurity company that provide Trellix cybersecurity solution.

**<u>Credit risk</u>**

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, amount due from related parties and other current assets. As of December 31, 2024, all of the Company's cash and cash equivalents were held in financial institutions with high credit ratings and quality in Singapore. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. In Singapore, a depositor has up to S$100,000 insured by Singapore Deposit Insurance Corporation.

Accounts receivable primarily comprise of amounts receivable from customers. To reduce credit risk, the Company performs ongoing credit evaluations of the financial condition of these customers and generally does not require collateral or other security from the customers. The Company has established a provision matrix applied on the portfolio segmented by factors such as geographic region and products that are considered to have similar credit characteristics and risk of loss. Historically, such losses have been within management's expectations.

**TECHCREATE GROUP LTD**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 19 — CONCENTRATION AND RISKS (cont.)**

**<u>Liquidity risk</u>**

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company ensures that it has sufficient cash and bank balances, and liquid assets to meet its expected operational expenses, including servicing for financial obligations.

**<u>Foreign Currency Risk</u>**

The Company is exposed to changes in foreign currency exchange rates due to transactions denominated in currencies other than the location's functional currency.

The Company also has foreign currency exposure due to net monetary assets denominated in currencies other than the S$. In addition to net monetary remeasurement, we have exposures related to the translation of subsidiary financial statements from their functional currency, the local currency, into its reporting currency, the S$, most notably in Singapore. Based on our foreign currency exposure as of December 31, 2024, a 10.0% fluctuation does not have a significant impact the financial position, results of operations or cash flows.

**Note 20 — COMMITMENTS AND CONTINGENCIES**

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies", the Company will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and through the date the consolidated financial statements were available to be issued.

On July 7, 2023, DPL entered into a lease agreement for a lease term of 3 years for office space at 336 Smith Street, #10-303, Singapore 050336. The Company is committed to pay a total rental fee of approximately S$25,910 in the future.

On April 26, 2024, DPL had applied for a long-term working capital loan from a financial institution in the amount of S$500,000, which is repayable by 60 equal monthly instalments of S$10,138.50 with the first instalment to paid on April 30, 2024. The working capital loan bears a fixed interest rate of 8.0% per annum. The loan was jointly secured by Lim Heng Hai and Ronald Vong Chin Hua, directors and shareholders of the Company. The Company is committed to pay a total working capital loan of approximately S$444,349 in the future.

On May 2, 2024, TSPL applied for a long-term working capital loan from a financial institution in the amount of S$350,000, which is repayable by 60 equal monthly instalments of S$7,054.94 with the first instalment to paid on June 3, 2024. The working capital loan bears a fixed interest rate of 7.75% per annum. The loan was jointly secured by Lim Heng Hai and Ronald Vong Chin Hua, directors and shareholders of the Company. The Company is committed to pay a total working capital loan of approximately S$315,781 in the future.

On June 28, 2024, TSPL entered into a lease agreement for a lease term of 3 years for office space at 336 Smith Street, #06-303, Singapore 050336. The Company is committed to pay a total rental fee of approximately S$58,896 in the future.

**Note 21 — RECLASSIFICATION**

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations, cash flow and performance position. A reclassification has been made to the Consolidated Statements of Operations and Comprehensive Loss for the fiscal year ended December 31, 2023, to reclassify the selling and distribution expenses to general and administrative expenses for consistency.

**Note 22 — SUBSEQUENT EVENTS**

The Company evaluated all events and transactions from December 31, 2024 up to report date, which is the date that these consolidated financial statements are available to be issued.

On July 23, 2025, the Company has adopted a Share Incentive Plan by providing such individuals with an incentive for outstanding performance to generate superior returns to Company shareholders.

On July 25, 2025, Mr. Lim Heng Hai and Mr. Vong Ronald Chin Hua entered into a Deed of Termination to terminate the Concert Party Agreement they had entered into on the December 4, 2024.

On July 25, 2025, the Company completed a Reorganization of the Company's legal structure. The Reorganization involved the transfer of 100% equity interest in TSPL and its subsidiaries from its original shareholders to eventually the Company. Post the Reorganization, the Company became the ultimate holding company.

There are no further material subsequent events that require disclosure in these consolidated financial statements.

**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. Under our post-offering memorandum and articles of association, to the fullest extent permissible under Cayman Islands law every director and officer of our company shall be indemnified against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him, other than by reason of such person's own dishonesty, willful default or fraud, in connection with the execution or discharge of his duties, powers, authorities or discretions as a director or officer of our company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere.

Pursuant to the form of indemnification agreements filed as Exhibit 10.2 to this Registration Statement, we will agree to indemnify our directors and officers against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our Company.

The Underwriting Agreement, the form of which is 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 or sold the following securities without registering the securities under the Securities Act. We believe that each of the following issuances was exempt from registration pursuant to Section 4(2) of the Securities Act, regarding transactions not involving a public offering, or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. None of the transactions involved an underwriter.

---

| | | | |
|:---|:---|:---|:---|
| **Purchaser** | **Date of Sale or Issuance** | **Title and Number of Securities** | **Consideration (US$, except for exercise price)** |
| Vong Ronald Chin Hua<br>| July 29, 2024 | 1 Ordinary Share | US$0.0002 |
| Vong Ronald Chin Hua<br>| December 11, 2024 | 1 Class B Ordinary Share | Redesignation |
| Lim Heng Hai<br>| July 11, 2025 | 1 Class B Ordinary Share<br>| US$0.0002 |
| Lim Heng Hai | July 25, 2025 | 7,880,000 Class A Ordinary Shares<br>2,572,750 Class B Ordinary Shares<br>| 100% shares of TechCreate Group Inc. |
| Lim Chong Guang | July 25, 2025 | 841,750 Class A Ordinary Shares | 100% shares of TechCreate Group Inc.<br>|
| Vong Ronald Chin Hua | July 25, 2025 | 1,814,750 Class A Ordinary Shares | 100% shares of TechCreate Group Inc.<br>|
| iCapital Holdings (SG) Pte. Ltd.<br>| July 25, 2025 | 700,000 Class A Ordinary Shares | 100% shares of TechCreate Group Inc. |
| Chai Chang Ruey Fen | July 25, 2025 | 841,750 Class A Ordinary Shares<br>| 100% shares of TechCreate Group Inc.<br>|
| Vong Tze Poh | July 25, 2025 | 841,750 Class A Ordinary Shares<br>| 100% shares of TechCreate Group Inc.<br>|
| Neo Meng Chu | July 25, 2025 | 841,750 Class A Ordinary Shares | 100% shares of TechCreate Group Inc.<br>|
| Teo Mui Lan | July 25, 2025 | 841,750 Class B Ordinary Shares<br>| 100% shares of TechCreate Group Inc.<br>|
| ICHAM Master Fund VCC | July 25, 2025 | 323,750 Class A Ordinary Shares<br>| 100% shares of TechCreate Group Inc. |

---

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**

(a) Exhibits

See Exhibit Index beginning on page II-3 of this registration statement.

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosure that was made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.

(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 Combined and Consolidated Financial Statements or the Notes thereto.

**ITEM 9. UNDERTAKINGS.**

The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, 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 of 1993 (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 United States Securities and Exchange Commission (the "SEC") such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
 file, during any period in which offers or sales are being made, a post-effective amendment
 to this registration statement:

(i) to
 include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 reflect in the prospectus any facts or events arising after the effective date of the registration
 statement (or the most recent post-effective amendment thereof) which, individually or in
 the aggregate, represent a fundamental change in the information set forth in the registration
 statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
 offered (if the total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated maximum offering
 range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
 if, in the aggregate, the changes in volume and price represent no more than 20% change in
 the maximum aggregate offering price set forth in the "Calculation of Registration
 Fee" table in the effective registration statement; and

(iii) to
 include any material information with respect to the plan of distribution not previously
 disclosed in the registration statement or any material change to such information in the
 registration statement; provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii)
 do not apply if the information required to be included in a post-effective amendment by
 those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant
 pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference
 in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that,
 for the purpose of determining any liability under the Securities Act, each such post-effective
 amendment shall be deemed to be a new registration statement relating to the securities offered
 therein, and the offering of such securities at that time shall be deemed to be the initial
 bona fide offering thereof.

(3) to
 remove from registration by means of a post-effective amendment any of the securities being
 registered which remain unsold at the termination of the offerings.

(4) to
 file a post-effective amendment to the registration statement to include any financial statements
 required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous
 offering. Financial statements and information otherwise required by Section 10(a)(3) of
 the Act (15 U.S.C. 77j(a)(3)) need not be furnished, provided that the issuer includes in
 the prospectus, by means of a post-effective amendment, financial statements required pursuant
 to this paragraph (a)(4) and other information necessary to ensure that all other information
 in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that,
 for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the issuer is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the undersigned issuer pursuant to Rule 424(b)(3) shall be deemed to be
 part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement;
 and

(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a
 registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose
 of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration
 statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract
 of sale of securities in the offerings described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer
 and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
 relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that
 time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement
 or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
 the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract
 of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that
 was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the issuer is relying on Rule 430C, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that,
 for the purpose of determining 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offerings
 required to be filed pursuant to Rule 424;

(ii) any
 free writing prospectus relating to the offerings 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 offerings 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 offerings made by the undersigned registrant
 to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 1.1\* | Form of Underwriting Agreement |
| 3.1 | [Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect](ex3-1.htm) |
| 4.1 | [Registrant's Specimen Certificate for Class A Ordinary Shares](ex4-1.htm) |
| 5.1\* | Opinion of Harney Westwood & Riegels Singapore LLP regarding the validity of the Class A Ordinary Shares being registered |
| 8.1\* | Opinion of Harney Westwood & Riegels Singapore LLP regarding certain Cayman Islands tax matters (included in Exhibit 5.1) |
| 8.2 | [Opinion of Shook, Lin & Bok LLP regarding certain Singapore tax law matters (included in Exhibit 99.1)](ex99-1.htm) |
| 9.1 | [Concert Party Deed entered into by Mr. Vong Ronald Chin Hua and Mr. Lim Heng Hai dated December 4, 2024](ex9-1.htm) |
| 9.2 | [Deed of Termination of the Concert Party Deed entered into by Mr. Vong Ronald Chin Hua and Mr. Lim Heng Hai dated July 25, 2025](ex9-2.htm) |
| 10.1 | [2025 Share Incentive Plan, dated as of July 23, 2025, as currently in effect](ex10-1.htm) |
| 10.2 | [Form of Indemnification Agreement between the Registrant and its directors and executive officers](ex10-2.htm) |
| 10.3 | [Form of Independent Director Agreement](ex10-3.htm) |
| 10.4 | [Form of Employment Agreement between the Registrant and its executive officer](ex10-4.htm) |
| 14.1 | [Code of Business Conduct and Ethics of the Registrant](ex14-1.htm) |
| 19.1 | [Insider Trading and Confidentiality Policy of the Registrant](ex19-1.htm) |
| 21.1 | [List of Principal Subsidiaries](ex21-1.htm) |
| 23.1 | [Consent of Audit Alliance, Independent Registered Public Accounting Firm](ex23-1.htm) |
| 23.2\* | Consent of Harney Westwood & Riegels Singapore LLP (included in Exhibit 5.1) |
| 23.3 | [Consent of Shook, Lin & Bok LLP (included in Exhibit 99.1)](ex99-1.htm) |
| 24.1 | [Powers of Attorney (included on signature page)](#pri_001) |
| 99.1 | [Opinion of Shook, Lin & Bok LLP regarding certain Singapore law matters](ex99-1.htm) |
| 99.2 | [Consent of Frost & Sullivan](ex99-2.htm) |
| 99.3 | [Consent of Ling Wee Seng](ex99-3.htm) |
| 99.4 | [Consent of Masayuki Tagai](ex99-4.htm) |
| 99.5 | [Consent of Jim Northey](ex99-5.htm) |
| 99.6 | [Consent of In Weiyee](ex99-6.htm) |
| 107 | [Filing Fee Table](ex107.htm) |

---

\* To be filed.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on July 29, 2025.

---

| | |
|:---|:---|
| **TechCreate Group Ltd.** | **TechCreate Group Ltd.** |
| By: | */s/ Lim Heng Hai* |
| Name: | Lim Heng Hai |
| Title: | *Director, Chief Executive Officer* |

---

**POWERS OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mr. Lim Heng Hai as his true and lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated on July 29, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/ Lim Heng Hai* |  |
| Name: Lim Heng Hai | Chairman of the Board and Chief Executive Officer (Principal Executive Officer) |
| */s/ Ng Ling Soon* |  |
| Name: Ng Ling Soon | Director and Chief Information Officer |
| */s/ Wang Yingzheng* |  |
| Name: Wang Yingzheng | Chief Financial Officer |

---

**Signature of Authorized Representative in the United States**

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of TechCreate Group Ltd., has signed this registration statement or amendment thereto in New York, New York, United States on July 29, 2025.

---

| | |
|:---|:---|
| Authorized U.S. Representative | Authorized U.S. Representative |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**TECHCREATE GROUP LTD.**

(adopted by a Special Resolution passed on 17 July 2025)

**1.** **NAME** 

1.1 The
 name of the Company is TechCreate Group Ltd.

**2.** **REGISTERED OFFICE** 

2.1 The
 Registered Office of the Company shall be at Harneys Fiduciary (Cayman) Limited, 4th
 Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1- 1002, Cayman
 Islands, or at such other location as the Directors may from time to time determine.

**3.** **OBJECTS** 

3.1 The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to carry out any object not prohibited by the Companies Act or any
 other law of the Cayman Islands.

**4.** **CAPACITY** 

4.1 Subject
 to paragraph 5 of this Memorandum of Association, the Company shall have and be capable of
 exercising all the functions of a natural person of full capacity irrespective of any question
 of corporate benefit as provided by the Companies Act.

**5.** **EXEMPTED COMPANY** 

5.1 The
 Company will not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this section shall be construed as to prevent the Company effecting
 and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all
 of its powers necessary for the carrying on of its business outside the Cayman Islands.

**6.** **LIABILITY OF SHAREHOLDERS** 

6.1 The
 liability of each Shareholder is limited to the amount, if any, unpaid on the Shares held
 by such Shareholder.

**7.** **SHARE CAPITAL** 

7.1 The
 authorised share capital of the Company is US$50,000 divided into 250,000,000 Ordinary Shares
 of nominal or par value US$0.0002 each, comprising (a) 225,000,000 Class A Shares of nominal
 or par value US$0.0002 each, and (b) 25,000,000 Class B Shares of nominal or par value of
 US$0.0002 each. Subject to the Companies Act, the Articles and, where applicable, the Designated
 Stock Exchange Rules, the Company shall have power to redeem or purchase any of its Shares
 and to increase or reduce its authorised share capital and to sub-divide or consolidate the
 said Shares or any of them and to issue all or any part of its capital whether original,
 redeemed, increased or reduced with or without any preference, priority, special privilege
 or other rights or subject to any postponement of rights or to any conditions or restrictions
 whatsoever and so that unless the conditions of issue shall otherwise expressly provide every
 issue of Shares whether stated to be ordinary, preference or otherwise shall be subject to
 the powers on the part of the Company hereinbefore provided.

**8.** **CONTINUATION** 

8.1 The
 Company has the power contained in the Companies Act to deregister in the Cayman Islands
 and be registered by way of continuation in some other jurisdiction.

**9.** **DEFINITIONS** 

9.1 Capitalised
 terms that are not defined in this Memorandum of Association bear the same meanings
 as those given in the Articles of Association of the Company.

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**TECHCREATE GROUP LTD.**

(adopted by a Special Resolution passed on 17 July 2025)

**TABLE A**

The regulations contained or incorporated in Table 'A' in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

1 DEFINITIONS AND INTERPRETATION

1.1 In
 these Articles the following defined terms will have the meanings ascribed to them,
 if not inconsistent with the subject or context:

---

| | |
|:---|:---|
| **"ADS"** | means an American Depositary Share representing the Company's Class A Shares; |
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through (1) one or more intermediaries, controls, is controlled by, or is under common control with, such Person, 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-in-law and sisters-in-law, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any 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" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, shares having such power only by reason of the happening of a contingency), 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 these articles of association of the Company, as amended or substituted from time to time; |
| **"Audit Committee"** | means the audit committee of the Board of Directors established; |
| **"Board" and "Board of Directors" and "Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |
| **"Chairman"** | means the chairman of the Board of Directors; |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Shares"** | means the Class A Ordinary Shares in the capital of the Company of nominal or par value of US$0.0002 each designated as Class A Shares, and having the rights provided for in these Articles; |
| **"Class B Shares"** | means the Class B Ordinary Shares in the capital of the Company of nominal or par value of US$0.0002 each designated as Class B Shares, and having the rights provided for in these Articles; |
| **"Commission"** | means the Securities and Exchange Commission of the United States or any other federal agency for the time being administering the Securities Act; |
| **"Companies Act"** | means the Companies Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company"** | means TechCreate Group Ltd., a Cayman Islands exempted company; |
| **"Company's Website"** | means the website of the Company, the address or domain name of which has been notified to Shareholders; |
| **"Compensation Committee"** | means the compensation committee of the Board of Directors established; |
| **"Designated Stock Exchange"** | means the stock exchange in the United States that the Shares or ADSs 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 or ADSs on the Designated Stock Exchange; |
| **"electronic"** | means the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means electronic posting to the Company's Website, transmission to any number, address or internet website or other electronic delivery methods as otherwise decided and approved by not less than two- thirds of the vote of the Board; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |

---

---

| | |
|:---|:---|
| **"Independent Director"** | means a Director who is an independent director as defined in the Designated Stock Exchange Rules; |
| **"Interested Director"** | means a Director who has a direct or indirect interest in any contract, business or arrangement in which the Company or its Affiliates is a party or becomes a party to; |
| **"Law"** | means the Companies Act and every other law and regulation of the Cayman Islands for the time being in force concerning companies and affecting the Company; |
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"month"** | means a calendar month; |
| **"Nominations Committee"** | means the nominations committee of the Board of Directors established; |
| **"Officer"** | means any person appointed by the Directors to hold an office in the Company; |
| **"Ordinary Resolution"** | means a resolution:<br>(a) passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles; or<br>(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |

---

---

| | |
|:---|:---|
| **"Ordinary Shares"** | means the Class A Shares and the Class B Shares; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Register"** | means the principal register and any branch register of Shareholders of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States, 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; |
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** | means a Person who is registered as the holder of Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a person with the intent to sign the electronic communication; |

---

---

| | |
|:---|:---|
| **"Special Resolution"** | means a special resolution:<br>(a) passed in accordance with the Law, being a resolution passed by a majority of not less than two-thirds (2/3) of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or<br>(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| "**Year**" | means a calendar year. |

---

1.2 In
 these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the masculine gender only shall include the feminine gender and any Person as the
 context may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference
 to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents
 of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference
 to a statutory enactment shall include reference to any amendment or re-enactment thereof
 for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference
 to any determination by the Directors shall be construed as a determination by the Directors
 in their sole and absolute discretion and shall be applicable either generally or in any
 particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 phrase introduced by the terms "including", "include" or "in
 particular" or 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;(h) reference
 to "in writing" shall be construed as written or represented by any means reproducible
 in writing, including any form of print, lithograph, email, facsimile, photograph or telex
 or represented by any other substitute or format for storage or transmission for writing
 or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 requirements as to delivery under the Articles include delivery in the form of an electronic
 record or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 requirements as to execution or signature under the Articles, including the execution of
 the Articles themselves, can be satisfied in the form of an electronic signature as
 defined in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections
 8 and 19(3) of the Electronic Transactions Act shall not apply.

1.3 Subject
 to the preceding Articles, any words defined in the Companies Act shall, if not inconsistent
 with the subject or context, bear the same meaning in these Articles.

---

| | |
|:---|:---|
| **2** | **PRELIMINARY** |

---

2.1 **Commencement of Business**. The business of the Company may be conducted as the Directors see fit.

2.2 **Registered Office.** The registered office shall be at such address in the Cayman Islands
 as the Directors may from time to time determine. The Company may in addition establish and
 maintain such other offices and places of business and agencies in such places as the
 Directors may from time to time determine.

2.3 **Commencement Costs and Expenses**. The expenses incurred in the formation of the Company and in connection
 with the offer for subscription and issue of shares shall be paid by the Company. Such
 expenses may be amortised over such period as the Directors may determine and the amount
 so paid shall be charged against income and/or capital in the accounts of the Company as
 the Directors shall determine.

2.4 **Register of Members**. The Directors shall keep, or cause to be kept, the register at such place
 as the Directors may from time to time determine and, in the absence of any such determination,
 the register shall be kept at the registered office.

---

| | |
|:---|:---|
| **3** | **SHARES** |

---

3.1 **Issue**.
 Subject to these Articles and, where applicable, the Designated Stock Exchange rules, all
 shares for the time being unissued shall be under the control of the Directors who may, in
 their absolute discretion and without the approval of the Shareholders, cause the Company
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allot,
 issue and dispose of Shares (including, without limitation, preferred shares) (whether in
 certificated form or non-certificated form) to such Persons, in such manner, on
 such terms and having such rights and being subject to such restrictions as they may from
 time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant
 rights over existing Shares or issue other securities in one or more classes or series as
 they deem necessary or appropriate and determine the designations, powers, preferences, privileges
 and other rights attaching to such Shares or securities, including dividend rights, voting
 rights, conversion rights, terms of redemption and liquidation preferences, any or all of
 which may be greater than the powers, preferences, privileges and rights associated with
 the then issued and outstanding Shares, at such times and on such other terms as they think
 proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant
 options with respect to Shares and issue warrants or similar instruments with respect thereto,
 at such times and on such terms and having such rights and being subject to such restrictions
 as they may from time to time determine.

3.2 **Class Variation**. The Directors may authorise the division of Shares into any number of Classes
 and the different Classes shall be authorised, established and designated (or re- designated
 as the case may be) and the variations in the relative rights (including, without limitation,
 voting, dividend and redemption rights), restrictions, preferences, privileges and payment
 obligations as between the different Classes (if any) may be fixed and determined
 by the Directors or by a Special Resolution. The Directors may issue Shares with such preferred
 or other rights, all or any of which may be greater than the rights of Ordinary Shares, at
 such time and on such terms as they may think appropriate. The Directors may issue from time
 to time, out of the authorised share capital of the Company (other than the authorised but
 unissued Ordinary Shares), series of preferred shares which may carry rights more preferential
 than the rights of Ordinary Shares, at such time and on such terms as they may think appropriate
 in their absolute discretion and without approval of the Shareholders; provided, however,
 before any preferred shares of any such series are issued, the Directors shall by resolution
 of Directors determine, with respect to any series of preferred shares, the terms and rights
 of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 designation of such series, the number of preferred shares to constitute such series and
 the subscription price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 the preferred shares of such series shall have voting rights, in addition to any voting rights
 provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 dividends, if any, payable on such series, whether any such dividends shall be cumulative,
 and, if so, from what dates, the conditions and dates upon which such dividends shall be
 payable, and the preference or relation which such dividends shall bear to the dividends
 payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether
 the preferred shares of such series shall be subject to redemption by the Company, and,
 if so, the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether
 the preferred shares of such series shall have any rights to receive any part of the assets
 available for distribution amongst the Shareholders upon the liquidation of the Company,
 and, if so, the terms of such liquidation preference, and the relation which such liquidation
 preference shall bear to the entitlements of the holders of shares of any other class or
 any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether
 the preferred shares of such series shall be subject to the operation of a retirement or
 sinking fund and, if so, the extent to and manner in which any such retirement or sinking
 fund shall be applied to the purchase or redemption of the preferred shares of such series
 for retirement or other corporate purposes and the terms and provisions relative to the operation
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether
 the preferred shares of such series shall be convertible into, or exchangeable for, shares
 of any other class or any other series of preferred shares or any other securities and, if
 so, the price or prices or the rate or rates of conversion or exchange and the method, if
 any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 limitations and restrictions, if any, to be effective while any preferred shares of
 such series are outstanding upon the payment of dividends or the making of other distributions
 on, and upon the purchase, redemption or other acquisition by the Company of, the existing
 shares or shares of any other class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon
 the issue of any additional shares, including additional shares of such series or of any
 other class of shares or any other series of preferred shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 other powers, preferences and relative, participating, optional and other special rights,
 and any qualifications, limitations and restrictions thereof; and, for such purposes,
 the Directors may reserve an appropriate number of Shares for the time being unissued.

3.3 **No Bearer Shares.** The Company shall not issue Shares to bearer.

3.4 **Commission.** The Company may insofar as may be permitted by law, pay a commission to any Person in
 consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally
 for any Shares. Such commissions may be satisfied by the payment of cash or the lodgement
 of fully or partly paid-up shares or partly in one way and partly in the other. The Company
 may also pay such brokerage as may be lawful on any issue of Shares.

3.5 **Directors' Consent.** 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.

---

| | |
|:---|:---|
| **4** | **MODIFICATION OF RIGHTS** |

---

4.1 **Class Variation.** Whenever the capital of the Company is divided into different Classes
 the rights attached to any such Class may, subject to any rights or restrictions for the
 time being attached to any Class, only be materially adversely varied with the consent in
 writing of the holders of at least two-thirds (2/3) of the issued Shares of that Class or
 with the approval of a resolution passed by at least two-thirds (2/3) of the votes cast by
 the holders of the Shares of that Class present and voting in person or by proxy at a separate
 meeting of such holders. To every such separate meeting all the provisions of these Articles
 relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the necessary quorum shall be two persons at least holding
 or representing by proxy one-third (1/3) of the issued Shares of the relevant class and that,
 subject to any rights or restrictions for the time being attached to the Shares of that Class,
 every Shareholder of the Class shall on a poll have one (1) vote for each Share of the Class
 held by him. For the purposes of this article the Directors may treat all the Classes or
 any two or more Classes as forming one Class if they consider that all such Classes would
 be affected in the same way by the proposals under consideration, but in any other case
 shall treat them as separate Classes.

4.2 **No Variation on Further issue.** The rights conferred upon the holders of the Shares of any
 Class issued with preferred or other rights shall not, subject to any rights or restrictions
 for the time being attached to the Shares of that Class, be deemed to be materially adversely
 varied by, *inter alia*, the creation, allotment or issue of further shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any shares
 of any Class by the Company. The rights of the holders of Shares shall not be deemed to be
 materially adversely varied by the creation or issue of Shares with preferred or other rights
 including, without limitation, the creation of Shares with enhanced or weighted voting rights.

---

| | |
|:---|:---|
| **5** | **CERTIFICATES** |

---

5.1 **Share Certificates.** Unless and until the Directors resolve to issue share certificates,
 no share certificate shall be issued, and the records of the shareholdings of each Shareholder
 shall be in uncertified book entry form. If the Directors do resolve to issue share
 certificates in respect of any one or more classes of Shares, then every Shareholder
 holding such shares shall be entitled, upon written request only, to a certificate signed
 by a Director or Secretary, or any other person authorised by a resolution of the Directors,
 or under the seal specifying the number of Shares held by him and the signature of the Director,
 Secretary or authorised person and the seal may be facsimiles or affixed by electronic
 means pursuant to the electronic transactions act. Any Shareholder receiving a certificate
 shall indemnify and hold the Company and its Directors and Officers harmless from any
 loss or liability which it or they may incur by reason of any wrongful or fraudulent use
 or representation made by any person by virtue of the possession thereof.

5.2 **Certificate Legends.** Every share certificate of the Company shall bear legends required under
 the applicable laws, including the Securities Act.

5.3 **Multiple Shares.** Any two or more certificates representing Shares of any one Class held by
 any Shareholder may at the Shareholder's request be cancelled and a single new certificate
 for such Shares issued in lieu on payment (if the Directors shall so require) of US$1.00
 or such smaller sum as the Directors shall determine.

5.4 **Replacement.** If a share certificate shall be damaged or defaced or alleged to have been lost, stolen
 or destroyed, a new certificate representing the same Shares may be issued to the relevant
 Shareholder upon request subject to delivery up of the old certificate or (if alleged
 to have been lost, stolen or destroyed) compliance with such conditions as to evidence and
 indemnity and the payment of out-of-pocket expenses of the Company in connection with the
 request as the Directors may think fit.

5.5 **Joint Holders.** In the event that Shares are held jointly by several Persons, any request may
 be made by any one of the joint holders and if so made shall be binding on all of the joint
 holders.

---

| | |
|:---|:---|
| **6** | **FRACTIONAL SHARES** |

---

6.1 The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be
 subject to and carry the corresponding fraction of liabilities (whether with respect to nominal
 or par value, premium, contributions, calls or otherwise), limitations, preferences, privileges,
 qualifications, restrictions, rights (including, without prejudice to the generality
 of the foregoing, voting and participation rights) and other attributes of a whole share.
 If more than one fraction of a share of the same class is issued to or acquired by the same
 Shareholder such fractions shall be accumulated.

---

| | |
|:---|:---|
| **7** | **LIEN** |

---

7.1 **All Monies Payable**. The Company has a first and paramount lien on every Share (whether
 or not fully paid) for all amounts (whether presently payable or not) payable at a fixed
 time or called in respect of that Share. The Company also has a first and paramount
 lien on every Share registered in the name of a Person indebted or under liability to the
 Company (whether he is the sole registered holder of a share or one of two or more joint
 holders) for all amounts owing by him or his estate to the Company (whether or not presently
 payable). The Directors may at any time declare a share to be wholly or in part exempt from
 the provisions of this Article. The Company's lien on a Share extends to any amount
 payable in respect of it, including but not limited to dividends.

7.2 **Sale**.
 The Company may sell, in such manner as the Directors in their absolute discretion think
 fit, any Share on which the Company has a lien, but no sale shall be made unless an
 amount in respect of which the lien exists is presently payable nor until the expiration
 of fourteen (14) calendar days after a notice in writing, demanding payment of such part
 of the amount in respect of which the lien exists as is presently payable, has been given
 to the registered holder for the time being of the Share, or the Persons entitled thereto
 by reason of his death or bankruptcy.

7.3 **Registration of Purchase.** For giving effect to any such sale the Directors may authorise a Person
 to transfer the Shares sold to the purchaser thereof. The purchaser shall be registered as
 the holder of the Shares comprised in any such transfer and he shall not be bound to see
 to the application of the purchase money, nor shall his title to the Shares be affected
 by any irregularity or invalidity in the proceedings in reference to the sale.

7.4 **Application of Proceeds.** The proceeds of the sale after deduction of expenses, fees and commissions
 incurred by the Company shall be received by the Company and applied in payment of such part
 of the amount in respect of which the lien exists as is presently payable, and the residue
 shall (subject to a like lien for sums not presently payable as existed upon the Shares prior
 to the sale) be paid to the Person entitled to the Shares immediately prior to the sale.

---

| | |
|:---|:---|
| **8** | **CALLS ON SHARES** |

---

8.1 **Calls.** Subject to the terms of the allotment, the Directors may from time to time make calls
 upon the Shareholders in respect of any moneys unpaid on their Shares, and each Shareholder
 shall (subject to receiving at least fourteen (14) calendar days' notice specifying
 the time and place of payment) pay to the Company at the time so specified the amount
 called on such Shares. A call shall be deemed to have been made at the time when the resolution
 of the Directors authorising such call was passed.

8.2 **Joint Holders.** The joint holders of a Share shall be jointly and severally liable to pay calls
 in respect thereof.

8.3 **Interest on Calls.** If a sum called in respect of a Share is not paid before or on the day appointed
 for payment thereof, the Person from whom the sum is due shall pay interest upon the sum
 at such rate not exceeding fifteen per cent (15%) per annum from the day appointed for
 the payment thereof to the time of the actual payment, but the Directors shall be at liberty
 to waive payment of that interest wholly or in part.

8.4 **Fixed Payment Dates.** The provisions of these Articles as to the liability of joint holders
 and as to payment of interest shall apply in the case of non-payment of any sum which, by
 the terms of issue of a Share, becomes payable at a fixed time, whether on account of
 the amount of the Share, or by way of premium, as if the same had become payable by virtue
 of a call duly made and notified.

8.5 **Partly Paid Shares.** The Directors may make arrangements with respect to the issue of partly
 paid Shares for a difference between the Shareholders, or the particular Shares, in
 the amount of calls to be paid and in the times of payment.

8.6 **Advancement.** The Directors may, if they think fit, receive from any Shareholder willing to advance
 the same all or any part of the moneys uncalled and unpaid upon any partly paid Shares held
 by him, and upon all or any of the moneys so advanced may (until the same would, but for
 such advance, become presently payable) pay interest at such rate (not exceeding without
 the sanction of an Ordinary Resolution, six per cent (6%) per annum) as may be agreed upon
 between the Shareholder paying the sum in advance and the Directors. No such sum paid in
 advance of calls shall entitle the Shareholder paying such sum to any portion of a dividend
 declared in respect of any period prior to the date upon which such sum would, but for such
 payment, become presently payable.

---

| | |
|:---|:---|
| **9** | **FORFEITURE OF SHARES** |

---

9.1 **Failure to pay Call.** If a Shareholder fails to pay any call or instalment of a call in respect
 of partly paid Shares on the day appointed for payment, the Directors may, at any time thereafter
 during such time as any part of such call or instalment remains unpaid, serve not less than
 fourteen (14) days' notice on him requiring payment of so much of the call or instalment
 as is unpaid, together with any interest which may have accrued and which may still accrue
 up to the date of the actual payment.

9.2 **Forfeiture Notice.** The notice shall name a further day (not earlier than the expiration of fourteen
 (14) calendar days from the date of the notice) on or before which the payment required by
 the notice is to be made, and shall state that in the event of non-payment at or before the
 time appointed the Shares in respect of which the call was made will be liable to be forfeited.

9.3 **Forfeiture.** If the requirements of any such notice as aforesaid are not complied with, any Share
 in respect of which the notice has been given may at any time thereafter, before the payment
 required by notice has been made, be forfeited by a resolution of the Directors to that effect.

9.4 **Sale of Forfeited Share.** A forfeited Share may be sold or otherwise disposed of on such terms
 and in such manner as the Directors think fit, and at any time before a sale or disposition
 the forfeiture may be cancelled on such terms as the Directors think fit.

9.5 **Outstanding Liability.** A Person whose Shares have been forfeited shall cease to be a Shareholder
 in respect of the forfeited Shares, but shall, notwithstanding, remain liable to pay to the
 Company all moneys which at the date of forfeiture were payable by him to the Company in
 respect of the Shares forfeited, but his liability shall cease if and when the Company receives
 payment in full of the amount unpaid on the Shares forfeited.

9.6 **Certificate of Forfeiture.** A certificate in writing under the hand of a Director of the Company
 that a Share has been duly forfeited on a date stated in the certificate, shall be conclusive
 evidence of the facts in the declaration as against all Persons claiming to be entitled to
 the Share.

9.7 **Consideration of Sale of Forfeited Share.** The Company may receive the consideration, if any, given
 for a Share on any sale or disposition thereof pursuant to the provisions of these Articles
 as to forfeiture and may execute a transfer of the Share in favour of the Person to whom
 the Share is sold or disposed of and that Person shall be registered as the holder of the
 Share, and shall not be bound to see to the application of the purchase money, if any, nor
 shall his title to the Shares be affected by any irregularity or invalidity in the proceedings
 in reference to the disposition or sale.

9.8 **Fixed Payment Dates.** The provisions of these Articles as to forfeiture shall apply in the case
 of non-payment of any sum which by the terms of issue of a Share becomes due and payable,
 whether on account of the amount of the Share, or by way of premium, as if the same had been
 payable by virtue of a call duly made and notified.

---

| | |
|:---|:---|
| **10** | **TRANSFER OF SHARES** |

---

10.1 **Instrument of Transfer.** 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 (or otherwise as prescribed by the rules
 and regulations of the Designated Stock Exchange) 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 Shareholder until
 the name of the transferee is entered in the Register in respect of the relevant Shares.

10.2 Directors'
 Consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms of issue thereof and the rules or regulations of the Designated Stock Exchange
 or any relevant rules of the Commission or securities laws, 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;(b) The
 Directors may also 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 instrument of transfer is lodged with the Company, accompanied by the certificate 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Shares transferred are 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a
 fee of such maximum sum as the Designated Stock Exchange may determine to be payable, or
 such lesser sum as the Board of Directors may from time to time require, is paid to the Company
 in respect thereof.

10.3 **Suspension of Registration of Transfers.** The registration of transfers may, after compliance with
 any notice required of the Designated Stock Exchange Rules, be suspended and the Register
 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 closed for more than thirty (30) calendar days in any year.

10.4 **Notification of Refusal.** All instruments of transfer that are registered shall be retained by the
 Company, but any instrument of transfer that the Directors decline to register shall (except
 in any case of fraud) be returned to the Person depositing the same. If the Directors refuse
 to register a transfer of any Shares, they shall within two (2) calendar months after the
 date on which the transfer was lodged with the Company send to each of the transferor and
 the transferee notice of the refusal.

---

| | |
|:---|:---|
| **11** | **TRANSMISSION OF SHARES** |

---

11.1 **Legal Personal Representative.** The legal personal representative of a deceased sole holder
 of a Share shall be the only Person recognised by the Company as having any title to the
 Share. In the case of a Share registered in the name of two or more holders, the survivors
 or survivor, or the legal personal representatives of the deceased survivor, shall be the
 only Person recognised by the Company as having any title to the Share.

11.2 **Transmission.** Any Person becoming entitled to a Share in consequence of the death or bankruptcy of
 a Shareholder shall upon such evidence being produced as may from time to time be required
 by the Directors, have the right either to be registered as a Shareholder in respect of the
 Share or, instead of being registered himself, to make such transfer of the Share as the
 deceased or bankrupt Person could have made; but the Directors shall, in either case, have
 the same right to decline or suspend registration as they would have had in the case of a
 transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

11.3 **Pre-Registration Status.** A Person becoming entitled to a Share by reason of the death or bankruptcy of
 a Shareholder shall be entitled to the same dividends and other advantages to which he would
 be entitled if he were the registered Shareholder, except that he shall not, before being
 registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise
 any right conferred by membership in relation to meetings of the Company, provided however,
 that the Directors may at any time give notice requiring any such person to elect either
 to be registered himself or to transfer the Share, and if the notice is not complied with
 within sixty (60) calendar days (or any longer period that the Directors may approve), the
 Directors may thereafter withhold payment of all dividends, bonuses or other monies payable
 in respect of the Share until the requirements of the notice have been complied with.

---

| | |
|:---|:---|
| **12** | **CONVERSION OF SHARES** |

---

12.1 Each
 Class B Share is convertible into one (1) fully paid Class A Share at any time by the holder
 thereof. The right to convert shall be exercisable by the holder of the Class B Share delivering
 a written notice to the Company that such holder elects to convert a specified number
 of Class B Shares into Class A Shares. In no event shall Class A Shares be convertible into
 Class B Shares.

12.2 Upon
 any sale, transfer, assignment or disposition of Class B Shares by a holder thereof to any
 Person which is not an Affiliate of such holder, or upon a change of beneficial
 ownership of any Class B Shares as a result of which any Person who is not an Affiliate
 of the holders of such Ordinary Shares becomes a beneficial owner of such Ordinary Shares,
 such Class B Shares shall be automatically and immediately converted into an equal number
 of Class A Shares. 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 Register; (ii) the creation of any pledge, charge, encumbrance or other
 third-party right of whatever description on any Class B Shares to secure any 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 who is not an Affiliate of the relevant Shareholder becoming
 a beneficial owner of the relevant Class B Shares in which case all the related Class
 B Shares shall be automatically and immediately converted into the same number of Class A
 Shares, and (iii) any sale, transfer, assignment or disposition of any Class B Shares by
 a holder thereof to any Person which is a beneficial owner of Class B Shares shall not
 trigger the automatic conversion of such Class B Shares into Class A Shares as contemplated
 under this Article.

12.3 Any
 conversion of Class B Shares into Class A Shares pursuant to this Article shall be effected
 by means of the re-designation and re-classification of the relevant Class B Share as
 a Class A Share together with such rights and restrictions and which shall rank *pari passu* is all respects with the Class A Shares then in issue. Such conversion shall become effective
 forthwith upon entries being made in the Register to record the re-designation and re-classification
 of the relevant Class B Shares as Class A Shares.

12.4 Upon
 conversion, the Company shall allot and issue the relevant Class A Shares to the converting
 Shareholder, enter or procure the entry of the name of the relevant holder of Class B Shares
 as the holder of the relevant number of Class A Shares resulting from the conversion of the
 Class B Ordinary Shares in, and make any other necessary and consequential changes to, the
 Register 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
 of the Class A Shares and Class B Shares.

12.5 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.

12.6 Save
 and except for voting rights and conversion rights as set out in this Article, Class A Shares
 and Class B Shares shall rank *pari passu* and shall have the same rights, preferences,
 privileges and restrictions.

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| | |
|:---|:---|
| **13** | **REGISTRATION OF EMPOWERING INSTRUMENTS** |

---

13.1 The
 Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration
 of every probate, letters of administration, certificate of death or marriage, power
 of attorney, notice in lieu of distringas, or other instrument.

---

| | |
|:---|:---|
| **14** | **ALTERATION OF SHARE CAPITAL** |

---

14.1 **Increase.** The Company may from time to time by Ordinary Resolution increase the share capital by such
 sum, to be divided into Shares of such Classes and amount, as the resolution shall prescribe.

14.2 **Amendment.** The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(b) 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;(c) subdivide
 its existing Shares, or any of them into Shares of a smaller amount provided that in the
 subdivision the proportion between the amount paid and the amount, if any, unpaid on each
 reduced Share shall be the same as it was in case of the Share from which the reduced Share
 is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel
 any Shares that, 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.

14.3 **Reduction.** The Company may by Special Resolution reduce its share capital and any capital redemption
 reserve in any manner authorised by Law.

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| | |
|:---|:---|
| **15** | **REDEMPTION, PURCHASE AND SURRENDER OF SHARES** |

---

15.1 **Reduction.** Subject to the provisions of the Law and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder
 or the Company. The redemption of Shares shall be effected in such manner and upon such
 terms as may be determined, before the issue of such Shares, by either the Board or by the
 Shareholders by Special Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner and terms
 as have been approved by the Board or by the Shareholders by Ordinary Resolution, or are
 otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of its own Shares in any manner permitted
 by the Companies Act, including out of capital.

15.2 **No other Redemption.** The purchase of any Share shall not oblige the Company to purchase
 any other Share other than as may be required pursuant to applicable law and any other contractual
 obligations of the Company.

15.3 **Condition for Redemption.** The holder of the Shares being purchased shall be bound to deliver up
 to the Company the certificate(s) (if any) thereof for cancellation and thereupon the
 Company shall pay to him the purchase or redemption monies or consideration in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 **Surrender.** The Directors may accept the surrender for no consideration of any fully paid Share.

---

| | |
|:---|:---|
| **16** | **TREASURY SHARES** |

---

16.1 **Treasury Share.** The Directors may, prior to the purchase, redemption or surrender of any Share,
 determine that such Share shall be held as a Treasury Share.

16.2 **Cancellation of Treasury Share.** The Directors may determine to cancel a Treasury Share or transfer
 a Treasury Share on such terms as they think proper (including, without limitation, for nil
 consideration).

16.3 **No Distribution in relation to Treasury Share.** 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 Shareholders on a winding up) may be declared or paid in respect
 of a Treasury Share.

16.4 **Register – Treasury Share.** The Company shall be entered in the Register as the holder of
 the Treasury Shares provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Shareholder for any purpose and shall not exercise any
 right in respect of the Treasury Shares, and any purported exercise of such a right shall
 be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Law, save that an allotment of Shares as
 fully paid bonus shares in respect of a Treasury Share is permitted and Shares allotted as
 fully paid bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

16.5 **Disposal of Treasury Shares.** Treasury Shares may be disposed of by the Company on such terms and
 conditions as determined by the Directors.

---

| | |
|:---|:---|
| **17** | **GENERAL MEETINGS** |

---

17.1 **Meetings.** All general meetings other than annual general meetings shall be called extraordinary
 general meetings.

17.2 Annual
 General Meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may (but is not obliged to) in each financial year hold a general meeting as
 its annual general meeting and shall specify the meeting as such in the notices calling it,
 and such annual general meeting shall be held within six months after the end of the Company's
 financial year. The annual general meeting shall be held at such time and place as may
 be determined by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 these meetings a report of the Directors (if any) may be presented.

17.3 **Directors Convene.** A majority of the Directors may call general meetings, and they shall on a Shareholders'
 requisition forthwith proceed to convene an extraordinary general meeting of the Company.

17.4 **Shareholders Convene.** A Shareholders' requisition is a request of one or more Shareholders holding
 as at the date of deposit of the request in aggregate not less than one-third (1/3) of the
 voting rights (on a one vote per share basis) in the share capital of the Company. Such Shareholders
 may also add resolutions to the agenda of a general meeting.

17.5 **Requisition.** Subject to Article 17.2, the requisition must state the objects of the meeting, must be signed
 by the Shareholders that made the request (the "**Requisitionists** "), deposited
 at the Registered Office and may consist of several documents in like form each signed
 by one or more Requisitionists.

17.6 **Directors Convene General Meeting.** If the Directors do not within twenty- one (21) calendar days
 from the date of the deposit of the requisition duly proceed to convene a general meeting
 to be held within a further twenty-one (21) calendar days, the Requisitionists, or any of
 them representing more than one-half of the total voting rights of all of them, may themselves
 convene a general meeting, but any meeting so convened shall not be held after the expiration
 of three (3) months after the expiration of the said twenty-one (21) calendar days.

17.7 **Requisitionists Convene General Meeting.** A general meeting convened as aforesaid by Requisitionists shall
 be convened in the same manner as nearly as possible as that in which general meetings are
 to be convened by Directors.

17.8 **Shareholder Participation.** Shareholders seeking to bring business before the annual general meeting
 or to nominate candidates for election as Directors at the annual general meeting must deliver
 notice to the Registered Office not later than the close of business on the 90<sup>th</sup>
 day nor earlier than the close of business on the 120<sup>th</sup> day prior to the scheduled
 date of the annual general meeting.

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| | |
|:---|:---|
| **18** | **NOTICE OF GENERAL MEETINGS** |

---

18.1 **Notice of Meeting.** An annual general meeting of the Company shall be called by at least 10 calendar
 days' notice in writing, and a general meeting of the Company (other than an annual
 general meeting) shall be called by at least 10 calendar days' notice in writing. Every
 notice shall be exclusive of the day on which it is served or deemed to be served but inclusive
 of the day for which it is given and shall specify the place, the day and the hour of the
 meeting and the general nature of the business and shall be given in the manner hereinafter
 mentioned or in such other manner if any as may be prescribed by the Company, provided that
 a general meeting of the Company shall, whether or not the notice specified in this Article
 has been given and whether or not the provisions of these Articles regarding general meetings
 have been complied with, be deemed to have been duly convened if it is so agreed:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an extraordinary general meeting by a majority in number of the Shareholders
 (or their proxies) having a right to attend and vote at the meeting, being a majority together
 holding not less than ninety-five per cent (95%) in par value of the Shares giving that
 right.

18.2 **Failure to Give Notice.** The accidental omission to give notice of a meeting to or the non- receipt
 of a notice of a meeting by any Shareholder shall not invalidate the proceedings at any meeting.

---

| | |
|:---|:---|
| **19** | **PROCEEDINGS AT GENERAL MEETINGS** |

---

19.1 **Due Constitution of Meeting.** No business except for the appointment of a chairman for the
 meeting shall be transacted at any general meeting unless a quorum of Shareholders is present
 at the time when the meeting proceeds to business.

19.2 **Quorum.** At least one or more holder(s) of Shares holding not less than an aggregate of one-third
 (1/3) of all votes attaching to all Shares in issue and entitled to vote present in person
 or by proxy or, if a corporation or other non-natural person, by its duly authorised representative,
 shall be a quorum for all purposes.

19.3 **No Quorum.** If within half an hour from the time appointed for the meeting a quorum is not
 present, the meeting shall be dissolved.

19.4 **Electronic Communication.** If the Directors wish to make this facility available for a specific general
 meeting or all general meetings of the Company, participation in any general meeting of the
 Company may be by means of a telephone or similar communication equipment by way of which
 all Persons participating in such meeting can communicate with each other and such participation
 shall be deemed to constitute presence in person at the meeting.

19.5 **Chairman of Shareholder Meeting.** The Chairman (if any) shall preside as chairman at every general
 meeting of the Company.

19.6 **No Chairman.** If there is no Chairman, or if at any general meeting he is not present within
 fifteen (15) minutes after the time appointed for holding the meeting or is unwilling to
 act as Chairman, any Director or Person nominated by the Directors shall preside as chairman
 of that meeting, failing which the Shareholders present in person or by proxy shall choose
 any Person present to be chairman of that meeting.

19.7 **Adjournment.** The chairman may with the consent of any general meeting at which a quorum is present
 (and shall if so directed by the meeting) adjourn a meeting from time to time and from place
 to place, but no business shall be transacted at any adjourned meeting other than the business
 left unfinished at the meeting from which the adjournment took place. When a meeting,
 or adjourned meeting, is adjourned for fourteen (14) calendar days or more, notice of the
 adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid
 it shall not be necessary to give any notice of an adjournment or of the business to be transacted
 at an adjourned meeting.

19.8 **Cancellation or Postponement of Meeting.** The Directors may cancel or postpone any duly convened general
 meeting at any time prior to such meeting, except for general meetings requisitioned by Requisitionists
 in accordance with these Articles, for any reason or for no reason, upon notice in writing
 to Shareholders. A postponement may be for a stated period of any length or indefinitely
 as the Directors may determine.

19.9 **Casting of Votes.** At any general meeting a resolution put to the vote of the meeting shall be
 decided on a show of hands, unless a poll is (before or on the declaration of the result
 of the show of hands) demanded by the chairman or any one or more Shareholders who together
 hold not less than 10% of the votes attaching to the total shares that are present in person
 or by proxy, and 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 book of the proceedings of the Company, shall
 be conclusive evidence of the fact, without proof of the number or proportion of the votes
 recorded in favour of, or against, that resolution.

19.10 **Polls.** 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.

19.11 **Equality of Votes.** All questions submitted to a meeting shall be decided by a simple majority
 of votes except where a greater majority is required by these Articles or by the Law. 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
 be entitled to a second or casting vote.

19.12 **Specific Polls.** A poll demanded on the election of a chairman of the meeting or on a question
 of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken
 at such time as the chairman of the meeting directs.

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| | |
|:---|:---|
| **20** | **VOTES OF SHAREHOLDERS** |

---

20.1 **Voting Rights.** Subject to any rights and restrictions for the time being attached to any Share,
 on a show of hands every Shareholder present in person and every Person representing a Shareholder
 by proxy shall, at a general meeting of the Company, have one (1) vote for each Class A Share
 and twenty (20) votes for each Class B Share, in each case of which he is the holder and
 on a poll every Shareholder and every Person representing a Shareholder by proxy shall have
 one (1) vote for each Class A Share and twenty (20) votes for each Class B Share of which
 he or the Person represented by proxy is the holder. Holders of Class A Shares and Class
 B Shares shall, at all times, vote together as one class on all matters submitted to a vote
 by the Shareholders.

20.2 **Class Consent.** Class consents from the holders of Class A Shares and Class B Shares, as applicable,
 shall be required for any variation to the rights attached to their respective class of shares,
 however, the Directors may treat the two classes of shares as forming one class if they consider
 that both such classes would be affected in the same way by the proposal.

20.3 **No Variation.** The rights attaching to the Class A Shares and the Class B Shares shall not
 be deemed to be varied by the creation or issue of shares with preferred or other rights,
 including, without limitation, shares with enhanced or weighted voting rights.

20.4 **Change in authorised share capital.** The holders of Class A Shares and Class B Shares, respectively,
 do not have the right to vote separately if the number of authorised shares of such class
 is increased or decreased. Rather, the number of authorised Class A Shares and Class B Shares
 may be increased or decreased (but not below the number of shares of such class then outstanding)
 by both classes voting together by way of an Ordinary Resolution.

20.5 **Joint Holders.** In the case of joint holders the vote of the senior who tenders a vote whether
 in person or by proxy shall be accepted to the exclusion of the votes of the other joint
 holders and for this purpose seniority shall be determined by the order in which the names
 stand in the Register.

20.6 **Shareholder Capacity.** A Shareholder of unsound mind, or in respect of whom an order has been made
 by any court having jurisdiction in lunacy, may vote in respect of Shares carrying the right
 to vote held by him, whether on a show of hands or on a poll, by his committee, or other
 Person in the nature of a committee appointed by that court, and any such committee or other
 Person, may vote in respect of such Shares by proxy.

20.7 **Unpaid Shares.** No Shareholder shall be entitled to vote at any general meeting of the Company
 unless all calls, if any, or other sums presently payable by him in respect of Shares carrying
 the right to vote held by him have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.8 **Poll Votes.** On a poll, votes may be given either personally or by proxy.

20.9 **Proxies.** Any Shareholder (including a Shareholder which is a clearing house (or its nominee(s)))
 entitled to attend and vote at a meeting of the Company shall be entitled to appoint another
 person (being a natural person) as his proxy to attend and vote in his place. A Shareholder
 who is the holder of two or more Shares may appoint more than one proxy to represent him
 and vote on his behalf at a general meeting of the Company or at a Class meeting. A proxy
 need not be a Shareholder, and shall be entitled to exercise the same powers on behalf of
 a Shareholder who is a natural person and for whom he acts as proxy as such Shareholder could
 exercise. In addition, a proxy shall be entitled to exercise the same powers on behalf of
 a Shareholder which is a corporation and for which he acts as proxy as such Shareholder could
 exercise as if it were a natural person Shareholder present in person at any general meeting.
 On a poll or a show of hands votes may be given either personally (or, in the case of a Shareholder
 being a corporation, by its duly authorised representative) or by proxy. The instrument appointing
 a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised
 in writing or, if the appointor is a corporation, either under Seal or under the hand of
 an officer or attorney duly authorised. A proxy need not be a Shareholder.

20.10 **Form of Proxy.** An instrument appointing a proxy may be in any usual or common form or such
 other form as the Directors may approve.

20.11 **Deposit of Proxy Appointment Instrument.** The instrument appointing a proxy shall be deposited
 at the Registered Office or at such other place as is specified for that purpose in the notice
 convening the meeting, or in any instrument of proxy sent out by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 less than 48 hours before the time for holding the meeting or adjourned meeting at which
 the Person named in the instrument proposes to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a poll taken more than 48 hours after it is demanded, be deposited as aforesaid
 after the poll has been demanded and not less than 24 hours before the time appointed for
 the taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 the poll is not taken forthwith but is taken not more than 48 hours after it was demanded
 be delivered at the meeting at which the poll was demanded to the Chairman or to the secretary
 or to any Director, provided that the Directors may in the notice convening the meeting,
 or in an instrument of proxy sent out by the Company, direct that the instrument appointing
 a proxy may be deposited (no later than the time for holding the meeting or adjourned meeting)
 at the Registered Office or at such other place as is specified for that purpose in the notice
 convening the meeting, or in any instrument of proxy sent out by the Company. The Chairman
 may in any event at his discretion direct that an instrument of proxy shall be deemed to
 have been duly deposited. An instrument of proxy that is not deposited in the manner permitted
 shall be invalid.

20.12 **Proxy Instrument.** The instrument appointing a proxy shall be deemed to confer authority to
 demand or join in demanding a poll.

20.13 **No Action.** No action shall be taken by the Shareholders except at an annual or extraordinary
 general meeting called in accordance with these Articles and no action shall be taken by
 the Shareholders by written consent or electronic transmission, unless otherwise as permitted
 by these Articles.

20.14 **Written Resolutions.** A resolution in writing signed by all the Shareholders for the time being
 entitled to receive notice of and to attend and vote at general meetings of the Company (or
 being corporations by their duly authorised representatives) shall be as valid and effective
 as if the same had been passed at a general meeting of the Company duly convened and held.

21 CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS

21.1 Any
 corporation which is a Shareholder or a Director may by resolution of its Directors or other
 governing body authorise such Person as it thinks fit to act as its representative at any
 meeting of the Company or of any meeting of holders of a Class or of the Directors or of
 a committee of Directors, and the Person so authorised shall be entitled to exercise the
 same powers on behalf of the corporation which he represents as that corporation could exercise
 as if it were an individual Shareholder or Director.

22 DEPOSITARY AND CLEARING HOUSES

22.1 If
 a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Shareholder
 of the Company it may, by resolution of its Directors or other governing body or by power
 of attorney, authorise such Person(s) as it thinks fit to act as its representative(s), who
 enjoy rights equivalent to the rights of other Shareholders, at any meeting of the Company
 (including but not limited to any general meeting or creditors' meeting) or of any
 Class of Shareholders provided that, if more than one (1) Person is so authorised, the authorisation
 shall specify the number and Class of Shares in respect of which each such Person is so authorised.
 A Person so authorised pursuant to this Article shall be entitled to exercise the same powers
 on behalf of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s))
 which he represents as that recognised clearing house (or its nominee(s)) or depositary (or
 its nominee(s)) could exercise as if it were an individual Shareholder holding the number
 and Class of Shares specified in such authorisation, including the right to speak and vote
 individually on a show of hands or on a poll.

---

| | |
|:---|:---|
| **23** | DIRECTORS |

---

23.1 **Number of Directors.** Unless otherwise determined by the Company in general meeting, the number
 of Directors shall not be less than one Director, the exact number of Directors to be determined
 exclusively by resolutions adopted by a majority of the authorized number of Directors constituting
 the Board from time to time. There shall be no maximum number of Directors unless otherwise
 determined from time to time by the members in general meeting. For so long as Shares are
 listed on the Designated Stock Exchange, the Directors shall include such number of Independent
 Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules
 require for a foreign private issuer under the United States securities laws, so long as
 the Company is a foreign private issuer  *.*** 

23.2 **Vacancy.** The Directors by the affirmative vote of a simple majority of the remaining Directors
 present and voting at a meeting of the Directors, even if less than a quorum, shall have
 the power from time to time and at any time to appoint any person as a Director to fill a
 casual vacancy (resulting from death, resignation, disqualification, removal or other causes)
 on the board of Directors or as an addition to the existing board of Directors, subject to
 these Articles (including the maximum number (if any) imposed by the Directors), and the
 rules and regulations of the Designated Stock Exchange and/or any other competent regulatory
 authority or otherwise under applicable law, provided that any vacancy not filled by the
 Directors may be filled by the Shareholders by Ordinary Resolution at the next annual general
 meeting or extraordinary general meeting called for that purpose; provided further, that
 whenever the holders of any class or classes of stock or series thereof are entitled to elect
 one or more Directors by the provisions of these Articles, vacancies and newly created directorships
 of such class or classes or series may be filled by a majority of the Directors elected by
 such class or classes or series thereof then in office, or by a sole remaining Director so
 elected or by the Shareholders holding such class or classes of shares or series thereof
 in accordance with these Articles. Any Director so appointed shall hold office only until
 the first annual general meeting of the Company after his appointment and shall then be subject
 to re-election at such meeting.

23.3 **Chairman of the Board.** The Board of Directors shall have a Chairman (who shall be a Director)
 elected and appointed by a majority of the Directors then in office. The period for which
 the Chairman will hold office will also be determined by a majority of all of the Directors
 then in office. The Chairman shall preside as chairman at every meeting of the Board of Directors.
 To the extent the Chairman is not present at a meeting of the Board of Directors within fifteen
 (15) minutes after the time appointed for holding the same, the attending Directors may choose
 one of their number to be the chairman of the meeting.

23.4 **Appointment of Directors.** The Company may appoint any person to be a Director by Ordinary Resolution
 or by resolutions adopted by a majority of the authorized number of Directors constituting
 the Board from time to time, subject to the maximum number of Directors as may be determined
 by the Shareholders in general meeting (if any).

23.5 **Term.** Each Director holds office for the term, if any, fixed by the terms of his appointment
 or until his office is vacated pursuant to these Articles. No person, shall, unless recommended
 by the Board for election, be eligible for election to the office of Director at any general
 meeting, unless notice in writing of the intention to propose that person for election as
 a Director and notice in writing by that person of his willingness to be elected has been
 lodged at the head office or at the registration office of the Company. The period for lodgement
 of such notices shall commence no earlier than the day after despatch of the notice of the
 relevant meeting and end no later than seven days before the date of such meeting and the
 minimum length of the period during which such notices may be lodged must be at least ten
 (10) days.

23.6 **Removal of Directors.** A Director may be removed from office by Ordinary Resolution of the Company,
 notwithstanding anything in these Articles or in any agreement between the Company and such
 Director (but without prejudice to any claim for damages under such agreement). The notice
 of any meeting at which a resolution to remove a Director shall be proposed or voted upon
 must contain a statement of the intention to remove that Director and such notice must be
 served on that Director not less than ten (10) calendar days before the meeting. Such Director
 is entitled to attend the meeting and be heard on the motion for his removal.

23.7 **Company Policies.** The Board may, from time to time, and except as required by applicable law
 or the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate
 governance policies or initiatives, which shall be intended to set forth the policies of
 the Company and the Board on various corporate governance related matters as the Board shall
 determine by resolution from time to time.

23.8 **No Minimum Shareholding.** A Director shall not be required to hold any Shares in the Company
 by way of qualification nor is there any specified upper or lower age limit for the Directors
 either for accession to or retirement from the Board. A Director who is not a Shareholder
 of the Company shall nevertheless be entitled to attend and speak at general meetings.

23.9 **Remuneration of Directors.** The remuneration of the Directors may be determined by the Directors or
 by Ordinary Resolution.

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

---

| | |
|:---|:---|
| **24** | **ALTERNATE DIRECTOR OR PROXY** |

---

24.1 **Alternate Appointment.** Any Director may in writing appoint another Person to be his alternate and,
 save to the extent provided otherwise in the form of appointment, such alternate shall have
 authority to sign written resolutions on behalf of the appointing Director, but shall not
 be required to sign such written resolutions where they have been signed by the appointing
 director, and to act in such Director's place at any meeting of the Directors at which
 the appointing Director is unable to be present. Every such alternate shall be entitled to
 attend and vote at meetings of the Directors as a Director when the Director appointing him
 is not personally present and where he is a Director to have a separate vote on behalf of
 the Director he is representing in addition to his own vote. A Director may at any time in
 writing revoke the appointment of an alternate appointed by him. Such alternate shall be
 deemed for all purposes to be a Director of the Company and shall not be deemed to be the
 agent of the Director appointing him.

24.2 **Director Proxy.** Any Director may appoint any Person, whether or not a Director, to be the proxy
 of that Director to attend and vote on his behalf, in accordance with instructions given
 by that Director, or in the absence of such instructions at the discretion of the proxy,
 at a meeting or meetings of the Directors which that Director is unable to attend personally.
 The instrument appointing the proxy shall be in writing under the hand of the appointing
 Director and shall be in any usual or common form or such other form as the Directors may
 approve, and must be lodged with the chairman of the meeting of the Directors at which such
 proxy is to be used, or first used, prior to the commencement of the meeting. A proxy who
 attends such a meeting shall be counted in the quorum. Every such proxy shall be entitled
 to attend and vote in such appointing Director's place when the appointing Director
 is not personally present at such meeting; provided, that, prior to each meeting of the Board
 at which the proxy is to vote, the Director shall instruct the proxy as to the manner in
 which he is to cast the vote and shall inform the Board accordingly and the proxy shall be
 entitled to cast a vote on behalf of the Director only in accordance with such instructions.
 Where the proxy is a Director he shall be entitled to have such separate vote on behalf of
 the Director for which he is acting as proxy in addition to his own vote. The remuneration
 of such proxy shall be payable out of the remuneration of the Director appointing him–and
 the proportion thereof shall be agreed between them. The signature of a proxy to any resolution
 in writing of the Directors or a committee thereof shall, unless the terms of the appointment
 provides to the contrary, be as effective as the signature of the Director appointing him
 as proxy. For the avoidance of doubt, any Director that has the right to attend any meeting
 of a committee established by the Board may appoint a proxy to act in his place at such meeting.
 Where the Director appointing a proxy is an Interested Director in respect of a matter to
 be considered at a meeting of the Board, the Interested Director shall procure that the proxy
 declares the nature of his interest at such meeting and the proxy may be counted in the quorum
 and may also be entitled to vote on behalf of the Interested Director in respect of any contract
 or proposed contract or arrangement in which such Interested Director is interested. For
 the avoidance of doubt, a person who is appointed a proxy shall not in consequence thereof
 become an Indemnified Person.

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| | |
|:---|:---|
| **25** | **POWERS AND DUTIES OF DIRECTORS** |

---

25.1 **Management by Directors**. Subject to the Companies Act, these Articles and to any resolutions passed
 in a general meeting, the business of the Company shall be managed by the Directors, who
 may pay all expenses incurred in setting up and registering the Company and may exercise
 all powers of the Company. No resolution passed by the Company in general meeting shall invalidate
 any prior act of the Directors that would have been valid if that resolution had not been
 passed. The Directors may from time to time provide for the management of the affairs of
 the Company in such manner as they shall think fit and the provisions contained in the three
 next following Articles shall not limit the general powers conferred by this Article.

25.2 **Officers.** Subject to these Articles, the Directors may from time to time appoint any natural person
 or corporation, whether or not a Director to hold such office in the Company as the Directors
 may think necessary for the administration of the Company, including but not limited to,
 the office of president, one or more vice-presidents, treasurer, assistant treasurer, manager
 or controller, and for such term and at such remuneration (whether by way of salary or commission
 or participation in profits or partly in one way and partly in another), and with such powers
 and duties as the Directors may think fit. Any natural person or corporation so appointed
 by the Directors may be removed by the Directors. The Directors may also appoint one or more
 of their number to the office of managing director upon like terms, but any such appointment
 shall ipso facto terminate if any managing director ceases for any cause to be a Director,
 or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

25.3 **Appointment of Secretary.** The Directors may appoint any natural person or corporation to be a Secretary
 (and if need be an assistant Secretary or assistant Secretaries) who shall hold office for
 such term, at such remuneration and upon such conditions and with such powers as they think
 fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by
 the Directors or by the Company by Ordinary Resolution.

25.4 **Delegation.** The Directors may delegate any of their powers to committees consisting of such member or
 members of their body as they think fit; any committee so formed shall in the exercise of
 the powers so delegated conform to any regulations that may be imposed on it by the Directors.
 The Directors from time to time and at any time may establish any committees, local boards
 or agencies for managing any of the affairs of the Company and may appoint any natural person
 or corporation to be a member of such committees or local boards and may appoint any managers
 or agents of the Company and may fix the remuneration of any such natural person or
 corporation. Subject to any such conditions, the proceedings of any such committee, local
 board or agency shall be governed by the Articles regulating the proceedings of Directors,
 so far as they are capable of applying.

25.5 **Third Party Delegation**. The Directors may from time to time and at any time by power of attorney
 (whether under Seal or under hand) or otherwise appoint any company, firm or Person or body
 of Persons, whether nominated directly or indirectly by the Directors, to be the attorney
 or attorneys or authorised signatory (any such person being an "Attorney" or
 "Authorised Signatory", respectively) of the Company for such purposes and with
 such powers, authorities and discretion (not exceeding those vested in or exercisable by
 the Directors under these Articles) and for such period and subject to such conditions as
 they may think fit, and any such power of attorney or other appointment may contain such
 provisions for the protection and convenience of Persons dealing with any such Attorney or
 Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney
 or Authorised Signatory to delegate all or any of the powers, authorities and discretion
 vested in him.

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

25.7 **Sub-delegation.** Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all
 or any of the powers, authorities, and discretion for the time being vested in them.

25.8 **Committee Charter.** The Directors may adopt formal written charters for committees and, if so adopted,
 shall review and assess the adequacy of such formal written charters on an annual basis.
 Each of these committees shall be empowered to do all things necessary to exercise the rights
 of such committee set forth in the Articles and shall have such powers as the Directors may
 delegate pursuant to the Articles and as required by the rules and regulations of the Designated
 Stock Exchange, the Securities and Exchange Commission and/or any other competent regulatory
 authority or otherwise under applicable law.

---

| | |
|:---|:---|
| **26** | **BORROWING POWERS OF DIRECTORS** |

---

26.1 The
 Directors may from time to time at their discretion exercise all the powers of the Company
 to raise or borrow money and to mortgage or charge its undertaking, property and assets (present
 and future) and uncalled capital or any part thereof, to issue debentures, debenture stock,
 bonds and other securities, whether outright or as collateral security for any debt, liability
 or obligation of the Company or of any third party.

---

| | |
|:---|:---|
| **27** | **THE SEAL** |

---

27.1 **Use of Seal**. The Seal shall not be affixed to any instrument except by the authority of a
 resolution of the Directors provided always that such authority may be given prior to or
 after the affixing of the Seal and if given after may be in general form confirming a number
 of affixings of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary
 (or an assistant Secretary) or in the presence of any one or more Persons as the Directors
 may appoint for the purpose and every Person as aforesaid shall sign every instrument to
 which the Seal is so affixed in their presence.

27.2 **Duplicate Seal**. The Company may maintain a facsimile of the Seal in such countries or places as
 the Directors may appoint and such facsimile Seal shall not be affixed to any instrument
 except by the authority of a resolution of the Directors provided always that such authority
 may be given prior to or after the affixing of such facsimile Seal and if given after may
 be in general form confirming a number of affixings of such facsimile Seal. The facsimile
 Seal shall be affixed in the presence of such Person or Persons as the Directors shall for
 this purpose appoint and such Person or Persons as aforesaid shall sign every instrument
 to which the facsimile Seal is so affixed in their presence and such affixing of the facsimile
 Seal and signing as aforesaid shall have the same meaning and effect as if the Seal had been
 affixed in the presence of and the instrument signed by a Director or a Secretary (or an
 assistant Secretary) or in the presence of any one or more Persons as the Directors may appoint
 for the purpose.

27.3 **Authentication and Filing**. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall
 have the authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes
 of attesting authenticity of the matter contained therein but which does not create any obligation
 binding on the Company.

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| | |
|:---|:---|
| **28** | **DISQUALIFICATION OF DIRECTORS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 The
 office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 declared to be of unsound mind and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) becomes
 bankrupt or has a receiving order made against him or suspends payment or compounds with
 his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is
 prohibited from being or ceases to be a director by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) without
 special leave, is absent from meetings of the Board for three (3) consecutive meetings, and
 the Board resolves that his office is vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has
 been required by the Designated Stock Exchange to cease to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is
 removed from office by the requisite majority of the Directors or otherwise pursuant to these
 Articles.

---

| | |
|:---|:---|
| **29** | **PROCEEDINGS OF DIRECTORS** |

---

29.1 **Voting.** The Directors may meet together (either within or without the Cayman Islands) for the despatch
 of business, adjourn, and otherwise regulate their meetings and proceedings as they think
 fit. Questions arising at any meeting shall be decided by a majority of votes. At any meeting
 of the Directors, each Director present in person or represented by his proxy or alternate
 shall be entitled to one (1) vote. In case of an equality of votes the Chairman shall have
 a second or casting vote. A Director may, and a Secretary or assistant Secretary on the requisition
 of a Director shall, at any time summon a meeting of the Directors.

29.2 **Conference Call.** A Director may participate in any meeting of the Directors, or of any committee
 appointed by the Directors of which such Director is a member, by means of telephone or similar
 communication equipment by way of which all Persons participating in such meeting can communicate
 with each other and such participation shall be deemed to constitute presence in person at
 the meeting.

29.3 **Quorum.** The quorum necessary for the transaction of the business of the Directors may be fixed by
 the Directors, and unless so fixed, the quorum shall be a majority of Directors then in office.
 A Director represented by proxy or by an alternate Director at any meeting shall be deemed
 to be present for the purposes of determining whether or not a quorum is present.

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| | |
|:---|:---|
| **30** | **DIRECTORS' INTERESTS** |

---

30.1 **General Notice of Interests**. A Director who is in any way, whether directly or indirectly, interested
 in a contract or transaction or proposed contract or transaction with the Company shall declare
 the nature of his interest at a meeting of the Directors. A general notice given to the Directors
 by any Director to the effect that he is a member of any specified company or firm and is
 to be regarded as interested in any contract or transaction which may thereafter be made
 with that company or firm shall be deemed a sufficient declaration of interest in regard
 to any contract so made or transaction so consummated. A Director may vote in respect of
 any contract or transaction or proposed contract or transaction that he or she may be interested
 therein, and he or she may also be counted in the quorum of any meeting of the Directors
 at which any such contract or transaction or proposed contract or transaction shall come
 before the meeting for consideration.

30.2 **Other Office**. A Director may hold any other office or place of profit under the Company (other
 than the office of auditor) in conjunction with his office of Director for such period and
 on such terms (as to remuneration and otherwise) as the Directors may determine and no Director
 or intending Director shall be disqualified by his office from contracting with the Company
 either with regard to his tenure of any such other office or place of profit or as vendor,
 purchaser or otherwise, nor shall any such contract or arrangement entered into by or on
 behalf of the Company in which any Director is in any way interested, be liable to be avoided,
 nor shall any Director so contracting or being so interested be liable to account to the
 Company for any profit realised by any such contract or arrangement by reason of such Director
 holding that office or of the fiduciary relation thereby established. A Director, notwithstanding
 his or her interest, may be counted in the quorum present at any meeting of the Directors
 whereat he or she or any other Director is appointed to hold any such office or place of
 profit under the Company or whereat the terms of any such appointment are arranged, and he
 or she may also vote on any such appointment or arrangement provided his or her interests
 have been disclosed.

30.3 **Disclosure of Interests**. Any Director may act by himself or through his firm in a professional capacity
 for the Company, and he or his firm shall be entitled to remuneration for professional services
 as if he were not a Director; provided that nothing herein contained shall authorise a Director
 or his firm to act as auditor to the Company. A Director may be counted in the quorum present
 for the portion of any meeting of the Directors whereat he or she is appointed to act by
 himself or herself or through his or her firm in a professional capacity for the Company
 or whereat the terms of any such appointment are arranged, and he or she may also vote on
 any such appointment or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 **Minutes.** The Directors shall cause minutes to be made for the purpose of recording:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of the Directors present at each meeting of the Directors and of any committee of the
 Directors; and

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

30.5 **Signed Minutes.** When the Chairman of a meeting of the Directors signs the minutes of such meeting
 the same shall be deemed to have been duly held notwithstanding the absence of a Director
 or Directors (so long as a quorum was present) or that there may have been a technical defect
 in the proceedings.

30.6 **Written Resolution.** A resolution in writing signed by all the Directors or all the members of
 a committee of Directors entitled to receive notice of a meeting of Directors or committee
 of Directors, as the case may be (an alternate Director, subject as provided otherwise in
 the terms of appointment of the alternate Director, being entitled to sign such a resolution
 on behalf of his appointer), shall be as valid and effectual as if it had been passed at
 a duly called and constituted meeting of Directors or committee of Directors, as the case
 may be. When signed a resolution may consist of several documents each signed by one or more
 of the Directors or his duly appointed alternate.

30.7 **Notice of Meetings**. A Director may, or another Officer on the requisition of a Director shall,
 call a meeting of the Directors by at least two days' notice in writing to every Director
 which notice shall set forth the general nature of the business to be considered unless notice
 is waived by all the Directors either at, before or after the meeting is held.

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

30.9 **Chairman of the Committee.** Subject to any regulations imposed on it by the Directors, a committee
 appointed by the Directors may elect a chairman of its meetings. If no such chairman is elected,
 or if at any meeting the chairman is not present within fifteen (15) minutes after the time
 appointed for holding the meeting, the committee members present may choose one of their
 number to be chairman of the meeting.

30.10 **Adjournment of the Committee Meeting.** A committee appointed by the Directors may meet and adjourn
 as it thinks proper. Subject to any regulations imposed on it by the Directors, questions
 arising at any meeting shall be determined by a majority of votes of the committee members
 present and in case of an equality of votes the chairman shall have a second or casting vote.

30.11 **Defects.** All acts done by any meeting of the Directors or of a committee of Directors, or by any Person
 acting as a Director, shall notwithstanding that it be afterwards discovered that there was
 some defect in the appointment of any such Director or Person acting as aforesaid, or that
 they or any of them were disqualified, be as valid as if every such Person had been duly
 appointed and was qualified to be a Director.

31 PRESUMPTION OF ASSENT

31.1 A
 Director of the Company who is present at a meeting of the Board of Directors at which an
 action on any Company matter is taken shall be presumed to have assented to the action taken
 unless his dissent shall be entered in the minutes of the meeting or unless he shall file
 his written dissent from such action with the person acting as the chairman or secretary
 of the meeting before the adjournment thereof or shall forward such dissent by personal delivery,
 registered post, recognized overnight courier, or by electronic means with confirmation of
 receipt, to such person immediately after the adjournment of the meeting. Such right to dissent
 shall not apply to a Director who voted in favour of such action.

32 DIVIDENDS

32.1 **Payment of Dividends.** Subject to any rights and restrictions for the time being attached to any
 Shares, the Directors may from time to time declare dividends (including interim dividends)
 and other distributions on Shares in issue and authorise payment of the same out of the funds
 of the Company lawfully available therefor.

32.2 **Declaration of Dividends.** Subject to any rights and restrictions for the time being attached to any
 Shares, the Company by Ordinary Resolution may declare dividends, but no dividend shall exceed
 the amount recommended by the Directors.

32.3 **Setting aside of Funds.** The Directors may, before recommending or declaring any dividend, set
 aside out of the funds legally available for distribution such sums as they think proper
 as a reserve or reserves which shall, in the absolute discretion of the Directors be applicable
 for meeting contingencies, or for equalising dividends or for any other purpose to which
 those funds may be properly applied and pending such application may in the absolute discretion
 of the Directors, either be employed in the business of the Company or be invested in such
 investments (other than Shares of the Company) as the Directors may from time to time think
 fit.

32.4 **Payment.** Any dividend payable in cash to the holder of Shares may be paid in any manner determined
 by the Directors. If paid by cheque it will be sent by mail addressed to the holder at his
 address in the Register, or addressed to such person and at such addresses as the holder
 may direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise
 direct, be made payable to the order of the holder or, in the case of joint holders, to the
 order of the holder whose name stands first on the Register in respect of such Shares, and
 shall be sent at his or their risk and payment of the cheque or warrant by the bank on which
 it is drawn shall constitute a good discharge to the Company.

32.5 **Distribution in Kind.** The Directors may recommend to Shareholders that a dividend shall be paid wholly
 or partly by the distribution of specific assets (which may consist of the shares or securities
 of any other company) and may settle all questions concerning such distribution. Without
 limiting the generality of the foregoing, subject to the approval of Shareholders by an Ordinary
 Resolution, the Directors may fix the value of such specific assets, may determine that
 cash payment shall be made to some Shareholders in lieu of specific assets and may vest any
 such specific assets in trustees on such terms as the Directors think fit.

32.6 **Dividend Amounts.** Subject to any rights and restrictions for the time being attached to any Shares,
 all dividends shall be declared and paid according to the amounts paid up on the Shares,
 but if and for so long as nothing is paid up on any of the Shares dividends may be declared
 and paid according to the par value of the Shares. No amount paid on a Share in advance of
 calls shall, while carrying interest, be treated for the purposes of this Article as paid
 on the Share.

32.7 **Joint Holders.** If several Persons are registered as joint holders of any Share, any of them
 may give effective receipts for any dividend or other moneys payable on or in respect of
 the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.8 **No Interest.** No dividend shall bear interest against the Company.

32.9 **Unclaimed payments.** Any dividend unclaimed after a period of six (6) years from the date of declaration
 of such dividend may be forfeited by the Board of Directors and, if so forfeited, shall revert
 to the Company.

33 ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION

33.1 **Accounts.** The books of account relating to the Company's affairs shall be kept in such manner
 as may be determined from time to time by the Directors.

33.2 **Inspection.** The books of account shall be kept at the Registered Office, or at such other place or places
 as the Directors think fit, and shall always be open to the inspection of the Directors.

33.3 **Financial Information**. The Directors may from time to time determine whether and to what extent
 and at what times and places and under what conditions or regulations the accounts and books
 of the Company or any of them shall be open to the inspection of Shareholders not being Directors,
 and no Shareholder (not being a Director) shall have any right of inspecting any account
 or book or document of the Company except as conferred by law or authorised by the Directors
 or by Ordinary Resolution.

33.4 **Audit.** The accounts relating to the Company's affairs shall be audited in such manner
 and with such financial year end as may be determined from time to time by the Directors
 or failing any determination as aforesaid shall not be audited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.5 **Auditor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Shareholders shall at each annual general meeting by Ordinary Resolution appoint one or more
 firms of auditors to hold office until the conclusion of the next annual general meeting
 on such terms and which such duties as may be agreed with the Board, but if an appointment
 is not made, the auditors in office shall continue in office until a successor is appointed.
 Subject to compliance with the Designated Stock Exchange Rules, the Board may fill any casual
 vacancy in the office of auditors, but while any such vacancy continues the surviving or
 continuing auditors (if any) may act. Subject to the approval of the Audit Committee, the
 remuneration of the auditors shall be fixed by or on the authority of the Shareholders in
 the annual general meeting by Ordinary Resolution except that in any particular year the
 Shareholders in general meeting may by Ordinary Resolution delegate the fixing of such remuneration
 to the Board and, subject to compliance with the Designated Stock Exchange Rules, the remuneration
 of any Auditors appointed to fill any casual vacancy may be fixed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Shareholders may, at any general meeting convened and held in accordance with these Articles,
 remove the auditors by Ordinary Resolution at any time before the expiration of the term
 of office and shall, by Ordinary Resolution, at that meeting appoint new auditors in their
 place for the remainder of the term.

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

33.7 **Auditor Reports**. The auditors shall, if so required by the Directors, make a report on the accounts
 of the Company during their tenure of office at the next annual general meeting following
 their appointment, and at any time during their term of office, upon request of the Directors
 or any general meeting of the Shareholders.

33.8 **Annual Returns.** The Directors in each year shall prepare, or cause to be prepared, an annual
 return and declaration setting forth the particulars required by the Companies Act and deliver
 a copy thereof to the Registrar of Companies in the Cayman Islands.

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| | |
|:---|:---|
| **34** | CAPITALISATION OF RESERVES |

---

34.1 Subject
 to the Companies Act, the Directors may, with the authority of an Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve
 to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
 capital redemption reserve and profit and loss account), whether or not available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount
 of Shares (whether or not fully paid) held by them respectively and apply that sum on their
 behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying
 up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) allot
 the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct)
 in those proportions, or partly in one way and partly in the other, but the Share Premium
 Account, the capital redemption reserve and profits which are not available for distribution
 may, for the purposes of this Article, only be applied in paying up unissued Shares to be
 allotted to Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 any arrangements they think fit to resolve a difficulty arising in the distribution of a
 capitalised reserve and in particular, without limitation, where Shares or debentures become
 distributable in fractions the Directors may deal with the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise
 a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the
 Company providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures
 to which they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 payment by the Company on behalf of the Shareholders (by the application of their respective
 proportions of the reserves resolved to be capitalised) of the amounts or part of the amounts
 remaining unpaid on their existing Shares, and any such agreement made under this authority
 being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally
 do all acts and things required to give effect to the resolution.

35 SHARE PREMIUM ACCOUNT

35.1 The
 Directors shall in accordance with the Companies Act establish a Share Premium Account and
 shall carry to the credit of such account from time to time a sum equal to the amount or
 value of the premium paid on the issue of any Share.

35.2 There
 shall be debited to any Share Premium Account on the redemption or purchase of a Share the
 difference between the nominal value of such Share and the redemption or purchase price
 provided always that at the discretion of the Directors such sum may be paid out of the profits
 of the Company or, if permitted by the Companies Act, out of capital.

---

| | |
|:---|:---|
| **36** | NOTICES |

---

36.1 **Delivery of Notices**. Except as otherwise provided in these Articles, any notice or document may
 be served by the Company or by the Person entitled to give notice to any Shareholder either
 personally, or by posting it by airmail or air courier service in a prepaid letter addressed
 to such Shareholder at his address as appearing in the Register, or by electronic mail to
 any electronic mail address such Shareholder may have specified in writing for the purpose
 of such service of notices, or by facsimile or by placing it on the Company's Website
 should the Directors deem it appropriate provided that the Company has obtained the Shareholder's
 prior express positive confirmation in writing to receive notices in such manner. In the
 case of joint holders of a Share, all notices shall be given to that one of the joint holders
 whose name stands first in the Register in respect of the joint holding, and notice so given
 shall be sufficient notice to all the joint holders.

36.2 **Outside Delivery.** Notices posted to addresses outside the Cayman Islands shall be forwarded by
 prepaid airmail.

36.3 **Deemed Receipt of Notice.** Any Shareholder present, either personally or by proxy, at any meeting
 of the Company shall for all purposes be deemed to have received due notice of such meeting
 and, where requisite, of the purposes for which such meeting was convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.4 **Notice Provisions.** Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post,
 shall be deemed to have been served five calendar days after the time when the letter
 containing the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile,
 shall be deemed to have been served upon production by the transmitting facsimile machine
 of a report confirming transmission of the facsimile in full to the facsimile number of the
 recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised
 courier service, shall be deemed to have been served 48 hours after the time when the letter
 containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic
 mail, shall be deemed to have been served immediately upon the time of the transmission by
 electronic mail.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

36.5 **Deemed Service.** Any notice or document delivered or sent by post to or left at the registered
 address of any Shareholder in accordance with the terms of these Articles shall notwithstanding
 that such Shareholder be then dead or bankrupt, and whether or not the Company has notice
 of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered
 in the name of such Shareholder as sole or joint holder, unless his name shall at the time
 of the service of the notice or document, have been removed from the Register as the holder
 of the Share, and such service shall for all purposes be deemed a sufficient service of such
 notice or document on all Persons interested (whether jointly with or as claiming through
 or under him) in the Share.

36.6 **Notices of General Meeting**. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Shareholders holding Shares with the right to receive notice and who have supplied to the
 Company an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who
 but for his death or bankruptcy would be entitled to receive notice of the meeting.

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

37 INFORMATION

37.1 No
 Shareholder shall be entitled to require discovery of any information in respect of any detail
 of the Company's trading or any information which is or may be in the nature of a trade
 secret or secret process which may relate to the conduct of the business of the Company and
 which in the opinion of the Board would not be in the interests of the Shareholders of the
 Company to communicate to the public.

37.2 The
 Board shall be entitled to release or disclose any information in its possession, custody
 or control regarding the Company or its affairs to any of its Shareholders including, without
 limitation, information contained in the Register and transfer books of the Company.

38 INDEMNITY

38.1 Every
 Director, Secretary, assistant Secretary, or other Officer for the time being and from time
 to time of the Company (but not including the Company's auditors) (each an "**Indemnified Person**") shall be indemnified and secured harmless against all actions, proceedings,
 costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified
 Person, other than by reason of such Indemnified Person's own dishonesty, wilful default
 or fraud, in or about the conduct of the Company's business or affairs or in the execution
 or discharge of his duties, powers, authorities or discretions (including as a result of
 any mistake of judgment), including without prejudice to the generality of the foregoing,
 any costs, expenses (including reasonable attorneys' fees), losses or liabilities incurred
 by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings
 concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere
 (the "**Indemnified Matters** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 Without
 prejudice to the generality of the foregoing, the Indemnified Matters include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent
 of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on
 account of the insufficiency of any security in or upon which any money of the Company
 shall be invested; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 any loss incurred through any bank, broker or other similar Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 any loss occasioned by any negligence, default, breach of duty, breach of trust, error of
 judgement or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for
 any loss, damage or misfortune whatsoever which may happen in or arise from the execution
 or discharge of the duties, powers, authorities, or discretions of such Indemnified Person's
 office or in relation thereto, unless the same shall happen through such Indemnified Person's
 own dishonesty, wilful default or fraud.

---

| | |
|:---|:---|
| **39** | **FINANCIAL YEAR** |

---

39.1 Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on December
 31<sup>st</sup> in each year and shall begin on January 1<sup>st</sup> in each year.

---

| | |
|:---|:---|
| **40** | NON-RECOGNITION OF TRUSTS |

---

40.1 No
 Person shall be recognised by the Company as holding any Share upon any trust and the Company
 shall not, unless required by law, be bound by or be compelled in any way to recognise (even
 when having notice thereof) any equitable, contingent, future or partial interest in any
 Share or (except only as otherwise provided by these Articles or as the Companies Act requires)
 any other right in respect of any Share except an absolute right to the entirety thereof
 in each Shareholder registered in the Register.

41 WINDING UP

41.1 If
 the Company shall be wound up the liquidator may, with the sanction of a Special Resolution
 of the Company and any other sanction required by the Companies Act, divide amongst the Shareholders
 in species or in kind the whole or any part of the assets of the Company (whether they shall
 consist of property of the same kind or not) and may for that purpose value any assets and
 determine how the division shall be carried out as between the Shareholders or different
 classes of Shareholders. The liquidator may, with the like sanction, vest the whole or any
 part of such assets in trustees upon such trusts for the benefit of the Shareholders as the
 liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be
 compelled to accept any asset upon which there is a liability.

41.2 If
 the Company shall be wound up, and the assets available for distribution amongst the Shareholders
 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 Shareholders in proportion
 to the par value of the Shares held by them. If in a winding up the assets available for
 distribution amongst the Shareholders 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 Shareholders in proportion to the par value of the Shares held by them at the
 commencement of the winding up subject to a deduction from those Shares in respect of which
 there are monies due, of all monies payable to the Company for unpaid calls or otherwise.
 This Article is without prejudice to the rights of the holders of Shares issued upon special
 terms and conditions.

42 AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION

42.1 Subject
 to the Companies Act, the Company may at any time and from time to time by Special Resolution
 alter or amend the Memorandum and/or these Articles in whole or in part.

43 CLOSING OF REGISTER OR FIXING RECORD DATE

43.1 **Closing of Register**. For the purpose of determining those Shareholders that are entitled to receive
 notice of, attend or vote at any meeting of Shareholders or any adjournment thereof, or those
 Shareholders that are entitled to receive payment of any dividend, or in order to make a
 determination as to who is a Shareholder for any other purpose, the Directors may, by any
 means in accordance with the requirements of any Designated Stock Exchange, provide that
 the Register shall be closed for transfers for a stated period which shall not exceed in
 any case forty (40) calendar days. If the Register shall be so closed for the purpose of
 determining those Shareholders that are entitled to receive notice of, attend or vote at
 a meeting of Shareholders the Register shall be so closed for at least ten (10) calendar
 days immediately preceding such meeting and the record date for such determination shall
 be the date of the closure of the Register.

43.2 **Record Date Determination**. In lieu of or apart from closing the Register, the Directors may
 fix in advance a date as the record date for any such determination of those Shareholders
 that are entitled to receive notice of, attend or vote at a meeting of the Shareholders and
 for the purpose of determining those Shareholders that are entitled to receive payment of
 any dividend the Directors may, at or within ninety (90) calendar days prior to the date
 of declaration of such dividend, fix a subsequent date as the record date for such determination.

43.3 **No Record Date Chosen**. If the Register is not so closed and no record date is fixed for
 the determination of those Shareholders entitled to receive notice of, attend or vote at
 a meeting of Shareholders or those Shareholders that are entitled to receive payment of a
 dividend, the date on which notice of the meeting is posted or the date on which the resolution
 of the Directors declaring such dividend is adopted, as the case may be, shall be the record
 date for such determination of Shareholders. When a determination of those Shareholders that
 are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made
 as provided in this Article, such determination shall apply to any adjournment thereof.

44 REGISTRATION BY WAY OF CONTINUATION

44.1 The
 Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
 outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
 registered or existing. In furtherance of a resolution adopted pursuant to this Article,
 the Directors may cause an application to be made to the Registrar of Companies to deregister
 the Company in the Cayman Islands or such other jurisdiction in which it is for the time
 being incorporated, registered or existing and may cause all such further steps as they consider
 appropriate to be taken to effect the transfer by way of continuation of the Company.

45 DISCLOSURE

45.1 The
 Directors, or any service providers (including the Officers, the Secretary and the registered
 office provider of the Company) specifically authorised by the Directors, shall be entitled
 to disclose to any regulatory or judicial authority any information regarding the affairs
 of the Company including without limitation information contained in the Register and books
 of the Company.

## Exhibit 4.1

**Exhibit 4.1**

**SHARE CERTIFICATE**

---

| | |
|:---|:---|
| Number<br> **[A1]** | Shares<br> **[1]** |

---

**TECHCREATE GROUP LTD.**

**THIS SHARE CERTIFICATE CERTIFIES THAT** as of [date], [Name of Shareholder] of [Address of Shareholder] is the registered holder of [1] fully paid Class A Ordinary Share of nominal or par value of US$0.0002 each in the above named Company which are held subject to, and transferable in accordance with, the Memorandum and Articles of Association of the Company (as Revised).

In Witness Whereof the Company has authorised this certificate to be issued on [date].

---

| | |
|:---|:---|
| **By** | |
|  | **Director** |

---

## Exhibit 9.1

**Exhibit 9.1**

**THIS DEED OF CONFIRMATION ("this Deed")** is made this 4<sup>th</sup> day of December 2024

**BETWEEN:**

1. Lim
 Heng Hai (NRIC No. S7721609Z) of 669C Jurong West Street 64 #12-68 Singapore 643669 ()"**Party A** "); and

2. Ronald
 Vong Chin Hua (NRIC No. S8464906F) of 648 Woodlands Ring Road #09-54 Singapore 730648 ()"**Party B** ").

(collectively the "**Parties**" and each a "**Party**").

**WHEREAS:**

(A) The
 parties to this Deed (collectively, the "**Parties**" and each a "**Party** ")
 are the shareholders of Techcreate Solution Private Limited (the "**Company** ").
 As at the date hereof, the Company is beneficially owned as to 70.77% by Party A and 11.29%
 by Party B.

(B) As
 at the date hereof, the Company is the sole shareholder of Diginius Pte. Ltd. ()"**Diginius** ")
 through a transfer of the Parties' shares in Diginius that was completed on October
 30, 2024 (the "**Diginius Restructuring** "). Prior to the Diginius Restructuring,
 Diginius is beneficially owned as to 51% by the Company, 10% by Party A and 39% by Party
 B.

(C) The
 Parties have been acting in concert with one another in respect of all major affairs concerning
 the Company and Diginius since they became interested in and possessed voting rights in the
 Company and Diginius including during the period comprising the financial year ended December
 31, 2023 and the financial year ending December 31, 2024.

(D) The
 Company is undergoing a corporate reorganization pursuant to which the Company will be indirectly
 held by TechCreate Group Ltd. (the "**Holdco** ", together with all subsidiaries
 of the Holdco, the "**Group** ").

(E) The
 Parties have agreed to execute this Deed to confirm and record the mutual understanding and
 agreement among the Parties with respect to the development and management of, and the benefits
 generated or generated from, the business of the Group.

**THIS DEED WITNESSES** as follows:

1. The
 Parties hereby agree, confirm, and ratify that since January 1, 2023 the Parties, whether
 by themselves or via any corporate vehicles, have been cooperating and acting in concert
 with one another as a single business venture in respect of all material management matters,
 voting decisions, and/or business decisions relating to the Company and Diginius required
 to be approved by shareholders (including but not limited to financial and operation policy,
 declaration of dividends, annual budget, execution of material contracts and investment,
 and appointment of directors
and senior management relating to the Company and Diginius), and the Parties had first communicated, discussed and come to a unanimous
decision in all shareholders' meetings and had reached the unanimous decision and resolution in accordance with the consensus achieved
among them. The Parties had cooperated with each other to obtain and maintain the control and the management of the Group and had been
enjoying the economic benefits generated from the businesses and projects of the Group in proportion to their respective shareholdings
in the Company and Diginius.

2. The
 Parties hereby undertake to each other that from the date of this Deed until the termination
 of this Deed, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;(i) when
 exercising their respective voting rights at the shareholders' meetings of the Holdco,
 they shall vote, or procure any entities or proxies which were entitled to vote at the shareholders'
 meetings to vote, as the case may be, unanimously in accordance with the consensus achieved
 among the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) prior
 to voting on any resolutions in the shareholders' meetings and board meetings of the
 Holdco, each Party will discuss the relevant matters with one another with a view to reaching
 consensus and a unanimous vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) they
 shall manage and control the Group on a collective basis and make collective decisions in
 respect of the financial and operating policies of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) they
 shall centralise the ultimate control and right to make final decisions with respect to their
 interests in the businesses and projects of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;(v) they
 shall operate the Group as a single business venture;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) they
 shall continue to enjoy the economic benefits generated, including but not limited to dividends
 declared, from the businesses and projects of the Group in the Holdco; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) they
 will not do any act or exercise any of their voting power (which may be available to them
 from time to time) in contravention of their obligations under this Deed or in violation
 of any consensus reached in accordance with this Deed.

3. The
 Parties agree and confirm that all information contained in this Deed is true, accurate,
 complete without any omission, and not misleading in any aspect.

4. Subject
 to the compliance of any applicable regulatory requirements and a minimum period of two (2)
 years having passed from the date of this Deed, this Deed may be terminated by mutual agreement
 in writing by the Parties.

5. Termination
 of this Deed shall not prejudice the rights to which a Party is entitled to claim against
 the other Party for any antecedent breach by such other Party and shall not be interpreted
 as a waiver of such rights.

6. Any
 variation of or amendment to this Deed shall be made in writing upon the consensus of all
 Parties.

7. If
 any provision of this Deed is adjudicated to be void or unenforceable, it shall be deemed
 to be severed from this Deed and the remaining provisions in this Deed shall continue to
 be in full force and effect.

8. This
 Deed shall be binding upon the successors and permitted assignees of the Parties.

9. The
 Contracts (Rights of Third Parties) Act 2001 of Singapore, shall not under any circumstances
 apply to this Deed and any person who is not a party to this Deed (whether or not such person
 shall be named, referred to, or otherwise identified, or form part of a class of persons
 so named, referred to, or identified in this Deed) shall have no right under the Contracts
 (Rights of Third Parties) Act 2001 of Singapore, to enforce this Deed.

10. Each
 of the Parties confirms that it has received independent legal advice relating to all the
 matters provided for in this Deed and agrees that the provisions of this Deed are fair and
 reasonable.

11. This
 Deed may be executed in any number of counterparts, and by each Party on separate counterparts.
 Each counterpart shall constitute an original of this Deed, but all counterparts shall together
 constitute one and the same instrument.

12. This
 Deed is governed by and shall be construed in accordance with the laws of Singapore. Each
 Party hereby irrevocably and unconditionally submits to the non- exclusive jurisdiction of
 the courts of Singapore.

*[Signature page follows]*

 

 

**IN WITNESS WHEREOF** this Deed has been signed, sealed and delivered by the Parties hereto on the day and year first written above.

---

| |
|:---|
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |

---

---

| |
|:---|
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |
| ![](ex_01.jpg) |

---

## Exhibit 9.2

**Exhibit 9.2**

**THIS DEED OF TERMINATION** (this "**Deed**") is made on this 25th day of July 2025.

**BETWEEN:**

(1) **LIM HENG HAI** (NRIC No. S7721609Z) of 669C Jurong West Street 64 #12-68, Singapore 643669 ()"**Party A** "); and

(2) **RONALD VONG CHIN HUA** (NRIC No. S8464906F) of 648 Woodlands Ring Road #09-54, Singapore 730648 ()"**Party B** ");

(each a "**Party**", and collectively, the "**Parties**").

**WHEREAS**:

A. The
 Parties had entered into a concert party deed dated 4th December 2024 (the "**CPD**") to confirm and record the mutual
 understanding and agreement among the Parties with respect to the development and management of, and the benefits generated or generated
 from, the business of TechCreate Group Ltd. (the "**Holdco**" together with all subsidiaries of the Holdco, the "**Group** ").

B. Following
 discussions and notwithstanding any provision in the CPD, the Parties have mutually agreed to terminate the CPD on the terms and
 subject to the conditions of this Deed.

**NOW, THEREFORE,** for and in consideration of the mutual promises and undertakings contained herein, the Parties agree as follows:

**1.** **INTERPRETATION** 

1.1 In
 this Deed, unless otherwise defined, expressions defined in the CPD and used in this Deed shall have the meaning set out in the CPD.

**2.** **TERMINATION OF THE CPD** 

2.1 Notwithstanding
 anything to the contrary in the CPD and subject to the terms and conditions in this Deed, the Parties mutually agree and declare
 that the CPD shall, with effect from 25 July 2025 (the "**Termination Date** "), be terminated in its entirety pursuant
 to which all terms thereto, shall immediately cease to bind the Parties and all rights conferred and obligations binding on each
 Party under the CPD shall automatically terminate.

2.2 Save
 for such rights and obligations as expressly provided in this Deed, each Party shall, with effect from the Termination Date, release
 and discharge the other Parties from the further observance and performance of, and from any and all outstanding liabilities and
 obligations (whether actual or contingent) in respect of, arising out of or in connection with the CPD, and agrees and irrevocably
 undertakes not to assert or make any claim or take any legal proceedings relating to any such obligations or liabilities against
 the other Party, and expressly waives and agrees to waive all its rights and remedies available to it at law, in equity or otherwise,
 relating to any such obligations and liabilities against the other Party, whether arising before, on or after the date of this Deed,
 and in each case whether presently known to the Parties.

**3.** **REPRESENTATIONS AND WARRANTIES** 

As of the Termination Date, each Party represents, warrants and undertakes to each of the other Parties and their successors in title and assigns that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 it
 has the power to enter into, execute and deliver this Deed and to perform its obligations and the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 the
 execution and delivery by such Party of this Deed and the performance by such Party of its obligations and the transactions contemplated
 hereunder has been duly authorised by all necessary corporate or other action of such Party and does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. infringe
 or constitute a default under any directive, instrument, contract document or agreement to which it is a party or by which it is
 bound (whether in Singapore or elsewhere); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. result
 in a breach of any order, judgment or decree of, or undertaking to, any court, governmental or statutory authority, agency or regulatory
 body or its equivalent by which it is bound; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 all
 actions, conditions and things required to be taken, fulfilled and done (including without limitation the obtaining of any necessary
 consents or licence or the making of any filing or registration) in order to enable it to lawfully to enter into, exercise its rights
 and perform and comply with its obligations under this Deed and to ensure that those obligations are legally binding and enforceable,
 have been taken, fulfilled and done.

**4.** **CONFIDENTIALITY** 

4.1 Each
 Party undertakes that it shall not at any time disclose to any person the terms of the CPD, the circumstances giving rise to its
 termination or the terms of this Deed ()"**Confidential Information** "), except as permitted by Clause 4.2.

4.2 Each
 Party may disclose the Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 its employees, officers, representatives or advisers who need to know such information for the purposes of exercising the Party's
 rights or carrying out its obligations under or in connection with the CPD or this Deed. Each Party shall ensure that its employees,
 officers, representatives or advisers to whom it discloses the Confidential Information comply with this Clause 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 may be required by law, a court of competent jurisdiction or any governmental or regulatory authority.

4.3 No
 Party shall use any Confidential Information for any purpose other than to exercise its rights and perform its obligations under
 or in connection with the CPD or this Deed.

**5.** **ENTIRE AGREEMENT** 

This Deed (and the agreements and documents referred to herein) embodies all the terms and conditions agreed upon between the Parties as to the subject matter of this Deed, and supersedes and cancels in all respects all previous agreements and undertakings between the Parties with respect to the subject matter hereof whether such be written or oral.

**6.** **ASSIGNMENT** 

No Party shall assign, transfer, charge or otherwise deal with all or any of its rights under this Deed nor grant, declare or dispose of any right or interest in it without the prior written consent of the other Party.

**7.** **VARIATIONS** 

7.1 No
 variation of this Deed (or of any of the documents referred to in this Deed) shall be valid unless it is in writing and signed by
 or on behalf of each Party.

7.2 The
 expression "variation" shall include any amendment, supplement, deletion or replacement however effected.

**8.** **RELEASE AND INDULGENCE** 

Any liability of any Party may in whole or in part be released, compounded or compromised by time or indulgence given by the one Party in its absolute discretion without in any way prejudicing or affecting its rights against the other Party.

**9.** **WAIVER** 

No failure to exercise and no delay in exercising on the part of one Party of any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude the enforcement of any other right, power or privilege nor shall the waiver of any breach of any provision herein be taken or held to be a waiver of any subsequent breach of any such provision or be a waiver of the provision itself. Any waiver to be effective must be in writing.

**10.** **COUNTERPARTS** 

This Deed may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

**11.** **SEVERABILITY AND ILLEGALITY** 

If any provision of this Deed is interpreted by any governmental authority to be illegal or invalid under any applicable law, that provision will be fully severable and this Deed shall be construed as if that provision had never been part of this Deed. The remaining provisions of this Deed will remain in full force and effect and will not be affected by the illegal or invalid provision or its severance.

**12.** **CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001** 

A person who is not a party to this Deed has no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any term of this Deed.

**13.** **FURTHER ASSURANCE** 

Each Party shall do and execute or procure to be done and executed all acts, documents and things reasonably within its power to implement this Deed.

**14.** **GOVERNING LAW AND JURISDICTION** 

This Deed shall be governed by and construed in all respects in accordance with the laws of Singapore. The Parties hereby irrevocably agree to submit to the exclusive jurisdiction of the courts of Singapore in all matters arising in connection with this Deed.

[*Signature pages to follow*]

**EXECUTED** and **DELIVERED** as a deed on the date first above written:

---

| | |
|:---|:---|
| SIGNED, SEALED AND DELIVERED by |  |
| **LIM HENG HAI** |  |
| in the presence of: | Lim Heng Hai |
| */s/ Wang Yingzheng* |  |
| Name of Witness: **Wang Yingzheng** |  |
| Identification No. of Witness: **S8632937I** |  |

---

*Execution Page*

---

| | |
|:---|:---|
| SIGNED, SEALED AND DELIVERED by |  |
| **RONALD VONG CHIN HUA** |  |
| in the presence of: | Ronald Vong |
| */s/ Pook Lik Yun* |  |
| Name of Witness: **Pook Lik Yun** |  |
| Identification No. of Witness: **S8364072C** |  |

---

*Execution Page*

## Exhibit 10.1

**Exhibit 10.1**

**TECHCREATE GROUP LTD.**

**2025 SHARE INCENTIVE PLAN**

**ARTICLE 1**

**PURPOSE**

The purpose of this TechCreate Group Ltd. 2025 Share Incentive Plan (the "Plan") is to promote the success and enhance the value of TechCreate Group Ltd. (the "Company") by linking the personal interests of the members of the Board, Employees and Consultants to those of Company shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees and Consultants upon whose judgment, interests and special efforts the successful conduct of the Company's operation is largely dependent.

**ARTICLE 2**

**DEFINITIONS AND CONSTRUCTION**

Wherever the following terms are used in the Plan, they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "<u>Administrator</u>" shall mean the entity that conducts the general administration of the Plan as provided in Article 10. With reference to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 10.6, or as to which the Board has assumed, the term "Administrator" shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption of such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 "<u>Applicable Accounting Standards</u>" shall mean Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards, or such other accounting principles or standards as may apply to the Company's financial statements under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 "<u>Applicable Laws</u>" shall mean (i) the laws of the Cayman Islands as they relate to the Company and its Shares; (ii) the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted to residents; and (iii) the rules of any applicable securities exchange, national market system or automated quotation system on which the Shares are listed, quoted or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 "<u>Article</u>" shall mean an article of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "<u>Articles of Association</u>" shall mean the Company's Second Amended and Restated Memorandum and Articles of Association, as such may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "<u>Award</u>" shall mean an Option, a Restricted Share award, a Restricted Share Unit award, a Dividend Equivalents award, a Deferred Share award, a Share Payment award or a Share Appreciation Right, which may be awarded or granted under the Plan (collectively, "<u>Awards</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 "<u>Award Agreement</u>" shall mean any written notice, agreement, terms and conditions, contract or other instrument or document evidencing the grant of an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine consistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "<u>Board</u>" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 "<u>Cause</u>" shall mean (unless otherwise expressly provided in the applicable Award Agreement or another applicable contract with the Holder that defines such term for purposes of determining the effect that a "for cause" termination has on the Holder's Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties or is incompetent in or (other than by reason of a Disability or analogous condition) incapable of performing those duties;

&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) has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information;

&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) has breached a fiduciary duty, or materially violated any other duty, law, rule, regulation or policy of the Service Recipient; or has been convicted of, or plead guilty or *nolo contendere* to, a felony or misdemeanor (other than minor traffic violations or similar offenses);

&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) has materially breached any of the provisions of any agreement with the Service Recipient;

&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) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Service Recipient; or

&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) has improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 "<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>"Committee</u>" shall mean the Compensation Committee of the Board appointed as provided in Section 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 "<u>Company</u>" shall mean TechCreate Group Ltd., an exempted company incorporated under the laws of the Cayman Islands with limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 "<u>Consultant</u>" shall mean any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 "<u>Corporate Transaction</u>" shall mean any of the following transactions, *provided, however*, that the Committee shall determine under (f) and (g) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amalgamation, arrangement, consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company's voting securities immediately prior to such transaction own fifty percent (50%) or more of the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities pursuant to a tender or exchange offer made directly to the Company's shareholders which a majority of the Incumbent Board (as defined below) who are not affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the individuals who, as of the Effective Date, are members of the Board (the "Incumbent Board"), cease for any reason to constitute at least fifty percent (50%) of the Board; *provided, that* if the election, or nomination for election by the Company's shareholders, of any new member of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new member of the Board shall be considered as a member of the Incumbent Board.

&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) the sale, transfer or other disposition of all or substantially all of the assets of the Company (other than to a Parent, Subsidiary or Related Entity);

&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) the completion of a voluntary or insolvent liquidation or dissolution 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;(f) any reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a reverse takeover) in which the Company survives but (A) the Shares of the Company outstanding immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such transaction culminating in such takeover or scheme of arrangement, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or

&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) acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

Notwithstanding anything in the foregoing to the contrary, with respect to compensation (A) that is subject to Section 409A of the Code and (B) for which a Corporate Transaction would accelerate the timing of payment thereunder, the term "Corporate Transaction" shall mean an event that is both (x) a Corporate Transaction (as defined above) and (y) a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as defined in Section 409A of the Code and authoritative guidance thereunder, but only to the extent necessary to comply with Section 409A of the Code as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 "<u>Deferred Share</u>" shall mean a right to receive Shares awarded under Section 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 "<u>Director</u>" shall mean a member of the Board, as constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 "<u>Disability</u>", unless otherwise defined in an Award Agreement, shall mean that the Holder qualifies to receive long-term disability payments under the Service Recipient's long-term disability insurance program, as it may be amended from time to time, to which the Holder provides services regardless of whether the Holder is covered by such policy. If the Service Recipient to which a Holder provides service does not have a long-term disability plan in place, "Disability" shall mean that the Holder is unable to carry out the responsibilities and functions of the position held by the Holder by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Holder will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 "<u>Dividend Equivalent</u>" shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded under Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 "<u>Effective Date</u>" shall have the meaning set forth in Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 "<u>Eligible Individual</u>" shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Committee; provided, however, that Awards shall not be granted to Consultants or Non-Employee Directors who are resident of any country in the European Union, and any other country which pursuant to Applicable Laws does not allow grants to non-employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 "<u>Employee</u>" shall mean any person who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a Director's fee by a Service Recipient shall not be sufficient to constitute "employment" by the Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 "<u>Fair Market Value</u>" shall mean, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Shares are listed on one or more established and regulated securities exchanges, national market systems or automated quotation system on which Shares are listed, quoted or traded, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in *The Wall Street Journal* or such other source as the Committee deems reliable;

&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 the Shares are not listed on an established securities exchange, notational market system or automated quotation system, but are regularly quoted by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in *The Wall Street Journal* or such other source as the Committee deems reliable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company's business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company's business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 "<u>Holder</u>" shall mean a person who has been granted an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 <u>"Incentive Option</u>" shall mean an Option that is intended to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 "<u>Non-Employee Director</u>" shall mean a Director of the Company who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 "<u>Non-Qualified Option</u>" shall mean an Option that is not an Incentive Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 "<u>Option</u>" shall mean a right to purchase Shares at a specified exercise price, granted under Article 5. An Option shall be either a Non-Qualified Option or an Incentive Option; *provided, however*, that Incentive Options may only be granted to Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 "<u>Parent</u>" shall mean any entity whether domestic or foreign, in an unbroken chain of entities ending with the Company, if each of the entities other than the first entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 "<u>Plan</u>" shall mean this TechCreate Group Ltd. 2025 Share Incentive Plan, as it may be amended or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 "<u>Related Entity</u>" shall mean any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial economic interest, directly or indirectly, through ownership or contractual arrangements but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 "<u>Restricted Shares</u>" shall mean Shares awarded under Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 "<u>Restricted Share Units</u>" shall mean the right to receive Shares awarded under Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 "<u>Rule 16b-3</u>" shall mean Rule 16b-3 promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 "<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 "<u>Service Recipient</u>" shall mean the Company, any Parent or Subsidiary of the Company to which an Eligible Individual provides services as an Employee, Consultant or as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 "<u>Share</u>" shall mean a Class A ordinary share of the Company of nominal or par value of US$0.0002 each, and such other securities of the Company that may be substituted for Shares pursuant to Article 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 "<u>Share Appreciation Right</u>" shall mean a share appreciation right granted under Article 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 "<u>Share Payment</u>" shall mean (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of a bonus, deferred compensation or other arrangement, awarded under Section 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 "<u>Subsidiary</u>" shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 "<u>Substitute Award</u>" shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in connection with a Corporate Transaction; *provided, however, that* in no event shall the term "Substitute Award" be construed to refer to an award made in connection with the cancellation and repricing of an Option or Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 "<u>Termination of Service</u>" shall mean,

&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) As to a Consultant, the time when the engagement of a Holder as a Consultant to a Service Recipient is terminated for any reason, with or without Cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company, any Subsidiary or any Related Entity.

&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) As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases to be a Director for any reason, with or without Cause, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company, any Subsidiary or any Related Entity.

&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) As to an Employee, the time when the employee-employer relationship between a Holder and the Service Recipient is terminated for any reason, with or without Cause, including, without limitation, a termination by resignation, discharge, death, Disability or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company, any Subsidiary or any Related Entity.

The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for Cause and all questions of whether particular leaves of absence constitute a Termination of Service; <u>provided</u>, <u>however</u>, that, with respect to Incentive Options and Awards subject to Section 409A of the Code, unless the Administrator otherwise provides in the terms of the Award Agreement or otherwise, a leave of absence, change in status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2) or 409A of the Code and the then applicable regulations and revenue rulings under said Sections. For purposes of the Plan and subject to the requirements of Section 409A of the Code, a Holder's employee-employer relationship or consultancy relations shall be deemed to be terminated in the event that the Subsidiary or Related Entity employing or contracting with such Holder ceases to remain a Subsidiary or Related Entity following any merger, sale of securities or other corporate transaction or event (including, without limitation, a spin-off).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 "<u>Trading Date</u>" shall mean the closing of the first sale to the general public of the Shares pursuant to an effective registration statement under Applicable Laws, which results in the Shares being publicly traded on one or more established stock exchanges or national market systems.

**ARTICLE 3**

**SHARES SUBJECT TO THE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Number of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.1(b) and Section 12.1, the aggregate number of Shares which may be issued or transferred pursuant to Awards under the Plan is 20% of the number of Shares outstanding as of the date of the Company's initial public offering, without taking into account the over-allotment option to be exercised by the underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that an Award terminates, expires, or lapses for any reason, or is settled in cash and not Shares, then any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. If any Shares forfeited by the Holder or repurchased by the Company are again returned to the Company, these shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company, any Parent or any Subsidiary or Related Entity shall not be counted against Shares available for grant pursuant to the Plan; *provided*, that such assumed or substituted awards issued in connection with the assumption of, or in substitution for, any outstanding options intended to qualify as "incentive stock options" within the meaning of Section 422 of the Code shall be counted against the aggregate number of Shares available for Awards of Incentive Options under the Plan. Additionally, in the event that a company acquired by the Company, any Parent or any Subsidiary or Related Entity or with which the Company, any Parent or any Subsidiary or Related Entity combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of Shares of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Individuals prior to such acquisition or combination. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b), (i) no more than 3,495,450 Shares may be issued pursuant to the exercise of Incentive Options and (ii) no Shares may again be optioned, granted or awarded if such action would cause an Incentive Option to fail to qualify as an incentive stock option under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Shares Distributed</u>. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares.

**ARTICLE 4**

**GRANTING OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Participation</u>. The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. No Eligible Individual shall have any right to be granted an Award pursuant to the Plan, and the granting of an Award in one year shall not be deemed the right to receive a grant of an Award in any subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Award Agreement</u>. Each Award shall be evidenced by an Award Agreement. Award Agreements evidencing Incentive Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Jurisdictions</u>. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in the jurisdictions in which the Service Recipients operate or have Eligible Individuals, or in order to comply with the requirements of any securities exchange, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries and Related Entities shall be covered by the Plan; (b) determine which Eligible Individuals are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals to comply with Applicable Laws; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as appendices); *provided, however*, that no such subplans and/or modifications shall increase the share limitations contained in Section 3.1; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any Applicable Laws including necessary local governmental regulatory exemptions or approvals or listing requirements of any such securities exchange. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Stand-Alone and Tandem Awards</u>. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

**ARTICLE 5**

**OPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>General</u>. The Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however*, that no Option may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive; *provided, however,* that the exercise price per Share shall not be less than the par value of the Share. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable exchange rule and Section 409A of the Code), a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting</u>. The period during which the right to exercise, in whole or in part, an Option vests in the Holder shall be set by the Administrator and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipient or any other criteria selected by the Administrator. At any time after grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Option vests. No portion of an Option which is unexercisable at a Holder's Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Time and Conditions of Exercise</u>. The Administrator shall determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting and that a partial exercise must be with respect to a minimum number of shares. The Administrator shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Partial Exercise</u>. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect to fractional shares and the Administrator may, in its discretion, require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Manner of Exercise</u>. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all Applicable Laws or regulations, and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that the Option shall be exercised pursuant to Section 9.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Option, or portion thereof, is exercised, in a manner permitted by Sections 9.1 and 9.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Term</u>. The term of any Option granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A or Section 422 of the Code and regulations and rulings thereunder, in its sole discretion, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Option relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Evidence of Grant</u>. All Options shall be evidenced by an Award Agreement between the Company and the Holder. The Award Agreement shall include such additional provisions as may be specified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Incentive Options</u>. Incentive Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company (which qualify as a parent or subsidiary corporation under Sections 424(e) and (f) of the Code respectively). Incentive Options may not be granted to Employees of a Related Entity or to Non-Employee Directors or Consultants. The terms of any Incentive Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of this Section 5.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expiration of Option</u>. An Incentive Option may not be exercised to any extent by anyone after the first to occur of the following events, unless otherwise approved by the Administrator in a separate resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Ten years from the date it is granted, unless an earlier time is set in the Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Three months after the Holder's Termination of Service as an Employee (save in the case of termination on account of Disability or death); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) One year after the date of the Holder's Termination of Service on account of disability or death. Upon the Holder's Disability or death, any Incentive Options exercisable at the Holder's Disability or death may be exercised by the Holder's legal representative or representatives, by the person or persons entitled to do so pursuant to the Holder's last will and testament, or, if the Holder fails to make testamentary disposition of such Incentive Option or dies intestate, by the person or persons entitled to receive the Incentive Option pursuant to the applicable laws of descent and distribution as determined under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Individual Dollar Limitation</u>. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Options are first exercisable by a Holder in any calendar year may not exceed US$100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Options are first exercisable by a Holder in excess of such limitation, the excess shall be considered Non-Qualified Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ten Percent Owners</u>. An Incentive Option shall be granted to any Eligible Individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer Restriction</u>. The Holder shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Option within (i) two years from the date of grant of such Incentive Option or (ii) one year after the transfer of such Shares to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expiration of Incentive Options</u>. No Award of an Incentive Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Right to Exercise</u>. During a Holder's lifetime, an Incentive Option may be exercised only by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Substitute Awards</u>. Notwithstanding the foregoing provisions of this Article 5 to the contrary, in the case of an Option that is a Substitute Award, the price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Substitution of Share Appreciation Rights</u>. The Administrator may provide in the Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option; *provided*, that such Share Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable.

**ARTICLE 6**

**AWARD OF RESTRICTED SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Award of Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Restricted Shares to Eligible Individuals, and shall determine the amount of, and the terms and conditions, including the restrictions applicable to each award of Restricted Shares, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Shares as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator shall establish the purchase price, if any, and form of payment for Restricted Shares; *provided, however*, that such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by Applicable Laws. In all cases, legal consideration shall be required for each issuance of Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Rights as Shareholders</u>. Subject to Section 6.4, upon issuance of Restricted Shares, the Holder shall have, unless otherwise provided by the Administrator, all the rights of a shareholder with respect to said shares, subject to the restrictions in his or her Award Agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; *provided, however*, that, (i) such dividends shall be withheld by the Company for the Holder's account and shall be subject to vesting and forfeiture to the same degree as the Restricted Shares to which such dividends relate and (ii) in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares shall be subject to the restrictions set forth in Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Restrictions</u>. All Restricted Shares (including any shares received by Holders thereof with respect to Restricted Shares as a result of share dividends, share splits or any other form of recapitalization) shall, in the terms of each individual Award Agreement, be subject to such restrictions and vesting requirements as the Administrator, in its sole discretion, shall provide. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without limitation, criteria based on the Holder's duration of employment, directorship or consultancy with the Service Recipient, or other criteria selected by the Administrator. By action taken after the Restricted Shares are issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Shares by removing any or all of the restrictions imposed by the terms of the Award Agreement. Restricted Shares may not be sold or encumbered until all restrictions are terminated or expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Repurchase or Forfeiture of Restricted Shares</u>. If no price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Holder's rights in unvested Restricted Shares then subject to restrictions shall lapse, and such Restricted Shares shall be surrendered to the Company and cancelled without consideration. If a purchase price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Company shall have the right to repurchase from the Holder the unvested Restricted Shares then subject to restrictions at a cash price per share equal to the price paid by the Holder for such Restricted Shares or such other amount as may be specified in the Award Agreement. The Administrator in its sole discretion may provide that in the event of certain events the Holder's rights in unvested Restricted Shares shall not lapse, such Restricted Shares shall vest and shall be non-forfeitable, and if applicable, the Company shall not have a right of repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Certificates for Restricted Shares</u>. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Administrator shall determine. Certificates or book entries evidencing Restricted Shares must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, in its sole discretion, retain physical possession of any share certificate until such time as all applicable restrictions lapse.

**ARTICLE 7**

**AWARD OF DIVIDEND EQUIVALENTS, DEFERRED SHARES, SHARE PAYMENTS, RESTRICTED SHARE UNITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Dividend Equivalents</u>. Dividend Equivalents may be granted by the Administrator based on dividends declared on the Shares subject to an Award, to be credited as of dividend payment dates during the period between the date an Award is granted to a Holder and the date such Award vests, is exercised, is distributed or expires, as determined by the Administrator. Dividend Equivalents shall be subject to vesting and forfeiture to the same degree as the Award to which such Dividend Equivalents relate. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Share Payments</u>. The Administrator is authorized to make Share Payments to any Eligible Individual. The number or value of Shares of any Share Payment shall be determined by the Administrator and may be based upon any other criteria, including service to the Service Recipients, determined by the Administrator. Share Payments may, but are not required, to be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Deferred Shares</u>. The Administrator is authorized to grant Deferred Shares to any Eligible Individual. The number of shares of Deferred Shares shall be determined by the Administrator and may be based on any specific criteria, including service to the Service Recipients, as the Administrator determines, in each case on a specified date or dates or over any period or periods determined by the Administrator. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or other conditions or criteria set by the Administrator. Unless otherwise provided by the Administrator, a Holder of Deferred Shares shall have no rights as a Company shareholder with respect to such Deferred Shares until such time as the Award has vested and the Shares underlying the Award has been issued to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Restricted Share Units</u>. The Administrator is authorized to grant Restricted Share Units to any Eligible Individual. The number and terms and conditions of Restricted Share Units shall be determined by the Administrator. The Administrator shall specify the date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate, including service to the Service Recipients, in each case on a specified date or dates or over any period or periods, as the Administrator determines. The Administrator shall specify, or permit the Holder to elect, the conditions and dates upon which the Shares underlying the Restricted Share Units which shall be issued, which dates shall not be earlier than the date as of which the Restricted Share Units vest and become nonforfeitable and which conditions and dates shall be subject to compliance with Section 409A of the Code, to the extent applicable to the Holder. Restricted Share Units may be paid in cash, Shares or both, as determined by the Administrator. On the distribution dates, the Company shall issue to the Holder one unrestricted, fully transferable Shares (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable Restricted Share Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Exercise or Purchase Price</u>. The Administrator may establish the exercise or purchase price of shares of Deferred Shares, shares distributed as a Share Payment award or shares distributed pursuant to a Restricted Share Unit award; *provided, however*, that the value of the consideration shall not be less than the par value of the Shares underlying such Award, unless otherwise permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Exercise upon Termination of Service</u>. A Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share Unit award is exercisable or distributable only while the Holder is an Employee, Director or Consultant, as applicable. The Administrator, however, in its sole discretion may provide that the Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share Unit award may be exercised or distributed subsequent to a Termination of Service in certain events, subject to compliance with Section 409A of the Code, to the extent applicable to the Holder.

**ARTICLE 8**

**AWARD OF SHARE APPRECIATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Grant of Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Share Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine consistent with the Plan. The term of any Share Appreciation Right granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Share Appreciation Right, and may extend the time period during which vested Share Appreciation Rights may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Share Appreciation Right relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Share Appreciation Right shall entitle the Holder (or other person entitled to exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Share Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the Share Appreciation Right from the Fair Market Value per share on the date of exercise of the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The exercise price per Share subject to a Share Appreciation Right shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however,* that no Share Appreciation Right may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable securities exchange rule), a downward adjustment of the exercise prices of Share Appreciation Rights mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an Share Appreciation Right that is a Substitute Award, the price per share of the Shares subject to such Share Appreciation Right may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the Shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Share Appreciation Right Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The period during which the right to exercise, in whole or in part, a Share Appreciation Right vests in the Holder shall be set by the Administrator and the Administrator may determine that a Share Appreciation Right may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipients, or any other criteria selected by the Administrator. At any time after grant of a Share Appreciation Right, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which a Share Appreciation Right vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No portion of a Share Appreciation Right which is unexercisable at Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Manner of Exercise</u>. All or a portion of an exercisable Share Appreciation Right shall be deemed exercised upon delivery of all of the following to the Administrator, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Share Appreciation Right, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Share Appreciation Right or such portion of the Share Appreciation Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Share Appreciation Right shall be exercised pursuant to this Section 8.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Share Appreciation Right, in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Share Appreciation Right, or portion thereof, is exercised, in a manner permitted by Section 9.1 and 9.2.

**ARTICLE 9**

**ADDITIONAL TERMS OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Payment</u>. The Administrator shall determine the methods by which payments by any Holder with respect to any Awards granted under the Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences under Applicable Accounting Standards, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) following the Trading Date, delivery of a notice that the Holder has placed a market sell order with a broker with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required, *provided*, that payment of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of legal consideration acceptable to the Administrator in its sole discretion. The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding any other provision of the Plan to the contrary, no Holder shall be permitted to make payment with respect to any Awards granted under the Plan to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Tax Withholding</u>. No Shares shall be delivered under the Plan to any Holder until such Holder has made arrangements acceptable to the Administrator for the satisfaction of any income, employment, social welfare or other tax withholding obligations under Applicable Laws. Each Service Recipient shall have the authority and the right to deduct or withhold, or require a Holder to remit to the applicable Service Recipient, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder's employment, social welfare or other tax obligations) required by Applicable Laws to be withheld with respect to any taxable event concerning a Holder arising as a result of the Plan. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement allow a Holder to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase up to the maximum expected aggregate amount of such liabilities based on the maximum statutory withholding rates for tax purposes that are applicable to such taxable income, provided that such withholding does not result in adverse tax or accounting consequences to the Company. The Administrator shall determine the Fair Market Value of the Shares, consistent with Applicable Laws, for tax withholding obligations due in connection with a broker-assisted cashless Option or Share Appreciation Right exercise involving the sale of shares to pay the Option or Share Appreciation Right exercise price or any tax withholding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Transferability of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in Section 9.3(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, as required under applicable domestic relations laws, unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Holder or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of Applicable Law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) During the lifetime of the Holder, only the Holder may exercise an Award (or any portion thereof) granted to him under the Plan, unless it has been disposed of pursuant to applicable domestic relations law. After the death of the Holder, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Holder's will or under the then Applicable Laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 9.3(a), the Administrator, in its sole discretion, may determine to permit a Holder to transfer an Award other than an Incentive Option to certain persons or entities related to the Holder, including but not limited to members of the Holder's family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Holder's family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Administrator may establish, including the following conditions: (i) an Award transferred shall not be assignable or transferable other than by will or the laws of descent and distribution; (ii) an Award transferred shall continue to be subject to all the terms and conditions of the Award as applicable to the original Holder (other than the ability to further transfer the Award); and (iii) the Holder and the permitted transferee shall execute any and all documents requested by the Administrator, including, without limitation documents to (A) confirm the status of the transferee as a permitted transferee, (B) satisfy any requirements for an exemption for the transfer under Applicable Laws and (C) evidence the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Section 9.3(a), a Holder may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Holder and to receive any distribution with respect to any Award upon the Holder's death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Holder, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Holder is married and resides in a community property jurisdiction, a designation of a person other than the Holder's spouse as his or her beneficiary with respect to more than 50% (or such other percentage as specified under Applicable Law) of the Holder's interest in the Award shall not be effective without the prior written or electronic consent of the Holder's spouse. If no beneficiary has been designated or survives the Holder, payment shall be made to the person entitled thereto pursuant to the Holder's will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time provided the change or revocation is filed with the Administrator prior to the Holder's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Conditions to Issuance of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance of such Shares is in compliance with all Applicable Laws and the Shares are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or Committee may require that a Holder make such reasonable covenants, agreements, and representations as the Board or Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Share certificates delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws. The Administrator may place legends on any Shares certificate or book entry to reference restrictions applicable to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator shall have the right to require any Holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, the Administrator or the transfer agent of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Forfeiture Provisions</u>. Pursuant to its general authority to determine the terms and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Award Agreement made under the Plan, or to require a Holder to agree by separate written instrument, that: (a)(i) any proceeds, gains or other economic benefit actually or constructively received by the Holder upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or (ii) the Holder at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as determined by the Administrator in its discretion, or (iii) the Holder incurs a Termination of Service for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Applicable Currency</u>. Unless otherwise required by Applicable Laws, or as determined in the discretion of the Administrator, all Awards shall be designated in U.S. dollars. A Holder may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken out of the jurisdiction in which the Holder resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in another foreign currency, as permitted by the Administrator, the amount payable will be determined by conversion from U.S. dollars at the exchange rate as selected by the Administrator on the date of exercise.

**ARTICLE 10**

**ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Administrator</u>. The Committee shall administer the Plan. The Committee shall have such authority and be responsible for such functions as the Board has assigned to it in accordance with the Articles of Association. If no Committee has been appointed, the entire Board shall administer the Plan. Any reference to the Board in the Plan shall be construed as a reference to the Committee (if any) to whom the Board has assigned a particular function. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the Board or Committee may delegate its authority hereunder to the extent permitted by Section 10.6, except to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Duties and Powers of Committee</u>. It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and the Award Agreement, and to adopt such rules for the administration, interpretation and application of the Plan as are not inconsistent therewith, to interpret, amend or revoke any such rules and to amend any Award Agreement; *provided* that the rights or obligations of the Holder of the Award that is the subject of any such Award Agreement are not affected adversely by such amendment, unless the consent of the Holder is obtained or such amendment is otherwise permitted under Section 11.10. Any such grant or award under the Plan need not be the same with respect to each Holder. Any such interpretations and rules with respect to Incentive Options shall be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which under Applicable Laws are required to be determined in the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Action by the Committee</u>. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Service Recipient, the Company's independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Authority of Administrator</u>. Subject to any specific designation in the Plan and the requirements of Applicable Laws, the Administrator has the exclusive power, authority and sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate Eligible Individuals to receive Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Determine the type or types of Awards to be granted to each Eligible Individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the date of grant, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prescribe the form of each Award Agreement, which need not be identical for each Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Decide all other matters that must be determined in connection with an Award, including without limitation, cancel or redeem an outstanding Award (including but not limited to an outstanding Option with an exercise price exceeding the Fair Market Value of the underlying Shares), in exchange for cash, another Award or a combination of Awards, on terms and conditions the Administrator determines and communicates to the Holder of such outstanding Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan, including the establishment of any "blackout period";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Adjust the exercise price per Share subject to an Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Decisions Binding</u>. The Administrator's interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Delegation of Authority</u>. To the extent permitted by Applicable Laws, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Article 10; *provided, however*, that in no event shall an officer be delegated the authority to grant Awards to, or amend Awards held by officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 10.6 shall serve in such capacity at the pleasure of the Board and the Committee.

**ARTICLE 11**

**MISCELLANEOUS PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Effective Date</u>. The Plan will be effective as of the date it is approved by the Board (the "Effective Date"). Awards may be granted or awarded prior to such shareholder approval, *provided*, that such Awards shall not be exercisable, shall not vest and the restrictions thereon shall not lapse and no Shares shall be issued pursuant thereto prior to the Effective Date, and *provided further*, that if such approval has not been obtained within twelve (12) months after adoption of the Plan by the Board, all Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Expiration Date</u>. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Amendment, Suspension or Termination of the Plan</u>. Except as otherwise provided in this Section 11.3, at any time and from time to time, the Administrator may amend, suspend or terminate the Plan; *provided, however*, that (a) to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 12), (ii) permits the Administrator to extend the term of the Plan or the exercise period for an Option or Share Appreciation Right beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements Except as provided in the Plan or any Award Agreement, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, impair any rights or obligations under any Award theretofore granted or awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>No Shareholders Rights</u>. Except as otherwise provided herein, a Holder shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Holder becomes the record owner of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Paperless Administration</u>. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such an automated system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Effect of Plan upon Other Compensation Plans</u>. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for a Service Recipient. Nothing in the Plan shall be construed to limit the right of a Service Recipient: (a) to establish any other forms of incentives or compensation for Eligible Individuals, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Compliance with Laws</u>. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Laws (including but not limited to securities law and margin requirements), and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Titles and Headings, References to Sections of the Code or Exchange Act</u>. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Governing Law</u>. The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the Cayman Islands without regard to conflicts of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <u>Section 409A</u>. To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the contrary, if a Holder is a "specified employee" as defined in Section 409A of the Code at the time of Termination of Service with respect to an Award, then solely to the extent necessary to avoid the imposition of any additional tax under Section 409A of the Code, the commencement of any payments or benefits under the Award shall be deferred until the date that is six (6) months plus one (1) day following the date of the Holder's Termination of Service or, if earlier, the Participant's death (or such other period as required to comply with Section 409A). The Company makes no representations or warranties as to an Award's tax treatment under Section 409A of the Code or otherwise. No Service Recipient will have any obligation under this Section 11.10 or otherwise to avoid the taxes, penalties or interest under Section 409A of the Code with respect to any Award and will have no liability to any Holder or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant "nonqualified deferred compensation" subject to taxes, penalties or interest under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>No Rights to Awards</u>. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>No Right to Employment or Services</u>. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Service Recipient to terminate any Holder's employment or services at any time, nor confer upon any Holder any right to continue in the employ or service of any Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 <u>Unfunded Status of Awards</u>. The Plan is intended to be an "unfunded" plan for incentive compensation. With respect to any payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Holder any rights that are greater than those of a general creditor of the Company, any Subsidiary or any Related Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 <u>Indemnification</u>. To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; *provided* he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Articles of Association, as a matter of Applicable Law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 <u>Relationship to other Benefits</u>. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of any Service Recipient except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 <u>Expenses</u>. The expenses of administering the Plan shall be borne by the Service Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 <u>Claw-back Provisions</u>. All Awards (including any proceeds, gains or other economic benefit the Holder actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back policy, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 <u>Section 16 Compliance</u>. The provisions of this Plan are intended to ensure that no transaction under this Plan is subject to (and not exempt from) the short-swing recovery rules of Section 16(b) of the Exchange Act ("Section 16(b)"). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 <u>Subsidiary Employees</u>. In the case of a grant of an Award to any Employee of a Subsidiary of the Company, the Company may, if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the Employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of this Plan. All Shares underlying Awards that are forfeited or cancelled shall revert to the Company.

**ARTICLE 12**

**CHANGES IN CAPITAL STRUCTURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Adjustments</u>. In the event of any distribution, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, reorganization of the Company, including the Company becoming a subsidiary in a transaction not involving a Corporate Transaction, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the Shares or the share price of a Share, the Administrator shall make such proportionate and equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and substitutions of shares in a parent or surviving company); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per Share for any outstanding Awards under the Plan. The form and manner of any such adjustments shall be determined by the Administrator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Corporate Transactions</u>. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator, if a Corporate Transaction occurs, all outstanding Awards shall be converted, assumed, or replaced by a successor as provided in Section 12.3. To the extent a Holder's Awards are not converted, assumed, or replaced by a successor as provided in Section 12.3, such Awards shall vest and become fully exercisable and all forfeiture restrictions on such Awards shall lapse, unless otherwise provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator. Upon, or in anticipation of, a Corporate Transaction, the Administrator may in its sole discretion provide for (a) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Holder the right to exercise such Awards during a period of time as the Administrator shall determine, (b) either the cancellation of any Award for an amount of cash, property, or a combination thereof with an aggregate value equal to the amount that could have been attained upon the exercise of such Award or realization of the Holder's rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, (i) if as of such date the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Holder's rights, then such Award may be terminated by the Company without payment and (ii) in the case of a Corporate Transaction with respect to which holders of Shares receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Administrator that the value of an Option or Share Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Share Appreciation Right shall conclusively be deemed valid)), or (c) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and exercise prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Assumption of Awards — Corporate Transactions</u>. In the event of a Corporate Transaction, each Award may be assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise in an individual Award Agreement, an Award will be considered assumed if the Award either is (a) assumed by the successor entity or Parent thereof or replaced with a comparable award (as determined by the Administrator) with respect to capital shares (or equivalent) of the successor entity or Parent thereof or (b) replaced with a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, with any performance targets deemed achieved at the greater of target and actual performance (as such performance targets are determined by the Administrator immediately prior to the Corporate Transaction). If an Award is assumed in a Corporate Transaction, then such Award, the replacement award or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon termination of the Holder's employment or service with all Service Recipients within twelve (12) months of the Corporate Transaction without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Outstanding Awards — Other Changes</u>. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 12, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Administrator may consider appropriate to prevent dilution or enlargement of rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>No Other Rights</u>. Except as expressly provided in the Plan, no Holder shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Section 409A</u>. Notwithstanding anything in this Section 12 to the contrary: (i) any adjustments made pursuant to this Section 12 to Awards that constitute a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code, and (ii) any adjustments made pursuant to this Section 12 to Awards that do not constitute a "nonqualified deferred compensation plan" subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code.

## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEMNIFICATION<br> AGREEMENT</u>**

This INDEMNIFICATION AGREEMENT (this "<u>Agreement</u>") is made and entered into this [MONTH DATE], 2025 (the "<u>Effective Date</u>") by and between TechCreate Group Ltd., a Cayman Islands exempted company the "<u>Company</u>"), and __________________________ (Id: _____________________________) (the "<u>Indemnitee</u>") (each a "<u>Party</u>" and collectively the "<u>Parties</u>").

WHEREAS, the Company believes it is essential to retain and attract qualified directors and officers;

WHEREAS, the Indemnitee is a director and/or officer of the Company;

WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation and other claims that may be asserted against directors and officers of public companies, as well as the possibility that in certain situations a threat of litigation may be employed to deter them from exercising their judgment in the best interests of the Company, and the consequent need to allocate the risk of personal liability through indemnification and insurance;

WHEREAS, the Company's Articles of Association, as amended from time to time (the "<u>Articles of Association</u>"), provide that the Directors, Secretary and other officers acting in relation to any of the affairs of the Company shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, costs, charges, losses, damages and expenses which they shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, in their respective offices.

WHEREAS, in recognition of the Indemnitee's need for (i) substantial protection against personal liability and (ii) an inducement to continue to provide effective services to the Company as a director and/or officer thereof, the Company wishes to provide for the indemnification of the Indemnitee and to advance expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee under the Company's directors' and officers' liability insurance policies.

NOW, THEREFORE, in consideration of the premises contained herein and of the Indemnitee continuing to serve the Company directly or, at its request, with another enterprise, and intending to be legally bound hereby, the Parties hereto agree as follows:

l. **Certain Definitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A "<u>Change in Control</u>" shall be deemed to have occurred if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person," as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "<u>Exchange Act</u>"), other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of the Company; (b) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (c) any current beneficial shareholder or group, as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors thereof, of beneficial ownership, within the meaning of Rule 13d-3 of the Exchange Act, of securities possessing more than 50% of the total combined voting power of the Company's outstanding securities; hereafter becomes the "beneficial owner," as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of the Company representing 20% or more of the total combined voting power represented by the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds of the directors then in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Expense</u>" shall mean attorneys' fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing for any of the foregoing, any Proceeding relating to any Indemnifiable Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Indemnifiable Event</u>" shall mean any event or occurrence that takes place either prior to or after the execution of this Agreement, related to the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, employee, or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, or by reason of anything done or not done by the Indemnitee in any such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Proceeding</u>" shall mean any threatened, pending or completed action, suit, investigation or proceeding, and any appeal thereof, whether civil, criminal, administrative or investigative and/or any inquiry or investigation, whether conducted by the Company or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Reviewing Party</u>" shall mean any appropriate person or body consisting of a member or members of the Company's Board or any other person or body appointed by the Board (including the special independent counsel referred to in Section 6) who is not a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Voting Securities</u>" shall mean any securities of the Company which vote generally in the election of directors.

2. **Indemnification.** Subject to Section 4 below, in the event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in any Proceeding by reason of (or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding is the Indemnitee's alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer, the Company shall indemnify the Indemnitee to the fullest extent permitted by the laws of the Cayman Islands and the Articles of Association against any and all Expenses, liability, and loss (including judgments, fines, penalties and amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed thereon, and any taxes imposed on any director or officer as a result of the actual or deemed receipt of any payments under this Agreement) (collectively, "<u>Liabilities</u>") actually incurred or suffered by such person in connection with such Proceeding. The Company shall provide indemnification pursuant to this Section 2 as soon as practicable, but in no event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything in this Agreement to the contrary and except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any Proceeding initiated by the Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Proceeding.

3. **Advancement of Expenses.** Subject to Section 4 below, the Company shall advance Expenses to the Indemnitee within 30 business days of such request (an "<u>Expense Advance</u>"); provided, however, that if required by applicable laws such Expenses shall be advanced only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the Company shall make such advances only to the extent permitted by law. Expenses incurred by the Indemnitee while not acting in his/her capacity as a director or officer, including service with respect to employee benefit plans, may be advanced upon such terms and conditions as the Board, in its sole discretion, deems appropriate.

4. **Review Procedure for Indemnification.** Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2 and 3 above shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the special independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be permitted to be indemnified under applicable law or the Articles of Association, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 3 above shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that the Indemnitee would not be permitted to be so indemnified under applicable law or the Articles of Association, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has commenced legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that the Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). The Indemnitee's obligation to reimburse the Company for Expense Advances pursuant to this Section 4 shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, the Reviewing Party shall be selected by the Board, and if there has been such a Change in Control, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, the Reviewing Party shall be the special independent counsel referred to in Section 6 hereof.

5. **Enforcement of Indemnification Rights.** If the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, or if the Indemnitee has not otherwise been paid in full pursuant to Sections 2 and 3 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence litigation in any court having subject matter jurisdiction thereof and in which venue is proper to recover the unpaid amount of the demand (an "<u>Enforcement Proceeding</u>") and, if successful in whole or in part, the Indemnitee shall be entitled to be paid any and all Expenses in connection with such Enforcement Proceeding. The Company hereby consents to service of process for such Enforcement Proceeding and to appear in any such Enforcement Proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and the Indemnitee.

6. **Change in Control.** The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which has been approved by a majority of the Company's Board who were directors immediately prior to such Change in Control, then with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the Articles of Association now or hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by the Indemnitee and approved by the Company, which approval shall not be unreasonably withheld. Such special independent counsel shall not have otherwise performed services for the Company or the Indemnitee, other than in connection with such matters, within the last five years. Such independent counsel shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's rights under this Agreement. Such counsel, among other things, shall render its written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys' fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement of special independent counsel pursuant to this Agreement.

7. **Partial Indemnity.** If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all Proceedings relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that the Indemnitee is not so entitled.

8. **Non-exclusivity.** The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under any statute, provision of the Articles of Association, vote of shareholders or disinterested directors or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office. In the event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Cayman Islands company to indemnify a member of its board of directors, such changes shall be, *ipso facto,* within the purview of the Indemnitee's rights and the Company's obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Cayman Islands company to indemnify a member of its board of directors, such changes, to the extent not otherwise required by such law, statute, or rule to be applied to this Agreement shall have no effect on this Agreement or the Parties' rights and obligations hereunder.

9. **Liability Insurance.** To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any director or officer of the Company. If at the time a claim for indemnification arises hereunder in connection with a Proceeding the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

10. **Settlement of Claims.** The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in settlement of any action or claim effected without the Company's written consent, which consent shall not be unreasonably withheld; or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

11. **No Presumption.** For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit, or claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.

12. **Consent and Waiver by Third Parties.** The Indemnitee hereby represents and warrants that he or she has obtained all waivers and/or consents from third parties which are necessary for his or her employment with the Company on the terms and conditions set forth herein and to execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with any such third party. The Indemnitee represents that he or she is not bound by any agreement or any other existing or previous business relationship which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent the full performance of his or her duties and obligations hereunder.

13. **Amendment of this Agreement.** No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

14. **Subrogation.** In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

15. **No Duplication of Payments.** The Company shall not be liable under this Agreement to make any payment in connection with any claim made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, vote, agreement or otherwise) of the amounts otherwise indemnifiable hereunder.

16. **Binding Effect.** This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director or officer of the Company or of any other enterprise at the Company's request.

17. **Severability.** The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph, or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable that is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

18. **Governing Law.** This Agreement shall be governed by and construed and enforced in accordance with the laws of Singapore, without giving effect to the principles of conflicts of laws.

19. **Arbitration.** Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre ("SIAC") in accordance with the Arbitration Rules of the Singapore International Arbitration Centre ("SIAC Rules") for the time being in force, which rules are deemed to be incorporated by reference in this clause.

The seat of the arbitration shall be Singapore.

The Tribunal shall consist of one arbitrator.

The language of the arbitration shall be English.

20. **Counterparts.** This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

21. **Notices.** All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given (a) if delivered by hand, when received (b) if transmitted by facsimile, on receipt of an error-free confirmation, or (c) if by international courier service, on the fourth (4th) business day following the date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by the courier service. All such notices, demands and other communications shall be addressed as follows:

 

*If to the Company:*

TechCreate Group Ltd.

336 Smith Street, #06-303, New Bridge Centre

Singapore 050336

+65 6936 6354

 

*If to the Indemnitee:*

_____________________________

_____________________________

[Print Name, Address, and Telephone Number]

Notice of change of address shall be effective only when done in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

22. **Specific Performance.** The failure of the Company to perform any of its obligations hereunder shall entitle the Indemnitee, as a matter of course, to request an injunction from any court of competent jurisdiction to enforce such obligations. Such right to request specific performance shall be cumulative and in addition to any other rights and remedies to which the Indemnitee shall be entitled.

IN WITNESS WHEREOF, the Parties hereto have duly executed and delivered this Agreement as of the day first set forth above.

**<u>THE COMPANY:</u>**

---

| |
|:---|
| TechCreate Group Ltd. |
| By: |
| Name: |
| Title: |

---

**<u>INDEMNITEE:</u>**

By:   <br> (Print Name and Title of Indemnitee Above)

## Exhibit 10.3

**Exhibit 10.3**

**TechCreate Group Ltd.**

**336 Smith Street, #06-303, New Bridge Centre**

**Singapore 050336**

**+65 6936 6354**

[MONTH DATE], 2025

<u>[Name]</u> <br> <u>[Address]</u> <br>  

**Re: <u>Director's Agreement</u>**

Dear _____________________:

TechCreate Group Ltd. (the "<u>Company</u>"), is pleased to offer you a position as an independent director on its Board of Directors and as a chair of the _____________ Committee and a member of the _____________ Committee and a member of the _____________ Committee that we intend to form (collectively the "<u>Board</u>"). This letter shall constitute an agreement (the "<u>Agreement</u>") between you and the Company and contains all the terms and conditions relating to the services you are to provide and subject at all times to applicable laws, including the Companies Act (Revised) of the Cayman Islands, as amended from time to time (the "<u>Applicable Laws</u>") and the memorandum and articles of association of the Company for the time being, as amended, modified or supplemented from time to time (the "<u>Constitution</u>").

**1. <u>Term</u>.** Your appointment shall be effective as of the date of the effectiveness of the registration statement on F-1 of the Company. Your term as director shall continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholders' meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

**2. <u>Services</u>.** You shall render services as a member of the Board, which shall include, amongst others, representing the interests of the shareholders of the Company in Board discussions and exercising your best endeavors to procure the Company's compliance with the listing rules and regulations of the SEC or NYSE American, the Constitution and all other Applicable Laws which are binding on or applicable to the Group. You shall be required to attend all meetings of the Board called from time to time either in-person or by telephone, Zoom or another online meeting or otherwise virtual meeting platform. You shall be required to attend all meetings of __________ Committee, __________ Committee and the _____________ Committee either in-person or by telephone, Zoom or another online meeting or otherwise virtual meeting platform. As an independent director, you may also be required to attend at least one (1) meeting with the other independent directors without the presence of the Company's officers and non-independent directors and to perform such other duties required of the independent directors, including but not limited to submitting relevant documents required of directors by the SEC or NYSE American. The services described in this Section 2 shall hereinafter be referred to as your "<u>Duties</u>."

**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement. You agree, however, that you do not presently perform and do not intend to perform, during the term of this Agreement, similar Duties, consulting, or other services for companies whose businesses are or would be, in any way, directly or indirectly, competitive with the Company (except for companies previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting, or other services for any such company, you shall notify the Company in writing in advance (specifying the name of the organization for whom you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services would conflict with areas of interest to the Company.

**4. <u>Compensation</u>.**

**4.1 <u>Cash Compensation</u>**. Subject to the Applicable Laws and the Constitution, you will be paid a director's fee of US$________ per year ("<u>Director's Fee</u>") for performing your Duties. The Company's obligation to pay the full amount of the Director's Fee shall be absolute and unconditional for so long as you serve as a director, notwithstanding the fact that payment is being made on an installment basis. Subject to Section 8 in this Agreement, in the event that you serve as a director of the Company for only part of the period of which the Director's Fee is payable, you shall be entitled to a pro rata portion of the fee related to the period during which you have served as a director with effect from the date of the effectiveness of the registration statement on Form F-1 of the Company. The Director's Fee shall be payable in biannual installments, each installment shall equal to US$_______, unless you are entitled to a pro rata portion as provided in this Section above. You will be entitled to an installment every six months of your service as a director, and the installments will be transferred to your account on or before the seventh day of the month immediately following which you are entitled to an installment. It is anticipated that the Directors Fee will continue for so long as you are a director and will continue to be paid in biannual increments.

**4.2. <u>Cash Reimbursement</u>.** You shall be reimbursed for reasonable expenses documented and incurred by you in connection with the performance of your Duties (including travel expenses for meetings you attend in-person).

**4.3. <u>Service on Board Committees</u>.** You will not receive additional compensation (other than the Director's Fee) for your services on the Audit Committee, Compensation Committee and Nominations Committee.

**5. <u>Share incentives</u>.** The Company will enter into a separate agreement with you if it is agreed and approved that you are entitled to and share incentives under the incentive plan of the Company.

**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to the premises of the Company and/or you access to certain Confidential Information of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

**7.1. <u>Definitions</u>.** For purposes of this Agreement, the term "<u>Confidential Information</u>" means:

**a.** Any information that the Company possesses that has been created, discovered, or developed by or for the Company, and that has or could have commercial value or utility in the business in which the Company is engaged; or

**b.** Any information that is related to the business of the Company and is generally not known by non-Company personnel, including in particular lists or details of customers, suppliers of the Group, or working of any process, technology, invention or methods carried on or used by the Group in respect of which the Group is bound by an obligation of confidence to any third party or any financial or trading information or such other trade secrets relating to the Group, information which you might receive or obtain in relation to the Group's business such as the Group's finances, customers, clients or suppliers.

By way of illustration, but not limitation, Confidential Information includes trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics, and agreements.

**7.2. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include:

**a.** Any information that becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

**b.** Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; and

**c.** Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

**7.3. <u>Documents</u>.** You agree that, without the express prior written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items that in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. In the event you receive any such documents or items by personal delivery from any duly designated or authorized personnel of the Company, you shall be deemed to have received the express written consent of the Company. In the event that you receive any such documents or items, other than through personal delivery as described in the preceding sentence, you agree to inform the Company promptly of your possession of such documents or items. All notes, memoranda, records, correspondence, computer information (such as disks, files, spreadsheets and software), plans, drawings and other documents of whatsoever nature and all copies thereof made or compiled or acquired by you during the term of this Agreement in relation to the business, finances or affairs of the Group and all other property belonging to the Group, including but not limited to documents and other records (whether on paper, disc, tape or any electro-magnetic medium or in any other form) shall remain the property of the Group. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation, as defined in Section 8 herein.

**7.4. <u>No Disclosure</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except for necessary disclosure in the course of your business relationship with the Company or required by the Applicable Laws. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company or required by the Applicable Laws, and that the provisions of this Section 7.4 shall survive the termination of this Agreement.

**8. <u>Termination and Resignation</u>**. Your membership on the Company's Board may be terminated:

a. by failure of being re-elected as a director at the annual shareholders' meeting;

b. for any or no reason at a meeting called expressly and duly constituted in accordance with the Company's Articles of Association for the purpose of termination by (i) a simple majority of votes of shareholders that are entitled to vote in person or by proxy, or (ii) approval in writing by all of the shareholders entitled to vote in one or more instruments each signed by one or more of the shareholders;

c. for any or no reason by delivering your written notice of resignation to the Company ("<u>Resignation</u>"), and such Resignation shall be effective upon its acceptance by the Board, provided, however, that if the Board has not acted on such written notice within two months from its date of delivery, then your Resignation shall be deemed to be accepted by the Board; or

d. for good cause, which shall mean any one or more of the following as determined in the reasonable discretion of the Company: (1) a continuing material breach or material default by you of the terms of this Agreement, except for any such breach or default which is caused by physical disability as determined by a neutral physician; (2) gross negligence, willful misconduct or continuing failure to perform your Duties; and (3) the commission by you of an act of fraud, embezzlement or any felony or other crime of dishonesty in connection with your Duties or which would materially and adversely affect the business reputation of the Company.

Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate, subject to the Company's obligations to pay you any cash compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Except in the event of termination for good cause, the Company's obligation to pay you cash compensation in accordance with Section 4.1 above for the first year in which you have agreed to serve as a director shall not be changed or adjusted, without regard to the period that you serve as a Director.

**9**. **<u>Indemnification</u>**. Concurrent with the execution of this Agreement we shall enter into the Director's Indemnification Agreement.

**10. <u>Governing Law</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of the Singapore without regard to any conflicts of law principles that would result in the application of the laws of another jurisdiction.

**11**. **<u>Arbitration</u>**. Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre ("SIAC") in accordance with the Arbitration Rules of the Singapore International Arbitration Centre ("SIAC Rules") for the time being in force, which rules are deemed to be incorporated by reference in this clause.

The seat of the arbitration shall be Singapore.

The Tribunal shall consist of one arbitrator.

The language of the arbitration shall be English.

**12. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement.

This Agreement may be signed in any number of counterparts, all of which taken together and when delivered to the Parties by electronic mail in "portable document format (.pdf)" form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by a combination of such means, shall constitute one and the same instrument. Either Party may enter into this Agreement by signing any such counterpart manually or electronically (such as via Adobe Sign and DocuSign) and deliver the executed counterpart via electronic means to the other Party. The receiving Party may rely on the receipt of such document so executed and delivered by electronic means as if the original had been received. Such electronic signatures (such as Adobe Sign and DocuSign) shall be recognized and construed as secure electronic signatures pursuant to the Electronic Transactions Act 2010 of Singapore and such signatures shall be deemed to be original and binding signatures for all intents and purposes. The Parties agree that this document, if executed in accordance with this Clause 12, shall be valid, accurate and authentic, and given the same effect as, a written and signed document between the Parties in hard copy or "wet ink" signatures.

[*Remainder of Page Left Blank Intentionally*]

This Agreement has been executed and delivered by the undersigned and is made effective as of the date first set forth above.

---

| |
|:---|
| Sincerely, |
| **TechCreate Group Ltd.** |
| By: |
| Name: |
| Title: |

---

AGREED AND ACCEPTED BY

_________________________:

__________________________________

__________________________________

__________________________________

__________________________________

## Exhibit 10.4

**Exhibit 10.4**

**EMPLOYMENT AGREEMENT FOR [NAME]**

THIS AGREEMENT is made this [MONTH DATE], 2025 at Singapore, by and between:

**TechCreate Group Ltd.,** an exempted company duly incorporated with limited liability under the laws of Cayman Islands, with its registered office at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands, and hereinafter referred to as the "**Company**";

**and**

**[NAME]** (ID Number:)**,** whose correspondence address is at [ADDRESS], and hereinafter referred to as "**Executive**",

each a "**Party**" and collectively, the "**Parties**".

**<u>WHEREAS:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(A) The
 Company hereby appoints Executive as the [TITLE] ()"**[TITLE]**") of the Company with effect from August 15, 2023 ()"**Appointment Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;(B) Executive
 agrees to serve the Company as the [TITLE] upon the terms and conditions provided in this Agreement.

**1.** **INTERPRETATION** 

1.1 In
 this Agreement, unless the contrary intention appears:

"**Appointment Date**" has the meaning ascribed to it in Recital (A).

"**Associated Company**" means a company which is not a Subsidiary of any member of the Group, but more than twenty percent of the share capital of which is owned by the Group.

"**Board**" means the board of directors for the time being of the Company.

"**Companies Act**" means the Companies Act 1967 of Singapore as the same may from time to time be amended or re-enacted.

"**Control**" has the meaning ascribed to it in Clause 15(c).

"**[TITLE]**" has the meaning ascribed to it in Recital (A).

"**CPF**" means Central Provident Fund.

"**the Group**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Holding Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Associated Company or its Holding Company or any Subsidiary of any of them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 Subsidiary or its Holding Company or any Associated Company of any of them.

"**Holding Company**" has the meaning ascribed to it in Section 5 of the Companies Act.

"**Intellectual Property**" shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) letters
 patent and trademarks, whether registered or unregistered, including applications for any
 of the foregoing; and the right to apply for them in any part of the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) registered
 or unregistered designs, utility models and copyrights including applications for any of
 the foregoing, and the right to apply for them in any part of the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) discoveries,
 creations, inventions or improvements upon or additions to an invention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) confidential
 information, know-how and any research effort relating to the Company and its business whether
 registrable or not; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) moral
 rights and any similar rights in any country.

"**Listing**" means the listing of the Company on NYSE American LLC ("**NYSE American**").

"**Notice Period**" has the meaning ascribed to it in Clause 3.3.

"**Participate**" or "**Participation**" has the meaning ascribed to it in Clause 15(c).

"**Personal Data**" means data, whether true or not, about an individual who can be identified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from
 that data; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) from
 that data and other information to which the organisation has or is likely to have access.

"**Restrictive Period**" has the meaning ascribed to it in Clause 15.

"**Subsidiary**" has the meaning ascribed to it in Section 5 of the Companies Act.

"**Termination Date**" has the meaning ascribed to it in Clause 15.

"**Territory**" has the meaning ascribed to it in Clause 15(c).

"**Total Shares**" has the meaning ascribed to it in Clause 4.2.

1.2 In
 this Agreement, unless the context indicates otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 reference to this Agreement or another agreement or instrument includes any amendment, modification, variation, novation, supplement
 or replacement of each of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 reference to a statute, ordinance or other law includes regulations and other instruments under it and consolidations amendments,
 re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 singular includes the plural and vice versa and words importing any gender will be deemed to include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 word "person" includes a firm, a body corporate, an unincorporated association or an authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 reference to a person includes a reference to the person's executors, administrators and successors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 a period of time is specified and dates from a given day or the day of an act or event, it is to be calculated exclusive of that
 day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later.

1.3 Headings
 are inserted for convenience and do not affect the interpretation of this Agreement.

**2.** **APPOINTMENT AND DUTIES OF THE [TITLE]** 

2.1 The
 Company shall employ Executive and Executive shall serve the Company as the [TITLE] upon
 the terms and subject to the conditions of this Agreement. Subject to the supervision of
 and direction by the board of directors of the Company, the Executive shall perform such
 duties as are similar in nature to those duties and services customarily associated with
 the positions set forth above. Executive
 shall comply with all the Company's rules, regulations, policies and procedures and, comply with all requirements, codes, recommendations
 or regulations of all regulatory authorities relevant to the Group.

2.2 The
 normal hours of work of the Company are from 9:30 a.m. to 5:30 p.m. from Monday to Friday. Executive shall devote the whole of his
 time and attention during the normal hours of work of the Company to the discharge of his duties and shall conform to such hours
 of work that may be necessary for the proper fulfilment of his duties, including the performance of additional hours of work beyond
 the normal hours of work of the Company.

2.3 Executive
 shall at all times act in a way he considers, in good faith, to be most likely to promote the success of the Company for the benefit
 of its stakeholders as a whole. Executive shall at all times comply fully with all laws, customs, regulations and codes of conduct
 to which he is or may be subject or which are in force in the country in which he is from time to time located.

2.4 Executive
 acknowledges and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 by entering into this Agreement and fulfilling his obligations under it, he is not in breach of any obligation to any third party;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 he is not prevented by any agreement, arrangement, contract, understanding, court order or otherwise, from performing his duties
 in accordance with the terms and conditions of this Agreement.

**3.** **TERM OF EMPLOYMENT** 

3.1 Executive's
 employment under this Agreement shall commence on the Appointment Date and shall continue until it is terminated in accordance with
 Clause 3.2 or Clause 7.

3.2 Executive's
 employment may be terminated by himself or by the Board, in either case giving to the other not less than three (3) months'
 prior written notice or by the Company paying Executive an amount equal to three (3) months' salary in lieu of such notice.

3.3 On either Party giving notice
 to terminate Executive's employment, during such notice period (the "**Notice Period** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall be under
 no obligation to vest in Executive or assign to him any powers or duties or to provide work for him;

(b) the Company may (i) prohibit
 contact or communication, other than purely social contact, between Executive and the Company's customers and business contacts,
 suppliers, employees, distributors, officers, agents, directors, consultants and/or prospects, and (ii) require Executive not to attend
 work for all or any part of the period of notice, exclude him from any premises of the Company, and remove Executive's access
 to the Company's premises and computer systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company may require that
 Executive immediately resign from any directorships, trusteeships or other offices which he may hold in the Group as a result of his
 capacity as an employee of the Company (or such other entity as he may be employed by in the Group); and

(d) Executive shall provide such
 assistance as the Company may require to effect an orderly handover of his duties and responsibilities to any individual appointed
 by the Group to take over his role or responsibilities.

**4.** **REMUNERATION AND BENEFITS** 

4.1 The
 Company shall pay Executive a monthly base remuneration of S$ , payable in arrears at the end of each calendar month of his employment
 hereunder. Executive's remuneration may be paid by any of the companies in the Group. Executive's remuneration will be
 credited into his designated bank account and it is Executive's sole responsibility to notify the Company of any changes to
 his bank account. Executive shall be entitled to a discretionary annual performance bonus to be determined at the sole discretion
 of the Board and payable in such manner as may be determined at the sole discretion of the Board.

4.2 The
 Executive shall be entitled to participate during the term of the employment in employee benefit plans, programs and arrangements
 of the Company as may be in effect from time to time, including, without limitation, any share incentive plan, comprehensive health
 insurance and retirement scheme, subject to the terms and provisions of such plan and the execution of the award agreement and other
 related agreements between the Company and the Executive.

4.3 The
 Company shall pay for and provide health care insurance for Executive and his dependents from a reputable insurer with customary
 and usual coverage and terms.

4.4 There
 shall be deducted from Executive's remuneration (including but not limited to salary, allowance, bonus and commission) all
 such sums which the Parties have mutually agreed in writing to be deducted and/or which the Company is entitled, authorized and/or
 required under the laws of Singapore to deduct and/or withhold, whether for Executive's share of CPF contributions, withholding
 tax or otherwise.

**5.** **REIMBURSEMENT OF EXPENSES** 

The Company shall reimburse Executive for all reasonable, documented expenses incurred at the Company's request in connection with this Agreement (including air travel, entertainment, subsistence, hotel accommodation and telephone expenses), subject to his submission of invoices or other customary proof of expense and accompanying documentation. The Company shall reimburse Executive in accordance with the Company's policy on reimbursement of expenses.

**6.** **SICK LEAVE, PUBLIC HOLIDAYS, ANNUAL LEAVE AND PARENTAL LEAVE** 

6.1 The
 Company will pay Executive's salary in full during any absences on medical grounds up to a maximum total of days in any calendar
 year of service, subject to Executive producing a medical certificate from a registered medical practitioner covering the period
 of his absence. If Executive is to be treated as hospitalised in accordance with the Employment Act 1968, Executive is entitled up
 to 60 days (inclusive of the 14 days of non-hospitalization sick leave) of paid hospitalization leave per calendar year of service.
 Sick leave entitlement is not cumulative from year to year.

6.2 Executive
 will be entitled, with full remuneration, to all gazetted public and statutory holidays in Singapore.

6.3 Executive
 is entitled to days of paid annual leave in each full calendar year of service, to be taken at such times as will be agreed between
 Executive and the Board of the Company. If Executive commences or ceases employment during a calendar year, his annual leave entitlement
 will be calculated on a pro-rata basis. All annual leave entitlement must be utilized within the relevant period in accordance with
 the Company's policy and any untaken annual leave shall be deemed forfeited at the end of each calendar year without compensation.

**7.** **DISMISSAL AND ILLNESS** 

7.1 Notwithstanding anything
 in this Agreement, the Company is entitled to terminate Executive's employment with immediate effect and without any payment
 by way of compensation, damages or otherwise should any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive being disqualified
 to act as a [TITLE] of the Company or a company under any applicable laws or regulations, the constitution of the Company or rules
 prescribed by the NYSE American;

(b) Executive shall be guilty
 of fraud, dishonesty (including but not limited to the embezzlement or misappropriation of the funds of the Company or any of its affiliates
 or that results in or is intended to result in personal gain or enrichment to him at the expense of the Company or any of its affiliates),
 misconduct (including but not limited to insubordination, theft, and dishonest or disorderly conduct at work) or willful neglect of
 duty or shall commit any continued material breach of the terms of this Agreement or the Company's employment policies and procedures
 after written warning (other than a breach which is capable of remedy and has been remedied by Executive to the satisfaction of the
 Board within 30 days upon him being called upon to do so in writing by the Board);

(c) [TITLE] shall be guilty of
 conduct likely to bring himself or any member of the Group into disrepute; (d) [TITLE] shall become bankrupt or make any arrangement
 or composition with his creditors or suffers a receiving order being made against him;

(e) [TITLE] fails to obtain or
 maintain the license(s), permit(s) or registration(s) required by any relevant authority in Singapore and necessary for him to carry
 out his duties and your employment with the Company; or

(f) [TITLE] is convicted of any
 criminal offence (other than an offence which in the reasonable opinion of the Board does not affect his position in the Company).

7.2 Notwithstanding
 anything in this Agreement, the Company may by notice in writing summarily terminate the employment of Executive under this Agreement
 if he becomes of unsound mind or a person whose estate is liable to be dealt with in any way under the law relating to mental health
 and is incapable of duly attending to his duties for a period or periods exceeding 60 days in a calendar year.

7.3 Executive
 shall have no claim against the Company for damages or otherwise by reason of termination under Clauses 7.1 and 7.2 and no delay
 or forbearance by the Company in exercising such rights of termination shall constitute a waiver of that right.

7.4 Upon termination of Executive's
 employment under this Agreement for whatever reason, Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall immediately resign
 from his position as [TITLE] held in the Group and execute an acknowledgement under seal to that effect that he has no claims against
 the Company or any member of the Group (as the case may be) for compensation for loss of office or otherwise;

(b) irrevocably appoints the
 Company and its duly authorized officers and agents as his agent and attorney to act for and on his behalf to sign, execute, verify
 and file any documents and to do all other acts as to effect such resignation with the same legal force and effect as if executed by
 him;

(c) shall not at any time thereafter
 represent himself as being in any way connected with the business of the Group;

(d) shall deliver to the Company
 or its authorized representatives, all documents (including notes, memoranda, plans, statistics, records and other documents of whatsoever
 nature) books, papers, materials and any other property or assets relating to the business or affairs of the Group which may then be
 in his possession or under this control, made or complied by or delivered to him during his employment as [TITLE] hereunder and concerning
 the business, finances or affairs of the Group or its related corporations. For the avoidance of doubt, it is hereby declared that
 the property and all such documents as aforesaid shall at all times be vested in the Group, and Executive is not entitled to retain
 a copy of any such documents; and

(e) shall not, at any time or
 for any purpose other than to perform his duties as [TITLE], use the name of the Group or any of its related corporations in connection
 with his own or any other name in any way which may suggest that he is or has been connected with the Group or the businesses of any
 of the related corporations of the Group, nor in any way hold himself out as having or having had any such connection and will not
 use any proprietary information concerning the Group or its related corporation in his businesses or affairs which he may have acquired
 in the course of or as incident to his employment for his own benefit or to the detriment or intended or probable detriment of the
 Group or any of its related corporations.

7.5 Any termination of Executive's
 employment pursuant to Clause 3.2 or this Clause 7 shall be without prejudice to the Parties' rights and/or obligations hereunder
 which have already accrued and remain outstanding or which are expressed to survive the termination of this Agreement.

**8.** **CONFIDENTIALITY** 

8.1 Executive
 shall neither during or after the period of his employment under this Agreement including any time after its termination, disclose,
 use, copy, reproduce, exploit, divulge or communicate to any person (except to those authorized by the Company to know or as otherwise
 required by law) any trade secret or any information concerning the business or financial arrangements or position of the Group or
 any of the dealings transactions or affairs of the business of the Group, including in particular lists or details of customers,
 suppliers of the Group, or working of any process, technology, invention or methods carried on or used by the Group in respect of
 which the Group is bound by an obligation of confidence to any third party or any financial or trading information or such other
 trade secrets relating to the Group, information which Executive might receive or obtain in relation to the Group's business
 such as the Group's finances, customers, clients or suppliers. These restrictions shall cease to apply to information or knowledge
 which may (otherwise than through the default of Executive) become available to public generally.

8.2 All
 notes, memoranda, records, correspondence, computer information (such as disks, files, spreadsheets and software), plans, drawings
 and other documents of whatsoever nature and all copies thereof made or compiled or acquired by Executive during his employment in
 relation to the business, finances or affairs of the Group and all other property belonging to the Group, including but not limited
 to documents and other records (whether on paper, disc, tape or any electro-magnetic medium or in any other form) shall remain the
 property of the Group and shall be delivered by him to the Group from time to time on demand and in any event forthwith upon his
 leaving the service of the Group.

8.3 No
 statement or disclosure concerning this Agreement or the subject matter of, or any matter referred to in, this Agreement shall be
 made or issued by Executive or on his behalf without the prior written approval of the Company.

**9.** **RESERVED** 

**10.** **DATA PROTECTION** 

10.1 Executive
 hereby consents to the Group using, disclosing and/or processing Personal Data relating to him for legal, personal, administrative
 and management purposes. In accordance with the Personal Data Protection Act 2012 of Singapore, the Company may reasonably collect,
 use and disclose Executive's Personal Data for the purpose of managing or terminating the employment relationship, including
 using his bank account details to issue his salary, and monitoring how he uses the Company's computer network resources.

10.2 Executive
 hereby consents to the disclosure, processing and/or transfer of his Personal Data to the Group or any business contacts of the Group
 outside Singapore in order to further its or their business interests in accordance with the Personal Data Protection Act 2012 of
 Singapore.

10.3 Executive
 shall comply with the Personal Data Protection Act 2012 of Singapore and any data protection policy of the Company when handling
 Personal Data in the course of his employment including Personal Data relating to any employee, customer, client, supplier or agent
 of the Group.

**11.** **INTELLECTUAL PROPERTY** 

11.1 If
 at any time during Executive's employment, he discovers or participates in the making or discovery of any Intellectual Property
 relating to or capable of being used in the business of the Company, such Intellectual Property shall be the absolute property of
 the Company, and the Company shall assign its rights to such Intellectual Property to a member of the Group or any company that the
 Company agrees to assign to. Executive shall immediately communicate full details of the Intellectual Property to the Company. At
 the request and expense of the Company, Executive shall give and supply all information, data, drawings and assistance as may be
 requisite to enable the Company to exploit the Intellectual Property to the best advantage and shall execute all documents and do
 all things which may be necessary or desirable for obtaining patent, trademark, copyright or other protection for the Intellectual
 Property in such parts of the world as may be specified by the Company and for vesting the same in the Company or as it may direct.
 In particular, but without limitation, in any instance where the provisions of this Clause 11.1 are, pursuant to any applicable law,
 not fully effective in ensuring that the Intellectual Property are automatically owned by the Company, Executive shall (if requested
 by the Company) sign all papers and execute all documents, including without limitation patent applications, trade mark applications,
 service mark applications, declarations, oaths, formal assignments, assignment of priority rights, and powers of attorney, and do
 all things, which the Company may deem necessary or desirable in order to protect its rights and interests in respect of the Intellectual
 Property

11.2 Executive
 irrevocably appoints the Company to be his attorney in his name and on his behalf to sign, execute or do any such instrument or thing
 and generally to use his name for the purpose of giving to the Company (or its nominees) the full benefit of the provisions of Clause
 11. A certificate in writing in favor of any third party signed by any director or the secretary of the Company that any instrument
 or act falls within the authority conferred by this Clause 11.2 shall be conclusive evidence that such is the case.

11.3 The
 rights and obligations under this Clause 11 shall continue in force after termination of Executive's employment with the Company
 in respect of Intellectual Property made during his employment under this Agreement and shall be binding upon his representatives.

**12.** **CONTINUING OBLIGATIONS** 

The termination of this Agreement or of the employment of Executive under this Agreement does not operate to terminate the provisions of Clauses 8, 11, 14 and 15 which (subject as expressly provided) remain in full force and effect and binding on Executive without limit in point in time notwithstanding termination of this Agreement.

**13.** **NOTICES** 

13.1 A
 notice, approval, consent or other communication in connection with this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 be in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must
 be delivered personally to or left at or sent by prepaid ordinary post (airmail if posted to or from a place outside the country
 in which the address is located) to the address of the addressee, or be sent by electronic mail to the addressee, which in the case
 of the Company shall be the electronic mail address of the Chairman of the Board; and in Executive's case, to him at the electronic
 mail address in his employee personnel file.

13.2 Any notice, approval, consent or other communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if given by post shall be
 deemed to have been duly served 48 hours after posting and in proving the same, it shall be sufficient to show that the envelope containing
 the same was duly addressed, stamped and posted;

(b) if given by courier or personal
 delivery shall be deemed to be duly served at the time of delivery to the addressee; and

(c) if given by electronic mail
 shall be deemed to be duly served at the time of transmission provided that the sender does not receive any indication that the electronic
 mail message has not been successfully transmitted to the intended recipient or has been delayed,

unless a later time is specified in it.

**14.** **ASSIGNMENT** 

Neither Party to this Agreement shall assign or purport to assign any of its rights under this Agreement without the prior written consent of the other Party.

**15.** **RESTRICTIVE COVENANTS** 

Executive covenants with the Company that for the period of one (1) year (the "**Restrictive Period**") starting from the date on which he ceases to be employed by the Company (the "**Termination Date**"), he will not, directly or indirectly, without prior written consent of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 on his own account or in conjunction with or on behalf of any other person, firm or company solicit or entice away or attempt to
 solicit or entice away from the Group the custom of any person, firm, company or organization who shall at any time have been a customer,
 client, agent, distributor or correspondent of the Group or in the habit of dealing with the Group and with whom Executive has had
 substantial contact during the period of 12 months prior to the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either
 on his own account or in conjunction with or on behalf of any person, firm or company, solicit, entice away from the Group, or interfere
 with the Group's employment relationship with any person who has been employed or engaged by the Group during the period of
 three (3) immediately preceding months prior to the Termination Date and with whom Executive had dealings in the course of his employment
 during the same period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he shall not, within the
 Territory (as defined below), Participate (as defined below) in any business similar to or in competition with the business of the
 Group and with which Executive was involved in the course of his employment during the period of 12 months prior to the Termination
 Date.

"**Control**" means (including the terms controlling, controlled by and under common control with) with respect to a corporation, the authority, whether exercised or not, to control its business and affairs, which authority shall be presumed to exist upon possession of beneficial ownership or power to direct more than fifty percent (50%) of the voting rights attributable to the shares of the controlled corporation or to control the composition of the board of directors and, with respect to any person other than a corporation, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person.

"**Participate"** or **"Participation"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to be directly or indirectly engaged or concerned in any capacity, whether as a consultant, contractor, partner, principal, agent, adviser, director, executive and/or employee of any entity, whether on a full time or part time or ad hoc basis, whether for remuneration or not, and whether for himself or on behalf of any other person;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to in fact exercise Control (as defined above) over any entity engaged in the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to hold 15% or more of the issued share capital or equity interests of any entity (excluding treasury shares and preference shares) engaged in the business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to exercise control over 15% or more of the voting shares of any entity engaged in the business.

"**Territory**" means Singapore and/or any other jurisdiction in which the Group has operations in or carried on business at the Termination Date, and with which Executive was directly or indirectly involved in the course of his employment.

Each and every obligation under this Clause 15 shall be treated as a separate obligation and shall be severally enforceable as such and in the event of any obligation or obligations being or becoming unenforceable in whole or in part, such part or parts as are unenforceable shall be deleted from this Clause 15 and any such deletion shall not affect the enforceability of all such parts of this Clause 15 as remain not so deleted.

While the restrictions in this Clause 15 are considered by Executive and the Company to be reasonable in all the circumstances, it is agreed between Executive and the Company that if any one or more of such restrictions shall either be taken by itself or themselves together be adjusted to go beyond what is reasonable in all the circumstances for the protection of the Group's legitimate interests but would be adjudged reasonable if any particular restriction or restrictions were deleted or if any part or parts of the wording thereof were deleted, restricted or limited in a particular manner, then the restrictions shall apply with such deletions, restrictions or limitations, as the case may be.

In the event of and notwithstanding the termination of Executive's employment hereunder, Executive covenants and undertakes with the Company that he will at all times and in all respects continue to observe and comply with the provisions of this Clause 15 during the Restrictive Period.

The obligations stated in this Clause 15 shall survive the termination of this Agreement.

**16.** **VARIATIONS** 

This Agreement may not be released, discharged, supplemented, interpreted, amended, varied or modified in any manner except by an instrument in writing executed in the same manner and by the same persons as this Agreement.

**17.** **WAIVER** 

In no event shall any delay failure or omission on the part of the Company in enforcing exercising or pursuing any right, power, privilege, claim or remedy, which is conferred by this Agreement, or arises under this Agreement, or arises from any breach by Executive of any of his obligations hereunder, be deemed to be or be construed as, (i) a waiver thereof, or of any other such right power privilege claim or remedy, in respect of the particular circumstances in question, or (ii) operate so as to bar the enforcement or exercise thereof, or of any other such right, power, privilege, claim or remedy, in any other instance at any time or times thereafter.

**18.** **WAIVER OF RIGHTS** 

If this Agreement is terminated because of the liquidation of the Company or any member of the Group for the purpose of amalgamation or reconstruction and Executive is offered employment with such amalgamated or reconstructed company on the terms of a substitute agreement not less favorable in all material respects than the terms of this Agreement (provided that the said amalgamated or reconstructed company is able to fulfil all the obligations of the said substitute agreement), Executive shall have no claim against the Group in respect of such termination of this Agreement.

**19.** **SEVERABILITY** 

Any provision of this Agreement which is held invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provisions in any other jurisdiction.

**20.** **GOVERNING LAW AND JURISDICTION** 

20.1 This
 Agreement and the transactions contemplated by this Agreement shall be governed by and construed in accordance with the laws of Singapore.

20.2 Each
 Party irrevocably agrees for the benefit of the other that the courts of the Singapore shall have jurisdiction to hear and determine
 any writ, action or proceeding and to settle any disputes which may arise out of or in connection with this Agreement and for such
 purposes irrevocably submits to the exclusive jurisdiction of such court.

**21.** **WHOLE AGREEMENT** 

This Agreement constitutes the whole agreement between the Parties. All other representations, arrangements, understandings and agreements, whether written or oral, (if any) for service between the Company and Executive are hereby abrogated and superseded.

**22.** **NO THIRD PARTY RIGHTS** 

Nothing in this Agreement is intended to grant to any third party any right to enforce any term of this Agreement or to confer on any third party any benefits under this Agreement for the purposes of the Contract (Rights of Third Parties) Act 2001 of Singapore the application of which legislation is hereby expressly excluded.

**23.** **COUNTERPARTS** 

This Agreement may be signed in any number of counterparts, all of which taken together and when delivered to the Parties by electronic mail in "portable document format (.pdf)" form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by a combination of such means, shall constitute one and the same instrument. Either Party may enter into this Agreement by signing any such counterpart manually or electronically (such as via Adobe Sign and DocuSign) and deliver the executed counterpart via electronic means to the other Party. The receiving Party may rely on the receipt of such document so executed and delivered by electronic means as if the original had been received. Such electronic signatures (such as Adobe Sign and DocuSign) shall be recognized and construed as secure electronic signatures pursuant to the Electronic Transactions Act 2010 of Singapore and such signatures shall be deemed to be original and binding signatures for all intents and purposes. The Parties agree that this Agreement,, if executed in accordance with this Clause 23, shall be valid, accurate and authentic, and given the same effect as, a written and signed document between the Parties in hard copy or "wet ink" signatures.

IN WITNESS WHEREOF, the Parties have hereunto set their hands this [MONTH DATE], 2025.

**TechCreate Group Ltd.**

---

| |
|:---|
| BY: |
| **Name:** |
| **Title:** |

---

## Exhibit 14.1

**Exhibit 14.1**

**TECHCREATE GROUP LTD.**

**CODE OF BUSINESS CONDUCT AND ETHICS**

TechCreate Group Ltd. (the "<u>Company</u>") is committed to conducting its business in accordance with the highest standards of business conduct and ethics, and applicable laws, regulations, rules and standards. This Code of Business Conduct and Ethics (this "<u>Code</u>") is designed to help to foster a culture of honesty and accountability by setting forth principles that govern how the Company does business, guidance in dealing with ethical issues and mechanisms to ask questions and report concerns. In addition, this Code does not reflect all policies and procedures of the Company, certain of which are set forth in other policies that are available upon request directed to the Company's Human Resources.

**Applicability and Certification**

This Code applies to all employees, officers and directors of the Company, including all employees, officers and directors of the Company's subsidiaries (collectively referred to herein as "<u>you</u>"), and applies whether you are working at the Company's premises or at any other location, including working remotely. In addition, the Company seeks to do business with agents, consultants, contractors, suppliers and other third parties who act in a manner consistent with this Code.

You are required to become familiar with this Code and conduct yourself honestly, ethically and in compliance with applicable laws, regulations and standards and the Company's policies. You are required to certify, upon joining the Company and annually thereafter, as to your compliance with this Code.

**Asking Questions and Raising Concerns**

There may be times when you are faced with a difficult situation not specifically addressed in this Code or other policy. If you are ever unsure about the right thing to do in a business situation, you should seek guidance. In addition, you have a responsibility to promptly report if you know of or suspect misconduct. Reporting concerns contributes to the Company's ethical culture and helps the Company promptly address situations that, if left unaddressed, could adversely impact the Company and others.

The Company is committed to fostering an environment in which all employees are encouraged to ask questions and raise concerns about any potential, suspected or known violation that has occurred, may occur and/or is occurring of any applicable law, regulation, rule or standard, this Code or any other Company policy, free from fear of discrimination, harassment or other forms of retaliation.

Reports or concerns may be made confidentiality or anonymously through the Reporting Email. These reporting mechanisms are designed to protect confidentiality and requested anonymity while providing the Company with information so that it can investigate reports of actual or suspected misconduct as appropriate.

**Reporting Concerns**

Any person may report a concern in writing or orally by communicating it to one of the following:

● Your manager

● Human Resources

● For accounting, auditing and financial disclosure related concerns: Audit Committee, TechCreate Group Ltd., 336 Smith Street, #06-303, New Bridge Centre, Singapore 050336, Attention: Audit Committee Chair, Attention: Audit Committee Chair

● Reporting Email at whistleblowing@techcreate.com.sg (written reporting only)

If you submit a concern orally to your manager Human Resources or the Audit Committee, you should request written acknowledgment that you have submitted a concern.

If you make your report to the Reporting Email, the Human Resources or Audit Committee (for accounting, auditing and financial disclosure related concerns) will take your initial report and handle gathering any follow-up information. You will be assigned a case number that will serve as confirmation of your submission and facilitate the providing of additional information if needed or requested. The initial report and any additional information are then communicated to the Company.

 ****

All reported concerns will be reviewed by the Human Resources, and concerns regarding accounting, auditing and financial disclosure will also be communicated to the chair of the Audit Committee.

***Confidential Reporting***

 ****

You may request that your report of a concern through any of the channels listed above be treated confidentially subject to the Company's interests in properly investigating the concern and/or taking other action to protect the health and safety of individuals and the Company's interests.

***Anonymous Reporting***

You may also report concerns anonymously to:

● For accounting, auditing and financial disclosure related concerns: Audit Committee, TechCreate Group Ltd., 336 Smith Street, #06-303, New Bridge Centre, Singapore 050336, Attention: Audit Committee Chair

● Reporting Email at whistleblowing@techcreate.com.sg (written reporting only)

If you submit a concern anonymously, please ensure that you provide sufficiently detailed information to enable the concern to be properly investigated (including, for example, details relating to the facts underlying the concern and the person(s) involved).

If you choose to make your report anonymously to the Reporting Email, the Human Resources or Audit Committee (for accounting, auditing and financial disclosure related concerns) will take your initial report and handle gathering any follow-up information. The initial report and any additional information are then communicated to the Company without disclosing any information about you. You will be assigned a case number that will serve as confirmation of your submission and facilitate the providing of additional information if needed or requested.

All anonymously reported concerns will be reviewed by the Human Resources, and concerns regarding accounting, auditing and financial disclosure will also be communicated to the chair of the Audit Committee.

*While the Company encourages internal reporting to the Company of concerns, nothing in this Code restricts or limits your ability to report concerns directly to a regulatory agency.*

***Protection for Reporting Concerns / Anti-Retaliation Policy***

 ****

Certain laws and regulations prohibit retaliatory action against employees who report potential wrongdoing in certain circumstances. The Company prohibits retaliation against employees for reporting concerns in good faith or for participating in an investigation. Making a report in "good faith" means that you have provided all the information you have and that you reasonably believe there has been a possible violation of applicable law, regulation, rule or standard, this Code or any other Company policy, even if your report turns out to be unsubstantiated. Retaliation includes any unfavorable job action (such as termination, demotion, suspension, discipline, reduced hours, transfer or adverse compensation action), threat, harassment or other discrimination in the terms and conditions of employment.

Retaliation is a violation of this Code and the Policy for Reporting Concerns and may also violate the law. Any retaliation should be reported in accordance with this Code and the Policy for Reporting Concerns.

**Accountability for Code Violations**

Because this Code is a key component of the Company's compliance program and plays an integral role in safeguarding the Company's ethical culture and reputation, Code violations may result in serious disciplinary action—up to and including termination where permitted by law. In appropriate cases, the Company may also refer misconduct to the proper authorities for prosecution. This may subject the individuals involved to civil and/or criminal penalties.

**Waivers**

Any waiver of this Code for an officer or a director must be granted in writing by the Board and shall be publicly disclosed in accordance with applicable law and regulations. Waivers for other employees must be granted in writing by the Chief Executive Officer.

*Refer to the Policy for Reporting for more information about asking questions and reporting concerns, including confidential reporting and investigations.*

 

**MAINTAINING A SAFE AND FAIR WORKPLACE**

***Fair Employment***

 ****

The Company is committed to providing a work environment in which each individual is treated with fairness and respect and without discrimination or harassment. This applies to recruiting, hiring, compensation, benefits, training, termination, promotions or any other terms and conditions of employment.

***Do***:

● Seek out skilled individuals with integrity from a diverse range of cultural and educational backgrounds

● Promote a workplace that allows each employee, officer or director the opportunity to develop his or her full potential to strengthen the Company

● Make merit-based employment decisions

● Abide by wage and hour laws and regulations in the locations where the Company does business

***Do Not***:

● Discriminate against Company or non-Company personnel with whom the Company has a business relationship with regard to race, color, religion, disability, sexual orientation, gender, gender identity and expression, national origin, citizenship status, military service or reserve or veteran status, marital status, age or other characteristic protected by law

● Employ children or forced labor or do business with third parties who do

***<br> Non-Harassment***

 ****

You must not harass others or create or allow an unprofessional, offensive or hostile work environment. Harassing behavior may be sexual or non-sexual and can include, for example, epithets, slurs, stereotyping, insulting jokes, unwelcome sexual advances or physical contact, offensive or sexually suggestive comments, touching, requests for sexual favors or the display or circulation of offensive or degrading images, text or other material.

***Safe and Healthy Workplace***

 ****

Employees, officers and directors of the Company each have a responsibility to the Company and to each other to promote a safe and secure workplace for all employees. It is your responsibility to know and follow the safety policies, procedures and local laws that apply to your job. You must ensure work areas are secured and free from hazards and workplace violence and report accidents, injuries and unsafe equipment, practices or conditions.

Employees, officers and directors of the Company must not use, possess or be under the influence of alcohol, illegal drugs or any substance that could interfere with safely performing your work. While alcohol may be served at certain Company functions, you are reminded to consume at reasonable limits and to maintain a high level of professionalism at such functions.

You must not possess, use or distribute pornographic, racist, sexist or otherwise offensive materials on the Company's property or use the Company's property or networks to obtain or view such information.

**ACTING IN THE COMPANY'S BEST INTERESTS**

***Conflicts of Interest***

 ****

A conflict of interest occurs when your personal interests interfere, or appear to interfere, with the interests of the Company as a whole. Conflicts of interest can make it difficult for personnel to perform their jobs objectively and effectively. In general, you must avoid, where possible, any interest, investment or association in which a conflict of interest, or the appearance of a conflict, might arise.

This Code requires the ethical handling of conflicts that cannot be avoided. Any situation, transaction or relationship that you are involved in that may give rise to an actual, apparent or potential conflict of interest must be disclosed in advance to and, if appropriate, approved by (a) for officers and directors, the Audit Committee and (b) for other employees, the Human Resources.

***Examples of Conflicts of Interest***

 ****

● Directly supervising a family member

● Competing with the Company

● Using Company property, information or position for personal gain

● Engaging in a close personal relationship with someone in your department

● Overseeing a customer or supplier in which a family member is the key contact/decision maker

● Receiving a gift from a third party while negotiating, or during the course of a contractual relationship, on the Company's behalf

 

*See also the "Gifts and Entertainment" section below.*

 

***Corporate Opportunities***

 ****

You are required to advance the Company's legitimate business interests whenever possible. This means that you must not take for yourself any business opportunities that you discover through the use of Company property or information or through your position with the Company, unless disclosed in advance to and, if appropriate, approved by (a) for officers and directors, the Audit Committee and (b) for other employees, the Human Resources.

 **

***Political and Charitable Contributions***

 **

The Company allow you to give personal time and funds to support the political candidates and charitable causes of your choice. However, employees, officers and directors of the Company cannot use Company resources or the Company's name when making contributions to, or involving themselves in, such activities without first obtaining approval. Payments of corporate funds to any political party, candidate or campaign may be made only if permitted under applicable law and approved in writing in advance by the Chief Executive Officer. Payments of corporate funds to any charitable organization or cause may be made only if approved in advance by the Chief Executive Officer.

*Refer to the Related Person Transaction Policy for more information about conflicts of interests and outside employment.*

**PROTECTING COMPANY ASSETS AND INFORMATION**

Employees, officers and directors of the Company must ensure the proper and efficient use of Company property and protect it from theft, damage, loss and misuse. "Company property" includes the Company's physical and intangible assets, such as facilities, equipment, vehicles, software, computers, funds and supplies, as well as the Company's network and computer systems; power and energy sources; ideas and innovations; and confidential information and data.

***Technological Equipment***

 ****

Employees, officers and directors of the Company must use the Company's technological equipment for business purposes and to serve the Company's interests. This equipment includes computers and related equipment, smart phones and tablets, software, information technology systems, networks and storage media. The Company owns or has been licensed to use the technology you use in the Company's businesses, including hardware, software and computer systems. You are responsible for taking proper security precautions when using the Company's networks and information technology systems. Be sure to secure your computers, phones, tablets and other devices properly when unattended. Before sending information considered sensitive or vulnerable, you should password protect or encrypt the information.

***Confidential Information***

 ****

Confidential information is an important Company asset. Confidential information includes all non-public information that might be of use to competitors or harmful to the Company or other companies with which the Company does business, if disclosed. This includes all information, in any format, that the Company has a legitimate business interest in protecting. Confidential information includes technology, products, concepts, valuable ideas, trade secrets, technical information, strategies, business and product plans, customer and employee information, as well as other non-public information about the Company (whether or not material to the Company) or that might be of use to competitors or harmful to the Company, its customers, suppliers or other stakeholders if disclosed. Confidential information may also include information received from or relating to third parties with which the Company has or is contemplating a relationship, such as current or potential customers, operators, suppliers or strategic partners, and, in addition, may consist of the fact of such relationship or contemplation of such relationship.

You must maintain the confidentiality of information entrusted to you by the Company or companies with which the Company does business, except when disclosure is authorized or legally mandated.

The obligation to treat information as confidential does not end when an individual leaves the Company. Upon separation from the Company, everything that belongs to the Company, including all documents and other materials containing confidential information, must be returned.

***Do***:

● Carefully guard against disclosure of confidential information to people outside the Company (including but not limited to family members and business or social acquaintances)

● Provide confidential information only to co-workers or outside third parties who have a need to know for business purposes or where such disclosure is legally mandated under the guidance and direction of the Human Resources Use nondisclosure agreements when you need to disclose confidential information to outside third parties

● Use confidential information received from outside third parties only for the specific purpose for which it was disclosed and consistent with the terms of the applicable nondisclosure agreement

● Comply with applicable privacy, information security and data protection laws that govern the handling of private and sensitive information (see the "Data Privacy and Protecting Employee Data" section below for more information)

● Return all confidential information in your possession when you leave the Company, wherever that information is located

***Do Not***:

● Use confidential information for your own personal benefit or the personal benefit of persons inside or outside the Company

● Discuss confidential information in places (public or otherwise) where outside parties can overhear you such as taxis, public transportation, elevators or restaurants

● Ask new employees for confidential information about, or acquired at or from, their former employer

*In addition, if you have signed a confidentiality agreement with the Company, refer to that agreement for more information regarding your specific obligations in relation to confidential information.*

 

 

***Intellectual Property***

 ****

Patents, copyrights and trademarks are legal terms that define when an invention, product, written work or name is owned by an individual or company and use of these by others is prohibited without express permission. Ownership rights in patents, copyrights and trademarks are granted on a country-by-country basis. You may sometimes develop ideas, processes and technology on the Company's behalf or in the scope of your work for the Company that will be protected by patents, copyrights, trademarks or trade secret laws. This "intellectual property" usually belongs to the Company, depending on the situation. As required by law and the terms of your employment, each of you agrees to assign the rights to any such intellectual property to the Company.

***Do***:

● Obtain express permission from the owner before using patents, copyrights and trademarks belonging to others

● Communicate with the IT Department prior to downloading any software to your Company computer

***Do Not***:

● Plagiarize or make inappropriate use of articles or materials published by others

● Download, open or use computer software for which there are no software licensing agreements, which could violate copyright laws or that does not have a business purpose

***<br> Data Privacy and Protecting Employee Data***

 ****

The Company protects personal data through organizational and technical measures including IT security tools, restrictions on access to the data and physical security measures to help prevent unauthorized or unlawful access, disclosure, loss, destruction or damage. The Company accesses and uses personal data only for legitimate business purposes and maintains appropriate access controls and use limitations. Only those individuals who need the data to accomplish a business objective should have access to personal data and only for as long as they need it to accomplish the objective.

You are required to follow all applicable privacy, information security and data protection laws that govern the handling, use and retention of personal data, which means any information that, standing alone or in connection with other data, could be used to identify the individual to whom the information relates. Some information is particularly sensitive personal data, such as health information, government identification numbers and compensation data, and is subject to even further protections.

Any collection, storage, processing, transfer, sharing or use of personal data must be done in a manner that protects such data from inadvertent or unauthorized access, use, disclosure, loss, destruction or damage, and any authorized disclosure or use must be in compliance with local laws.

***Electronic Communications***

 ****

The Company provides resources such as computers, phones and other physical assets to enable you to conduct business. While you are permitted limited personal use of these assets, such personal use should not detract from the performance of your duties or violate any Company policy or applicable law.

You must not use these resources to improperly disclose or misuse the Company's confidential information, conduct illegal activities, access or download obscene or sexually explicit material, or communicate discriminatory, harassing or threatening messages. You have no expectation of personal privacy in connection with the use of Company resources unless otherwise permitted by law. The Company reserves all rights, to the fullest extent permitted by applicable law, to monitor and review any messages, internet browsing history and other information sent, received or viewed using Company resources.

***Do***:

● Keep personal data secure and confidential at all times

● Maintain accuracy of personal data

● Only collect data that is relevant to the purpose for which it is collected

***Do Not***:

● Share personal data with anyone who does not have a relevant and legitimate business responsibility related to the data

● Retain personal data longer than necessary to complete business objectives or meet legal requirements

● Transfer data outside the country in which it was collected without guidance from Human Resources (supervised by the Chief Executive Officer unless another person has been designated by the Board)

 **

***Records Management***

 **

In the course of its business, the Company produces and receives large numbers of records, both paper and electronic. You are required to comply with the policy regarding how long you should retain records and when and how you should dispose of them. The Company's policy is to identify, maintain, safeguard and destroy or retain, as applicable, all records in the Company's possession on a systematic and regular basis.

If you are notified that documents and records in your possession are relevant to any pending or contemplated litigation or an investigation or audit, do not alter, delete or destroy the records, and follow the guidelines set forth in the notification. This may require you to affirmatively preserve from destruction all relevant records that, without intervention, would automatically be destroyed or erased (such as emails and voicemail messages). Destruction of such records, even if inadvertent, could seriously prejudice the Company.

***Responding to Inquiries***

 ****

To ensure that the Company speaks with one voice and has a consistent message, only designated spokespersons within the Company are authorized to make certain statements to the public on behalf of or about the Company. If you are contacted by anyone outside the Company seeking information about the Company and you have not been expressly authorized by the Chief Executive Officer or the Chief Financial Officer to provide such information, you should refer the request to the Chief Financial Officer or Investor Relations. Requests for information from regulators or the government should be referred to the Chief Financial Officer.

**COMPLY WITH APPLICABLE LAWS, REGULATIONS AND RULES**

***Accurate Books and Records***

 ****

All Company documents must be completed accurately and in a timely manner, including all personnel, time, safety, travel and expense reports. When applicable, documents must be properly authorized. You must not make false or misleading entries, records or documentation.

The Company's financial activities must be recorded in compliance with all applicable laws and accounting practices, and the Company's internal controls, to enable full, fair, accurate, timely and understandable disclosures in periodic reports and documents required to be filed by the Company.

***Insider Trading***

 ****

You are generally prohibited by Company policy and by law from buying or selling publicly traded securities for any purpose at a time when you are in possession of "material nonpublic information." This conduct is known as "insider trading." Passing such information on to someone who may buy or sell securities – known as "tipping" – is also illegal. Information is considered "material" if there is a substantial likelihood that a reasonable investor would consider it important in making a decision to buy, sell or hold a security.

Under the Company's Insider Trading Policy, officers, directors and certain employees are also subject to blackout periods during which they are generally prohibited from buying or selling Company stock or other derivative Company securities.

***Examples of Material Information***

 ****

 ****

● Financial results or internal financial information

● A significant expansion or curtailment of operations

● Major changes in lines of business, including significant new services or products

● Significant financing transactions or borrowings, such as a significant drawdown on a credit facility or a securities offering

● Matters relating to cash dividends, stock repurchases or stock splits

● Major transactions, such as mergers, tender offers or acquisitions of other companies, or major purchases or sales of assets

● Change in the auditor or a significant notification from an auditor

● Major changes in directors or senior management

● Major litigation, expected major litigation and related developments

● Significant internal or external investigations, including government investigations, and related developments

 

*See the Company's Insider Trading Policy for more information.*

 

***Anti-Money Laundering***

 ****

Money laundering is the process by which individuals or entities move criminal funds through the financial system in order to hide traces of their criminal origin or otherwise try to make these funds look legitimate. The Company is committed to complying fully with all applicable anti-money laundering laws.

***Examples of Money Laundering "Red Flags"***

 ****

● Payments made in currencies other than those specified in the invoice

● Attempts to make large payments in cash (i.e., physical currency)

● Payments made by or to a third party not involved in the contract or an account other than the normal business relationship account

● Requests or attempts to make payments for each invoice or group of invoices through multiple forms of payment

● Requests to make an overpayment

***Fair Dealing***

The Company depends on its reputation for quality, service and integrity. You are required to deal truthfully with the Company's customers and business partners, without manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice. You must not make false or misleading statements about the Company's competitors or their products or services.

***Bribery and Corruption***

 ****

Offering or paying bribes to win business or obtain an unfair advantage is unacceptable no matter where the Company is doing business, even if business is lost or difficulties are encountered as a result (for example, delays in obtaining permits or licenses). Offering, paying, accepting or soliciting bribes, kickbacks, payoffs, inducements and other corrupt payments may expose individuals and the Company to civil and/or criminal liability.

A "bribe" is anything of value offered, promised or given directly or indirectly to improperly influence the actions of a third party in order to obtain or retain business or gain a business advantage. Bribes may include money in any form (including cash equivalents), gifts, travel or other expenses, entertainment or other hospitality, below-market loans, discounts, favors, business or employment opportunities, political or charitable contributions, or any direct or indirect benefit. The Company does not permit "facilitating payments" to expedite the routine performance of legitimate duties, except in extraordinary circumstances as approved by the Human Resources.

You must not engage in corruption, extortion or embezzlement in any form with any third party, public or private, whether offered, paid, accepted or solicited directly by the Company's employees or indirectly through third parties. You must not use agents, consultants, independent contractors or other third parties to do indirectly what you cannot do directly under this Code or applicable laws, rules and regulations.

***Gifts and Entertainment***

 ****

Gifts and entertainment can foster positive business relationships but may create an inappropriate expectation or feeling of obligation or give rise to a conflict of interest. Care must be exercised when giving gifts or extending hospitality to avoid being perceived as trying to influence a decision or outcome. You are required to understand and abide by this Code and the law when offering or accepting any gifts or entertainment from customers, suppliers, other business partners, government officials or their family members.

You are required to obtain approval from the Human Resources when offering or accepting gifts or entertainment (a) of any amount to any government official and (b) exceeding HK$500 in value.

When working with potential or existing government customers, it is critical that you abide by the various laws, regulations and rules that apply to government contract work. These rules are often much more strict and complex than those that govern the Company's sales to commercial customers. If you work on projects involving government agencies, it is your responsibility to know and follow the particular rules that apply to those customers and their projects.

***Do***:

● Only accept unsolicited gifts and entertainment that are customary and commonly accepted, not excessive in value and given and accepted without an express or implied understanding that you are in any way obligated by your acceptance of the gift or entertainment

● Ensure that any gifts and entertainment offered by the Company are in connection with Company business, in good taste, customary and commonly accepted, and not excessive in value

***Do Not***:

● Accept any gifts or entertainment that could influence or be perceived to influence their business decisions on behalf of the Company

● Request or ask for gifts or entertainment from people doing business with the Company

● Accept any gift of cash or cash equivalents (including gift certificates, securities, below-market loans, etc.) in any amount

● Offer any gift or entertainment that would violate the other party's gift and entertainment policy

***External Employment***

 ****

Employees are expected to give their full and undivided attention to their Company duties. Employees shall not engage in any other employment (whether for remuneration or otherwise) without the prior written approval of the Human Resources, nor participate in any activities (whether profit-making or non-profit) which are against the Group's interests or which will affect their performance at work.

***Competition Laws***

 ****

Competition laws are designed to promote a free and open marketplace by prohibiting arrangements with competitors that restrain trade. You must not enter into any anti-competitive arrangements, such as agreements with competitors that affect prices, costs, terms or conditions of sale, the markets in which you and/or they will compete, or customers or suppliers with whom you and/or they will do business.

***Trade Controls***

 ****

You are required to comply with all applicable trade laws and economic sanctions laws and regulations. These laws generally apply to the import, export and transfer of certain products and technology by U.S. companies.

***Environment and Human Rights***

 ****

The Company is committed to creating economic value for shareholders and customers through sustainable practices that protect the long-term well-being of the environment, the Company's employees and the communities in which the Company operates.

You are required to comply with all applicable environmental laws, regulations and standards, and minimize any adverse impact on the environment. You must also endeavor to conserve natural resources and energy, and reduce or eliminate waste and the use of hazardous substances.

To enable the Company to conduct business in a way that respects and upholds fundamental human rights, you are required to comply with laws, regulations and standards that relate to human rights topics such as equal employment opportunities, freedom of association, child and forced labor, human trafficking and health and safety. See the "Maintaining a Safe and Fair Workplace" section above for more information.

*Neither the adoption of this Code nor any description of its provisions constitutes a representation of full compliance with this Code. This Code does not, in any way, constitute an employment contract or an assurance of continued employment. This Code is not intended to create any third-party rights and should not be construed to do so.*

 

 

**CERTIFICATION**

I hereby certify that I have received and read the TechCreate Group Ltd. Code of Business Conduct and Ethics (the "<u>Code</u>"). I understand the Code's contents, am in compliance with the Code and agree to continue to comply with the Code.

---

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|:---|
| Signature |
| Printed Name |
| Title |
| Date |

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## Exhibit 19.1

**Exhibit 19.1**

**TECHCREATE GROUP LTD.**

**INSIDER TRADING AND CONFIDENTIALITY POLICY**

This Policy confirms procedures which employees and directors of TechCreate Group Ltd. (the "**Company**") and its subsidiaries must follow. This Policy is subject to modification from time to time as the Board deems necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Prohibition Against Trading on Material Nonpublic Information* 

 

During the course of your service at the Company or its subsidiaries, you may become aware of material nonpublic information. It is difficult to describe exhaustively what constitutes "material" information, but you should assume that any information, positive or negative, which might be of significance to an investor, as part of the total mix of available information, in determining whether to purchase, sell or hold Company stock would be "material". Information may be significant for this purpose even if it would not alone determine the investor's decision.

Examples of "material" information include:

● internal financial information which departs in any way from what the market would expect

● changes in sales, earnings or dividends

● an important financing transaction

● stock splits or other transactions relating to Company stock

● mergers, tender offers or acquisitions of other companies, or major purchases or sales of assets

● major management changes

● sales or purchases by the Company of its own securities

● major litigation or regulatory developments

● significant process or product developments

● gain or loss of a major customer or supplier

● major transactions with other companies or entities, such as joint ventures or licensing agreements

● the extent to which external events, including but not limited to pandemics, have had or will have a material impact on the Company's operating results

● a major cybersecurity incident

Note that this list is merely illustrative and not exhaustive.

"***Nonpublic***" information is any information which has not yet been disclosed generally to the marketplace. Information received about a company under circumstances which indicate that it is not yet in general circulation should be considered nonpublic. As a rule, you should be able to point to some fact to show that the information is generally available; for example, disclosure within a report filed by the Company with the U.S. Securities and Exchange Commission, issuance of a press release by the Company or announcement of the information in *The Wall Street Journal* or other news publication.

Even after the Company has released information to the press or the information has been reported, at least one full Trading Day must elapse before you trade in Company stock. For the purposes of this policy, a "***Trading Day***" shall mean any day on which the NYSE American is open for trading. For example, if the Company issues a press release containing material information at 6:00 p.m. on a Tuesday, and the NYSE American is open for trading on Wednesday, persons subject to this policy shall not be permitted to trade in Company stock until Thursday. If the Company issues a press release containing material information at 6:00 p.m. on a Friday, and the NYSE American is open for trading on Monday, persons subject to this policy shall not be permitted to trade in Company stock until Tuesday.

If you are aware of material nonpublic information regarding the Company you are prohibited from trading in Company stock, unless such trade is made pursuant to a properly qualified, adopted and submitted Rule 10b5-1 trading plan. Rule 10b5-1 trading plans are discussed in Section 2 of this Policy. You also are prohibited from giving "tips" on material nonpublic information, that is directly or indirectly disclosing such information to any other person, including family members and relatives, so that they may trade in Company stock. Furthermore, if you learn material nonpublic information about another company with which the Company does business, such as a supplier, customer or joint venture partner, or you learn that the Company is planning a major transaction with another company (such as an acquisition), you must not trade in the securities of the other company until such information has been made public for at least one full Trading Day.

The policy against trading securities when in possession of material nonpublic information applies to all employees, officers and directors of the Company as well as their family members. For purposes of this Policy, a "family member" includes a person's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other than domestic employees) who shares such person's home. It also applies to former employees, officers and directors and their family members.

In addition, you and your family members may not, under any circumstances, trade options for, or sell "short," Company stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Rule 10b5-1 Trading Plans* 

 

Rule 10b5-1 under the Securities Exchange Act of 1934 (the "***Exchange Act***") provides an affirmative defense against a claim of insider trading if an insider's trades are made pursuant to a written plan that was adopted in good faith at a time when the insider was not aware of material nonpublic information. It is the Company's policy that employees and directors may make trades pursuant to a Rule 10b5-1 plan provided that (i) such plan meets the requirements of Rule 10b5-1, (ii) such plan was adopted at a time when the employee or director would otherwise have been able to trade under Section 3 of this policy and (iii) adoption of the plan was expressly authorized by the Company's Chief Executive Officer. Note that trades made pursuant to Rule 10b5-1 plans by executive officers and directors must still be reported to the Chief Executive Officer pursuant to the second paragraph of Section 4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Permitted Trading Periods for Non-Rule 10b5-1 Trades* 

 

The executive officers and directors and all members of the finance or legal departments, and their family members may only trade Company securities during the period commencing one full Trading Day following a release of quarterly results and ending on the date that is ten Trading Days prior to the end of the subsequent quarter. Nonetheless, as mentioned above, no trade of Company securities may be made during these periods if the person covered by this policy possesses material nonpublic information which has not been disseminated in the public market for at least one full Trading Day.

From time to time, upon prior notice to the persons affected, the Company may impose event-specific special blackout periods during which some or all executive officers and directors are prohibited from trading in Company securities.

The trading restrictions set forth in this Section 3 do not apply to any trades made pursuant to properly qualified, adopted and submitted Rule 10b5-1 trading plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Preclearance; Reporting Trades* 

 

In addition to complying with the prohibition on trading during scheduled and event-specific special blackout periods, the executive officers and directors must first obtain pre-clearance from the Company's Chief Executive Officer engaging in any transaction in securities of the Company. A request for pre-clearance should be submitted to the Chief Executive Officer at least 48 hours in advance of the proposed transaction. If a proposed transaction receives pre-clearance, the pre-cleared trade must be effected within 48 hours of receipt of pre-clearance. If the person becomes aware of material nonpublic information before the trade is executed, the pre-clearance is void and the trade must not be completed. Transactions not effected within the time limit become subject to pre-clearance again. If a person seeks pre-clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in securities of the Company, and should not inform any other person of the restriction.

We require that all executive officers and directors submit to the Company's Chief Executive Officer a copy of any trade order or confirmation relating to the purchase or sale of Company securities within one business day of any such transaction. This information is necessary to enable us to monitor trading by executive officers and directors and ensure that all such trades are properly reported. Your adherence to this policy is vital to your protection as well as the Company's.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Hedging Transactions* 

 

Hedging transactions may insulate you from upside or downside price movement in Company stock which can result in the perception that you no longer have the same interests as the Company's other stockholders. Accordingly, you and your family members may not enter into hedging or monetization transactions or similar arrangements with respect to Company stock, including the purchase or sale of puts or calls or the use of any other derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Margin Accounts and Pledging* 

 

Securities held in a margin account or pledged as collateral for a loan may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the loan. A margin or foreclosure sale that occurs when you are aware of material nonpublic information may, under some circumstances, result in unlawful insider trading. Because of this danger, you may not hold Company securities in a margin account nor pledge Company securities as collateral for a loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Duration of Policy's Applicability.* 

 

This Policy continues to apply to your transactions in Company stock or the stock of other public companies engaged in business transactions with the Company even after your employment or directorship with the Company has terminated. If you are in possession of inside information when your relationship with the Company concludes, you may not trade in Company stock or the stock of such other company until the information has been publicly disseminated or is no longer material.

\* \* \*

THESE ARE VERY SERIOUS MATTERS. INSIDER TRADING IS ILLEGAL AND CAN RESULT IN JAIL SENTENCES AS WELL AS CIVIL PENALTIES, INCLUDING TRIPLE DAMAGES. EMPLOYEES WHO VIOLATE THIS POLICY MAY BE SUBJECT TO DISCIPLINARY ACTION BY THE COMPANY, INCLUDING DISMISSAL FOR CAUSE. IF YOU HAVE ANY QUESTION OR DOUBT ABOUT THE APPLICABILITY OR INTERPRETATION OF THIS POLICY OR THE PROPRIETY OF ANY DESIRED ACTION, PLEASE SEEK CLARIFICATION FROM OUR CHAIRMAN AND CHIEF EXECUTIVE OFFICER OR CHIEF FINANCIAL OFFICER. PLEASE ALSO SEE FREQUENTLY ASKED QUESTIONS ATTACHED HERETO AS EXHIBIT A. DO NOT TRY TO RESOLVE UNCERTAINTIES ON YOUR OWN.

**ACKNOWLEDGMENT**

The undersigned acknowledges that he/she has read this Insider Trading Policy and agrees to comply with the restrictions and procedures contained herein.

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|:---|
| Signature<br>|
| Name (Please Print) |
| Date |

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**Exhibit A**

**Frequently Asked Questions**

**1.**  ***What is insider trading?*** 

 ****

**A:** Insider trading is the buying or selling of stocks, bonds, futures, or other securities by someone in possession of material, nonpublic information. Insider trading also includes trading in options (puts and calls) the price of which is linked to the underlying price of a company's stock. It does not matter how many shares you buy or sell, or whether it has an effect on the stock price – if you have material, nonpublic information and you trade, you have broken the law.

**2.**  ***Why is insider trading illegal?*** 

 ****

**A:** If company insiders are able to use their confidential knowledge to their financial advantage, other investors would not have confidence in the fairness and integrity of the marketplace. Requiring those who have such information to disclose (the information to the public) or abstain (from trading) ensures an even playing field.

**3.**  ***What is material, nonpublic information?*** 

 ****

**A:** Information is material if it would influence a reasonable investor to buy or sell a stock, bond or other security. This could mean many things – financial results, potential mergers, major contracts, etc. Information is nonpublic if it has not yet been released and disseminated to the public.

**4.**  ***Who can be guilty of insider trading?*** 

 ****

**A:** Anyone who buys or sells a security while in possession of material, nonpublic information. It does not matter if you are not an executive officer or director, or even if you do not work at Company or its subsidiaries – if you know something material about the value of a security that not everyone else does, regardless of who you are, you can be found guilty of insider trading.

**5.**  ***Does Company have an insider trading policy?*** 

 ****

**A:** Yes.

**6.**  ***What if I do not work in the U.S.?*** 

 ****

**A:** There is no difference. The policy and law applies to you. Because our Class A Ordinary Shares trades on a United States securities exchange, the insider trading laws of the U.S. apply. The U.S. Securities and Exchange Commission (the SEC) (a U.S. government agency in charge of investor protection) and the Financial Industry Regulatory Authority (FINRA) (a private regulator that oversees U.S. exchanges) routinely investigate trading in a company's securities conducted by internationally-based individuals and firms. In addition, as an employee of the Company or its subsidiaries, our policies apply to you no matter where in the world you work.

**7.**  ***What if I don't buy or sell anything, but I tell someone else the information and they buy or sell?*** 

 ****

**A:** That is called "tipping." You are the "tipper" and the other person is called the "tippee". If the tippee buys or sells based on that material, nonpublic information, you might still be guilty of insider trading. In fact, if you tell family members who tell others and those people then trade on the information, those family members might be guilty of insider trading too. As a result, you may not discuss material, non-public information about the Company and its subsidiaries with anyone outside the Company and its subsidiaries, including spouses, family members, friends, or business associates. This includes anonymous discussion on the Internet about the Company or its subsidiaries or companies with which the Company or its subsidiaries does business.

**8.**  ***What if I don't tell them the information itself, I just tell them whether they should buy or sell?*** 

 ****

**A:** That is still tipping, and you can still be found guilty of insider trading. According to our policies, you may never recommend to another person that they buy, hold or sell our Class A Ordinary Shares or any derivative security related to our Class A Ordinary Shares.

**9.**  ***What are the penalties if I trade on inside information, or tip off someone else?*** 

 ****

**A:** Anyone found liable in a civil case for trading on inside information may need to pay the U.S. government an amount equal to any profit made or any loss avoided and may also face a penalty of up to three times this amount. Persons found liable for tipping inside information, even if they did not trade themselves, may face a penalty of up to three times the amount of any profit gained or loss avoided by everyone in the chain of tippees. In addition, anyone convicted of criminal insider trading can face prison terms and additional fines.

**10.**  ***What is "loss avoided"?*** 

 ****

**A:** If you sell a Class A Ordinary Shares or a related derivative security before the negative news is publicly announced, and as a result of the announcement the stock price declines, you have avoided the loss caused by the negative news.

**11.**  ***Am I restricted from trading securities of any companies except the Company (for example a customer or competitor of the Company)?*** 

 ****

**A:** Yes. U.S. insider trading laws restrict everyone from trading in a company's securities based on material nonpublic information about that company, regardless of whether the person is directly connected with that company. Therefore, if you obtain material nonpublic information about another company, you should not trade in that company's securities. You should be particularly conscious of this restriction if, through your position at the Company or its subsidiaries, you sometimes obtain sensitive, material information about other companies and their business dealings with the Company or its subsidiaries.

**12.**  ***So if I do not trade Company securities when I have material nonpublic information, and I don't "tip" other people, I am in the clear, right?*** 

 ****

**A:** Not necessarily. Even if you do not violate U.S. law, you may still violate our policies. Our policies are stricter than the law requires, so that we and our employees can avoid even the appearance of wrongdoing. Therefore, please review the entire policy carefully.

**13.**  ***So when can I buy or sell my Company securities?*** 

 ****

**A:** According to our policies, if you have material, nonpublic information, you may not buy or sell our Class A Ordinary Shares until such material nonpublic information has been disseminated in the public market for at least one full Trading Day after that information is released or announced to the public. At that point, the information is considered public. **<u>Even if you do not have material, nonpublic information</u>, you may not trade in our Class A Ordinary Shares during any trading "blackout" period**. (A list of current blackout periods can be obtained from the Company's Chief Legal Officer, or if none, the Chief Financial Officer or their designee and additional trading blackout periods may be announced by email.)

**14.**  ***If I have an open order to buy or sell Company securities on the date the trading window closes, my broker will cancel the open order and won't execute the trade, right?*** 

 ****

**A:** No. If you have any open orders at the time the trading window closes, it is your responsibility to cancel these orders with your broker. If you have an open order and it executes after the trading window closes, it is a violation of our insider trading policy and may also be a violation of the insider trading laws.

**15.**  ***Am I allowed to trade derivative securities of Company? Or, short Company Class A Ordinary Shares?*** 

 ****

**A:** No. Under our policies, you may not trade in derivative securities related to our Class A Ordinary Shares, which includes, but is not limited to publicly-traded call and put options. In addition, under our policies, you may not engage in short selling of our Class A Ordinary Shares at any time.

"Derivative securities" are securities other than Class A Ordinary Shares that are speculative in nature because they permit a person to leverage his or her investment using a relatively small amount of money. Examples of derivative securities include (but are not limited to) "put options" and "call options". These are different from employee stock options, which are not derivative securities*.***

 ****

"Short selling" is profiting when you expect the price of the stock to decline, and includes transactions in which you borrow stock from a broker, sell it, and eventually buy it back on the market to return the borrowed shares to the broker. Profit is made through the expectation that the stock price will decrease during the period of borrowing.

**16.**  ***Why does the Company prohibit trading in derivative securities and short selling?*** 

 ****

**A:** Many companies with volatile stock prices have adopted such policies because of the temptation it represents to try to benefit from a relatively low cost method of trading on short-term swings in stock prices (without actually holding the underlying Class A Ordinary Shares) and encourages speculative trading. For this reason, we have decided to prohibit employees from such trading. As we are dedicated to building stockholder value, short selling our Class A Ordinary Shares is adverse to our stated values and would not be received well by our stockholders.

**17.**  ***Can I purchase Company securities on margin?*** 

 ****

**A:** Under our policies, you may not purchase our Class A Ordinary Shares on margin at any time absent specific approval from the Chief Executive Officer.

"Purchasing on margin" is the use of borrowed money from a brokerage firm to purchase our securities. Holding our securities in a margin account includes holding the securities in an account in which the shares can be sold to pay a loan to the brokerage firm.

**18.**  ***Why does the Company prohibit me from purchasing Company securities on margin or holding them in a margin account absent specific approval from the Chief Executive Officer?*** 

 ****

**A:** Margin loans are subject to a margin call whether or not you possess insider information at the time of the call. If your margin call were called at a time when you had insider information and you could not or did not supply other collateral, you and the Company may be restricted based on your insider trading activities: the sale of the stock (through the margin call) when you possessed material nonpublic information. The sale would be attributed to you even though the lender made the ultimate determination to sell. The U.S. Securities and Exchange Commission takes the view that you made the determination to not supply the additional collateral and you are therefore responsible for the sale.

**19.**  ***Can I exercise stock options during a trading blackout period or when I possess material nonpublic information?*** 

 ****

**A:** Yes. You may exercise the option and receive shares, but you may not sell the shares (other than the sale of shares in a cashless exercise program, including through a broker or in sales other than to the Company) or otherwise settle the option during a trading blackout period or any time that you have material, nonpublic information. Also note that if you choose to exercise and hold the shares, you will be responsible at that time for any taxes due.

**20.**  ***Am I subject to the trading blackout period if I am no longer an employee of the Company and its subsidiaries?*** 

 ****

**A:** It depends. If your employment with the Company and its subsidiaries ends on a day that the trading window is closed, you will be subject to the trading blackout period then in effect. If your employment with the Company and its subsidiaries ends on a day that the trading window is open, you will not be subject to the next trading blackout period. However, even if you are not subject to our trading blackout period after you leave the Company and its subsidiaries, you should not trade in Company securities if you possess material non-public information. That restriction stays with you as long as the information you possess is material and not released by the Company.

**21.**  ***Can I gift stock while I possess material nonpublic information or during a trading blackout period?*** 

 ****

**A:** Because of the potential for the appearance of impropriety, you may not make gifts, whether to charities, to a trust or otherwise, of our Class A Ordinary Shares when you possess material nonpublic information or during a trading blackout period.

**22.**  ***What if I purchased publicly-traded options or other derivative securities before I became an employee (or contractor or consultant) of the Company or its subsidiaries?*** 

 ****

**A:** The same rules apply as for employee stock options. You may exercise the publicly-traded options at any time, but you may not sell such securities during a trading blackout period or at any time that you have material, nonpublic information. When you become an employee of the Company or its subsidiaries, you must report to our Chief Legal Officer, or if none, our Chief Financial Officer or their designee that you hold such publicly traded options or other derivative securities.

**23.**  ***May I own shares of a mutual fund that invests in Company?*** 

 ****

**A:** Yes.

**24.**  ***Are mutual fund shares holding Company subject to the trading blackout periods?*** 

 ****

**A:** No. You may trade in mutual funds holding our Class A Ordinary Shares at any time.

**25.**  ***May I use a "routine trading program" or "10b5-1 plan"?*** 

 ****

**A:** Yes, subject to the requirements discussed in our Insider Trading Policy. A routine trading program, also known as a 10b5-1 plan, allows you to set up a highly structured program with your stock broker through which you specify ahead of time the date, price, and amount of securities to be traded. If you wish to create a 10b5-1 plan, you must contact our Chief Legal Officer, or if none, our Chief Financial Officer or their designee for approval.

**26.**  ***What happens if I violate our insider trading policy?*** 

 ****

**A:** Violation of our policies may result in severe personnel action, including a memo to your personnel file and up to and including termination of your employment or other relationship with the Company and its subsidiaries. In addition, you may be subject to criminal and civil enforcement actions by the government.

**27.**  ***Who should I contact if I have questions about our insider trading policy?*** 

 ****

**A:** You should contact our Chief Legal Officer, or if none, our Chief Financial Officer or their designee.

## Exhibit 21.1

**Exhibit 21.1**

**List of Principal Subsidiaries**

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| | | |
|:---|:---|:---|
|  | **Name of Entity** | **Place of incorporation** |
| 1. | TechCreate Solution Private Limited | Singapore |
| 2. | Diginius Private Limited | Singapore |
| 3. | TC Digital Private Limited | Singapore |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation of our report dated June 4, 2025, except for the effects of the reorganization as described in Note 1, Note 14, weighted average number of shares used in loss per share computation and Note 22 which is dated July 28, 2025 in the Registration Statement on Form F-1, under the Securities Act of 1933, as amended, with respect to the consolidated balance sheets of Techcreate Group Ltd and its subsidiaries (collectively referred to as the "Company") as of December 31, 2024 and December 31, 2023, the related consolidated statements of operations and comprehensive income, changes in shareholder's equity and cash flows for each of the years in the two year period ended December 31, 2024 and related notes. We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

/s/ Audit Alliance LLP

We have served as the Company's auditor since 2023.

Singapore

July 29, 2025

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| Writer's Name: | Tan Wei Shyan<br>| Tel: | 6439 0792 |
| Secretary: | Joyce Lim | E-Mail: | weishyan.tan@shooklin.com<br>|
| Our ref: | TWS/ 2240140 |  | **By Email Only** |

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29 July 2025

**<u>PRIVATE & CONFIDENTIAL</u>**

**TechCreate Group Ltd.**

336 Smith Street

#06-303, New Bridge Centre,

Singapore 050336

**Attention:** The Board of Directors

Dear Sir/ Madam,

**SINGAPORE LEGAL OPINION ON THE PROPOSED LISTING OF TECHCREATE GROUP LTD. (THE "GROUP") ON THE NYSE AMERICAN LLC ("NYSE AMERICAN") BY WAY OF SHARE OFFER (THE "LEGAL OPINION") – LEGAL DUE DILIGENCE ON TECHCREATE SOLUTION PRIVATE LIMITED ("TECHCREATE") AND DIGINIUS PTE. LTD. ("DIGINIUS") (COLLECTIVELY, THE "TECHCREATE ENTITIES" AND EACH, A "TECHCREATE ENTITY").**

I. <u>INTRODUCTION</u> 

We are a law firm duly qualified to practice Singapore law in Singapore.

We act as Singapore legal counsel to TechCreate in connection with the Listing (as defined below) and we refer to the Registration Statement on Form F-1 ("**Registration Statement**") filed by TechCreate Group Ltd. (the "**ListCo**") with the Securities and Exchange Commission of the United States of America (the "**SEC**") in connection with the registration under the Securities Act of 1933, as amended ("**Securities Act**"), of the public offering ("**Listing**") of Class A Ordinary Shares in the capital of the ListCo. We have taken instructions solely from the Company.

II. <u>LEGAL ADVICE SOUGHT</u> 

We have been requested by the ListCo to advise on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. due
 incorporation and good standing of each TechCreate Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. corporate
 information relating to each TechCreate Entity in respect of its dividend payments, directors,
 shareholders, and share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. whether
 the material contracts/agreements entered into by each TechCreate Entity (or in relation
 to the shares of each TechCreate Entity, as the case may be) which are governed by Singapore
 law are legally binding, valid and enforceable;

---

| | |
|:---|:---|
| Shook Lin & Bok LLP | 旭龄及穆**律师事务所** |

---

1 Robinson Road #18-00 AIA Tower Singapore 048542 Tel: +65 6535 1944 Fax: +65 6535 8577 Email: slb@shooklin.com Website: www.shooklin.com

Shook Lin & Bok LLP (Unique Entity No. T07LL0924K) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability.

THE INFORMATION CONTAINED IN THIS TRANSMISSION IS CONFIDENTIAL AND ONLY FOR THE INTENDED RECIPIENT IDENTIFIED ABOVE. IF YOU ARE NOT THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION OR USE OF THIS COMMUNICATION IS PROHIBITED. IF YOU HAVE RECEIVED THIS TRANSMISSION IN ERROR, PLEASE IMMEDIATELY NOTIFY US BY TELEPHONE, RETURN THE ORIGINAL MESSAGE TO US, AND RETAIN NO COPY.

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. disclosure
 of material Singapore laws and regulations which are applicable to each TechCreate Entity's
 business operations in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. whether
 each TechCreate Entity has the necessary licences, approvals and/or permits from governmental
 and regulatory authorities which are material for the conduct of its business and operations
 in Singapore, and if there are any material legal impediments for each TechCreate Entity
 to renew them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. each
 TechCreate Entity's intellectual properties (if any) in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. whether
 each TechCreate Entity owns or rents from third parties any properties in Singapore and whether
 the use of these properties is in compliance with the permitted use under the relevant agreement(s)
 (if applicable) and as permitted by the Urban Redevelopment Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. whether
 any TechCreate Entity is involved in any legal proceedings and/or regulatory actions in Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. whether
 each TechCreate Entity has complied with the requirements of Singapore law in respect of
 the employment of foreign and local manpower and in respect of laws in relation to labour
 and trade unions where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. whether
 the employment contracts entered into by each TechCreate Entity which are governed by Singapore
 law are legally binding, valid and enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. whether
 each TechCreate Entity has complied with mandatory insurance requirements for its employees
 under Singapore law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. whether
 each TechCreate Entity has complied with the requirements of Singapore law in respect of
 contributions to the Central Provident Fund ()"**CPF**") for its employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. matters
 relating to the Listing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. tax
 matters.

III. <u>GOVERNING LAW</u> 

This Legal Opinion, and in particular our advice and/or opinions set out in Section V herein, is limited to matters of the laws of Singapore as applied by the Singapore courts as at the date of this Legal Opinion and is given on the basis that it will be governed by and construed in accordance with the laws of Singapore. Any liability which may arise in respect of this Legal Opinion is to be governed by the laws of Singapore.

We express no advice and/or opinions with respect to the laws of any other jurisdiction. We have made no investigation of the laws of any country or jurisdiction other than Singapore and do not express or imply any advice and/or opinions thereof.

Our advice and/or opinions expressed herein pertain to the laws of Singapore only, and we express no advice and/or opinions with respect to any other matter. This Legal Opinion is also given on the basis that we undertake no responsibility and are under no obligation to advise you of any other matters that may occur after the date of this Legal Opinion which could render the advice and/or opinions expressed herein no longer applicable.

![](ex99-1_001.jpg)

IV. <u>LEGAL WORK UNDERTAKEN</u> 

For the purposes of rendering our advice and/or opinions set out in Section V herein, we have been provided with, and reviewed and relied on, information and originals or copies of documents specifically set out in **Schedule 1** below (the "**Reference Documents**") and the confirmation letter given by Lim Heng Hai, a director signing for and on behalf of each TechCreate Entity, dated 29 July 2025 (the "**Confirmation Letter**", together with the Reference Documents, the "**Documents**"). For the purposes of rendering our advice and/or opinions set out in Section V herein, we have relied on the Confirmation Letter only to the extent such information do not involve matters of law and are not inconsistent with our understanding and knowledge in any material respect. Although we are not aware that any material documents and/or information have been withheld or not been provided to us, we further assume that no material documents and/or information whenever requested during the due diligence process have been withheld or otherwise not provided to us for any reason.

Other than the Documents, we have not reviewed any other information and/or documents and have not made any other enquiries or investigations for the purpose of rendering our advice and/or opinions set out in Section V herein. We express no opinion on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. any
 financial statements or other financial data, or any other financial, business, statistical,
 operational, or audit issues (including matters relating to the prospects and future performance
 of the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. any
 statements or opinions as to the prospects, projections or the occurrence of matters in the
 future.

V. <u>OUR ADVICE AND/OR OPINIONS</u> 

Based on our review of the Documents, and subject to the assumptions and qualifications set out in Sections IV, VI and VII herein, we wish to advise and/or opine as follows. Our advice and/or opinions below are expressed and/or given as at the date of this Legal Opinion (unless expressly stated otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Due
 incorporation and good standing of each TechCreate Entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each
 TechCreate Entity was duly and validly incorporated with limited liability under the Companies
 Act 1967 of Singapore (the "**Companies Act**") with details as follows:

---

| | | |
|:---|:---|:---|
| **Name of Entity** | **Legal Form** | **Date of Incorporation** |
| TechCreate Solution Private Limited | Private Company Limited by Shares<br>| 16 March 2015 |
| Diginius Pte. Ltd. | Private Company Limited by Shares<br>| 6 February 2020 |

---

Based on our review of the Documents and the Confirmation Letter, all necessary governmental and regulatory approvals, permits, consents, licences, certificates, registrations and other filings in respect of the incorporation of each TechCreate Entity have been obtained or made.

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each
 TechCreate Entity is validly existing in Singapore, and has the status of an independent
 legal entity, having full capacity, power, and authority to enter into legally binding and
 enforceable contracts and undertakings, with full power to sue or be sued in its own name,
 and it may do any act that is legally permitted or required to do by its Constitution or
 any law of Singapore. Based on our review of the Documents, each TechCreate Entity has the
 corporate power and capacity to carry on the Business Activities (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Save
 as disclosed under sub-paragraphs a) and b), each TechCreate Entity is in good standing in
 Singapore, meaning solely that it had not failed to hold any Annual General Meetings ()"**AGM** ")
 or failed to make any filing with any Singapore authority which would render it liable to
 be struck off the register of companies with ACRA and thereby cease to exist under the laws
 of Singapore.

<u>Late holding of AGM</u>

**<u>TechCreate</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) In
 relation to the AGM held on 11 July 2025, we note that the AGM was not held within the statutory
 time period (i.e. within six (6) calendar months from the date of the financial year end)
 in accordance with Section 175(1) of the Companies Act then in force. Notwithstanding Section
 175(1) of the Companies Act, the Registrar of Companies (the "**Registrar** ")
 may, on the application for an extension of time by a company extend the period of six (6)
 months for any special reason it thinks fit to do so.

As TechCreate's financial year ended was 31 December 2024, pursuant to section 175(1) of the Companies Act, TechCreate had to hold its AGM by 30 June 2025. Based on our review of the Documents, TechCreate was granted a 60-day extension of time for the AGM to be held by 29 August 2025 pursuant to the Extension of Time for AGM / Annul Return application made with the Registrar on 27 June 2025. Hence, the delayed holding of the AGM was valid and not subject to any penalties.

**<u>Diginius</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;b) In
 relation to the AGM held on 11 July 2025, we note that the AGM was not held within the statutory
 time period (i.e. within six (6) calendar months from the date of the financial year end)
 in accordance with Section 175(1) of the Companies Act then in force. Notwithstanding Section
 175(1) of the Companies Act, the Registrar may, on the application for an extension of time
 by a company extend the period of six (6) months for any special reason it thinks fit to
 do so.

As Diginius' financial year ended was 31 December 2024, pursuant to section 175(1) of the Companies Act, Diginius had to hold its AGM by 30 June 2025. Based on our review of the Documents, Diginius was granted a 60-day extension of time for the AGM to be held by 29 August 2025 pursuant to the Extension of Time for AGM / Annul Return application made with the Registrar on 27 June 2025. Hence, the delayed holding of the AGM was valid and not subject to any penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Our
 review of the Documents does not indicate the existence of any charge required to be registered
 under the Companies Act, nor have we found from our searches conducted with ACRA any charge
 registered with ACRA for each TechCreate Entity as at 25 July 2025.

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Based
 on our review of the Documents, the Constitution, as amended from time to time, of each TechCreate
 Entity complies with the requirements of Singapore law as at the date hereof and has been
 duly adopted by such TechCreate Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Corporate
 information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Share capital and Shareholders

&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
 issued and paid-up capital of each TechCreate Entity are in accordance with each TechCreate
 Entity's Constitution and the particulars registered with ACRA, based on searches conducted
 with ACRA on 25 July 2025. For the purposes of this Legal Opinion, shares in the capital
 of each TechCreate Entity shall be referred to as "**Shares** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 issued and paid-up share capital and the respective percentages of shareholdings of the existing
 shareholders of each TechCreate Entity are contained in the electronic register of members
 maintained by the Registrar pursuant to Section 196A of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 issued and paid-up share capital of each TechCreate Entity, based on searches conducted with
 ACRA on 25 July 2025, was as follows:

---

| | |
|:---|:---|
| **Name** | **Share Capital** |
| TechCreate | S$1,341,740 consisting 101,880 Class A and Class B fully paid-up Shares |
| Diginius | S$10,000 consisting 10,000 ordinary and fully paid-up Shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The
 shareholders of each TechCreate Entity, based on searches conducted with ACRA on 25 July
 2025, and their respective shareholdings were as follows:

**<u>TechCreate</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Total Number of Shares** | **Number of<br> Class A<br> shares** | **Number of<br> Class B<br> shares** | **Percentage of Shareholding (%)** |
| TechCreate Group Inc. | 101880 | 86901 | 14979 | 100.00 |
| **Total** | 101880 | 86901 | 14979 | 100.00 |

---

**<u>Diginius</u>**

---

| | | |
|:---|:---|:---|
| **Name** | **Number of<br> Shares** | **Percentage of Shareholding (%)** |
| TechCreate Solution Private Limited | 10000 | 100.0 |
| **Total** | 10000 | 100.0 |

---

![](ex99-1_001.jpg)

---

| | |
|:---|:---|
| e) | The relevant shareholder listed in paragraph (d) above is the legal and registered owner of the Shares set out against its name in the register of members of each TechCreate Entity. |
|  | All issues, allotment and transfers of Shares and all changes in the issued and paid-up capital of each TechCreate Entity since its incorporation to date are set out in **Schedule 2**. Apart from the issue, allotment and transfers of Shares as set out in **Schedule 2**, based on the Confirmation Letter, there has been no other shareholding changes in each TechCreate Entity and TechCreate Entity has not granted any person any right, warrant or option to subscribe for, or any security convertible into, any Shares or other equity interest in the relevant TechCreate entity. Based on our review of the Documents, all issues, allotment and transfers of Shares as shown in **Schedule 2** were validly, properly and legally conducted, completed, settled, duly authorised, duly recorded, have been fully paid-up and effected in accordance with the Constitution of each TechCreate Entity (where applicable) and the Companies Act, and duly lodged with ACRA. |

---

&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) Since
 the date of each TechCreate Entity's incorporation, based on our review of the Documents
 and as confirmed in the Confirmation Letter, there is no evidence of any (i) outstanding
 agreements or unexercised options, warrants, conversion, pre-emptive or other similar rights
 (whether exercisable now or in the future and whether contingent or not) in respect of the
 allotment, issue, purchase, transfer, buy-back or redemption of any Shares or unissued shares
 in the share capital of each TechCreate Entity, save for the pre-emption rights provided
 in the Constitution of each TechCreate Entity; (ii) security interests, liens, mortgages,
 charges, pledge, claims, attachments or other encumbrances over any Shares (or equity interests
 in the Shares) or unissued shares in the share capital of each TechCreate Entity; or (iii)
 reduction of capital carried out by each TechCreate Entity.

&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) There
 are no legal restrictions under Singapore law on the nationality of the shareholders of each
 TechCreate Entity or the percentage of local or foreign shareholding in each TechCreate Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Board of Directors

&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) Based
 on searches conducted with ACRA on 25 July 2025, the composition of the current Board of
 Directors of each TechCreate Entity is as follows:

**<u>TechCreate</u>**

---

| | |
|:---|:---|
| **Name** | **Date of Appointment** |
| Ng Ling Soon (Huang Neng Shun) | 27 June 2025 |
| Ling Wee Seng @ Lim Chin San | 16 February 2024 |
| Lim Heng Hai | 16 March 2015 |

---

![](ex99-1_001.jpg)

**<u>Diginius</u>**

---

| | |
|:---|:---|
| **Name** | **Date of Appointment** |
| Lim Heng Hai | 6 February 2020 |

---

&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) Based
 on our review of the Documents, the appointments of the current Board of Directors of each
 TechCreate Entity are valid and were duly authorised and lodged with ACRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Auditor(s)

&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) Pursuant
 to section 205(1) of the Companies Act, a company must appoint an auditor within three (3)
 months from the date of incorporation. However, section 205A of the Companies Act states
 that a company which is exempt from audit requirements under section 205C of the Companies
 Act is exempt from section 205(1) of the Companies Act and will not need to appoint an auditor
 until such time that the company ceases to be exempt under section 205C of the Companies
 Act, then, the Company shall appoint a person or persons to be auditor or auditors of
 the company at any time before the next annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To
 be exempt from audit requirements under section 205C of the Companies Act, a company must
 be considered as a "small company" pursuant to the Thirteenth Schedule of the
 Companies Act.

&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) Based
 solely on the Confirmation Letter, Diginius is exempted from audit requirements and is not
 required to appoint an auditor since incorporation as it is considered as a "small
 company" pursuant to the Thirteenth Schedule of the Companies Act.

&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) Based
 solely on the Confirmation Letter, TechCreate was exempted from audit requirements and was
 not required to appoint an auditor from the date of its incorporation until 22 March 2021
 as it was considered as a "small company" pursuant to the Thirteenth Schedule
 of the Companies Act. However, as it ceased to be considered as a "small company",
 TechCreate had to appoint an auditor pursuant to section 205A of the Companies Act. Based
 on our review of the Documents, the appointment of TechCreate's first auditor, Brandon
 Soh & Associates for the period starting 22 March 2021 to 15 February 2023 was valid
 and duly authorised and lodged with ACRA.

&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) Based
 on our review of the Documents, the appointment of TechCreate's current auditor, OneAsia
 Corporate Assurance PAC is valid and was duly authorised and lodged with ACRA.

&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. Dividends

&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) Under
 Singapore law, each TechCreate Entity may, by ordinary resolution, declare dividends at a
 general meeting without seeking any governmental approval, but it may not pay dividends in
 excess of the amount recommended by its directors. The directors of each TechCreate Entity
 may declare an interim dividend without seeking the approval of its shareholders. Dividends
 may only be paid out of the profits of each TechCreate Entity. Subject to the foregoing,
 each TechCreate Entity has the power and authority to effect dividend payments (whether in
 cash or in kind) to its shareholders under its Constitution.

![](ex99-1_001.jpg)

&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) Under
 Singapore law and the Constitution of each TechCreate Entity, there are no restrictions on
 the currency used to effect dividend payments.

&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) There
 are no exchange controls under Singapore law in respect of the dividend payments to parties
 in jurisdictions outside Singapore, pursuant to the notice issued by the Monetary Authority
 of Singapore ()"**MAS**") on 25 May 1978 (MAS 1103, Reference: ID Circular
 6/78 dd 25.5.78) ()"**MAS Notice 1103** "). MAS Notice 1103 provides *inter alia* that "With effect from 1 June 1978, all persons are exempted from the provisions,
 obligations, etc, imposed under the various sections of the Exchange Control Act 1953 of
 Singapore. Therefore, no exchange control formalities or approvals are required for all forms
 of payments or capital transfers".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Whether
 the material contracts/agreements entered into by each TechCreate Entity (or in relation
 to the shares of each TechCreate Entity, as the case may be) which are governed by Singapore
 law are legally binding, valid and enforceable

Based on our review of the Documents and as confirmed in the Confirmation Letter, for the period of three (3) years before the date of this Legal Opinion, each TechCreate Entity has entered into the following material contracts outside the ordinary course of business (the "**Material Contracts**"):

**<u>TechCreate</u>**

---

| | | |
|:---|:---|:---|
| **No.** | **Parties** | **Description of Contract** |
| 1. | TechCreate<br>OrangePay Pte. Ltd. ("**OrangePay**")<br>| Distributor Agreement entered into between OrangePay and TechCreate whereby OrangePay agreed for TechCreate to provide professional services to a client on OrangePay's behalf dated 2 January 2020. |
| 2. | TechCreate<br>Axway Pte. Ltd. ("**Axway**") | Partner Agreement entered into between Axway and TechCreate whereby the parties worked together on a non-exclusive basis to identify mutually beneficial business opportunities to offer products and services dated 13 August 2019.<br>|
| 3. | TechCreate<br>ICHAM Master Fund VCC ("**ICHAM**")<br>Lim Heng Hai<br>Ronald Vong Chin Hua | Subscription Agreement between ICHAM and TechCreate and Lim Heng Hai and Ronald Vong for ICHAM to invest in the Company and subscribe for shares in the Company dated 1 August 2024. |

---

![](ex99-1_001.jpg)

**<u>Diginius</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Nil.

Based on our review of the Material Contracts, we are of the view that each TechCreate Entity has full capacity and authority to enter into each of the Material Contracts with the relevant counterparties thereto, and that each of the Material Contracts has been duly executed and is legal binding, valid and enforceable. Based on the Confirmation Letter, we are not aware of any material risks of infringement of the Material Contracts either by the relevant TechCreate Entity against a third party or *vice versa*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Disclosure
 of Singapore laws and regulations applicable to the TechCreate Entities in the Registration
 Statement

The statements set forth in (i) the section titled "Regulation" of the Registration Statement, and the statements set forth in (ii) other sections of the Registration Statement insofar as such statements constitute summaries of Singapore legal or regulatory matters referred to therein, fairly summarise in material respects such Singapore legal or regulatory matters and are true, accurate, complete and not misleading in any material respect in the context in which those statements appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Whether
 each TechCreate Entity has the necessary licences, approvals and/or permits from governmental
 and regulatory authorities which are material for the conduct of its business and operations
 in Singapore, and any material legal impediments for the TechCreate Entities to renew them

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Based
 on searches conducted with ACRA on 25 July 2025 and the Confirmation Letter, the TechCreate
 Entities are presently engaged in the following business activities ()"**Business Activities** "):

**<u>TechCreate</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Management
 Consultancy Services (70201)

**<u>Diginius</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Other
Information Service Activities N.E.C. (63909); 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;b) Management
 Consultancy Services (70201).

which are in compliance with its Constitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on our review of the Documents and the Confirmation Letter, as at the date of this Legal
 Opinion, we are not aware of any instances where the TechCreate Entities are required to
 obtain any licences, approvals, consents and/or permits for the conduct of their respective
 Business Activities in Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 TechCreate Entities' intellectual properties (if any) in Singapore

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Based
 on the Intellectual Property Office of Singapore ()"**IPOS**") public search
 conducted on 25 July 2025 and the Confirmation Letter, the TechCreate Entities had not registered
 or applied for any trademarks, patents and/or domain names in Singapore (the "**Intellectual Property Rights** ").

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There
 are no records of any intellectual property applications and registrations by or relating
 to either TechCreate Entity in Singapore and the TechCreate Entities do not own any other
 intellectual property rights in Singapore, or have any pending applications for intellectual
 property rights in Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Whether
 the TechCreate Entities owns or rents from third parties any real properties in Singapore
 and whether the use of these properties is in compliance with the permitted use under the
 relevant agreement(s) and as permitted by the Urban Redevelopment Authority

<u>Owned Premises</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Based
 on our review of the Documents and the Confirmation Letter, the TechCreate Entities are not
 the registered proprietor of any real property in Singapore since its incorporation.

<u>Rented Premises</u>

**<u>TechCreate</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on our review of the Documents, TechCreate has rented from/to third parties the following
 real properties in Singapore:

---

| | | | |
|:---|:---|:---|:---|
| **Address** | **Lessor** | **Lessee** | **Term** |
| Block 336 Smith Street #06-303, Singapore 050336<br>| Housing and Development Board (HDB)<br>| TechCreate | 1 July 2021 to 30 June 2027 |
| Block 336 Smith Street #06-303, Singapore 050336 | TechCreate | OrangePay Pte. Ltd. | 1 July 2021 to 30 June 2027 |

---

**<u>Diginius</u>**

Based on our review of the Documents, Diginius has rented from/to third parties the following real properties in Singapore

---

| | | | |
|:---|:---|:---|:---|
| **Address** | **Lessor** | **Lessee** | **Term** |
| Block 336 Smith Street #06-310, Singapore 050336 | Housing and Development Board (HDB)<br>| Diginius | 16 July 2023 to 15 June 2026 |

---

Based on the Confirmation Letter, save for those disclosed above, the TechCreate Entities have not rented any other real property from/to third parties in Singapore since its incorporation.

Each rental agreement entered into by each TechCreate Entity is legal, valid, enforceable against the other party under Singapore law and each TechCreate Entity is entitled to enjoy exclusive possession of the premises of all subsisting rentals (as at the date of this Legal Opinion) in accordance with the terms of the agreements.

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Whether
 any TechCreate Entity is involved in any legal proceedings or regulatory actions in Singapore

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Based
 on the results of the litigation searches conducted on the TechCreate Entities with the Supreme
 Court and the State Courts of Singapore on 25 July 2025 (the "**Searches** ")
 and the Confirmation Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) each
 TechCreate Entity is not, and has not been, the subject of or involved in any legal proceedings
 (including insolvency, winding-up or dissolution proceedings), whether as plaintiff or defendant,
 or action taken or initiated by any regulatory or governmental authority in Singapore; 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;b) no
 notice of appointment of a receiver, administrator or liquidator of the TechCreate Entities
 or any of its assets has been issued nor any declaration or order of such been made against
 the TechCreate Entities (the events described in sub-paragraph (a) above and this sub-paragraph
 (b) shall be referred to collectively as "**Corporate Proceedings** "),

save as set out in **Schedule 3**.

Based on our review of the Documents, we are not aware of any shareholders' resolutions passed in relation to (a) the winding-up, dissolution or liquidation of any TechCreate Entity; or (b) the appointment of a receiver, administrator, liquidator or similar office for any TechCreate Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We
 are not aware of any actual, pending or threatened Corporate Proceedings (other than those
 revealed by searches as described in the immediate preceding paragraph) of which any TechCreate
 Entity is the subject of or is involved in, and there is no evidence that indicates otherwise
 from our review of the Documents. Based on the Confirmation Letter, the TechCreate Entities
 are not involved in any arbitral, disciplinary or similar proceedings in Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Whether
 each TechCreate Entity has complied with the requirements of Singapore law in respect of
 the employment of foreign and local manpower and in respect of laws in relation to labour
 and trade unions where applicable

<u>General</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Employment of Foreign Manpower Act 1990 of Singapore ()"**EFMA**") regulates
 the employment of foreign manpower in Singapore. Non-Singapore resident individuals are required
 to hold a valid work pass before they can work in Singapore. There are various work passes
 granted to the individual concerned, such as employment pass, S pass and work permits, depending
 on the nature of his/her work. Singapore employers are subject to foreign manpower quota
 prescribed by the Ministry of Manpower ()"**MOM**") which seeks to encourage
 employers to hire local employees.

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Employment Act 1968 of Singapore ()"**Employment Act**") covers every employee
 (regardless of nationality) who is under a contract of service with an employer ()"**Employment Act Employees** "), except any seafarer, any domestic worker and any person employed
 by a statutory board or the government of Singapore. Notwithstanding the foregoing, Part
 IV of the Employment Act which regulates the rest days, hours of work and other conditions
 of service, only applies to workmen earning a monthly salary not exceeding S$4,500 and employees
 (other than workmen or persons employed in a managerial or an executive position) earning
 a monthly salary not exceeding S$2,600.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Further,
 based on the list of employers convicted under the Employment Act as published by the MOM
 as at 25 July 2025 for the period of January 2024 to December 2024, we are not aware of any
 instances of non-compliance by the TechCreate Entities with any obligations under the Employment
 Act in respect of the employment of foreign and local manpower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Whether
 the employment contracts entered into by each TechCreate Entity which are governed by Singapore
 law are legally binding, valid and enforceable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 respect of the employment contracts entered into by each TechCreate Entity which are governed
 by Singapore law, we have reviewed the following employment contracts, details of which are
 set out below:

---

| | | |
|:---|:---|:---|
| **Description** | **Parties (Employer / Employee)** | **Date** |
| Employment Agreement for the employment of Tay Choon Seah as Contract Senior Consultant | TechCreate / Tay Choon Seah | 26 July 2023 |
| Employment Agreement for the employment of Law Chiew Kong as Regional Senior Project Manager, ASEAN | TechCreate / Law Chiew Kong | 30 June 2021 |
| Employment Agreement for the employment of Khoo Siew Ping as Contract Senior Consultant | TechCreate / Khoo Siew Ping | 24 June 2023 |
| Employment Agreement for the employment of Lim Eng Wee as Senior Associate, Marketing | TechCreate / Lim Eng Wee | 24 June 2022 |
| Employment Agreement for the employment of Lee Siew Chin as Senior Solution Consultant | TechCreate / Lee Siew Chin | 24 June 2021 |

---

Based on our review of the Documents and save as disclosed in this Legal Opinion, we are of the view that the Employment Contracts reviewed are legally binding, valid and enforceable under Singapore law.

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Whether
 each TechCreate Entity has complied with mandatory insurance requirements for its employees
 under Singapore law

<u>Work injury compensation insurance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prior
 to 3 September 2019, Section 23(1) of the Work Injury Compensation Act 2019 of Singapore
 ()"**WICA** "), read with Regulation 2(b) of the Work Injury Compensation (Waiver
 from Insurance Requirement) Notification (in force prior to 1 September 2020), requires employers
 to maintain insurance for all employees doing manual work regardless of salary level, and
 all employees doing non-manual work and earning S$1,600 or less a month. This requirement
 is applicable to both local and foreign employees. With effect from 1 April 2020 and 1 April
 2021, Section 24 of the WICA read with the Second Schedule of the Work Injury Compensation
 (Insurance) Regulations 2020 states that the salary threshold for all employees doing non-manual
 work will be raised to S$2,100 and S$2,600 respectively.

---

| | | |
|:---|:---|:---|
| **Policy Number** | **Description** | **Expiry Date** |
| Work Injury Compensation Act 2019 Policy /<br> D24WCANNL001605 | Work Injury Compensation Insurance Policy between the insurer, being SOMPO Insurance Pte. Ltd., and the policyholder, being TechCreate<br>| 5 August 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on our review of the Documents and the Confirmation Letter, and save as disclosed in this
 Legal Opinion, we are of the view that TechCreate is in compliance with the foregoing requirements
 in relation to the provision of work injury compensation insurance for its employees. We
 note that Diginius does not have any insurance policies for its employees given that Diginius
 does not have any employees.

<u>Medical insurance requirement for work permit and S pass holders</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pursuant
 to the conditions set out in the First and Second Schedules of the Employment of Foreign
 Manpower (Work Passes) Regulations 2012 (the "**EFM Regulations** "), an employer
 would have to comply with the following requirements for each work permit or S pass holder
 that it employs:

&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
 employer must purchase and maintain medical insurance with coverage of at least S$60,000
 per 12-month period of the foreign employee's employment (or for such shorter period
 where the foreign employee's period of employment is less than 12 months) for the foreign
 employee's in-patient care and day surgery except as the Controller of Work Passes
 may otherwise provide by notification in writing; 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;b) where
 the employer purchases group medical insurance policy for its foreign employees, it shall
 not be considered to have satisfied the obligation under this condition unless the terms
 of its group medical insurance policy are such that each and every individual foreign employee
 is concurrently covered to the extent required under the conditions in this Part IV of the
 First Schedule and Part II of the Second Schedule of the EFM Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based
 on our review of the Documents and the Confirmation Letter, and the TechCreate Entities have
 not purchased and maintained medical insurance for work permit and S pass holders given that
 the TechCreate Entities do not employ any foreign employees.

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Whether
 each TechCreate Entity has complied with the requirements of Singapore law in respect of
 contributions to the CPF for its employees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 CPF is a compulsory social security savings plan for working Singapore citizens and Singapore
 permanent residents primarily to fund their retirement, healthcare and housing needs. It
 is administered by the CPF Board, a statutory board of Singapore. Section 7(1) of the Central
 Provident Fund Act 1953 of Singapore (the "**CPF Act**") provides that every
 employer shall make monthly contributions in respect of each employee to the CPF at the prescribed
 rates as set out in the First Schedule of the CPF Act. Section 3 of the Central Provident
 Fund (Exemption) Order 2018 provides that Section 7 of the CPF Act does not apply to foreign
 employees who are not Singapore citizens or permanent residents of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on our review of the Documents and save as disclosed in this Legal Opinion, we are of the
 view that each TechCreate Entity is in compliance with the foregoing requirements in relation
 to CPF contributions for its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on our review of the Documents and the list of employers convicted under the CPF Act published
 by the CPF Board of Singapore as at 25 July 2025, we are not aware of any instances of non-compliance
 by the TechCreate Entities in respect of the contribution of CPF under the CPF Act for the
 period of 14 November 2022 to 17 November 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Matters
 relating to the Listing

A reorganisation of the Group had been undertaken for the purposes of the Listing (the "**Reorganisation**"), the steps of which are as described in the Registration Statement. Based on our review of the Documents, the Reorganisation is not in breach of or in conflict with any law, regulation, judgement, order, approval or authorisation of any courts, government departments or regulatory authorities in Singapore, or any agreement, deed, instrument or other arrangement to which either TechCreate Entity is a party or by which it, its business or any of its properties or assets is/are bound or affected, and there is nothing from our review of the Documents that indicate otherwise.

Based on our review of the Documents and save as disclosed in this Legal Opinion, we are of the view that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No
 approvals, authorisations or consents of and from, or filings with or notifications to any
 governmental authority or agency in Singapore is required for or as a result of the Listing
 (including but not limited to the issue, offering and sale of shares under the Listing),
 save that in relation to the Reorganisation:

&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
 transfer of any Shares shall be duly stamped (i) prior to the transfer, or within 14 days
 after signing the transfer instrument if it is signed in Singapore (or within 30 days after
 receiving the transfer instrument in Singapore if it was signed outside Singapore); and (ii)
 at the stamp duty rate of 0.2% of the purchase price or the value of the Shares; 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;b) the
 transfer has to be lodged with ACRA within the prescribed timeline (i.e. within 14 days after
 the occurrence of the transfer) set out in the Companies (Filing of Documents) Regulations.

![](ex99-1_001.jpg)

Based on our review of the Documents, all transfers of Shares to/from the TechCreate Entities in relation to the Reorganisation were duly stamped in accordance with the Stamp Duties Act 1929 of Singapore and duly lodged with ACRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 consummation or performance of the transactions contemplated by the Listing (including but
 not limited to the issue, offering and sale of shares under the Listing) do not contravene,
 violate, conflict with or constitute a default under: (i) any law, regulation, judgement,
 ruling, order or decree of Singapore applicable to each TechCreate Entity which is currently
 in force, (ii) each TechCreate Entity's constitutional documents and (iii) the Material
 Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Tax
 Matters

Based on the Confirmation Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all
 tax waivers, tax relief, concession and preferential treatment granted to each TechCreate
 Entity in Singapore are valid and in full force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. each
 TechCreate Entity has duly made all tax filings in a timely manner as required under the
 applicable Singapore laws and regulations, duly paid all its tax payments and discharged
 all relevant tax liabilities under the laws of Singapore, and there is no indication of breach
 of any of its tax-related obligations in Singapore.

VI. <u>ASSUMPTIONS</u> 

In considering the Documents and rendering the advice and/or opinions that we have expressed in Section V herein, we have made the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the
 authenticity and completeness of all Documents provided to us as originals, and the conformity
 to the originals of all Documents provided to us as copies. As to any matter of fact relevant
 to the advice and/or opinions expressed herein, we have relied solely upon the statements,
 representations, and warranties of TechCreate, Diginius and/or their respective representatives
 without any independent verification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the
 genuineness of all signatures, seals, chops, duty stamp or marking on all the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. each
 party to any of the Documents is an existing legal entity under the laws of the country of
 its incorporation, with full legal personality and is able lawfully, and each has full authority
 or capacity, to enter into such Documents, and that each signature on behalf of each party
 thereto is that of a person authorised to execute the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. all
 Documents as reviewed by us are true, accurate, complete and up-to-date, and to the extent
 that any of the Documents is dated on or before the date of this Legal Opinion, that such
 Documents remain accurate as at the date of this Legal Opinion and has not been revoked,
 rescinded or modified or supplemented to in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. no
 party to any of the Documents has entered into any such Documents in consequence of bad faith
 or fraud, coercion, duress, misrepresentation or undue influence or on the basis of a mistake
 of fact or law or believing any such Documents to be fundamentally different in substance
 or in kind from what it is;

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. all
 Documents as reviewed by us has been properly stamped, registered and filed (where necessary),
 and all other procedures that are necessary to perform in order to make the Document **s** admissible in evidence have been carried out and within the time limits prescribed by applicable
 Singapore laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. the
 board resolutions, shareholders resolutions and statutory registers of each company provided
 to us for examination (if any) are true and complete and the board resolutions and shareholders
 resolutions of each company have not been rescinded or modified and they remain in full force
 and effect and that no other resolution or action has been taken which could affect the validity
 of the board resolutions or shareholders' resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. all
 resolutions reviewed by us were passed at one or more duly convened, constituted and quorate
 meetings or by unanimous written resolutions in accordance with the constitutional documents
 of each TechCreate Entity then in force, and that where certified extracts of resolutions
 have been provided, that the extracts are a true, correct, complete and accurate record of
 the actual resolutions approved and passed by the directors or shareholders (as the case
 may be) of each TechCreate Entity in accordance with the constitutional documents of each
 TechCreate Entity then in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. the
 correctness and accuracy of all facts and information stated or given in all Documents, and
 in particular, that the information contained in the Searches on each TechCreate Entity is
 true, accurate and complete and that such information has not since the dates on which such
 searches have been conducted been altered and that such searches did not fail to disclose
 any information which had been delivered for registration but did not appear on the public
 records at the date on which such searches are made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. that
 all opinions and views expressed in the Confirmation Letter are honestly held and that all
 such opinions and views expressed were when made and continue to be based on reasonable assumptions
 and that all statements of fact by any of the foregoing persons were when made and continue
 to be true, accurate, correct and not misleading in any way; and that they have not omitted
 to inform us of any matter or thing which is material in relation to the enquiries raised
 by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. other
 than as disclosed in the Searches on the TechCreate Entities, no corporate or other actions
 have been taken by the TechCreate Entities or any third-party and no other steps have been
 taken or legal proceedings (other than in a Singapore court) instituted against the TechCreate
 Entities, for its bankruptcy, insolvency or liquidation (howsoever defined) under the laws
 of any jurisdiction which may be applied to it, and no previous similar event has taken place
 with regard to the TechCreate Entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. no
 foreign law affects our advice and/or opinions set out in Section V herein.

The making of the above assumptions does not imply that we have made any enquiry to verify any assumption (other than as expressly stated in this Legal Opinion). No assumption specified above is limited by reference to any other assumption.

![](ex99-1_001.jpg)

VII. <u>QUALIFICATIONS</u> 

Our advice and/or opinions set out in Section V herein are subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. we
 express no advice and/or opinions on the accuracy and completeness of any statements or warranties
 of fact set out in any agreement, as to which statements or warranties we have not independently
 verified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. we
 express no advice and/or opinions as to the ability of the relevant parties to any of the
 agreements to observe and comply with their respective obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. we
 express no advice and/or opinions on legal or regulatory requirements of any foreign legal
 system or law other than Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. we
 express no advice and/or opinions on any issues relating to tax or revenue, nor the business
 or commercial implications of any matter or on financial, accounting or actuarial issues,
 the adequacy of any insurance arrangements or the value or the physical condition of any
 asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. the
 term "enforceable" as used in this Legal Opinion means that the obligations assumed
 by TechCreate and/or Diginius (as the case may be) under any agreement are of a type which
 in general terms are capable of being enforced by the Singapore courts. It does not mean
 that the obligations under any agreement will necessarily be enforced exactly in accordance
 with their terms, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 validity, performance and enforcement of the relevant agreement may be limited by statutes
 of limitation, lapse of time, waiver and by laws relating to bankruptcy, insolvency, merger,
 consolidation, liquidation, possessory liens, rights of set off, moratorium arrangements
 or similar laws affecting creditors' rights generally and claims may be or become subject
 to set off or counter claim of third-parties as well as applicable international sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. where
 obligations are required to be performed in a jurisdiction outside Singapore, they may not
 be enforceable in Singapore to the extent that performance would be illegal or contrary to
 public policy under the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. enforcement
 may be limited by general principles of equity, for instance, equitable remedies such as
 injunction and specific performance are, in general, discretionary remedies under Singapore
 law and may not be available where damages are considered to be an adequate and appropriate
 remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the
 enforcement of the obligations of the parties may be limited by the provisions of Singapore
 law applicable to agreements held to have been frustrated by events happening after their
 execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. enforcement
 proceedings are subject to the general jurisdiction of the court in regard to awards of costs,
 even as against a successful party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. any
 provision in any of the relevant agreements providing for the severance of any provision
 which is illegal, invalid or unenforceable may not be binding under the laws of Singapore
 as it depends on the nature of the illegality, invalidity or unenforceability in question
 which issue would be determined by a Singapore court at its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a
 Singapore court may refuse to give effect to clauses in any of the relevant agreements in
 respect of the costs of unsuccessful litigation brought in a Singapore court or where the
 court itself made an order for costs;

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. in
 appropriate circumstances and at the court's discretion, the courts of Singapore may
 render judgments in foreign currencies (such judgments may, however, have to be converted
 into local currencies for enforcement purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the
 courts of Singapore may refuse to accept jurisdiction or stay proceedings in certain circumstances
 (for example, if the matter concerned is *res judicata*, if litigation is pending in
 another forum on the same matter or if another forum is more convenient);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. where
 a party to any of the agreements is vested with a discretion or may determine a matter in
 its opinion, Singapore law may require such discretion to be exercised reasonably or that
 such an opinion is based upon reasonable grounds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. an
 obligation to pay an amount may be unenforceable if the amount is held to constitute a penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. a
 Singapore court may refuse to give effect to any provision which would involve the enforcement
 of foreign revenue or penal or other public laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. a
 judgment rendered by a court of a foreign country has no direct operation in Singapore but
 may be:

&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) enforceable
 by registration (where available) or by common law action; 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;b) (subject
 to certain conditions) recognised as conclusive of an issue in an action or as conclusive
 between the parties thereto in all proceedings founded on the same cause of action, and relied
 on by way of defence or counterclaim in any such actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. the
 enforcement of any agreement may be affected if it has been entered into for the purpose
 of or in connection with money laundering or any other unlawful activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. we
 have assumed that the choice of the laws of Singapore in the respective agreements (where
 applicable) is bona fide and not in contravention of public policy. The choice of law governing
 any agreement will only be recognised and upheld by the Singapore courts provided that the
 same is bona fide and there being no reasons for avoiding it for reason of contravention
 of public policy. A choice of law clause may also not be upheld if it was made with the express
 purpose of avoiding the law of a jurisdiction with which the relevant agreement has the most
 substantial connection and which, if in the absence of the stated choice of law would have
 invalidated the relevant agreement or been inconsistent with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. the
 failure to exercise a right may be held by a Singapore court to operate as a waiver of that
 right notwithstanding any provision to the contrary in any agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. the
 effectiveness of any provisions exculpating a party from liability or duty otherwise owed
 may be limited by law;

![](ex99-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. our
 advice and/or opinions in Section V herein is subject to any limitation on the legality,
 validity, enforceability or binding nature of the Documents resulting from:

&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) any
 amendment, waiver, variation or discharge, whether effected by a further or supplemental
 agreement, side letter or other document or medium, arrangement, course of dealings or otherwise
 (whether or not evidenced in writing) which may affect such agreements or other matters not
 expressly disclosed by or apparent on the face of those agreements; 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;b) the
 possibility that an on-demand obligation may not be enforceable as such in circumstances
 where fraud has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. the
 terms and conditions of the relevant agreements may be amended, revised, varied and/or supplemented
 orally or by course of conduct notwithstanding any provisions to the contrary.

VIII. <u>BENEFIT OF THIS LEGAL OPINION</u> 

We are addressing this Legal Opinion to TechCreate and the Group at their request and for their benefit, and this Legal Opinion is not to be disclosed to or relied upon by any other person, firm or entity or in respect of any other matter except that it may be provided and disclosed (but not relied upon without our prior written consent) to your respective advisers, directors, officers, employees, agents and controlling persons, The NYSE American, the SEC, or otherwise required by law or rules or regulations, or order of a court or authority, provided always that prior written notice is given to us. This Legal Opinion and/or its contents, as well as our firm's name and details, may be disclosed, extracted or referenced in the Registration Statement and other documents related to the Listing with our prior written consent as to the form and context in which it appears.

IX. <u>CONSENT</u> 

We hereby consent to the references to our name in the Registration Statement. Further, we hereby consent to the filing with the SEC of this consent letter as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, or the regulations promulgated thereunder.

---

| |
|:---|
| Yours faithfully |
| /s/ SHOOK LIN & BOK LLP |
| **SHOOK LIN & BOK LLP** |

---

**<u>SCHEDULE 1 – REFERENCE DOCUMENTS</u>**

**<u>Documents relating to incorporation and good standing</u>**

**Diginius**

1. Constitution
 of Diginius dated 6 February 2020;

2. Certificate
 of Incorporation dated 26 July 2024; and

3. ACRA
 bizFile dated 25 July 2025.

**TechCreate**

4. Memorandum
 & Articles of Association of TechCreate dated 13 March 2015 as amended on 23 July 2025;

5. Certificate
 of Incorporation of Exempt Private Company Limited by Shares dated 16 March 2015;

6. ACRA
 bizFile dated 25 July 2025.

**<u>Documents relating to past and present directors</u>**

**Diginius**

7. Electronic
 register of directors dated 25 July 2025

*Documents relating to appointment of Lim Heng Hai as director of Diginius on 6 February 2020*

8. ACRA
 filing dated 6 February 2020;

9. Form
 45 dated 6 February 2020; and

10. Minutes
 of the first Directors' meeting dated 5 February 2020.

*Documents relating to the appointment of Ronald Vong Chin Hua as director of Diginius on 6 February 2020*

11. ACRA
 filing dated 6 February 2020;

12. Form
 45 dated 6 February 2020; and

13. Minutes
 of the first Directors' meeting dated 5 February 2020.

*Documents relating to the cessation of Ronald Vong Chin Hua as director of Diginius on 15 July 2025*

14. Resignation
 letter dated 15 July 2025;

15. Directors'
 resolution in writing dated 15 July 2025; and

16. ACRA
 filing dated 15 July 2025.

**TechCreate**

17. Electronic
 register of directors dated 22 July 2025.

*Documents relating to the appointment of Lim Siak Huay as director of TechCreate on 16 March 2015*

18. ACRA
 filing dated 16 March 2015;

19. Form
 45 dated 13 March 2025; and

20. Minutes
 of the first Directors' meeting dated 16 March 2015.

*Documents relating to the cessation of Lim Siak Huay as director of TechCreate on 20 November 2019*

21. ACRA
 filing dated 20 November 2019;

*Documents relating to the appointment of Lim Heng Hai as director of TechCreate on 16 March 2015*

22. ACRA
 filing dated 16 March 2015;

23. Form
 45 dated 13 March 2025; and

24. Minutes
 of the first Directors' meeting dated 16 March 2015.

*Documents relating to the appointment of Ronald Vong Chin Hua as director of TechCreate on 4 June 2021*

25. ACRA
 filing dated 4 June 2021;

26. Form
 45 dated 4 June 2021; and

27. Directors'
 Resolution in Writing dated 4 June 2021.

*Documents relating to the cessation of Ronald Vong Chin Hua as director of TechCreate on 15 July 2025*

28. Resignation
 Letter dated 10 July 2025; and

29. ACRA
 filing dated 4 June 2021.

*Documents relating to the appointment of Ling Wee Seng @ Lim Chin San as director of TechCreate on 16 February 2024*

30. ACRA
 filing dated 16 February 2024;

31. Form
 45 dated 16 February 2024; and

32. Directors'
 Resolution in Writing dated 16 February 2024.

*Documents relating to the appointment of Paul Gwee Choon Guan as director of TechCreate on 16 February 2024*

33. ACRA
 filing dated 16 February 2024;

34. Form
 45 dated 16 February 2024; and

35. Directors'
 Resolution in Writing dated 16 February 2024.

*Documents relating to the retirement of Paul Gwee Choon Guan as director of TechCreate on 11 July 2025*

36. Minutes
 of Annual General Meeting dated 11 July 2025; and

37. ACRA
 filing dated 14 July 2025.

*Documents relating to the appointment of Ng Ling Soon (Huang Neng Shun) as director of TechCreate on 27 June 2025*

38. ACRA
 filing dated 30 June 2025;

39. Form
 45 dated 27 June 2025; and

40. Directors'
 Resolution in Writing dated 27 June 2025.

ACRA filing dated 4 June 2021.

**<u>Documents relating to past and present secretaries</u>**

**Diginius**

41. Electronic
 register of secretaries dated 26 July 2024.

*Documents relating to appointment of Koh Chiang Teck (Xu Jiande) as secretary of Diginius on 6 February 2020*

42. ACRA
 filing dated 6 February 2020;

43. Form
 45B dated 6 February 2020; and

44. Minutes
 of the first Directors' meeting dated 5 February 2020.

**TechCreate**

45. Electronic
 register of secretaries dated 22 July 2025.

*Documents relating to appointment of Koh Chiang Teck (Xu Jiande) as secretary of TechCreate on 16 March 2015*

46. ACRA
 filing dated 16 March 2015;

47. Form
 45B dated 16 March 2015; and

48. Minutes
 of the first Directors' meeting dated 16 March 2015.

**<u>Documents relating to past and present auditors</u>**

**TechCreate**

49. Electronic
 register of auditors dated 10 September 2024.

*Documents relating to appointment of Brandon Soh & Associates PAC as the auditor of TechCreate on 22 March 2021*

50. Consent
 to act dated 2 March 2021;

51. Audit
 engagement letter dated 2 March 2021, signed by Lim Heng Hai on 8 March 2021;

52. ACRA
 filing dated 22 March 2021; and

53. Directors'
 Resolution in Writing dated 22 March 2021.

*Documents relating to cessation of Brandon Soh & Associates PAC as the auditor of TechCreate on 15 February 2023*

54. Directors'
 Resolution in Writing dated 15 February 2023;

55. Minutes
 of EGM dated 15 February 2023;

56. Termination
 letter dated 15 February 2023; and

57. ACRA
 filing dated 15 February 2023.

*Documents relating to appointment of OneAsia Corporate Assurance PAC as the auditor of TechCreate on 15 February 2023*

58. Consent
 to act dated 15 February 2023;

59. Directors'
 Resolution in Writing dated 15 February 2023;

60. Minutes
 of EGM dated 15 February 2023;

61. Termination
 letter dated 15 February 2023; and

62. ACRA
 filing dated 15 February 2023.

**<u>Documents relating to Annual General Meetings</u>**

**Diginius**

*For the financial year ended 31 December 2021 – AGM Exempted*

63. Directors'
 Resolution in Writing dated 24 May 2022; and

64. Statutory
 filing of Annual Return dated 21 July 2022.

*For the financial year ended 31 December 2022 – AGM Exempted*

65. Directors'
 Resolution in Writing dated 17 April 2023; and

66. Statutory
 filing of Annual Return dated 21 June 2023.

*For the financial year ended 31 December 2023 – AGM Exempted*

67. Directors'
 Resolution in Writing dated 31 May 2024; and

68. Statutory
 filing of Annual Return dated 10 July 2024.

*For the financial year ended 31 December 2024 – AGM Exempted*

69. Directors'
 Resolution in Writing dated 10 July 2025;

70. Notice
 of AGM dated 11 July 2025;

71. Consent
 to shorter notice dated 11 July 2025;

72. Minutes
 of AGM dated 11 July 2025;

73. ACRA
 filing for extension of time for AGM dated 27 June 2025; and

74. Statutory
 filing of Annual Return dated 14 July 2025.

**TechCreate**

*For the financial year ended 31 December 2015 – AGM held on 30 June 2016*

75. Directors'
 Resolution in Writing dated 16 June 2016;

76. Notice
 of AGM dated 16 June 2016;

77. Minutes
 of AGM dated 30 June 2016; and

78. Statutory
 filing of Annual Return dated 12 July 2016.

*For the financial year ended 31 December 2016 – AGM held on 30 June 2017*

79. Directors'
 Resolution in Writing dated 16 June 2017;

80. Notice
 of AGM dated 16 June 2017;

81. Minutes
 of AGM dated 30 June 2017; and

82. Statutory
 filing of Annual Return dated 18 July 2017.

*For the financial year ended 31 December 2017 – AGM held on 30 June 2018*

83. Directors'
 Resolution in Writing dated 16 June 2018;

84. Notice
 of AGM dated 16 June 2018;

85. Minutes
 of AGM dated 30 June 2018; and

86. Statutory
 filing of Annual Return dated 16 July 2018.

*For the financial year ended 31 December 2018 – AGM held on 30 June 2019*

87. Directors'
 Resolution in Writing dated 31 May 2019;

88. Notice
 of AGM dated 16 June 2019;

89. Minutes
 of AGM dated 30 June 2019; and

90. Statutory
 filing of Annual Return dated 12 July 2019.

*For the financial year ended 31 December 2019 – AGM by way of Members' Resolution in Writing on 1 May 2020*

91. Directors'
 Resolution in Writing dated 31 May 2020;

92. Members'
 Resolution in Writing of AGM dated 1 May 2020; and

93. Statutory
 filing of Annual Return dated 21 July 2020.

*For the financial year ended 31 December 2020 – AGM held on 4 June 2021*

94. Directors'
 Resolution in Writing dated 27 May 2021;

95. Notice
 of AGM dated 27 May 2021;

96. Consent
 to shorter notice dated 27 May 2021;

97. Minutes
 of AGM dated 4 June 2021; and

98. Statutory
 filing of Annual Return dated 9 June 2021.

*For the financial year ended 31 December 2021 – AGM Exempted*

99. Directors'
 Resolution in Writing dated 20 May 2022; and

100. Statutory
 filing of Annual Return dated 25 July 2022.

*For the financial year ended 31 December 2022 – AGM held on 30 June 2023*

101. Directors'
 Resolution in Writing dated 12 June 2023;

102. Notice
 of AGM dated 16 June 2023;

103. Minutes
 of AGM dated 30 June 2023; and

104. Statutory
 filing of Annual Return dated 12 July 2023.

*For the financial year ended 31 December 2023 – AGM held on 30 June 2024*

105. Directors'
 Resolution in Writing dated 28 June 2024;

106. Notice
 of AGM dated 28 June 2024;

107. Consent
 to shorter notice dated 28 June 2024;

108. Minutes
 of AGM dated 30 June 2024; and

109. Statutory
 filing of Annual Return dated 15 July 2024.

*For the financial year ended 31 December 2024 – AGM held on 11 July 2025*

110. Directors'
 Resolution in Writing dated 10 July 2025;

111. Notice
 of AGM dated 11 July 2025;

112. Consent
 to shorter notice dated 11 July 2025;

113. Minutes
 of AGM dated 11 July 2025; and

114. Statutory
 filing of Annual Return dated 14 July 2025.

**<u>Documents relating to the issuance of shares</u>**

**Diginius**

115. Electronic
 register of members of the Company dated 22 July 2025.

*Issuance of Six Thousand (6,000) ordinary share to Ronald Vong Chin Hua on 6 February 2020*

116. ACRA
 filing dated 6 February 2020;

117. Minutes
 of the first Directors' meeting dated 5 February 2020.; and

118. Share
 Certificate No. 1 dated 6 February 2020.

*Issuance of Four Thousand (4,000) ordinary share to Lim Heng Hai on 6 February 2020*

119. ACRA
 filing dated 6 February 2020;

120. Minutes
 of the first Directors' meeting dated 5 February 2020.; and

121. Share
 Certificate No. 2 dated 6 February 2020.

**TechCreate**

122. Electronic
 register of members of TechCreate dated 22 July 2025.

*Issuance of Ninety Thousand (90,000) ordinary shares to Lim Heng Hai on 16 March 2015*

123. ACRA
 filing dated 16 March 2015;

124. Form
 for application of shares on incorporation;

125. Minutes
 of the first Directors' meeting dated 16 March 2015; and

126. Share
 certificate No. 2 dated 16 March 2015.

*Issuance of Ten Thousand (10,000) ordinary shares to Lim Siak Huay on 16 March 2015*

127. ACRA
 filing dated 16 March 2015;

128. Form
 for application of shares on incorporation;

129. Minutes
 of the first Directors' meeting dated 16 March 2015; and

130. Share
 certificate No. 1 dated 16 March 2015.

*Issuance of One Thousand Eight Hundred and Eighty (1,880) ordinary shares to ICHAM Master Fund VCC on 26 September 2024*

131. Subscription
 Agreement between ICHAM and TechCreate and Lim Heng Hai and Ronald Vong for ICHAM to invest
 in the Company and subscribe for shares in the Company dated 1 August 2024;

132. ACRA
 filing dated 27 September 2024;

133. DRIW
 approving entry into Subscription Agreement dated 1 August 2024;

134. DRIW
 approving allotment dated 13 August 2024;

135. ACRA
 (Notice of Error) filing dated 2 October 2024 – correcting the date of EGM from 23
 September 2024 to 13 August 2024;

136. Notice
 of EGM dated 30 July 2024;

137. Minutes
 of EGM dated 13 August 2024;

138. Share
 certificate No. 6 dated 13 August 2024.

**<u>Documents relating to the transfer of shares</u>**

**Diginius**

*Transfer of Two Thousand and One Hundred (2,100) ordinary shares from Ronald Vong Chin Hua to TechCreate Solution Private Limited on 2 June 2022*

139. Sale
 and Purchase Agreement of shares dated 2 June 2022;

140. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 8 June 2022;

141. Directors'
 Resolution in Writing dated 2 June 2022;

142. Share
 transfer form dated 2 June 2022;

143. ACRA
 filing dated 2 June 2022; and

144. Share
 certificate No. 3 and 5 dated 2 June 2022.

*Transfer of Three Thousand (3,000) ordinary shares from Lim Heng Hai to TechCreate Solution Private Limited on 2 June 2022*

145. Sale
 and Purchase Agreement for shares dated 2 June 2022;

146. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 8 June 2022;

147. Directors'
 Resolution in Writing dated 2 June 2022;

148. Share
 transfer form dated 2 June 2022;

149. ACRA
 filing dated 2 June 2022; and

150. Share
 certificate No. 4 and 5 dated 2 June 2022.

*Transfer of Three Thousand and Nine Hundred (3,900) ordinary shares from Ronald Vong Chin Hua to TechCreate Solution Private Limited*

151. Share
 Swap Agreement between Lim Heng Hai and Ronald Vong Chin Hua dated 30 October 2024;

152. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 27 January 2025;

153. Directors'
 Resolution in Writing dated 30 October 2024;

154. Share
 transfer form dated 30 October 2024; and

155. Share
 certificate No. 6 dated 30 October 2024.

*Transfer of One Thousand (1,000) ordinary shares from Lim Heng Hai to TechCreate Solution Private Limited*

156. Share
 Swap Agreement between Lim Heng Hai and Ronald Vong Chin Hua dated 30 October 2024;

157. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 27 January 2025;

158. Directors'
 Resolution in Writing dated 30 October 2024;

159. Share
 transfer form dated 30 October 2024 (as confirmed by Diginius); and

160. Share
 certificate No. 6 dated 30 October 2024.

**TechCreate**

*Transfer of Ten Thousand (10,000) ordinary shares from Lim Siak Huay to Lim Heng Hai on 17 December 2019*

161. Grant
 of Probate dated 14 November 2019, and issued 18 November 2019;

162. Directors'
 Resolution in Writing dated 17 December 2019;

163. Share
 transfer form dated 17 December 2019;

164. ACRA
 filing dated 17 December 2019; and

165. Share
 certificate No. 3 dated 17 December 2019.

*Transfer of Fifteen Thousand (15,000) ordinary shares from Lim Heng Hai to Ronald Vong Chin Hua on 2 June 2022*

166. Directors'
 Resolution in Writing dated 2 June 2022;

167. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 8 June 2022;

168. Share
 transfer form dated 2 June 2022;

169. ACRA
 filing dated 2 June 2022; and

170. Share
 certificate No. 4 and 5 dated 2 June 2022.

*Transfer of Four Thousand and Seven Hundred (4,700) ordinary shares from Lim Heng Hai to Ronald Vong Chin Hua on 28 October 2024*

171. Directors'
 Resolution in Writing dated 28 October 2024;

172. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 1 November 2024;

173. Share
 transfer form dated 28 October 2024;

174. ACRA
 filing dated 28 October 2024; and

175. Share
 certificate No. 7 and 8 dated 28 October 2024.

*Transfer of Four Thousand and One Hundred (4,100) ordinary shares from Ronald Vong Chin Hua to Chai Chang Ruey Fen on 20 November 2024*

176. Directors'
 Resolution in Writing dated 20 November 2024;

177. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 21 November 2024;

178. Share
 transfer form dated 20 November 2024;

179. ACRA
 filing dated 20 November 2024; and

180. Share
 certificate No. 10 and 13 dated 20 November 2024.

*Transfer of Four Thousand and One Hundred (4,100) ordinary shares from Ronald Vong Chin Hua to Vong Tze Poh on 20 November 2024*

181. Directors'
 Resolution in Writing dated 20 November 2024;

182. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 21 November 2024;

183. Share
 transfer form dated 20 November 2024;

184. ACRA
 filing dated 20 November 2024; and

185. Share
 certificate No. 14 dated 20 November 2024.

*Transfer of Four Thousand and One Hundred (4,100) ordinary shares from Lim Heng Hai to Neo Meng Chu on 20 November 2024*

186. Directors'
 Resolution in Writing dated 20 November 2024;

187. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 21 November 2024;

188. Share
 transfer form dated 20 November 2024;

189. ACRA
 filing dated 20 November 2024; and

190. Share
 certificate No. 9 and 11 dated 20 November 2024.

*Transfer of Four Thousand and One Hundred (4,100) ordinary shares from Lim Heng Hai to Teo Mui Lan on 20 November 2024*

191. Directors'
 Resolution in Writing dated 20 November 2024;

192. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 21 November 2024;

193. Share
 transfer form dated 20 November 2024;

194. ACRA
 filing dated 20 November 2024; and

195. Share
 certificate No. 12 dated 20 November 2024.

*Transfer of Eight Hundred (800) ordinary shares from Lim Heng Hai to Neo Meng Chu on 18 March 2025*

196. Sale
 and Purchase Agreement dated 18 March 2025;

197. Directors'
 Resolution in Writing dated 18 March 2025;

198. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 20 March 2025;

199. Share
 transfer form dated 18 March 2025;

200. ACRA
 filing dated 19 March 2025; and

201. Share
 certificate No. 15 and 16 dated 22 March 2025.

*Transfer of Eight Hundred (800) ordinary shares from Lim Heng Hai to Teo Mui Lan on 18 March 2025*

202. Sale
 and Purchase Agreement dated 18 March 2025;

203. Directors'
 Resolution in Writing dated 18 March 2025;

204. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 20 March 2025;

205. Share
 transfer form dated 18 March 2025;

206. ACRA
 filing dated 19 March 2025; and

207. Share
 certificate No. 17 dated 22 March 2025.

*Transfer of Eight Hundred (800) ordinary shares from Lim Heng Hai to Chai Chang Ruey Fen on 18 March 2025*

208. Sale
 and Purchase Agreement dated 18 March 2025;

209. Directors'
 Resolution in Writing dated 18 March 2025;

210. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 20 March 2025;

211. Share
 transfer form dated 18 March 2025;

212. ACRA
 filing dated 19 March 2025; and

213. Share
 certificate No. 18 dated 22 March 2025.

*Transfer of Eight Hundred (800) ordinary shares from Lim Heng Hai to Vong Tze Poh on 18 March 2025*

214. Sale
 and Purchase Agreement dated 18 March 2025;

215. Directors'
 Resolution in Writing dated 18 March 2025;

216. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 20 March 2025;

217. Share
 transfer form dated 18 March 2025;

218. ACRA
 filing dated 19 March 2025; and

219. Share
 certificate No. 19 dated 22 March 2025.

*Transfer of Three Thousand One Hundred and Forty Two (3,142) ordinary shares from Lim Heng Hai to Ronald Vong Chin Hua on 18 March 2025*

220. Sale
 and Purchase Agreement dated 18 March 2025;

221. Directors'
 Resolution in Writing dated 18 March 2025;

222. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 20 March 2025;

223. Share
 transfer form dated 18 March 2025;

224. ACRA
 filing dated 19 March 2025; and

225. Share
 certificate No. 20 dated 22 March 2025.

*Transfer of Four Thousand and Nine Hundred (4,900) ordinary shares from Lim Heng Hai to Lim Chong Guang on 17 July 2025*

226. Sale
 and Purchase Agreement dated 25 June 2025;

227. Directors'
 Resolution in Writing dated 25 June 2025;

228. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 26 June 2025;

229. Share
 transfer form dated 26 June 2025;

230. Waiver
 letter of pre-emption rights dated 25 June 2025;

231. ACRA
 filing dated 17 July 2025; and

232. Share
 certificate No. 21, 22 and 24 dated 17 July 2025.

*Transfer of Four Thousand and Seventy Five (4,075) ordinary shares from Ronald Vong Chin Hua to iCapital Holdings (SG) Pte. Ltd. on 17 July 2025*

233. Sale
 and Purchase Agreement dated 25 June 2025;

234. Directors'
 Resolution in Writing dated 25 June 2025;

235. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 16 July 2025;

236. Share
 transfer form dated 25 June 2025;

237. Waiver
 letter of pre-emption rights dated 25 June 2025;

238. ACRA
 filing dated 17 July 2025; and

239. Share
 certificate No. 23 dated 17 July 2025.

*Transfer of One Hundred and One Thousand Eight Hundred and Eighty (101,880) ordinary shares from Lim Heng Hai to Ronald Vong Chin Hua on 18 March 2025*

240. Share
 Restructuring Agreement dated 25 July 2025;

241. Directors'
 Resolution in Writing dated 24 July 2025;

242. Certificate
 of stamp duty issued by the Stamp Office of Singapore dated 25 July 2025;

243. Share
 transfer form dated 24 July 2025; and

244. ACRA
 filing dated 25 July 2025.

**<u>Documents relating to material contracts</u>**

**TechCreate**

245. Distributor
 Agreement entered into between OrangePay and TechCreate dated 2 January 2020;

246. Partner
 Agreement entered into between Axway and TechCreate dated 13 August 2019; and

247. Subscription
 Agreement between ICHAM and TechCreate and Lim Heng Hai and Ronald Vong for ICHAM to invest
 in the Company and subscribe for shares in the Company dated 1 August 2024.

**<u>Documents relating to loans</u>**

**Diginius**

*Outstanding Working Capital Loan of S$443,348.98 from United Overseas Bank Limited*

248. Confirmation
 Letter dated 26 April 2024 for SME Working Capital Loan entered into between Diginius and
 United Overseas Bank Limited;

249. Confirmation
 of Balance Letter dated 16 January 2025 for SME Working Capital Loan entered into between
 Diginius and United Overseas Bank Limited;

250. Directors'
 Resolution in Writing dated 8 April 2024; and

251. Members'
 Resolution in Writing dated 8 April 2024.

**TechCreate**

*Terminated Revolving Term Loan (Business Revolving Short Term Loan) of S$150,000.00 from Overseas-Chinese Banking Corporation Limited*

252. Letter
 of Offer dated 2 May 2024 for Revolving Term Loan (Business Revolving Short Term Loan) entered
 into between TechCreate and Overseas-Chinese Banking Corporation Limited;

253. Letter
 of Cancellation of Loan dated 24 April 2025 for Revolving Term Loan (Business Revolving Short
 Term Loan) entered into between TechCreate and Overseas-Chinese Banking Corporation Limited;
 and

254. Overseas-Chinese
 Banking Corporation Limited Standard Terms and Conditions Governing Banking Facilities and
 Terms and Conditions Governing Business Loans.

*Outstanding Working Capital Loan of S$315,394.74 from Overseas-Chinese Banking Corporation Limited*

255. Letter
 of Offer dated 2 May 2024 for Working Capital Loan entered into between TechCreate and Overseas-Chinese
 Banking Corporation Limited;

256. Audit
 Confirmation Letter for outstanding loan sum as of 31 December 2024 dated 8 February 2025;

257. Overseas-Chinese
 Banking Corporation Limited Standard Terms and Conditions Governing Banking Facilities and
 Terms and Conditions Governing Business Loans.

**<u>Documents relating to leased properties</u>**

**Diginius**

258. Tenancy
 Agreement for Block 336 Smith Street #06-310, Singapore 050336 entered into between Diginius
 and the Housing and Development Board for a term of three (3) years commencing 16 July 2023
 and expiring 15 June 2026.

**TechCreate**

259. Tenancy
 Agreement for Block 336 Smith Street #06-303, Singapore 050336 entered into between TechCreate
 and the Housing and Development Board for a term of three (3) years commencing 1 July 2021
 and expiring 30 June 2024;

260. Letter
 of Acceptance for the renewal of the Tenancy Agreement for Block 336 Smith Street #06- 303,
 Singapore 050336 entered into between TechCreate and the Housing and Development Board for
 a term of three (3) years commencing 1 July 2024 and expiring 30 June 2027; and

261. Tenancy
 Agreement for Block 336 Smith Street #06-303, Singapore 050336 entered into between TechCreate
 and OrangePay for a term of three (3) years commencing 1 July 2024 and expiring 30 June 2027.

**<u>Documents relating to insurance</u>**

**TechCreate**

262. Policy
 Schedule dated 5 August 2024 and Certificate of Insurance for Work Injury Compensation Act
 2019 Insurance Policy (Policy No.: D24WCANNL001605) by SOMPO Insurance Singapore Pte. Ltd.
 with coverage from 6 August 2024 to 5 August 2025.

**<u>Documents relating to employment matters</u>**

**Diginius**

263. List
 of employers convicted under the Employment Act as published by the MOM as at 25 July 2025
 for the period of January 2024 to December 2024; and

264. List
 of employers convicted under the CPF Act published by the CPF Board of Singapore as at 25
 July 2025 for the period of 14 November 2022 to 17 November 2024.

**TechCreate**

265. Employment
 Agreement for the employment of Law Chiew Kong as Regional Senior Project Manager, ASEAN
 entered into between TechCreate and Law Chiew Kong dated 30 June 2021;

266. Employment
 Agreement for the employment of Lee Siew Chin as Contract Senior Consultant entered into
 between TechCreate and Lee Siew Chin dated 24 November 2021;

267. Employment
 Agreement for the employment of Lim Eng Wee as Senior Associate, Marketing entered into between
 TechCreate and Lim Eng Wee dated 24 June 2022;

268. Employment
 Agreement for the employment of Khoo Siew Ping as Contract Senior Consultant entered into
 between TechCreate and Khoo Siew Ping dated 24 June 2023;

269. Employment
 Agreement for the employment of Tay Choon Seah as Contract Senior Consultant entered into
 between TechCreate and Tay Choon Seah dated 26 July 2023;

270. List
 of employers convicted under the Employment Act as published by the MOM as at 25 July 2025
 for the period of January 2024 to December 2024; and

271. List
 of employers convicted under the CPF Act published by the CPF Board of Singapore as at 25
 July 2025 for the period of 14 November 2022 to 17 November 2024.

**<u>Documents relating to handling of money policy</u>**

**Diginius**

272. Diginius
 Policy on the Handling of Money and Compliance with Singapore's Anti-Corruption and
 Anti-Money Laundering Legislation.

**TechCreate**

273. TechCreate
 Group Anti-Corruption and Anti-Money Laundering Policies.

**<u>Documents relating to personal data policy</u>**

**Diginius**

274. Diginius
 Personal Data Protection Policy.

**TechCreate**

275. TechCreate
 Group Personal Data Protection Policy.

**<u>Searches conducted</u>**

**Diginius**

276. Business
 profile search conducted on 25 July 2025 with ACRA on Diginius;

277. IPOS
 public search conducted on 25 July 2025 on Diginius;

278. Litigation
 Searches dated 25 July 2025 – Insolvency (Including Judicial Management) (Supreme Court)
 (1 January 2022 – 25 July 2025) on Diginius; and

279. Litigation
 Searches dated 25 July 2025 – Composite Litigation Search (Supreme Court / State Courts)
 (1 January 2022 – 25 July 2025) on Diginius.

**TechCreate**

280. Business
 profile search conducted on 25 July 2025 with ACRA on TechCreate;

281. IPOS
 public search conducted on 25 July 2025 on TechCreate;

282. Litigation
 Searches dated 25 July 2025 – Insolvency (Including Judicial Management) (Supreme Court)
 (1 January 2022 – 25 July 2025) on TechCreate; and

283. Litigation
 Searches dated 25 July 2025 – Composite Litigation Search (Supreme Court / State Courts)
 (1 January 2022 – 25 July 2025) on TechCreate.

**<u>Confirmation letter</u>**

284. Confirmation
 letter for both Diginius and TechCreate from the Lim Heng Hai dated 29 July 2025.

**<u>SCHEDULE 2 – SHAREHOLDING</u>**

**Diginius**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Issue / Transfer** | **Shareholder(s)** | **No. of Shares issued/ transferred** | **Consideration** | **Resultant issued and paid- up share capital (S$)** | **Remarks** |
| 6 February 2020 | Issue | Ronald Vong Chin Hua | 6000 | S$6,000.00 | S$10,000 comprising 10,000 ordinary shares | Incorporation |
| 6 February 2020 | Issue | Lim Heng Hai | 4000 | S$4,000.00 | S$10,000 comprising 10,000 ordinary shares | Incorporation |
| 2 June 2022 | Transfer | Ronald Vong Chin Hua > TechCreate Solution Private Limited | 2100 | S$2,100.00 | S$10,000 comprising 10,000 ordinary shares |  |
| 2 June 2022 | Transfer | Lim Heng Hai > TechCreate Solution Private Limited | 3000 | S$3,000.00 | S$10,000 comprising 10,000 ordinary shares |  |
| 30 October 2024 | Transfer | Ronald Vong Chin Hua > TechCreate Solution Private Limited | 3900 | 4,700 ordinary shares in TechCreate Solution Private Limited | S$10,000 comprising 10,000 ordinary shares |  |
| 30 October 2024 | Transfer | Lim Heng Hai > TechCreate Solution Private Limited | 1000 |  | S$10,000 comprising 10,000 ordinary shares |  |

---

**Notes:**

(1) ">" refers
 to transferred to.

**TechCreate**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Issue / Transfer** | **Shareholders** | **No. of Shares issued/ transferred** | **Consideration** | **Resultant issued and paid-up share capital (S$)** | **Remarks** |
| 16 March 2015 | Issue | Lim Heng Hai | 90000 | S$90,000.00 | S$90,000 comprising 90,000 ordinary shares | Incorporation |
| 16 March 2015 | Issue | Lim Siak Huay | 10000 | S$10,000.00 | S$100,000 comprising 100,000 ordinary shares | Incorporation |
| 17 December 2019 | Transfer | Lim Siak Huay > Lim Heng Hai | 10000 | S$10,000.00 | S$100,000 comprising 100,000 ordinary shares | Lim Siak Huay (Deceased) |
| 2 June 2022 | Transfer | Lim Heng Hai > Ronald Vong Chin Hua | 15000 | S$15,000.00 | S$100,000 comprising 100,000 ordinary shares |  |
| 26 September 2024 | Issue | ICHAM Master Fund VCC | 1880 | US$940,000.00 | S$1,341,740 comprising 101,880 ordinary shares | Share Subscription |
| 28 October 2024 | Transfer | Lim Heng Hai > Ronald Vong Chin Hua | 4700 | Ronald's 3,900 ordinary shares held in Diginius transferred to TechCreate | S$1,341,740 comprising 101,880 ordinary shares |  |
| 20 November 2024 | Transfer | Ronald Vong Chin Hua > Chai Chang Ruey Fen | 4100 | S$33,400.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 20 November 2024 | Transfer | Ronald Vong Chin Hua > Vong Tze Poh | 4100 | S$33,400.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 20 November 2024 | Transfer | Lim Heng Hai > Neo Meng Chu | 4100 | S$33,400.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 20 November 2024 | Transfer | Lim Heng Hai > Teo Mui Lan | 4100 | S$33,400.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 18 March 2025 | Transfer | Lim Heng Hai > Neo Meng Chu | 800 | S$10,536.00 | S$1,341,740 comprising 101,880 ordinary shares |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Issue / Transfer** | **Shareholders** | **No. of Shares issued/ transferred** | **Consideration** | **Resultant issued and paid-up share capital (S$)** | **Remarks** |
| 18 March 2025 | Transfer | Lim Heng Hai > Teo Mui Lan | 800 | S$10,536.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 18 March 2025 | Transfer | Lim Heng Hai > Chai Cheng Reuy Fen | 800 | S$10,536.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 18 March 2025 | Transfer | Lim Heng Hai > Vong Tze Poh | 800 | S$10,536.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 18 March 2025 | Transfer | Lim Heng Hai > Ronald Vong Chin Hua | 3142 | S$41,380.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 17 July 2025 | Transfer | Lim Heng Hai > Lim Chong Guang | 4900 | S$45,000.00 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 17 July 2025 | Transfer | Ronald Vong Chin Hua > iCapital Holdings (SG) Pte. Ltd. | 4075 | S$53,667.75 | S$1,341,740 comprising 101,880 ordinary shares |  |
| 25 July 2025 | Transfer | Lim Heng Hai, Ronald Vong Chin Hua, Chai Chang Ruey Fen, Vong Tze Poh, Teo Mui Lan, Neo Meng Chu, Lim Chong Guang, ICHAM, iCapital Holdings (SG) Pte. Ltd. | 101880 | 9,999 ordinary shares in TechCreate Group Inc. | S$1,341,740 comprising 101,880 ordinary shares | Reorganisation |

---

**Notes:**

">" refers to transferred to.

**<u>SCHEDULE 3 – SEARCHES ON THE TECHCREATE ENTITIES</u>**

**Diginius**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Court** | **Case Details** | **Plaintiff(s)** | **Defendants(s)** | **Nature of**<br> **Claim /**<br> **Amount** | **Outcome** |
| N/A | N/A | N/A | N/A | N/A | N/A |

---

**TechCreate**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Court** | **Case Details** | **Plaintiff(s)** | **Defendants(s)** | **Nature of**<br> **Claim /**<br> **Amount** | **Outcome** |
| N/A | N/A | N/A | N/A | N/A | N/A |

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## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | Suite 3006, Two Exchange Square<br> 8 Connaught Place, Central<br> Hong Kong<br> Tel: 852 2191 7566<br> Fax: 852 2191 7995<br> **www.frost.com** |

---

July 29, 2025

**TechCreate Group Ltd.**

Unit 06-303, New Bridge

Centre, 336 Smith Street,

Singapore

**<u>Re: Consent of Frost & Sullivan</u>**

Ladies and Gentlemen,

We understand that TechCreate Group Ltd. (the "Company") plans to file a registration statement on Form F- I (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed offering (the "Proposed Offering").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent industry reports and amendments thereto, in the Registration Statement and any amendments thereto, in any written correspondence with the SEC, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed Offering, and in other publicity materials in connection with the Proposed Offering.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

Yours faithfully,

For and on behalf of

**Frost & Sullivan Limited**

---

| | |
|:---|:---|
|  | */s/ Terry Tse* |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 99.3

**Exhibit 99.3**

17<sup>th</sup> January, 2025

**TechCreate Group Limited**

336 Smith Street, #06-303, New Bridge Centre

Singapore 050336

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of TechCreate Group Limited (the "**Company**") initially filed on December 18, 2024 and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
|  | */s/ Ling Wee Seng* |
| Name: | Ling Wee Seng |

---

## Exhibit 99.4

**Exhibit 99.4**

, 2025

**TechCreate Group Limited**

336 Smith Street, #06-303, New Bridge Centre

Singapore 050336

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of TechCreate Group Limited (the "**Company**") filed on December 18, 2024 and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
|  | */s/ Masayuki Tagai* |
| Name: | Masayuki Tagai |

---

## Exhibit 99.5

**Exhibit 99.5**

, 2025

**TechCreate Group Limited**

336 Smith Street, #06-303, New Bridge Centre

Singapore 050336

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of TechCreate Group Limited (the "**Company**") filed on December 18, 2024 and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
|  | */s/ Jim Northey* |
| Name: | Jim Northey |

---

## Exhibit 99.6

**Exhibit 99.6**

1<sup>st</sup> April, 2025

**TechCreate Group Limited**

336 Smith Street, #06-303, New Bridge Centre

Singapore 050336

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of TechCreate Group Limited (the "**Company**") initially filed on December 18, 2024 and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
|  | */s/ In Weiyee* |
| Name: | In Weiyee |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filling Fee Table**

**F-1**

*(Form Type)*

**TechCreate Group Ltd.**

*(Exact Name of Registrant as Specified in its Charter)*

*(Translation of Registrant's Name into English)*

Newly Registered and Carry Forward Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type**  | **Security<br> Class Title**  | **Fee Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | <br>**Maximum**<br> **Aggregate**<br> **Offering**<br> **Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee** |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value US$0.0002 per share (1)(2)(3) | 457 (o) |  | $- | $14662500 | $153.10 per $1,000,000 | $2244.83 |
| Fees to be Paid | Equity | Underwriter's warrants(4) | 457 (o) |  |  |  |  |  |
|  | Equity | Class A Ordinary Shares underlying Underwriter's warrants (5) | 457 (o) |  | $- | $879750 | $153.10 per $1,000,000 | $134.69 |
| Fees Previously Paid |  |  |  |  |  |  |  | $- |
| Carry Forward Securities |  |  |  |  |  |  |  |  |
|  |  | **Total Offering Amounts** | **Total Offering Amounts** |  |  | $15542250 |  | $2379.52 |
|  |  | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  | $- |
|  |  | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  | - |
|  |  | **Net Fee Due** | **Net Fee Due** |  |  |  |  | $2379.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant
 to Rule 416(a) under the Securities Act, the Registrant is 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.

(2) Includes
 additional Class A Ordinary Shares (up to 15% of the ordinary shares offered to the public) that the Underwriter has the option to
 purchase to cover over-allotments, if any.

(3) Estimated
 solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.

(4) We
 have agreed to issue to the representative of the underwriters (the "Representative") warrants to purchase a number of
 Class A Ordinary Shares equal to an aggregate of up to five percent (5%) of the number of Class A Ordinary Shares sold in this Offering
 and also register herein such underlying Class A Ordinary Shares. The Representative's warrants shall be exercisable, in whole
 or in part, commencing six (6) months from the commencement of sales of this Offering and expiring three (3) years from the commencement
 of sales of this Offering. The Representative's warrants will have an exercise price of 120% of the offering price of the Class
 A Ordinary Shares sold in this offering.

(5) In
 accordance with Rule 457(g) under the Securities Act, because the Registrant's Class A Ordinary Shares underlying the Representative's
 warrants are registered hereby, no separate registration fee is required with respect to the warrants registered hereby.