# EDGAR Filing Document

**Accession Number:** 0002032274
**File Stem:** 0001213900-25-052213
**Filing Date:** 2025-6
**Character Count:** 1472891
**Document Hash:** f13d940127c7d21e0979905c57def620
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-052213.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001213900-25-052213

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 55

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gifts International Holdings Ltd
- **CENTRAL INDEX KEY:** 0002032274
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287861
- **FILM NUMBER:** 251032004

**BUSINESS ADDRESS:**
- **STREET 1:** UNIT A&B, 7/F., FUK CHIU FACTORY BLDG
- **STREET 2:** NO.20 BUTE STREET
- **CITY:** MONGKOK, KOWLOON
- **STATE:** K3
- **ZIP:** 0000
- **BUSINESS PHONE:** (852) 9220 5201

**MAIL ADDRESS:**
- **STREET 1:** UNIT A&B, 7/F., FUK CHIU FACTORY BLDG
- **STREET 2:** NO.20 BUTE STREET
- **CITY:** MONGKOK, KOWLOON
- **STATE:** K3
- **ZIP:** 0000

#### As filed with the United States Securities and Exchange Commission on June 6 , 2025.

#### Registration No. 333-

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

#### ______________________________

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

#### ______________________________

#### GIFTS INTERNATIONAL HOLDINGS LIMITED <br> (Exact Name of Registrant as Specified in its Charter)

#### ______________________________

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| | | |
|:---|:---|:---|
|  **British Virgin Islands** | **5900** | **Not Applicable** |
|  **(State or Other Jurisdiction of <br>Incorporation or Organization)** | **(Primary Standard Industrial <br>Classification Code Number)** | **(I.R.S. Employer <br>Identification No.)** |

---

**Unit A&B, 7/F., Fuk Chiu Factory Building<br>No.20 Bute Street<br>Mongkok, Kowloon<br>Hong Kong<br>+852-2736-6670<br>(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

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

#### ______________________________

#### Copies to:

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| | |
|:---|:---|
|  **Lawrence S. Venick, Esq.<br>Loeb & Loeb LLP<br>2206-19 Jardine House<br>1 Connaught Place, Central<br>Hong Kong SAR<br>Telephone: +852-3923-1111** | **Ross Carmel, Esq.<br>Jeff Cahlon, Esq.<br>Sichenzia Ross Ference Carmel LLP<br>1185 Avenue of the Americas <br>New York, NY 10036<br>Telephone: 212**-930-9700 |

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

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

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

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

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

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

Emerging growth company ☒

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

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

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

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| | |
|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION DATED [\*] [\*], 2025** |

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED

#### [1,500,000] CLASS A ORDINARY SHARES
This is an initial public offering of Gifts International Holdings Limited ("Gifts International"). We are offering [1,500,000] Class A ordinary shares ("Class A Ordinary Shares") of Gifts International, on a firm commitment basis. No public market currently exists for our Class A Ordinary Shares. It is currently estimated that the initial public offering price per Class A Ordinary Share will be $[4.00]. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "GINT". The closing of this offering is conditioned upon Nasdaq Capital Market's approval of our listing application.

The share capital of the Company consists of two classes of ordinary shares, Class A Ordinary Shares and Class B ordinary shares ("Class B Ordinary Shares"). [1,500,000] Class A Ordinary Shares will be offered by us in this offering. The rights of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to voting and conversion rights. Each Class B Ordinary Share has twenty votes per share and is convertible into one Class A Ordinary Share, whereas our Class A Ordinary Shares, which we are selling in this offering, have one vote per share and are not convertible into any Class B Ordinary Shares. See "*Risk Factors — Risks Related to Our Shares — The dual*-class *structure of our Ordinary Shares has the effect of concentrating voting control with those shareholders who held our Class B Ordinary Shares prior to this offering. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, and that may adversely affect the trading price of our Class A Ordinary Shares.*"

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

We will be a "controlled company" as defined under the Nasdaq Capital Market Company Guide. As of the date of this prospectus, Mr. Ngai Chiu Wong, owns 8,248,500 Class B Ordinary Shares, representing 94.26% of the total voting power of our Company. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Wong will own [8,248,500] Class B Ordinary Shares, representing [93.46]% of the total voting power of our Company, assuming that the underwriters do not exercise their over-allotment option. Mr. Wong will have the ability to control matters requiring shareholder approval, including the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. See "*Management — Controlled Company Exception*".

**Gifts International Holdings Limited, or Gifts International, is a holding company incorporated in the British Virgin Islands ("BVI") with no material operations of its own. As a holding company with no material operations of our own, Gifts International conducts operation through its operating subsidiary in Hong Kong, being Broaden Leisure Outlets Company Limited ("Broaden Leisure"). References to the "Company", "we", "us", and "our" in the prospectus are to Gifts International, the BVI entity that will issue the Class A Ordinary Shares being offered. Reference to "Broaden Leisure" is to the Hong Kong entity operating the corporate gifting businesses, which is generating the revenue and profit stated in the combined financial statements of the Company. We are not a Chinese operating company, but an offshore holding company incorporated in the BVI. This structure involves unique risks to investors. The Chinese regulatory authorities could disallow our holding company structure, which would likely result in a material change in our operations and/or a material change in the value of our Class A Ordinary Shares, including that it could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risks Related to Doing Business in Hong Kong" for detailed discussion of risks facing the company and the offering as a result of this structure.**

**This is an offering of the Class A Ordinary Shares of Gifts International, the holding company in the BVI, instead of the shares of Broaden Leisure. The Company's ownership interest in Broaden Leisure is held through intermediate company in BVI, being Give Gifts Boutique (BVI) Limited ("GGBB"). Investors** 

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**in our Class A Ordinary Shares should be aware that they may never hold equity interests in Hong Kong operating subsidiary directly. Investors are purchasing equity solely in Gifts International, our BVI holding company, which indirectly owns equity interests in the operating subsidiary, Broaden Leisure. See "Risk Factors" beginning on page 17 of this prospectus for a discussion of risks facing the Company and the offering as a result of this structure.**

**Our Class A Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act") if the Public Company Accounting Oversight Board ("PCAOB") is unable to inspect our auditors for two consecutive years. On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCA Act") was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years. On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB**-registered **public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfils its responsibilities under the HFCA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the Mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, ARK Pro CPA & Co, is headquartered in Hong Kong and registered with the PCAOB. Our auditor is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards, with the last inspection occurring in 2010. In addition, our auditors did not appear as part of the PCAOB's report of determinations under the lists in Appendix A or Appendix B of the report issued by the PCAOB on December 16, 2021. On August 26, 2022, the China Securities Regulatory Commission, or CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in mainland China and Hong Kong and taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. Our auditor, ARK Pro CPA & Co, has no auditor's work papers in China as of the date of this prospectus. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuing pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See "*Risk Factors — The SEC and PCAOB, and the HFCA Act call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially non***-U***.S. auditors who are not inspected by the PCAOB*."**

**We conduct substantially all of our operations in Hong Kong through our Hong Kong operating subsidiary, Broaden Leisure. Accordingly, substantially all our cash and assets are denominated in HKD. As a result, almost all our sales revenues are received by Broaden Leisure. Broaden Leisure is our operating subsidiary located in Hong Kong, and the other subsidiary, GGBB, is intermediate holding company with no operations** 

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**of its own. Cash generated from Broaden Leisure has not been used to fund the operation of GGBB and Gifts International. Transfers of funds in the form of dividends from Broaden Leisure to its holding company, GGBB, are free of restrictions, subject to availability of distributable profits and sufficient cash to maintain as a going concern and solvency of Broaden Leisure and any contractual obligations owed to third parties prohibiting or restricting dividend distributions. Transfers of funds in the form of dividends from GGBB to Gifts International is not subject to exchange controls, and all such dividends may be freely transferred out of the BVI, clear of any income or other tax of the BVI imposed by withholding or otherwise without the necessity of obtaining any consent of any government or authority of the BVI. No regulatory approval is required for Gifts International to transfer cash to its subsidiaries. Gifts International is permitted under the laws of the BVI to provide funding to its subsidiaries, GGBB and Broaden Leisure through loans and/or capital contributions without restrictions on the amount of the funds loaned or contributed. GGBB is permitted under the laws of the BVI to provide funding to our Hong Kong operating subsidiary, Broaden Leisure through loans and/or capital contributions without restrictions on the amount of the funds loaned or contributed.** 

**As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. There can be no assurance that the Hong Kong government will not intervene or impose restrictions to prevent the cash maintained in Hong Kong from being transferred out or restrict the deployment of the cash into our business or for the payment of dividends. See "*Prospectus Summary — Transfers of Cash To and From Our Subsidiaries*" on page 3, "*Risk Factors — We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong operating subsidiary*" on page 22, "Dividend Policy", "Summary Combined Financial Data", and "Combined Statements of Shareholders' Equity in the Report of Independent Registered Public Accounting Firm for further details."**

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

**For the years ended March 31, 2023 and 2024, our Hong Kong operating subsidiary, Broaden Leisure distributed a dividend of HK$4,200,000 and HK$4,100,000 (US$525,641) by setting off the amount due from a shareholder, Mr. Ngai Chiu Wong. Subsequently, on October 23, 2024, the Company declared and paid the special dividend of HK$1,500,000 (US$193,068) by setting off the amount due from a shareholder, Mr. Ngai Chiu Wong. See "*Note 12 — Related Party Balances and Transactions*" on page F**-48**. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. Save as aforementioned, during the years ended March 31, 2023 and 2024, six months ended September 30, 2024 and up to the date of this prospectus, there have been (i) no cash flows and transfers of other assets between Gifts International and our subsidiaries; (ii) no dividend payment or distribution made from Broaden Leisure to Gifts International and GGBB; and (iii) no solid plans for Broaden Leisure to make any distribution or dividend payment to Gifts International and GGBB upon listing. Save as aforementioned, neither the Gifts International nor Broaden Leisure has made any dividends or distributions to U.S. investors as of the date of this prospectus. We may consider paying further dividends in the near future. See "*Prospectus Summary — Transfers of Cash To and From Our Subsidiaries*" on page 3, and "*Dividend Policy*".**

**Substantially all of our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could** 

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**result in a material change in our operations, significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless. We are aware that recently the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China, including cracking down on illegal activities in the securities market, enhancing supervision over China**-based **companies listed overseas using VIE structure, adopting new measures to extend the scope of cybersecurity reviews, expanding the efforts in anti**-monopoly **enforcement and regulating the overseas offering and listing activities involving PRC domestic companies. Since these statements and regulatory actions are new, it is uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also uncertain what the potential impact such modified or new laws and regulations will have on our daily business operation in Hong Kong, our ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. We are subject to certain legal and operational risks associated with our operations in Hong Kong. Additionally, the legal and operational risks associated in mainland China also apply to our operations in Hong Kong.**

**Macau Give Gift Boutique Company Limited ("MGGB"), a Macau company wholly owned by Mr. Ngai Chiu Wong, is acting as an operating unit to collect the sales receipts on behalf of the Company and is deemed as a VIE. Macau is a Special Administrative Region of the People's Republic of China with its own legal system, which poses unique risks to our investors. We are subject to certain legal and operational risks associated with the operation of MGGB in Macau. Additionally, the legal and operational risks associated in mainland China also apply to the operation of MGGB in Macau. If there is a significant change to current political and legal arrangements in Macau, or between China and Macau, companies operated in Macau may face the same or similar regulatory risks as those faced by companies operated in the PRC, such as risks relating to the ability to offer securities to investors, list securities on a U.S. or other foreign exchange, or accept foreign investment. According to the legal opinion issued by STA Advogados, our Macau counsel, according to Article 18, paragraphs 2 to 4 of the Basic Law of Macau, the Central People's Government has the authority to apply national laws to Macau. While Macau currently operates under a different set of laws from mainland China, there can be no assurance as to whether the government of Macau will enact laws and regulations similar to mainland China, or whether any laws or regulations of mainland China will become applicable to our operations in Macau in the future, which could happen at any time and with no advance notice. According to the legal opinion issued by STA Advogados, our Macau counsel, the regulatory requirements related to data security in Macau are stipulated by Law no. 11/2009 "Law on Combatting Computer Crime" (amended by Law no. 4/2020), the relevant provisions for anti**-monopoly **practices in Macau are stipulated in the Macau Commercial Code, which addresses "Unfair Competition," as well as in Law no. 9/2021 "Consumer Rights and Interests Protection Law." Generally, violations of the provisions of Law No. 4/2020 may lead to a court order for the dissolution of a company or a public sector requirement for judicial liquidation, but only under specific circumstances. Otherwise, none of the abovementioned regulatory requirements related to data security or anti**-monopoly **concerns in Macau will fundamentally affect the operation of MGGB or us to conduct business in Macau, accept foreign investments or list on U.S. and other foreign exchanges, unless under certain circumstances. These circumstances are referenced in Article 13, paragraph 1 and paragraph 3, item 2 of the Law No. 11/2009 on Combating Computer Crimes Law, amended by Law No. 4/2020, pursuant to which, if a crime stipulated in the Law is committed in the name of a company or in its interests, such as entering or interfering with a computer system without permission, obtaining or damaging data, manufacturing or providing criminal tools, computer forgery or computer fraud, etc., in addition to the company being subject to relevant criminal liability, the court has the authority to order the dissolution of the company if the conditions referred to in Paragraph 7 of Article 13 are met at the same time. See "*Risk Factors — We are subject to Macau laws and regulations that are generally applicable to Macau entities, including Macau laws and regulations that result in oversight over data security*".**

**As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our operating subsidiary, Broaden Leisure through intermediate holding company.**

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

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**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 17 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

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| | | |
|:---|:---|:---|
|  | **Per Class A <br>Ordinary Share** | **Total** |
|  Initial public offering price | $[4.00] | $[6,000,000] |
|  Underwriting discounts and commissions to be paid by us<sup>(1)</sup> | $[0.30] | $[450,000] |
|  Proceeds to us (before expenses) | $[3.70] | $[5,550,000] |

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____________

(1) We agree to pay R. F. Lafferty & Co., Inc., the representative of the underwriters (the "Representative"), underwriting commissions equal to 7.5% of the gross proceeds of the offering. Does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering payable to the Representative. Refer to "Underwriting" for additional information regarding underwriting compensation.

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares if any such shares are taken. We agree to grant the underwriters an option for a period of 45 days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount. If the underwriters exercise the option in full, the total underwriting discounts will be $[517,500] and the total proceeds to us, after underwriting discounts but before offering expenses, will be approximately $[6,382,500]. If we complete this offering, net proceeds will be delivered to us on the closing date.

**R. F. Lafferty & Co., Inc.** 

The date of this prospectus is [ ], 2025.

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#### **TABLE OF CONTENTS**

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|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T25) | 1 |
|  [THE OFFERING](#T24) | 13 |
|  [SUMMARY COMBINED FINANCIAL DATA](#T23) | 15 |
|  [RISK FACTORS](#T22) | 17 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T21) | 49 |
|  [USE OF PROCEEDS](#T20) | 50 |
|  [DIVIDEND POLICY](#T19) | 51 |
|  [CAPITALIZATION](#T18) | 52 |
|  [DILUTION](#T17) | 53 |
|  [CORPORATE HISTORY AND STRUCTURE](#T16) | 54 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9990) | 56 |
|  [INDUSTRY](#T15) | 76 |
|  [BUSINESS](#T14) | 84 |
|  [REGULATIONS](#T13) | 100 |
|  [MANAGEMENT](#T12) | 106 |
|  [PRINCIPAL SHAREHOLDERS](#T11) | 113 |
|  [CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS](#T10) | 114 |
|  [DESCRIPTION OF SHARES](#T9) | 116 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T8) | 123 |
|  [MATERIAL TAX CONSIDERATIONS](#T7) | 125 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T6) | 130 |
|  [UNDERWRITING](#T5) | 132 |
|  [EXPENSES RELATED TO OFFERING](#T4) | 136 |
|  [LEGAL MATTERS](#T3) | 137 |
|  [EXPERTS](#T2) | 137 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T1) | 137 |
|  [INDEX TO COMBINED FINANCIAL STATEMENTS](#T9991) | F-1 |

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**Through and including [\*] 2025 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Amended Memorandum and Articles" refers to the amended and restated memorandum and articles of association of the Company (as amended from time to time) adopted on 3 October 2024, which became effective on 9 October 2024 and as amended, supplemented and/or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BCA" refers to the BVI Business Companies Act (Revised) of the BVI, as amended, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Broaden Leisure" refers to Broaden Leisure Outlets Company Limited, our Hong Kong operating subsidiary;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company," "our Company," or "Gifts International" refers to Gifts International Holdings Limited, a business company incorporated in the British Virgin Islands with limited liability under the BCA on April 16, 2024.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "complaint rate" refers to ratio of number of complaints received and recorded by our customer service center to the total number of orders from customers for the respective period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Controlling Shareholder" refers to Mr. Ngai Chiu Wong, the ultimate beneficial owner of 8,248,500 Class B Ordinary Shares, representing 94.26% of the voting power of the Company as of the date of this prospectus. See "Management" and "Principal Shareholders" for more information;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Share" refers to class A ordinary shares of the share capital of the Company with no par value each, conferring a holder of a Class A Ordinary Share one vote per share on any resolution tabled at the Company's general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Share" refers to class B ordinary shares of the share capital of the Company with no par value, conferring weighted voting rights in the Company such that a holder of a Class B Ordinary Share is entitled to twenty votes per share on any resolution tabled at the Company's general meeting;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FY2023" refers to the financial year ended March 31, 2023;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GGBB" refers to Give Gifts Boutique (BVI) Limited, our British Virgin Island subsidiary and the direct holding company of Broaden Leisure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "gift," or "product" refers to the product of the Group, either predesigned gift/gift set or customized gift/gift set;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "impression" refers to total number of times a screen has displayed our contents or advertisements on social media platforms and search engines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "page view" refers to total number of web pages of our online platform viewed by visitors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "session" refers to period of time that a visitor is active on our online platform;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "unique visitor" refers to number of new visitor visiting our online platform within a given time period, regardless of how many times they access the site during that period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VIE" refers to variable interest entity.

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Gifts International is a holding company with operations primarily conducted in Hong Kong through Broaden Leisure, its operating subsidiary in Hong Kong. The reporting currency of Broaden Leisure is HKD. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Assets and liabilities are translated into U.S. dollars at the closing rate of exchange as of the balance sheet dates, the statement of income is translated using average rate of exchange in effect during the reporting periods, and the equity accounts are translated at historical exchange rates. Unless otherwise noted, all translations from HKD to U.S. dollars and from U.S. dollars to HKD in this prospectus were calculated with reference to the table below. No representation is made that the HKD amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Year end HKD: US$ exchange rate | 7.7693 | 7.8308 | 7.8000 | 7.8000 |
|  Year average HKD: US$ exchange rate | 7.7693 | 7.8308 | 7.8000 | 7.8000 |

---

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

#### Overview
We believe we are one of the leading market players in the corporate gifting industry in Hong Kong, served over 135,000 corporate and individual customers, and distributed over 700,000 gifts, since we started business in June 2008. About 70% of our clientele are corporate clients, which span across different industries, including banks, insurance companies, real estate companies, Hong Kong listed companies, multi-national corporations, marketing companies, media agencies and other local businesses.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced management team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extensive product portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robust customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timely fulfillment capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic partnerships with our suppliers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Innovation capabilities

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand our operation to overseas market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Launch a new website for VIPs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhance marketing efficiency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide more ESG-friendly options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursue collaborations with famous brands

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

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#### Corporate History and Structure
The Company adopted a dual-class share structure. Each Class B Ordinary Share has 20 votes per share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Share has one vote per share and is not convertible into Class B Ordinary Shares. The following diagram illustrates our corporate structure and identifies our subsidiaries:

![](tflowchart_002.jpg)

____________

(1) As of the date of this prospectus, there are 12 (twelve) shareholders of record that hold less than 5% of our outstanding shares.

(2) Gifts International Holdings Limited is a holding company with no operations of its own. The Class A Ordinary Shares offered in this prospectus are those of Gifts International Holdings Limited.

(3) Gifts International Holdings Limited conducts all its operations through its wholly-owned operating subsidiary, Broaden Leisure Outlets Company Limited, which is incorporated under the laws of Hong Kong.

Gifts International is owned as to 45.07% by Mr. Ngai Chiu Wong as of the date of this prospectus. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Ngai Chiu Wong, will own [8,248,500] Class B Ordinary Shares, representing [93.46]% of the voting power of Gifts International after this offering assuming that the underwriters do not exercise their over-allotment option. Because more than 50% of the voting power of the Company will be held by a single entity after the completion of this offering, we will be a controlled company under the Nasdaq Capital Market corporate governance rules.

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

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**Implication of Being a Controlled Company**

We will be a "controlled company" within the meaning of Nasdaq Stock Market Rules. As of the date of this prospectus, our Controlling Shareholder, Mr. Ngai Chiu Wong, owns 8,248,500 Class B Ordinary Shares, representing 94.26% of the voting power of the Company. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Wong will own [8,248,500] Class B Ordinary Shares, representing [93.46]% of the total voting power of our Company, assuming that the underwriters do not exercise their over-allotment option. For so long as we are a controlled company, we are permitted to elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

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

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

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

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

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

#### Transfers of Cash To and From Our Subsidiaries
We conduct substantially all of our operations in Hong Kong through our Hong Kong operating subsidiary, Broaden Leisure. As a result, almost all our sales revenues are received by Broaden Leisure. GGBB, is an intermediate holding company with no operations of its own; and Gifts International, operates as a holding company of GGBB with no actual operations. Cash generated from Broaden Leisure has not been used to fund the operation of GGBB and Gifts International. Transfers of funds in the form of dividends from Broaden Leisure to its holding company, GGBB, are free of restrictions, subject to availability of distributable profits and sufficient cash to maintain as a going concern and solvency of Broaden Leisure and any contractual obligations owed to third parties prohibiting or restricting dividend distributions. Transfers of funds in the form of dividends from GGBB to Gifts International is not subject to exchange controls, and all such dividends may be freely transferred out of the BVI, clear of any income or other tax of the BVI imposed by withholding or otherwise without the necessity of obtaining any consent of any government or authority of the BVI. No regulatory approval is required for Gifts International to transfer cash to its subsidiaries. Gifts International is permitted under the laws of the BVI to provide funding to its subsidiaries, GGBB and Broaden Leisure through loans and/or capital contributions without restrictions on the amount of the funds loaned or contributed. GGBB is permitted under the laws of the BVI to provide funding to our Hong Kong operating subsidiary, Broaden Leisure through loans and/or capital contributions without restrictions on the amount of the funds loaned or contributed.

For the years ended March 31, 2023 and 2024, our Hong Kong operating subsidiary, Broaden Leisure declared and distributed a dividend of HK$4,200,000 and HK$4,100,000 (US$525,641) by setting off the amount due from our shareholder, Mr. Ngai Chiu Wong, respectively. Subsequently, on October 23, 2024, the Company declared and paid the special dividend of HK$1,500,000 (US$193,068) by setting off the amount due from a shareholder, Mr. Ngai Chiu Wong. We currently intend to retain most, if not all, of our available funds and any future earnings to fund the operation, development, and growth of our business, and, as a result, we do not expect to pay any dividends in the foreseeable future. Consequently, we cannot give any assurance that any dividends may be declared and paid in the future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future

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financing instruments. Save as aforementioned, during the years ended March 31, 2023 and 2024, six months ended September 30, 2024 and up to the date of this prospectus, there have been (i) no cash flows and transfers of other assets between Gifts International and our subsidiaries; (ii) no dividend payment or distribution made from Broaden Leisure to Gifts International and GGBB; and (iii) no solid plans for Broaden Leisure to make any distribution or dividend payment to Gifts International and GGBB upon listing. Save as aforementioned, neither the Gifts International nor Broaden Leisure has made any dividends or distributions to U.S. investors as of the date of this prospectus.

*British Virgin Islands.* Subject to the BVI Act and our Amended Memorandum and Articles, our board of directors may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit if they are satisfied, on reasonable grounds, that immediately following the dividend the value of our assets will exceed our liabilities and we will be able to pay our debts as they become due. There is no further BVI statutory restriction on the amount of funds which may be distributed by us by dividend.

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

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

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

For more information, see "Dividend Policy," "Risk Factors" and "Summary Combined Financial Data" and "Combined Statements of Shareholders' Equity" in the audited financial statements as of and for the years ended March 31, 2023 and 2024 contained in this prospectus.

#### Permission Required from Hong Kong Authorities
Hong Kong is a Special Administrative Region of the PRC, having its own governmental and legal system that is separate from mainland China, and as a result, has its own distinct rules and regulations. The operating subsidiary, Broaden Leisure is incorporated and operating in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations. It is also uncertain what the potential impact such modified or new laws and regulations will

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have on our daily business operation in Hong Kong. According to the legal opinion issued by David Fong & Co., our Hong Kong counsel, based on their understanding of current Hong Kong laws, as of the date of this prospectus, we, including Broaden Leisure, have received and obtained all requisite licenses, certificates, authorizations, permissions or approvals from the Hong Kong authorities to operate our business, namely the business license and the registration as a registered food importer and a registered food distributor with the Food and Environmental Hygiene Department, and no such permissions or approvals have been denied as of the date of this prospectus, and that we, including Broaden Leisure are not required to obtain any permission or approval from Hong Kong authorities to offer the Class A Ordinary Shares of Gifts International to foreign investors. However, according to the legal opinion issued by David Fong & Co., uncertainties still exist due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future. Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations. In the event that we, including Broaden Leisure, (i) do not receive or fail to maintain such permissions or approvals in the future, (ii) inadvertently conclude that relevant licenses, certificates, authorizations, permissions or approvals were not required, or (iii) are required to obtain such licenses, certificates, authorizations, permissions or approvals in the future following applicable laws, regulations, or interpretation changes, any action taken by the Hong Kong government could significantly limit or completely hinder our operations and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, as of the date of this prospectus, based on PRC laws and regulations effective as of the date of this prospectus, the registered public offering of the Company and its subsidiaries in the United States are not subject to filing procedure of the CSRC, because the Company and its subsidiaries do not meet any of the condition stipulated by the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures, as we confirm that (i) the Company and its subsidiaries are not registered within mainland China; and (ii) the main aspects of the business activities of the Company and its subsidiaries are not carried out within mainland China, the primary locations of the business operations of the Company and its subsidiaries are not within mainland China, and the majority of the senior management of the Company and its subsidiaries responsible for daily operations are not Chinese citizens or do not have their habitual residence within mainland China.

No permissions or approvals have been applied for by the Company and its subsidiaries or denied by any relevant authority. According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, given that (i) the Company and its subsidiaries are not registered within mainland China; (ii) none of the Company and its subsidiaries has been identified as an operator of critical information infrastructure in mainland China, nor have the Company and its subsidiaries engaged in data (including personal information) processing activities as network platform operator that affect or may affect the national security of PRC; and (iii) the Company and its subsidiaries do not possess more than 1 million personal information of PRC users, Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel are of the opinion that the Company and its subsidiaries are not subject to the cybersecurity review required by the Cybersecurity Review Measures of the CAC.

According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, given that (i) the Company and its subsidiaries are not registered within mainland China; and (ii) none of the Company and its subsidiaries has been identified as an operator of critical information infrastructure in mainland China, nor has collected or provided important data or personal information from mainland China to overseas entities, Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel are of the opinion that the Company and its subsidiaries are not required to go through security assessment for outbound data transfer, or other requirements stipulated in the Provisions on Promoting and Regulating Cross-border Flow of Data by the CAC.

According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, as none of the Company and its subsidiaries has ever carried out business in mainland China, Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel are of the opinion that there are no current PRC laws and regulations (including regulations of the CSRC, the CAC, or any other government entity) in force explicitly requiring that the Company and its subsidiaries obtain permission or approval from PRC authorities to operate business in mainland China, or to issue securities to foreign investors.

According to the legal opinion issued by STA Advogados, our Macau counsel, according to Article 18, paragraphs 2 to 4 of the Basic Law of Macau, the Central People's Government has the authority to apply national laws to Macau. While Macau currently operates under a different set of laws from mainland China, there can be no assurance as to

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whether the government of Macau will enact laws and regulations similar to mainland China, or whether any laws or regulations of mainland China will become applicable to our operations in Macau in the future, which could happen at any time and with no advance notice.

According to the legal opinion issued by STA Advogados, our Macau counsel, the regulatory requirements related to data security in Macau are stipulated by Law no. 11/2009 "Law on Combatting Computer Crime" (amended by Law no. 4/2020), the relevant provisions for anti-monopoly practices in Macau are stipulated in the Macau Commercial Code, which addresses "Unfair Competition," as well as in Law no. 9/2021 "Consumer Rights and Interests Protection Law." Generally, violations of the provisions of Law No. 4/2020 may lead to a court order for the dissolution of a company or a public sector requirement for judicial liquidation, but only under specific circumstances. Otherwise, none of the abovementioned regulatory requirements related to data security or anti-monopoly concerns in Macau will fundamentally affect the operation of MGGB or us to conduct business in Macau, accept foreign investments or list on U.S. and other foreign exchanges, unless under certain circumstances. These circumstances are referenced in Article 13, paragraph 1 and paragraph 3, item 2 of the Law No. 11/2009 on Combating Computer Crimes Law, amended by Law No. 4/2020, pursuant to which, if a crime stipulated in the Law is committed in the name of a company or in its interests, such as entering or interfering with a computer system without permission, obtaining or damaging data, manufacturing or providing criminal tools, computer forgery or computer fraud, etc., in addition to the company being subject to relevant criminal liability, the court has the authority to order the dissolution of the company if the conditions referred to in Paragraph 7 of Article 13 are met at the same time.

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

#### Risks Related to Doing Business in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspected by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the NASDAQ Capital Market, may determine to delist our securities. Furthermore, on December 29, 2022 the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus, reduced the time before our Class A Ordinary Shares may be prohibited from trading or delisted. For a more detailed discussion of this risk factor, see pages 17 to 19 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The SEC and PCAOB, and the HFCA Act call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially non-U.S. auditors who are not inspected by the PCAOB. For a more detailed discussion of this risk factor, see pages 19 and 20 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that we rely on dividends and other distributions on equity paid by our operating subsidiary in Hong Kong to fund any cash and financing requirements, we may have, any limitation on the ability of our operating subsidiary in Hong Kong to make payments to us could have a material and adverse effect on our ability to conduct our business. For a more detailed discussion of this risk factor, see pages 20 and 21 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent cash or assets in our business is in Hong Kong or in our operating subsidiary in Hong Kong, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability or the ability of our operating subsidiary in Hong Kong to transfer cash or assets. For a more detailed discussion of this risk factor, see page 21 of this prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain judgments obtained against us by our shareholders may not be enforceable. For a more detailed discussion of this risk factor, see page 21 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team lacks experience in managing a U.S. public company and complying with laws applicable to such company, the failure of which may adversely affect our business, financial condition and results of operations. For a more detailed discussion of this risk factor, see pages 21 and 22 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong operating subsidiary. For a more detailed discussion of this risk factor, see page 22 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A downturn in the Hong Kong or global economy, or a change in economic and political policies of the PRC, could materially and adversely affect our Hong Kong operating subsidiary's business and financial condition. For a more detailed discussion of this risk factor, see page 22 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantially all of our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. The enforcement of laws and that rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operating subsidiary's operations at any time, or may exert more control over securities offerings conducted overseas and/or foreign investment in Hong Kong-based issuers, which could result in a material change in our operating subsidiary's operations, significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless. For a more detailed discussion of this risk factor, see pages 22 to 24 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may be difficult for overseas shareholders and/or regulators to conduct investigations or collect evidence within the territory of China, including Hong Kong. For a more detailed discussion of this risk factor, see page 24 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although we are based in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the allegations, which could harm our Hong Kong operating subsidiary's business operations, this offering and our reputation, and could result in a loss of your investment in our Class A Ordinary Shares. For a more detailed discussion of this risk factor, see page 25 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse regulatory developments in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny to be adopted by the SEC in response to risks related to recent regulatory developments in China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs. For a more detailed discussion of this risk factor, see page 25 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are political risks associated with conducting business in Hong Kong. For a more detailed discussion of this risk factor, see pages 25 and 26 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may become subject to a variety of PRC laws and other regulations regarding data security or securities offerings that are conducted overseas and/or other foreign investment in China-based issuers, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless. For a more detailed discussion of this risk factor, see pages 26 to 29 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in exchange rates could have a material adverse effect on our results of operations and the price of our Class A Ordinary Shares. For a more detailed discussion of this risk factor, see page 29 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The enforcement of laws and rules and regulations in China can change quickly with little advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal

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system embodies uncertainties that could limit the availability of legal protections, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. For a more detailed discussion of this risk factor, see pages 29 and 30 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management based on Hong Kong laws. For a more detailed discussion of this risk factor, see page 30 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in Hong Kong, where the majority of our customers reside. For a more detailed discussion of this risk factor, see page 30 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business. For a more detailed discussion of this risk factor, see pages 30 and 31 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with Hong Kong's Competition Ordinance and any such other existing or future competition laws, regulations and governmental orders may entail significant expenses and could materially affect our business. For a more detailed discussion of this risk factor, see pages 31 and 32 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to Macau laws and regulations that are generally applicable to Macau entities, including Macau laws and regulations that result in oversight over data security. For a more detailed discussion of this risk factor, see page 32 of this prospectus.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No assurance that we will be able to identify and respond to latest market trends and customers' preferences, and there is no guarantee of continuous customer satisfaction with our products which would affect our business and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating results rely on the performance of our sales during peak seasons.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on a strong brand, which we might not be able to maintain or enhance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disruption of supplier relationships could materially and adversely affect our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A failure to establish and maintain strategic partnerships with our suppliers may affect our business and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No assurance that we will be able to source a reliable supply of perishable gift items, to fulfill customers' orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prices and supply of fresh-cut flowers and seasonal fruits may fluctuate subject to various factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complaints from our clients may affect our reputation and our ability to retain our existing customers and secure new customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any failure to maintain food safety and consistent quality could have a material and adverse effect on our brands, business and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any negative publicity, allegations, complaints or claims made against us may adversely affect our reputation, business, financial position, results of operations and price of our Shares.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on the reliability of computer systems maintained by us and the ability to implement, maintain and upgrade our information technology and security measures.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to credit risks of our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on third-party logistics companies to fulfill part of our delivery needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on our management team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have leased properties, and we may not be able to renew current leases or relocate for relevant leased properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any unexpected or prolonged disruptions to the operation of our workshop could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on external financing to support our business growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may default on our obligations under our credit facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to risks of infringement of our intellectual property rights and the unauthorized use of our trademarks by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are starting to explore the use of artificial intelligence in our business, which could expose us to liability or adversely affect our business.

#### Risks Related to our Corporate Structure
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are incorporated under the law of the British Virgin Islands and conduct substantially all of our operations, and all of our directors and executive officers reside, outside of the United States. You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors may have difficulty enforcing judgments against us, our directors and management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The laws of the British Virgin Islands relating to the protection of the interest of minority shareholders are different from those in the United States.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur increased costs as a result of being a public company.

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

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

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

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

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#### Implications of the HFCA Act
Our auditor is required by the laws of the United States to undergo regular inspections by the PCAOB. If our securities become listed on a national exchange or quoted on the over-the-counter market, trading in our securities may be prohibited under the HFCA Act, and our securities may be subject to delisting if the PCAOB cannot inspect or completely investigate our auditor for three consecutive years beginning 2022. Our independent registered public accounting firm's audit documentation related to their audit reports included in this prospectus include audit documentation located in Hong Kong. On June 22, 2021, the U.S. Senate passed Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before your securities may be prohibited from trading or delisted. On December 16, 2021, the PCAOB issued a report to notify the SEC its determinations that it is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, respectively, and identifies the registered public accounting firms in mainland China and Hong Kong that are subject to such determinations. The auditor of the Company, ARK Pro CPA & Co, is headquartered in Hong Kong and is not among the auditor firms listed on the determination list issued by the PCAOB, which notes all of the auditor firms that the PCAOB is not able to inspect. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. Our securities may be delisted or prohibited from trading if the PCAOB determines that it cannot inspect or investigate completely our auditor under the HFCA Act. See "Risk Factors — Risks Related to Doing Business in China — The SEC and PCAOB, and the HFCA Act call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially non-U.S. auditors who are not inspected by the PCAOB."

#### Corporate Information
Our principal office is located at Unit A&B, 7/F., Fuk Chiu Factory Building, No.20 Bute Street, Mongkok, Kowloon, Hong Kong and our telephone number is +852 2736-6670. Our registered office in the British Virgin Islands is located at the Vistra Corporate Service Centre, Wickhams Cay II, Road Town, Tortola, VG11110, British Virgin Islands. We maintain a website at *www.givegift.com.hk/.* We do not incorporate the information on our website into this prospectus and the information contained therein or connected thereto shall not be deemed to be part of this prospectus or the registration statement. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor New York, NY 10168.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#### THE OFFERING

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| | |
|:---|:---|
|  Shares offered | [1,500,000] Class A Ordinary Shares by us (or [1,725,000] Class A Ordinary Shares by us if the underwriters exercise their option to purchase additional Shares in full). |
|  Shares issued and outstanding <br>prior to this offering | <br>10,051,500 Class A Ordinary Shares and 8,248,500 Class B Ordinary Shares |
|  Shares issued and outstanding <br>after this offering | <br>[11,551,500] Class A Ordinary Shares (or [11,776,500] Class A Ordinary Shares if the underwriters exercise their option to purchase additional Class A Ordinary Shares in full) and [8,248,500] Class B Ordinary Shares. |
|  Initial public offering price | $[4.00] per Class A Ordinary Share |
|  Option to purchase additional Shares | <br>We have granted the underwriters an option to purchase up to [225,000] additional Class A Ordinary Shares from us within 45 days of the date of this prospectus. |
|  Lock-Up | We, each of our directors, officers and 5% or greater shareholders agree not to sell, transfer or dispose of, directly or indirectly, any of our common stock or securities convertible into or exercisable or exchangeable for our common stock for a period of twelve months from the closing of this offering, with respect to us, and six months from the date of this prospectus, with respect to our officers, directors and 5% or greater shareholders, See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
|  Use of proceeds | We estimate that we will receive net proceeds from this offering of approximately $[3.7] million, or approximately $[4.5] million if the underwriters exercise their option to purchase additional Class A Ordinary Shares in full, based on an assumed initial public offering price of $[4.00] per Class A Ordinary Share, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. |
|  | We intend to use the net proceeds from this offering as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• approximately [25]% for [marketing and customer acquisition, including brand awareness campaigns, customer loyalty programs and international expansion]; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• approximately [25]% for [development of technology and platform enhancement artificial intelligence, including marketing system to enhance marketing efficiency and platform scalability]; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• approximately [20]% for [expansion of our product portfolio and inventory management/optimization]; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• approximately [20]% for [operational scaling and expansion, including fulfillment centers, talent acquisitions and sustainability initiatives]; and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• remaining amount for [general administration and working capital]. |
|  | See "Use of Proceeds" for additional information. |
|  Risk factors | See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |

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| | |
|:---|:---|
|  Listing | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "GINT". The closing of this offering is conditioned upon Nasdaq Capital Market's final approval of our listing application.  |
|  Transfer agent | VStock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, New York 11598 |

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Unless otherwise indicated, all information in this prospectus assumes or gives effect to no exercise by the underwriters of their option to purchase up to [225,000] additional Class A Ordinary Shares from us.

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#### SUMMARY COMBINED FINANCIAL DATA
The following summary combined statements of operations for the six months ended September 30, 2024 and 2023, and for the years ended March 31, 2024 and 2023 and combined balance sheets data as of March 31, 2024 and 2023 and September 30, 2024 and 2023 have been derived from our combined financial statements included elsewhere in this prospectus. Our combined financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results are not necessarily indicative of the results that may be expected for any future period. The following summary combined financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our combined financial statements included elsewhere in this prospectus.

The summary combined statements of operations and cash flow:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30** | **For the six months ended <br>September 30** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
|  Net cash (used in) provided by operating activities | 97293 | (1173) |
|  Net cash used in investing activities | (5478) | (7598) |
|  Net cash used in financing activities | (770131) | (17053) |
|  Net increase in cash and cash equivalents | (678316) | (25824) |

---

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| | | |
|:---|:---|:---|
|  | **For the year ended<br> March 31** | **For the year ended<br> March 31** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
|  Net cash provided by operating activities | 677023 | 699649 |
|  Net cash used in investing activities | (9487) | (15755) |
|  Net cash used in financing activities | (309888) | (207343) |
|  Net increase in cash and cash equivalents | 357648 | 476551 |

---

The summary combined balance sheet as at

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **March 31,<br> 2024** |
|  | ***US$*** | ***US$*** |
|  Total assets | 2725548 | 1708898 |
|  Total liabilities | 2045641 | 1246323 |
|  Total equity | 679907 | 462575 |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> March 31** | **Year ended<br> March 31** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
|  Total assets | 1708898 | 1389107 |
|  Total liabilities | 1246323 | 1208787 |
|  Total equity | 462575 | 180320 |

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The following table presents our summary combined statements of operations for the six months ended September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30** | **For the six months ended <br>September 30** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
|  Revenues | 5367112 | 5249605 |
|  Cost of revenues | (3373907) | (3274797) |
|  Gross profit | 1993205 | 1974808 |
|  Total operating expenses | (1711308) | (1574892) |
|  Other (expense) income, net | (18648) | (12898) |
|  Income tax expense | (47742) | (40894) |
|  Net income | 215507 | 346124 |

---

The following table presents our summary combined statements of operations for the two years ended March 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> March 31** | **For the year ended<br> March 31** |
|  | **2024** | **2023** |
|  | ***US$*** | ***US$*** |
|  Revenues | 10455560 | 11211837 |
|  Cost of revenues | (6487087) | (7732782) |
|  Gross profit | 3968473 | 3479055 |
|  Total operating expenses | (3003716) | (3071896) |
|  Other (expense) income, net | (23278) | 103684 |
|  Income tax expense | (133585) | (38751) |
|  Net income | 807894 | 472092  |

---

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

#### Risks Related to Doing Business in Hong Kong
**Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors inspected by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the NASDAQ Capital Market, may determine to delist our securities. Furthermore, on December 29, 2022 the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus, reduced the time before our Class A Ordinary Shares may be prohibited from trading or delisted.**

The audit report included in this prospectus was issued by ARK Pro CPA & Co, a U.S.-based accounting firm that is registered with the PCAOB and can be inspected by the PCAOB. We have no intention of dismissing ARK Pro CPA & Co in the future or of engaging any auditor not based in the U.S. and not subject to regular inspection by the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject to full PCAOB inspection during the entire term of our engagement. The PCAOB is currently unable to conduct inspections in mainland China and Hong Kong without the approval of the PRC authorities. Currently, our U.S. auditor's audit work for us can be inspected by the PCAOB and our auditor has no auditor's work papers in China as of the date of this prospectus. We also have no operations in mainland China. However, if there is significant change to current political arrangements between mainland China and Hong Kong, companies operating in Hong Kong like us may face similar regulatory risks as those operated in the PRC and we cannot assure you that our auditor's audit work for us will continue to be able to be inspected by the PCAOB. If it is later determined that the PCAOB is unable to inspect or investigate our auditor completely, investors may be deprived of the benefits of such inspection. Any audit reports not issued by auditors that are completely inspected by the PCAOB could result in a lack of assurance that our financial statements and disclosures are adequate and accurate.

Inspections of other auditors conducted by the PCAOB outside mainland China have at times identified deficiencies in those auditors' audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality. The lack of PCAOB inspections of audit work undertaken in mainland China prevents the PCAOB from regularly evaluating auditors' audits and their quality control procedures. As a result, if any component of our auditor's work papers become located in mainland China in the future, such work papers will not be subject to inspection by the PCAOB. As a result, investors would be deprived of such PCAOB inspections, which could result in limitations or restrictions to our access of the U.S. capital markets.

As part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress that, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit work performed by a foreign public accounting firm for such issuers completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges Act prescribes increased disclosure requirements for these issuers and, beginning in 2025, the delisting from U.S. national securities exchanges of issuers included on the SEC's list for three consecutive years. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets.

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On May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such risks.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements in the HFCA Act. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to public companies whose stock is registered with the SEC and are identified by the SEC as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and whose audit work that PCAOB is unable to inspect or investigate. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC establishing that the registrant is not owned or controlled by a government entity in the public accounting firm's foreign jurisdiction, and they also require, among other things, disclosure in the registrant's annual report regarding the audit arrangements of, and government influence on, such registrants. Pursuant to the HFCA act, our securities may be prohibited from trading on the NASDAQ Capital Market or other U.S. stock exchanges if our auditor cannot be inspected by the PCAOB for three consecutive years, and this ultimately could result in our Class A Ordinary Shares being delisted.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its audit work cannot be inspected when its auditor is subject to PCAOB inspections for two consecutive years instead of three and, thus, reduced the time before our Class A Ordinary Shares may be prohibited from trading or delisted.

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

On November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations Under the HFCA Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations. Our registered public accounting firm, ARK Pro CPA & Co is headquartered in Hong Kong, and is currently subject to the PCAOB inspections under a regular basis. As of the date of the prospectus, ARK PRO, our current auditor, are not subject to the determinations as to inability to inspect or investigate completely as announced by the PCAOB on December 16, 2021.

The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. Future developments in respect to increasing U.S. regulatory access to audit information are uncertain, as the legislative developments are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative procedures.

On August 26, 2022, CSRC, the Ministry of Finance of the PRC and the PCAOB signed the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by

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the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. There can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if there is significant change to current political arrangements between mainland China and Hong Kong or if any component of our auditor's work papers become located in mainland China in the future. The market price of our Class A Ordinary Shares could be adversely affected as a result of anticipated negative impact of these executive or legislative actions, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination.

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

On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus, reduced the time before our Class A Ordinary Shares may be prohibited from trading or delisted.

The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. Future developments in respect of increasing U.S. regulatory access to audit information are uncertain, as the legislative developments are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative procedures.

**The SEC and PCAOB, and the HFCA Act call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially non-U.S. auditors who are not inspected by the PCAOB.**

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

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

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

On November 5, 2021, the PCAOB approved a new rule, PCAOB Rule 6100, Board Determinations Under the HFCA Act to provide a framework for its determinations under the HFCA Act that the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. The rule establishes the manner of the PCAOB's determinations;

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the factors the PCAOB will evaluate and the documents and information the PCAOB will consider when assessing whether a determination is warranted; the form, public availability, effective date, and duration of such determinations; and the process by which the Board will reaffirm, modify, or vacate any such determinations.

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

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

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

On December 23, 2022, the AHFCA Act was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly.

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

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

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

Under Hong Kong law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect

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of dividends paid by us. Any limitation on the ability of our operating subsidiary in Hong Kong to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

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

We may in the future depend on dividends and other distributions on equity paid by our operating subsidiary in Hong Kong or depend on our assets located in Hong Kong for our cash and financing requirements. The PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in the availability of foreign currency may then restrict the ability of our PRC subsidiary to remit sufficient foreign currency to our offshore entities for our offshore entities to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations. Therefore, to the extent cash or assets in our business is in Hong Kong or in our operating subsidiary in Hong Kong, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our ability to transfer cash or assets.

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

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

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

Our current management team lacks experience in managing a U.S. publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to U.S. public companies. Prior to the completion of this offering, we were a private company mainly operating our businesses in Hong Kong. As a result of this offering, our Company will become subject to significant regulatory oversight and reporting obligations under the federal securities laws and the scrutiny of securities analysts and investors, and our management currently has no experience in complying with such laws, regulations and obligations. Our management team may not successfully

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or efficiently manage our transition to becoming a U.S. public company. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and results of operations.

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

The Class A Ordinary Shares offered in this prospectus are those of Gifts International. Gifts International is a holding company incorporated under the laws of the BVI with limited liability. The majority of our business operations are conducted through our subsidiary, Broaden Leisure, and hence, our revenue and profit are substantially contributed by our Hong Kong operating subsidiary. For the years ended March 31, 2023 and 2024, our Hong Kong operating subsidiary, Broaden Leisure declared and distributed a dividend of HK$4,200,000 and HK$4,100,000 (US$525,641) by setting off the amount due from our shareholder, Mr. Ngai Chiu Wong, respectively. Subsequently, on October 23, 2024, the Company declared and paid the special dividend of HK$1,500,000 (US$193,068) by setting off the amount due from a shareholder, Mr. Ngai Chiu Wong. We may consider paying further dividends in the near future. See "*Dividend Policy*".

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

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

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

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

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

Our operations are primarily located in Hong Kong so we are subject to the laws, regulations and policies of the Hong Kong government as well as the influence of the PRC government. However, our ability to operate in Hong Kong may be adversely affected by changes in its laws and regulations. Further, because some of our clients are PRC individuals or are Hong Kong listed entities that have shareholders or directors that are PRC individuals, certain of our clients may be materially adversely affected by changes in relevant laws and regulations. As such, our business operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to our

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

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

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

According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, as of the date of this prospectus, based on PRC laws and regulations effective as of the date of this prospectus, the registered public offering of the Company and its subsidiaries in the United States are not subject to the filing procedure of the CSRC, because the Company and its subsidiaries do not meet any of the condition stipulated by the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures, as we confirm that (i) the Company and its subsidiaries are not registered within mainland China; and (ii) the main aspects of the business activities of the Company and its subsidiaries are not carried out

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within mainland China, the primary locations of the business operations of the Company and its subsidiaries are not within mainland China, and the majority of the senior management of the Company and its subsidiaries responsible for daily operations are not Chinese citizens or do not have their habitual residence within mainland China.

According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, as none of the Company and its subsidiaries has ever carried out business in mainland China, Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel are of the opinion that there are no current PRC laws and regulations (including regulations of the CSRC, the CAC, or any other government entity) in force explicitly requiring that the Company and its subsidiaries obtain permission or approval from PRC authorities to operate business in mainland China, or to issue securities to foreign investors.

No permissions or approvals have been applied for by the Company and its subsidiaries or denied by any relevant authority. In the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC and that we are required to obtain such permissions or approvals, or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer our Class A Ordinary Shares to investors and could cause the value of such securities to significantly decline or be worthless and even delisting. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment in the future.

According to the legal opinion issued by STA Advogados, our Macau counsel, according to Article 18, paragraphs 2 to 4 of the Basic Law of Macau, the Central People's Government has the authority to apply national laws to Macau. While Macau currently operates under a different set of laws from mainland China, there can be no assurance as to whether the government of Macau will enact laws and regulations similar to mainland China, or whether any laws or regulations of mainland China will become applicable to our operations in Macau in the future, which could happen at any time and with no advance notice.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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As of the date of this prospectus, our clientele is based in Hong Kong. Nonetheless, we may in the future have clients that are Hong Kong-based public or private entities that may have shareholders or directors who are PRC individuals, or PRC individuals or entities. Accordingly, we may collect and store certain data (including certain personal information) concerning such clients in connection with our business and operations and for "Know Your Customers," or KYC, purposes. According to the legal opinion issued by our Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, given that (i) the Company and its subsidiaries are not registered within mainland China; (ii) none of the Company and its subsidiaries has been identified as an operator of critical information infrastructure in mainland China, nor have the Company and its subsidiaries engaged in data (including personal information) processing activities that affect or may affect the national security of PRC; and (iii) the Company and its subsidiaries do not possess more than 1 million personal information of PRC users, Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel are of the opinion that the Company and its subsidiaries are not subject to the cybersecurity review required by the Cybersecurity Review Measures of the CAC.

According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, given that (i) the Company and its subsidiaries are not registered within mainland China; and (ii) none of the Company and its subsidiaries has been identified as an operator of critical information infrastructure in mainland China, nor has collected or provided important data or personal information from mainland China to overseas entities, Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel are of the opinion that the Company and its subsidiaries are not required to go through security assessment for outbound data transfer, or other requirements stipulated in the Provisions on Promoting and Regulating Cross-border Flow of Data by the CAC.

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

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

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

The Overseas Listing Trial Measures provides that an overseas listing or offering is explicitly prohibited, if any of the following: (i) such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules; (ii) the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities under the State Council in accordance with law; (iii) the domestic company intending to make the securities offering and listing, or its controlling shareholder(s) and the actual controller,

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have committed relevant crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three years; (iv) the domestic company intending to make the securities offering and listing is currently under investigations for suspicion of criminal offenses or major violations of laws and regulations, and no conclusion has yet been made thereof; or (v) there are material ownership disputes over equity held by the domestic company's controlling shareholder(s) or by other shareholder(s) that are controlled by the controlling shareholder(s) and/or actual controller. Moreover, a domestic company that seeks to offer and list securities on overseas markets shall abide by certain other regulatory requirements as set out in the Overseas Listing Trial Measures, including, without limitation to, compliance with laws of national secrecy, foreign investment, cybersecurity, data security, cross-border investment and financing, foreign exchange, and other laws and relevant provisions.

Pursuant to the Overseas Listing Trial Measures, (i) domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Overseas Listing Trial Measures within three working days following their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (ii) if the issuer meets both of the following criteria, the overseas offering and listing conducted by such issuer shall be deemed an indirect overseas offering and listing by a PRC domestic company: (A) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from PRC domestic companies; and (B) the majority of the issuer's business activities are carried out in mainland China, or its main place(s) of business are located in mainland China, or the majority of its senior management team in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. In such circumstances, where a PRC domestic company is seeking an indirect overseas offering and listing in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for an initial public offering or listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted. According to the legal opinion issued by Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel, given that (i) the Company and its subsidiaries are not registered within mainland China; and (ii) the main aspects of the business activities of the Company and its subsidiaries are not carried out within mainland China, the primary locations of the business operations of the Company and its subsidiaries are not within mainland China, and the majority of the senior management of the Company and its subsidiaries responsible for daily operations are not Chinese citizens or do not have their habitual residence within mainland China, Beijing Dacheng Law Offices, LLP (Shenzhen), our PRC counsel are of the opinion that the registered public offering of the Company and its subsidiaries in the United States are not subject to filing procedure of the CSRC.

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

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

Recent statements, laws and regulations by the Chinese government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Draft Overseas Listing Regulations, have indicated an intent to exert more oversight and control over securities offerings that are conducted overseas and/or foreign investments in China-based issuers. It is uncertain whether the Chinese government will adopt additional requirements or extend the existing requirements to apply to Broaden Leisure. We could be subject to approval or review of Chinese regulatory authorities to pursue this offering. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause

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the value of such securities to significantly decline or be worthless. Further, if we were to become subject to PRC laws and/or authorities we could incur material costs to ensure compliance and experience devaluation of our Class A Ordinary Shares or our Class A Ordinary Shares may be prohibited from trading or may be delisted.

On February 24, 2023, the CSRC promulgated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (the "Confidentiality and Archives Administration Provisions"), which became effective on March 31, 2023. According to the Confidentiality and Archives Administration Provisions, domestic companies that seek overseas offering and listing (either in direct or indirect means) and the securities companies and securities service providers (either incorporated domestically or overseas) that undertake relevant businesses shall institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations. They shall not leak any state secret or working secret of government agencies, or harm national security and public interests. Therefore, a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to laws, and file with the secrecy administrative department at the same level. Moreover, if the leakage of any other documents and materials, which a domestic company plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities aforementioned, will be detrimental to national security or public interest, the domestic company shall strictly fulfill relevant procedures stipulated by applicable regulations.

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

#### Fluctuations in exchange rates could have a material adverse effect on our results of operations and the price of our Class A Ordinary Shares.
Our business is conducted in Hong Kong through our operating subsidiary, Broaden Leisure. Our books and records are reported in Hong Kong dollars, which is the currency of Hong Kong. However, the financial statements that we file with the SEC and provide to our shareholders are presented in U.S. dollars.

Since 1983, Hong Kong dollars have been pegged to the U.S. dollars at the rate of approximately HK$7.80 to US$1.00. Changes in the exchange rate between the Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in U.S. dollars. The value of the Hong Kong dollar against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in the Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue, and financial condition.

We cannot assure you that the current policy of the pegging of Hong Kong dollars to U.S. dollars will not be changed in the future. If the pegging system collapses and Hong Kong dollars suffer devaluation, the Hong Kong dollar cost of our expenditures denominated in foreign currency may increase. This would in turn adversely affect the operations and profitability of our business.

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

Hong Kong is a special administrative region of the PRC. Following British colonial rule from 1842 to 1997, China assumed sovereignty under the "one country, two systems" principle. The Hong Kong special administrative region's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years. The laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law are maintained. Hong Kong has enjoyed the freedom to function with a high degree of autonomy

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

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

Currently, all of our operations are conducted in Hong Kong outside the United States, and all of our assets are located outside the United States. A majority of our directors and officers are Hong Kong nationals or residents and a substantial portion of their assets are located in Hong Kong outside the United States. You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in the prospectus, as judgments entered in the United States can be enforced in Hong Kong only at common law. If you want to enforce a judgment of the United States in Hong Kong, it must be a final judgment conclusive upon the merits of the claim, for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. In addition, the PRC does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in the PRC of judgments of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible. For more information regarding the relevant laws of the British Virgin Islands and Hong Kong, see "Enforceability of Civil Liabilities."

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

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

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

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

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

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

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

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

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

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

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

**We are subject to Macau laws and regulations that are generally applicable to Macau entities, including Macau laws and regulations that result in oversight over data security.**

MGGB, a Macau company wholly owned by Mr. Mr. Ngai Chiu Wong, is acting as an operating unit to collect the sales receipts on behalf of the Company and is deemed as a VIE. MGGB, as a Macau registered entity, is subject to Macau laws generally applicable to Macau entities. We believe MGGB is compliant with the laws and regulations governing its existence and operations in Macau, including without limitation, laws and regulations relating to data security and anti-monopoly, According to the legal opinion issued by STA Advogados, our Macau counsel, the regulatory requirements related to data security in Macau are stipulated by Law no. 11/2009 "Law on Combatting Computer Crime" (amended by Law no. 4/2020), the relevant provisions for anti-monopoly practices in Macau are stipulated in the Macau Commercial Code, which addresses "Unfair Competition," as well as in Law no. 9/2021 "Consumer Rights and Interests Protection Law." Generally, violations of the provisions of Law No. 4/2020 may lead to a court order for the dissolution of a company or a public sector requirement for judicial liquidation, but only under specific circumstances. Otherwise, none of the abovementioned regulatory requirements related to data security or anti-monopoly concerns in Macau will fundamentally affect the operation of MGGB or us to conduct business in Macau, accept foreign investments or list on U.S. and other foreign exchanges, unless under certain circumstances. These circumstances are referenced in Article 13, paragraph 1 and paragraph 3, item 2 of the Law No. 11/2009 on Combating Computer Crimes Law, amended by Law No. 4/2020, pursuant to which, if a crime stipulated in the Law is committed in the name of a company or in its interests, such as entering or interfering with a computer system without permission, obtaining or damaging data, manufacturing or providing criminal tools, computer forgery or computer fraud, etc., in addition to the company being subject to relevant criminal liability, the court has the authority to order the dissolution of the company if the conditions referred to in Paragraph 7 of Article 13 are met at the same time.

#### Risks Related to Our Business
**No assurance that we will be able to identify and respond to latest market trends and customers' preferences, and there is no guarantee of continuous customer satisfaction with our products which would affect our business and financial performance.**

Our business historically has focused on design and sale of floral gifts, fresh fruit baskets, corporate gift hampers, seasonal gifts, individual gifts and customized gifts. We serve both corporate and individual customers through online platform offering a broad product range of over 2,075 gifts in 40 categories. Constantly changing product trends and consumer preferences have affected and will continue to affect our business. To maintain our attractiveness, we continuously expand our product offerings to provide a wider array of meticulously customizable gifts for our customers. We must stay abreast of constantly changing market trends and customers' preferences and anticipate product trends that will appeal to existing and new customers. Any failure to identify and respond to such changes in market trends or shifts in customers' preferences could result in decreased number of customers and reduced customer satisfaction, and could cause our business and financial performance to be adversely affected.

#### Our operating results rely on the performance of our sales during peak seasons.
Sales of our products are seasonal, concentrated in the festive periods, including but not limited to the Chinese New Year, Mother's Day, Easter, Mid-autumn festival and Christmas. During festive periods, our customers, both individual and corporate clients, require our top quality and tailor-made corporate gifts to suit their relationship management needs. If sales during these periods do not meet our expectations, we may not generate sufficient revenue and our financial performance will be adversely affected.

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#### Failure to compete effectively may adversely affect our market share and profitability.
The industry we operate in is intensely competitive with respect to, among other things, brand recognition, product portfolio, quality, services and prices. Our competitors include a variety of sole-proprietorship operations, local and regional firms at different levels. Further, consumers in this industry often gravitate towards large-scale and notable market participants, further driving market consolidation in favor of these large-scale companies. Industry players are increasingly pursuing horizontal and vertical business expansions to diversify their revenue streams, strengthen market positions and lower operational and management costs. Furthermore, new competitors may emerge from time to time, which may further intensify the competition. Increased competition may reduce our margins and market share and impact brand recognition, or result in significant losses. When we set prices, we have to consider how competitors have set prices for the same or similar products. When they cut prices or offer additional benefits to compete with us, we may have to lower our own prices or offer additional benefits or risk losing market share, either of which could adversely affect our financial condition and results of operations. Our ability to effectively compete will depend on various factors, including our ability to expand our product portfolio, to enhance marketing efficiency, to pursue collaborations with famous brands and to maintain our timely fulfillment capability. Failure to successfully compete may prevent us from increasing or sustaining our revenue and profitability and potentially lead to a loss of market share, which could have a material and adverse effect on our business, financial condition, results of operations and cash flows.

#### Our business depends on a strong brand, which we might not be able to maintain or enhance.
We must maintain and enhance our "GiveGiftBoutique" brand to expand our customer base and our revenues. We believe that the strong awareness of our brand contributes to recurring customers' orders, and maintaining and enhancing our brand is critical to expanding and retaining our base of customers and suppliers. We intend to substantially increase our expenditures for creating and maintaining brand loyalty and raising awareness of our additional product offerings. However, if we fail to advertise and market our products effectively, we may not succeed in establishing our brands, we will lose customers and our revenues and our financial performance will be adversely affected.

#### The disruption of supplier relationships could materially and adversely affect our business and results of operations.
Our suppliers are primarily comprised of suppliers of flowers, fruits and gourmet, and logistics service providers. Our directors believe that identifying high-quality suppliers and maintaining a stable business relationship with them are critical for our business operations. We had over 100 suppliers as of March 31, 2024. Maintaining strong relationships with these suppliers is important to the growth of our business. In particular, we depend significantly on our ability to directly procure flowers, fruits and gourmet products from suppliers on favorable terms. However, as we have not entered into any framework agreement with majority of our suppliers, there can be no assurance that we can secure the availability of products or the continuation of particular pricing practices or payment terms in the future. If our business relationships with suppliers are interrupted, we may lose our competitive advantage of procuring flowers, fruits and gourmet with premium quality and favorable prices, which in turn may materially and adversely affect our financial conditions and results of operations.

#### A failure to establish and maintain strategic partnerships with our suppliers may affect our business and financial performance.
Through established and strategic partnerships with our suppliers, we have secured the supply of a selective range of products. Our purchases from these suppliers encompass a wide range of high-quality gift items, including premium mooncakes. If we fail to establish and maintain strategic partnerships with these suppliers, we may lose access to the latest high-quality gift items, disallowing us to consistently deliver unique gifting services to our customers. which will adversely affect our business and financial performance.

#### No assurance that we will be able to source a reliable supply of perishable gift items, to fulfill customers' orders.
Our gifts and hampers often include perishable items such as fresh-cut flowers and seasonal fruits. To ensure the utmost freshness and timely supply, our workshop is strategically located in close proximity to one of the largest fresh flower and fruit markets in Hong Kong. Also, we make diligent efforts to eliminate any old stock in order to uphold the highest standards of quality of our products. However, cultivation of fresh flowers and fruits is vulnerable to extreme weather conditions such as windstorms, hailstorms, drought, temperature extremes and typhoons, as well as natural disasters such as earthquakes, fires and floods. Unfavorable conditions can reduce both quantity and quality of fresh

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flowers and fruits. In extreme cases, entire harvests may be lost in some geographic areas. These factors may create substantial volatility in the availability of certain fresh flowers and fruits in a certain period. As such, the occurrence of any of these events may create significant volatility for our flower and fruit supply from the market, and thus, our business and financial performances may be adversely affected.

#### The prices of fresh-cut flowers and seasonal fruits may fluctuate subject to various factors.
Fresh-cut flowers and seasonal fruits are highly perishable and most of them must be brought to market and sold very shortly after harvest. The selling price for a certain type of flowers and fruits may fluctuate significantly subject to various factors such as supply of and demand for such flowers and fruits and their quality. Weather condition in various regions of Hong Kong, China and worldwide is one of the primary factors affecting the supply of flowers and fruits. Majority of the flowers and fruits which we have sourced are not suitable for long-term storage, hence, we may not maintain adequate stock of these items. If the supply of flowers and fruits available is limited due to weather conditions or other factors, prices for flowers will likely rise and we may not be able to obtain high quality flowers in an amount sufficient to fulfill our customer orders. Even if available, flowers and fruits from alternative sources may be of lesser quality and/or may be more expensive, which could increase our procurement costs and have a material and adverse effect on our business, results of operations and financial condition.

#### Complaints from our clients may affect our reputation and our ability to retain our existing customers and secure new customers.
We may receive complaints from clients mostly in relation to quality and condition of our products. If the number of complaints in relation to quality and condition of our products increases, our reputation could be affected by these complaints which may have negative impact on our ability to retain existing customers or our ability to secure new customers. Our clients may not continue to use our services which could have an adverse impact on our business and financial performance.

#### Any failure to maintain food safety and consistent quality could have a material and adverse effect on our brands, business and financial performance.
Our gifts and hampers often include food products such as seasonal fruits and gourmet. We believe that quality and safety of our food products are critical to our success. We pay close attention to quality control, monitoring each step in the process from procurement to delivery. However, there is no assurance that our quality control and monitoring measures will prove to be effective at all times. We face an inherent risk of food contamination and liability claims. Any food contamination that we fail to detect or prevent could adversely affect the overall quality of our gift products, which could lead to liability claims, and the imposition of penalties or fines by relevant authorities. Furthermore, the quality of gourmet provided by our suppliers is subject to factors beyond our control, including the effectiveness and efficiency of their quality control system, among others. There is no assurance that our suppliers may always be able to adopt effective quality control systems and meet our stringent quality control requirements in respect of the products they provide. Any failure of our suppliers to provide satisfactory products could harm our reputation and adversely impact our operations. Moreover, we currently do not maintain any product liability insurance and may not have adequate resources to satisfy a judgment in the event of a successful product liability claim against us. The successful assertion of product liability claims against us could result in potentially significant monetary damages and require us to make significant payments.

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

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

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

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

**Our business depends on the reliability of computer systems maintained by us and the ability to implement, maintain and upgrade our information technology and security measures.**

Our business depends on the reliability of computer systems maintained by us to operate efficiently and reliably at all times. Certain emergencies or contingencies could occur, such as a natural disaster or a significant power outage, which could temporarily shut down our facilities and computer systems. Further, our cybersecurity measures may not detect, prevent or control all attempts to compromise our systems, including distributed denial-of-service attacks, viruses, Trojan horses, malicious software, break-ins, phishing attacks, third-party manipulation, security breaches, employee misconduct or negligence or other attacks, risks, data leakage and similar disruptions that may jeopardize the security of data stored in and transmitted by our systems or that we otherwise maintain. In addition, if the technological and operational platforms and capabilities become outdated, we will be at a disadvantage when competing with our competitors. In addition, our failure to back up our data and information in a timely manner may cause material disruption of our business operation and may therefore adversely affect our business and results of operations.

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

For the six months ended September 30, 2024, we had net cash inflow from our operating activities of approximately US$97,293, primarily arising from our operating profit adjusted for changes in working capital. For the year ended March 31, 2024, we had net cash inflow from our operating activities of approximately US$0.7 million, primarily arising from our operating profit adjusted for changes in working capital. For the year ended March 31, 2023, we had net cash inflow in our operating activities of approximately US$0.7 million mainly because of net income generated from sales. Accordingly, we require significant amount of working capital to sustain general operating expenses and ensure seamless business continuity. There is no assurance that we will be able to generate such net cash inflows from operating activities in the future. In the event we are not able to generate sufficient funds to finance our operations, and not able to finance from our external sources, our operations and financial position will be materially and adversely affected.

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

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

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

We derive working capital for our operations through cash generated by our operating activities and borrowings under our debt instruments. If our working capital needs increase in the future, we may be forced to seek additional sources of capital, which may not be available on commercially reasonable terms. The amount we are entitled to borrow under our debt instruments is calculated monthly based on the aggregate value of certain eligible trade accounts

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receivable generated from our operations, which are affected by financial, business, economic and other factors, as well as by the daily timing of cash collections and cash outflows. The aggregate value of our eligible accounts receivable may not be adequate to allow for borrowings for other corporate purposes, such as capital expenditures or growth opportunities, which could reduce our ability to react to changes in the market or industry conditions.

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

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

#### We rely on third-party logistics companies to fulfill part of our delivery needs.
We will arrange our in-house logistics team or engaging external logistics service providers for delivery as per the customer's request. The services provided by our logistics service providers may be interrupted, suspended or cancelled due to unforeseen events, which could cause interruption to the sales or delivery our gift products. The transportation costs of third-party logistics service providers are subject to factors beyond our control, such as fluctuation in the gasoline price, increases in road tolls and bridge tolls, and changes in transportation regulations. Any increase in the service costs of our logistics service providers may lead to an increase to our logistic expenses, which may in turn negatively affect our results of operations. In addition, as we do not have absolute control over these logistics service providers, we cannot guarantee their quality of services. If there is any delay in delivery, mishandling of products, misallocation of products, damage to products or any other issue, our sales and brand image may be demolished. Due to the nature of our products, we require our logistics service providers to comply with a comprehensive set of technical protocols with respect to hygiene and physical conditions for gift products in transit. However, we may not be able to effectively and timely identify any non-compliance by these logistics service providers. As such, if there is any material non-compliance of our technical protocols which cause damage to our gift products, our business, financial condition and results of operations may be materially and adversely affected.

#### We are dependent on our management team.
Our success is, to a large extent, attributable to our executive directors' strategies and visions as well as their involvement in key aspects of our business, including but not limited to the acquisition and maintenance of new and existing customer relationships, pricing of our products and purchases, and overall management of our operations. The business of our Company was founded by Mr. Wong, chairman of the board of directors and chief executive officer. Further, majority of our team of executive officers have worked for more than 10 years in our Company. They possess extensive industry contacts and knowledge, and are familiar with our business operations and have established good relationships with our customers.

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

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

#### Any unexpected or prolonged disruptions to the operation of our workshop could adversely affect our business.
Our workshop is located in Hong Kong and occupies a total floor area of 1,017 square meters to cater for all on-site operation from order processing, packaging, card printing, photo shooting to storage. In the event that there is any unexpected and prolonged disruption in the supply of utilities, such as water or electricity, or access to the premises, such as fire, and we cannot restore the affected infrastructures, or relocate promptly to another suitable location with well-equipped facilities, our business operations will be materially and adversely interrupted, which, in turn, will affect our results of operations. In particular, due to the perishable nature of our gift items such fresh flowers and fruits, we have established detailed technical criteria as to temperature for processing and warehousing fresh flowers and fruits. If we incur any material equipment breakdown, such as a prolonged failure of the equipment for temperature control, the quality of the fresh flowers and fruits stored in the relevant facilities may be compromised. We may have to downgrade their quality level or even discard them and absorb the relevant costs. In addition, repairing or adding equipment and machinery for our workshop may be expensive and time consuming.

#### We are dependent on external financing to support our business growth.
We rely on bank borrowings to finance our operations. Our total borrowings amounted to approximately $0.9 million and $0.8 million as at March 31, 2024 and 2023, respectively.

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

In addition, our finance costs amounted to $24,062 and $26,305, which represented 2.5% and 5.1% of our profit before income tax for the two years ended March 31, 2024 and 2023, respectively. Given that we rely on these facilities to finance our operations, any increase in interest rates on facilities extended to us may have a material and adverse impact on our financial performance.

#### We may default on our obligations under our credit facilities.
We have entered into several banking facilities with banks in Hong Kong. $0.9 million and $0.8 are guaranteed by Mr. Wong, the Controlling Shareholder and Hong Kong Mortgage Corporation Limited as at March 31, 2024 and 2023, respectively. A failure to repay any of the indebtedness under our banking facilities as they become due or to otherwise comply with the covenants contained in any of such agreements could result in an event of default thereunder. If not cured or waived, an event of default under any of such agreements could enable the lender thereunder to declare all borrowings outstanding on such debt, together with accrued and unpaid interest and fees, to be due and payable. The lenders could also elect to foreclose on our assets securing such debt or enforce the repayment obligation

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against the guarantors. In such an event, we may not be able to pay dividends or have sufficient liquidity to meet operating and capital expenditure requirements. Any such acceleration could cause us to lose a substantial portion of our assets and will substantially adversely affect our ability to continue our operations.

#### We are exposed to risks of infringement of our intellectual property rights and the unauthorized use of our trademarks by third parties.
We have registered our trademarks and patents to protect our intellectual property rights in Hong Kong. Should our trademarks be violated or infringed, there may be confusion by potential customers who have not previously worked with us.

Given our limited resources, we may not be able to effectively prevent third parties from violating our Company's intellectual property rights. There is also no assurance that we will be able to obtain adequate remedies in the event of a violation of our intellectual property rights by our competitors or other third parties. If we fail to protect our intellectual property rights adequately, there may be an adverse impact on our Company's reputation, goodwill and financial performance.

As of the date of this prospectus, whilst we have not experienced any claims for intellectual property rights infringement, there is no assurance that the products, services, technologies and advertising we use in our business do not or will not infringe valid intellectual property rights held by third parties in the future. Additionally, for generic products that we purchased, we do not disclose to our customers the source of our supplies and such products are marketed under our brand name. In the event of any claims or litigation by third parties involving infringement of their intellectual property rights, whether with or without merit, our operations and financial performance may be adversely affected.

#### Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.
Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and resources to address our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our combined financial statements for the years ended March 31, 2023 and 2024, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting as well as other control deficiencies for the abovementioned periods. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting. There is a reasonable possibility that a material misstatement in our annual or interim financial statements may not be prevented or detected on a timely basis. The material weakness identified is related to (i) inadequate segregation of duties for certain key functions due to limited staff and resources; and (ii) a lack of independent directors and an audit committee.

We intend to implement measures designed to improve our internal control over financial reporting to address the underlying causes of these material weaknesses, including (i) hiring more qualified staff to fill the key roles in the operations; (ii) appointing independent directors; (iii) establishing an audit committee; and (iv) strengthening our corporate governance. We intend to implement the above measures prior to the listing and we expect the remediation to be completed upon listing.

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

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#### W e are starting to explore the use of artificial intelligence in our business, which could expose us to liability or adversely affect our business.
We intend to explore the possibility of using artificial intelligence to enhance our competitiveness and believe artificial intelligence will optimize our marketing efforts in the future. There are significant risks involved in utilizing artificial intelligence and no assurance can be provided that our use of such artificial intelligence will enhance our business or produce the intended results. The artificial intelligence models that people use are trained using various data sets. If the artificial intelligence models are incorrectly designed, the data people use to train them is incomplete, inadequate, or biased in some way, or people do not have sufficient rights to use the data on which our artificial intelligence models rely, the performance of our products, services, and business, as well as our reputation, could suffer or we could incur liability through the violation of laws and regulations, third-party intellectual property, privacy, or other rights, or contracts to which we are a party. Further, generative artificial intelligence has been known to produce false or "hallucinatory" inferences or outputs; artificial intelligence can present ethical issues and may subject us to new or heightened legal, regulatory, ethical, or other challenges; and inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of artificial intelligence, could impair the acceptance of artificial intelligence solutions, including those incorporated in our business. If the artificial intelligence tools that we use are deficient, inaccurate or controversial, we could incur operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.

In addition, regulation of artificial intelligence is rapidly evolving worldwide as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying artificial intelligence and its uses are subject to a variety of laws and regulations, including intellectual property, data privacy and security, customer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations. We may not be able to anticipate how to respond to these rapidly evolving frameworks, and we may need to expend resources to adjust our operations or offerings in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Furthermore, because artificial intelligence technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of artificial intelligence

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

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

Our corporate affairs are governed by our Amended Memorandum and Articles, the BCA and the common law of the British Virgin Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under the British Virgin Islands laws are to a large extent governed by the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from the English common law, which has persuasive, but not binding authority, on a court in the British Virgin Islands. The rights of our shareholders and the fiduciary duties of our directors under the British Virgin Islands laws may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of securities laws than the United States. In addition, British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of a BVI business company like us could, however, bring a derivative action in the BVI courts, and there is a clear statutory right to commence such derivative claims under Section 184C of the BCA. The circumstances in which any such action may be brought, and the procedures and defences that may be available in respect to any such action, may result in the rights of shareholders of a BVI business company being more limited than those of

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shareholders of a company organized in the U.S. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The BVI courts are also unlikely to recognize or enforce against us judgments of courts in the U.S. based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions brought in the BVI, based on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the BVI of judgments obtained in the U.S., although the courts of the BVI will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. The BCA offers some limited protection of minority shareholders. The principal protection under statutory law is that shareholders may apply to the BVI court for an order directing the company or its director(s) to comply with, or restraining the company or a director from engaging in conduct that contravenes the BCA. Under the BCA, the minority shareholders have a statutory right to bring a derivative action in the name of and on behalf of the company in circumstances where a company has a cause of action against its directors. This remedy is available at the discretion of the BVI court. A shareholder may also bring an action against the company for breach of duty owed to him as a shareholder. A shareholder who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the BVI court for an order to remedy the situation.

There are common law rights for the protection of shareholders that may be invoked, largely dependent on English common law. Under the general rule pursuant to English common law known as the rule in Foss v. Harbottle, a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction with the conduct of the company's affairs by the majority or the board of directors. However, every shareholder is entitled to have the affairs of the company conducted properly according to BVI law and the constitutional documents of the company. As such, if those who control the company have persistently disregarded the requirements of the BVI law and the constitutional documents of the company, then the courts may grant relief. Generally, the areas in which the courts will intervene are the following: (1) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud on the minority where the wrongdoers control the company; (3) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote; and (4) where the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders. This means that even if shareholders were to sue us successfully, they may not be able to recover anything to make up for the losses suffered.

Under the laws of the BVI, the rights of minority shareholders are protected by provisions of the BCA dealing with shareholder remedies and other remedies available under common law (in tort or contractual remedies). The principal protection under statutory law is that shareholders may bring an action to enforce the constitutional documents of the company (i.e. the memorandum and articles of association) as shareholders are entitled to have the affairs of the company conducted in accordance with the BCA and the memorandum and articles of association of the company. A shareholder may also bring an action under statute if he feels that the affairs of the company have been or will be carried out in a manner that is unfairly prejudicial or discriminating or oppressive to him. The BCA also provides for certain other protections for minority shareholders, including in respect of investigation of the company and inspection of the company books and records. There are also common law rights for the protection of shareholders that may be invoked, largely dependent on English common law, since the common law of the BVI for business companies is limited.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our Class A Ordinary Shares will be listed on Nasdaq Capital Market, such securities will be covered securities.

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Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed on Nasdaq Capital Market, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our securities.

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

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

Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our Company's financial performance and public image and negatively affect the long-term liquidity of our Class A Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares and understand the value thereof.

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

Each Class B Ordinary Share has 20 votes per share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Share has one vote per share and is not convertible into Class B Ordinary Shares. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Wong, our Controlling Shareholder, will hold [8,248,500] Class B Ordinary Shares, representing approximately [93.46]% of the total voting power of our Company, assuming that the underwriters do not exercise their over-allotment option. In addition, because of the 20-to-one voting ratio between our Class B and Class A Ordinary Shares, the holders of our Class B Ordinary Shares could continue to control a majority of the combined voting power of our Ordinary Shares and therefore control all matters submitted to our shareholders for approval until converted by the holders of our Class B Ordinary Shares. This concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring shareholder approval. In addition, this concentrated control may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel are in your best interest as one of our shareholders. As a result, such concentrated control may adversely affect the market price of our Class A Ordinary Shares.

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

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

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

#### Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders.
As of the date of this prospectus, Mr. Wong, our Controlling Shareholder, owns 8,248,500 Class B Ordinary Shares, representing 94.26% of the total voting power of the Company. After completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Wong will hold [8,248,500] Class B Ordinary Shares, representing [93.46]% of the total voting power of the Company assuming that the underwriters do not exercise their over-allotment option. As a result, Mr. Wong will be able to control the management and affairs of our Company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions. The interests of Mr. Wong may not be the same as or may even conflict with your interests. For example, Mr. Wong could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Class A Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders.

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

We will be a "controlled company" within the meaning of Nasdaq Stock Market Rules. As of the date of this prospectus, our Controlling Shareholder, Mr. Ngai Chiu Wong, owns 8,248,500 Class B Ordinary Shares, representing approximately 94.26% of the total voting power of our Company. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, [8,248,500] Class B Ordinary Shares, representing [93.46]% of the total voting power of our Company, will be owned by Mr. Wong, assuming that the underwriters do not exercise their over-allotment option.

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

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

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

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

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

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

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

Additionally, Nasdaq Capital Market has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to: (i) where the company engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where the company planned a small public offering, which would result in insiders holding a large portion of the company's listed securities. Nasdaq Capital Market was concerned that the offering size was insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management. Our initial public offering will be relatively small and the insiders of our Company will hold a large portion of the company's listed securities following the consummation of the offering. Therefore, we may be subject to the additional and more stringent criteria of Nasdaq Capital Market for our initial and continued listing.

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

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

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

There is uncertainty as to whether the courts of the British Virgin Islands would recognize or enforce judgments of U.S. courts obtained in actions against us or our directors and officers predicated upon the civil liability provisions of the U.S. federal securities laws, or entertain original actions brought in the British Virgin Islands against us or our directors and officers predicated solely upon U.S. federal securities laws. Further, there is no treaty in effect between the United States and the British Virgin Islands providing for the enforcement of judgments of U.S. courts in civil and commercial matters, and there is no statutory enforcement in the British Virgin Islands of judgments obtained in the United States. Some remedies available under the laws of U.S. jurisdictions,

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including remedies available under the U.S. federal securities laws, may not be allowed in the British Virgin Islands courts if contrary to public policy in the British Virgin Islands. As a result of all of the above, it may be difficult for you to recover against us or our directors and officers based upon such judgments.

**The laws of the British Virgin Islands relating to the protection of the interest of minority shareholders are different from those in the United States.**

Our corporate affairs are governed by the Amended Memorandum and Articles, and by the BCA and common law of British Virgin Islands. The rights of shareholders to take action against our directors, action by minority shareholders and the fiduciary responsibilities of our directors to us under British Virgin Islands law are to a large extent governed by the common law of the British Virgin Islands and the Amended Memorandum and Articles. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the British Virgin Islands.

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

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

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

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

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

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

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

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

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act ("JOBS Act") and will remain an emerging growth company until the earlier of (i) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering; (b) in which we have total annual gross revenue of at least US$1.235 billion; or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A Ordinary Shares that is held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter, and (ii) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior 3-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act in the assessment of the emerging growth company's internal control over financial reporting. If we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important. The JOBS Act also provides an emerging growth company with the permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies. We do not plan to opt-out of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective data.

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

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

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

The allocation of net proceeds of the offering set forth in the "Use of Proceeds" section below represents our estimates based upon our current plans and assumptions regarding the industry and general economic conditions, and our future revenues and expenditures. We anticipate that we will use the net proceeds from this offering for (i) [marketing and customer acquisition, including brand awareness campaigns, customer loyalty programs and international expansion], (ii) [development of technology and platform enhancement artificial intelligence, including marketing system to enhance marketing efficiency and platform scalability], (iii) [expansion of our product portfolio and inventory management/optimization], (iv) [operational scaling and expansion, including fulfillment centers, talent acquisitions and sustainability initiatives], and (iv) [general administration and working capital]. However, the amounts and timing of our actual expenditures will depend on numerous factors, including market conditions, cash generated by our operations, business developments and rate of growth. Management has broad discretion over the use of proceeds of this offering and we may find it necessary or advisable to use all or portions of the proceeds from this offering for other purposes. Circumstances that may give rise to a change in the use of proceeds and the alternate purposes for which the proceeds may be used are discussed in the section entitled "Use of Proceeds." You may not have an opportunity to evaluate the economic, financial or other information on which we base our decisions on how to use our proceeds. As a result, you and other shareholders may not agree with our decisions. Our failure to apply these funds effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or preserve value. See "Use of Proceeds" for additional information.

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

In general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the Section of this prospectus captioned "*Material United States Federal Income Tax Considerations*") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#### USE OF PROCEEDS
After deducting the estimated underwriters' discount and offering expenses payable by us, we expect to receive net proceeds of approximately $[3.7] million (or $[4.5] million) in the aggregate if the underwriters exercise their over-allotment option in full) from this offering. The net proceeds from this offering must be remitted to Hong Kong and PRC before we will be able to use the funds to grow our business.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [25]% for [marketing and customer acquisition, including brand awareness campaigns, customer loyalty programs and international expansion];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [25]% for [development of technology and platform enhancement artificial intelligence, including marketing system to enhance marketing efficiency and platform scalability];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [20]% for [expansion of our product portfolio and inventory management/optimization]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [20]% for [operational scaling and expansion, including fulfillment centers, talent acquisitions and sustainability initiatives]; and

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

We believe that the net proceeds allocation and our current cash resources are sufficient to fund our use of proceeds allocations. The precise amounts and percentage of proceeds we devote to particular categories of activity, and their priority of use, will depend on prevailing market and business conditions as well as on the nature of particular opportunities that may arise from time to time. Accordingly, we reserve the right to change the use of proceeds that we presently anticipate and describe herein.

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

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

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#### DIVIDEND POLICY
For the years ended March 31, 2023 and 2024, our Hong Kong operating subsidiary, Broaden Leisure declared and distributed a dividend of HK$4,200,000 and HK$4,100,000 (US$525,641) by setting off the amount due from our shareholder, Mr. Ngai Chiu Wong, respectively. Subsequently, on October 23, 2024, the Company declared and paid the special dividend of HK$1,500,000 (US$193,068) by setting off the amount due from a shareholder, Mr. Ngai Chiu Wong.

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

The declaration, amount and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable British Virgin Islands laws. Our board of directors will take into account general economic and business conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and other implications on the payment of dividends by us to our shareholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant.

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

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

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

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

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#### CAPITALIZATION
The following tables set forth our cash and cash equivalents and capitalization as of September 30, 2024:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to reflect the issuance and sale of [1,500,000] Class A Ordinary Shares at an assumed initial public offering price of $[4.00] per Class A Ordinary Share, after deducting the underwriting discounts and commissions, dividend declared and paid on October 23, 2024 and estimated offering expenses payable by us (assuming the over-allotment option is not exercised).

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

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2024** | **As of September 30, 2024** |
|  | **Actual** | **As Adjusted** |
|  | **(in US$)** | **(in US$)** |
|  Indebtedness: |  |  |
| &nbsp;&nbsp;&nbsp; Bank borrowings | 843130 | 843130 |
|  Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Class A Ordinary Shares with no par value, 164,700,000,000 shares authorized, 10,051,500 ordinary shares outstanding on an actual basis; and [11,551,500] ordinary shares outstanding on an as adjusted basis<sup>(1)</sup> | 2 | 2 |
| &nbsp;&nbsp;&nbsp; Class B Ordinary Shares with no par value, 300,000,000 shares authorized, 8,248,500 ordinary shares outstanding on an actual basis; and [8,248,500] ordinary shares outstanding on an as adjusted basis<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital<sup>(2)</sup> |  | [3,710,000] |
|  Dividend<sup>(3)</sup> |  | (193068) |
|  Retained earnings | 679905 | 679905 |
|  Total equity | 679907 | [4,196,839] |
|  Total capitalization | 1523037 | [5,039,969] |

---

____________

(1) The number of our Ordinary Shares had been adjusted retrospectively to reflect the increase in share capital. See "Description of Shares" for more details.

(2) Additional paid-in capital reflects the net proceeds we expect to receive, after deducting underwriting fee, underwriter's expense allowance and other expenses. We expect to receive net proceeds of approximately $[3.7] million (offering proceeds of $[6.0] million, less underwriting discounts of $[450,000], and offering expenses of approximately $1.8 million).

(3) On October 23, 2024, the Company declared and paid the special dividend of HK$1,500,000 (US$193,068) by setting off the amount due from a shareholder, Mr. Ngai Chiu Wong.

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

The net tangible book value of our ordinary shares as of September 30, 2024 was $(181,516), or $(0.01) per share based upon 10,051,500 Class A Ordinary Shares and 8,248,500 Class B Ordinary Shares outstanding. Net tangible book value represents the amount of our total assets less our total liabilities, excluding deferred offering cost and right-of-use assets. Net tangible book value per ordinary share represents net tangible book value divided by the total number of our ordinary shares outstanding as of September 30, 2024.

The dilution in net tangible book value per share to new investors, represents the difference between the amount per share paid by purchasers of shares in this offering and the pro forma net tangible book value per share immediately after completion of this offering. After giving effect to the sale of the [1,500,000] Class A Ordinary Shares being sold pursuant to the offering price of $[4.00] per share, and after deducting underwriters' discount and commission payable by us in the amount of $[450,000], dividend declared and paid on October 23, 2024 of HK$1,500,000 (US$193,068) and estimated offering expenses in the amount of approximately $1.8 million, our as adjusted net tangible book value would be approximately $[3.3] million or $[0.17] per share. This represents an immediate increase in net tangible book value of $[0.18] per share to existing shareholders and an immediate decrease in net tangible book value of $[3.83] per share to new investors purchasing the shares in this offering.

The following table illustrates this per share dilution:

---

| | |
|:---|:---|
|  | **As of <br>September 30, <br>2024** |
|  Public offering price per share | $[4.00] |
|  Net tangible book value per share as of September 30, 2024 | $[(0.01)] |
|  Increase in net tangible book value per share to existing shareholders | $[0.18] |
|  As adjusted net tangible book value per share after this offering | $[0.17] |
|  Dilution per share to new investors | $[3.83] |

---

If the underwriters' over-allotment option is exercised in full, our adjusted net tangible book value after the offering would be approximately $[4.2] million, or $[0.21] per share, and the dilution to new investors in the offering would be $[3.79] per share.

A $1.00 increase or decrease in the assumed public offering price of $4.00 per Class A Ordinary Share, would increase or decrease our as adjusted net tangible book value per share after this offering by $[0.07] and increase or decrease dilution per share to new investors purchasing Class A Ordinary Shares in this offering by $[0.93], assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions, dividend declared and paid on October 23, 2024 and estimated offering expenses payable by us.

The following table sets forth, on an as adjusted basis as of September 30, 2024, the difference between the number of ordinary shares purchased from us, the total consideration paid, and the average price per share paid by our existing shareholders and by new public investors before deducting estimated underwriters' discounts and commissions and estimated offering expenses payable by us, using an assumed public offering price of $[4.00] per ordinary share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration <br>($ in thousand)** | **Total Consideration <br>($ in thousand)** | **Average <br>Price <br>Per Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average <br>Price <br>Per Share** |
|  Existing shareholders | [18,300,000] | [92.42]% | $2 | 0.00% | $0.00 |
|  New investors from public offering | [1,500,000] | [7.58]% | $[6,000,000] | 100.00% | $[4.00] |
|  Total | [19,800,000] | 100.00% | $[6,000,002] | 100.00% | $[0.30] |

---

The 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 ordinary shares and other terms of this offering determined at pricing.

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#### CORPORATE HISTORY AND STRUCTURE
The Company adopted a dual-class share structure. Each Class B Ordinary Share has 20 votes per share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Share has one vote per share and is not convertible into Class B Ordinary Shares. The diagram below illustrates our corporate structure and identifies our subsidiaries:

![](tflowchart_002.jpg)

____________

(1) As of the date of this prospectus, there are 12 (twelve) shareholders of record that hold less than 5% of our outstanding shares.

(2) Gifts International Holdings Limited is a holding company with no operations of its own. The Class A Ordinary Shares offered in this prospectus are those of Gifts International Holdings Limited.

(3) Gifts International Holdings Limited conducts all its operations through its wholly-owned operating subsidiary, Broaden Leisure Outlets Company Limited, which is incorporated under the laws of Hong Kong.

**Group Reorganization**

Prior to the incorporation of the Company, the principal operations are carried out through Broaden Leisure which were wholly owned by Mr. Ngai Chiu Wong. We have conducted a reorganization, primarily to facilitate our initial public offering in the United States. Currently, GGBB, the BVI holding company; and Broaden Leisure, the Hong Kong operating subsidiary are 100% owned by Gifts International.

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

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

---

| | | |
|:---|:---|:---|
|  **Name** | **Background** | **Ownership** |
|  GGBB | Incorporated on May 21, 2024 under the laws of the BVI as an investment holding company and owned by Gifts International. | 100% owned by Gifts International |
|  Broaden Leisure | Incorporated on June 2, 2008 as a private company limited by shares under the laws of Hong Kong. Prior to the reorganization, Broaden Leisure was wholly owned by Mr. Ngai Chiu Wong. As part of the reorganization, on July 31, 2024, Mr. Ngai Chiu Wong, as vendor, entered into a sale and purchase agreement with GGBB, as purchaser, and Gifts International, as allotee, pursuant to which GGBB acquired the entire share capital of Broaden Leisure. | 100% owned by GGBB |
|  MGGB | Incorporated on July 17, 2012 as a private company limited by shares under the laws of Macau. MGGB was wholly owned by Mr. Ngai Chiu Wong. | VIE |

---

As of the date of this prospectus, the Company has 10,051,500 Class A Ordinary Shares and 8,248,500 Class B Ordinary Shares issued and outstanding. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Ngai Chiu Wong, will own [8,248,500] Class B Ordinary Shares, representing [93.46]% of the voting power of Gifts International assuming that the underwriters do not exercise their over-allotment option. Because more than 50% of the voting power of the Company will be held by a single entity after the completion of this offering, we will be a controlled company under the Nasdaq Capital Market corporate governance rules. See "Risk Factors — Risks Related to Our Shares."

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

#### Overview
We believe we are a leading provider in Hong Kong's high-value corporate gifting industry. Operating under the "GiveGiftBoutique" brand, we offer one-stop B2B tailored gift solutions with custom proposals, as well as predesigned gifts through our eCommerce website. We diverse product line caters to both B2B and business-to-customer (B2C) markets, including branded gift hampers, VIP box sets, floral and fruit baskets, and seasonal gifts, serving various occasions in Hong Kong.

For the years ended March 31, 2024 and 2023, total revenue was HK$81.6 million (US$10.5 million) and HK$87.5 million, respectively. Our gross profit and net income were HK$31.0 million (US$4.0 million) and HK$6.3 million (US$0.8 million), respectively, for the year ended March 31, 2024, as compared to our gross profit and net income of HK$27.1 million and HK$3.7 million, respectively, for the year ended March 31, 2023.

For the six months ended September 30, 2024 ("6M2024") and six months ended September 30, 2023 ("6M2023"), our revenues were HK$41.7 million (US$5.4 million) and HK$41.1 million, respectively. Our gross profit and net income were HK$15.5 million (US$2.0 million) and HK$1.7 million (US$0.2 million), respectively, for 6M2024, as compared to our gross profit and net income of HK$15.5 million and HK$2.7 million, respectively, for 6M2023.

#### Impact of COVID-19 on our business
As most of the pandemic restrictions in Hong Kong had been eased by early 2023, we do not expect material impact of COVID-19 on our business for the year ending March 31, 2024.

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

#### Economic conditions in Hong Kong
A substantial part of our operations is located in Hong Kong. Accordingly, our business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions in China generally and by continued economic growth in Hong Kong.

#### Ability of our Group to stay competitive in the market
Our Group has continued to expand since we commenced business in 2008. The sustainability of our revenue and net profit will depend upon our ability to remain competitive in the gifting and floral industry and to provide high quality products.

#### Ability of our Group to accurately predict our customers' future needs
Our revenue is derived from different types of clients, over 135,000 corporate and individual customers. Our corporate clients span across different industries, including banks, insurance companies, real estate companies, Hong Kong listed companies, multi-national corporations, marketing companies, media agencies and other local businesses. The needs of each of our customers for gifting may vary significantly from time to time. It is difficult to accurately predict our customers' seasonal and special preferences and specific requirements. There is no assurance that the demand for our products from our customers may be maintained or continue to grow in the years ahead.

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#### Results of Operations

#### Comparison of Six Months ended September 30, 2024 and 2023
The following table sets forth the combined results of our operations for the six months ended September 30, 2024 and 2023, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  **Revenues, net** | $41108608 | 41698700 | $5367112 |
|  **Cost of revenues:** |  |  |  |
|  From third parties | (25644277) | (26153496) | (3366262) |
|  From related party |  | (59400) | (7645) |
|  Total cost of revenues | (25644277) | (26212896) | (3373907) |
|  **Gross profit** | 15464331 | 15485804 | 1993205 |
|  **Operating expenses:** |  |  |  |
|  Shipping and handling costs | (2271545) | (2667057) | (343282) |
|  Sales and marketing costs | (4718209) | (3447866) | (443781) |
|  Technology and development costs | (300000) | (520665) | (67016) |
|  Personnel and benefit costs | (3504818) | (3456149) | (444847) |
|  General and administrative costs | (1538094) | (3203923) | (412382) |
|  Total operating expenses | (12332666) | (13295660) | (1711308) |
|  **Income from operations** | 3131665 | 2190144 | 281897 |
|  Other income (expense): |  |  |  |
|  Interest income | 9674 | 11048 | 1422 |
|  Interest expense | (111670) | (170506) | (21946) |
|  Sundry income | 995 | 14575 | 1876 |
|  Total other income (expense), net | (101001) | (144883) | (18648) |
|  **Income before income taxes** | 3030664 | 2045261 | 263249 |
|  Income tax expense | (320236) | (370920) | (47742) |
|  **NET INCOME** | 2710428 | 1674341 | $215507 |
|  Weighted average number of ordinary shares: |  |  |  |
|  Basic and diluted\* | 18300000 | 18300000 | 18300000 |

---

The table below sets out our revenue breakdown by customer types for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **HKD** | **%** | **HKD** | **%** |
|  Corporate clients | 27059817 | 65.8 | 27646238 | 66.3 |
|  Individual customers | 14048791 | 34.2 | 14052462 | 33.7 |
|  **Total** | 41108608 | 100.0 | 41698700 | 100.0 |

---

During the reporting periods, revenue was mainly contributed by the sales to corporate clients, which accounted for approximately 65.8% and 66.3% of total revenue in 6M2023 and 6M2024 respectively. Revenue generated from corporate clients increased by approximately HK$0.6 million or 2.17% from HK$27.1 million for 6M2023 to

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

HK$27.6 (US$3.6 million) for 6M2024. For the six months ended September 30, 2023 and 2024, our revenues were HK$41.1 million and HK$41.7 million (US$5.4 million) respectively. The moderate increase of approximately 1.4% was mainly driven by the generic growth in demand for our services from existing clients.

#### Cost of revenues
Cost of revenues consists primarily of (i) cost of floral and non-floral merchandise sold from inventory or through third parties; (ii) bouquet fulfillment costs; and (iii) cost associated with wrapping and packaging. The table below sets out our cost of revenues for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **HKD** | **%** | **HKD** | **%** |
|  Cost of floral and non-floral merchandise sold from inventory or through third parties | 17890880 | 69.8 | 16388542 | 62.5 |
|  Bouquet fulfillment costs | 4428347 | 17.3 | 5069792 | 19.4 |
|  Cost associated with wrapping and packaging | 3325050 | 12.9 | 4754562 | 18.1 |
|  **Total cost of revenues** | 25644277 | 100.0 | 26212896 | 100.0 |

---

Our cost of revenues increased by approximately HK$0.6 million, or 2.2% in 6M2024 as compared with 6M2023. The increase in cost of revenues was mainly due to (i) being in line with the moderate increase in revenues; and (ii) increase in cost associated with wrapping and packaging due to an increase of raw material costs.

#### Gross profit
For 6M2023 and 6M2024, our total gross profit were HK$15.5 million and HK$15.5 million (US$2.0 million), respectively. Gross profit margin decreased from approximately 37.6% for 6M2023 to approximately 37.1% for 6M2024. The moderate decrease was driven by the abovementioned increase in cost associated with wrapping and packaging.

#### Operating expenses
Our operating expenses consist of (i) shipping and handling costs; (ii) sales and marketing costs; (iii) technology and development costs; (iv) personnel and benefit costs; and (v) general and administrative costs. The table below sets out our operating expenses for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **HKD** | **%** | **HKD** | **%** |
|  Shipping and handling costs | 2271545 | 18.4 | 2667057 | 20.1 |
|  Sales and marketing costs | 4718209 | 38.3 | 3447866 | 25.9 |
|  Technology and development costs | 300000 | 2.4 | 520665 | 3.9 |
|  Personnel and benefit costs | 3504818 | 28.4 | 3456149 | 26.0 |
|  General and administrative costs | 1538094 | 12.5 | 3203923 | 24.1 |
|  **Total operating expenses** | 12332666 | 100.0 | 13295660 | 100.0 |

---

*Shipping and handling costs*

Shipping and handling costs mainly consist of shipping costs incurred to deliver the products from the workshop to the designated location of the customer orders. The increase in shipping and handling costs of approximately HK$0.4 million for 6M24, was mainly attributable to the price increment in courier fee charge, as compared to 6M2023.

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

*Sales and marketing costs*

Sales and marketing costs consist primarily of (i) advertising expenses; (ii) online portal and e-catalog expenses; (iii) customer service center expenses; and (iv) operating expenses of our departments engaged in marketing, selling and merchandising activities. The decrease in sales and marketing costs of approximately HK$1.27 million was mainly attributable to the decrease in advertising expenses of approximately HK$1.08 million for 6M2024.

*Technology and development costs*

Technology and development costs consist primarily of (i) outsourced support and operating expenses of our information technology group; (ii) costs associated with our websites, including hosting, content development and maintenance and support costs related to order entry, customer service, fulfillment and database systems; and (iii) costs associated with repair maintenance, or the development of website content are expensed as incurred. The technology and development costs increased from HK$0.3 million for 6M2023 to HK$0.5 million (US$67,016) for 6M2024. An increase was primarily driven by expenses related to system upgrades and enhancements to the backend payment portal.

*Personnel and benefit costs*

Personnel and benefit costs consist primarily of salaries and benefits for our operating staff. The personnel and benefit costs were HK$3.5 million and HK$3.5 million (US$0.4 million) for 6M2023 and 6M2024 respectively.

*General and administrative costs*

General and administrative costs consist primarily of (i) salaries and benefits for our general and administrative staff; (ii) retirement plan costs; and (iii) other expenses primarily including general office expenses. The general and administrative costs increased from HK$1.5 million for 6M2023 to HK$3.2 million (US$0.4 million) for 6M2024. Such increase was mainly attributable to legal and professional fees in relation to the Company's initial public offering.

#### Other (expense) income, net
*Interest expense*

Our interest expense mainly comprised interest expense on bank borrowings. The interest expense remained relatively stable at HK$111,670 and HK$170,506 (US$21,946) for 6M2023 and 6M2024, respectively.

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

Our income tax expense amounted to approximately HK$0.3 million and HK$0.4 million (US$47,742) for the 6M2023 and 6M2024, respectively.

#### Net income
We recorded a net income of HK$1.7 million (US$0.2 million) for 6M2024, as compared to a net income of HK$2.7 million for 6M2023. Such decrease was mainly attributable to the increase in general and administrative costs as described above.

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

#### Comparison of Years ended March 31, 2024 and 2023
The following table sets forth the combined results of our operations for the years ended March 31, 2024 and 2023, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2023** | **2024** | **2024** | **2024** |
|  |  | **HKD** |  |  |
|  **Revenues, net** |  |  |  |  |
|  Revenue from third parties | $87452327 |  | 81553365 | $10455560 |
|  **Cost of revenues** |  |  |  |  |
|  From third parties | (60315701) |  | (49528420) | (6349798) |
|  From related party |  |  | (1070858) | (137289) |
|  | (60315701) |  | (50599278) | (6487087) |
|  **Gross profit** | 27136626 |  | 30954087 | 3968473 |
|  **Operating expenses:** |  |  |  |  |
|  Shipping and handling costs | (4947588) |  | (4550399) | (583384) |
|  Sales and marketing costs | (7710520) |  | (8434263) | (1081316) |
|  Technology and development costs | (866645) |  | (600000) | (76923) |
|  Personnel and benefit costs | (7270010) |  | (6641569) | (851483) |
|  General and administrative costs | (3166027) |  | (3202756) | (410610) |
|  Total operating expenses | (23960790) |  | (23428987) | (3003716) |
|  **Income from operations** | 3175836 |  | 7525100 | 964757 |
|  Other income (expense): |  |  |  |  |
|  Interest income | 11373 |  | 30454 | 3904 |
|  Interest expense | (236236) |  | (214148) | (27455) |
|  Government subsidies | 1033600 |  |  |  |
|  Sundry income |  |  | 2130 | 273 |
|  Total other income (expense), net | 808737 |  | (181564) | (23278) |
|  **Income before income taxes** | 3984573 |  | 7343536 | 941479 |
|  Income tax expense | (302256) |  | (1041963) | (133585) |
|  **NET INCOME** | 3682317 |  | 6301573 | $807894 |
|  Weighted average number of ordinary shares: |  |  |  |  |
|  Basic and diluted\* | 18300000 |  | 18300000 | 18300000 |

---

For the years ended March 31, 2023 and 2024, our revenues were HK$87.5 million and HK$81.6 million (US$10.5 million) respectively. This decrease in revenue was due to the drop in number of sales orders of 17.7%. The decrease in revenue was primarily due to a decline in sales from one of our corporate clients. This drop was further compounded by a moderate slowdown in overall retail consumption, which we attribute to lingering post-pandemic effects. As consumer spending patterns continue to stabilize, the reduced demand, particularly in the retail sector, has impacted our sales performance during this period. Such decrease in revenue was partially offset by the increase in average price of sales orders of 13.2%, which was mainly attributable to broad-based price increase of our products. Such broad-based price increase across our products was a strategic move driven by management decisions aimed at enhancing margins and introducing more premium offerings during the year ended March 31, 2024. And these price adjustments were not influenced by inflationary pressures but rather by a deliberate effort to improve overall performance.

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

The table below sets out our revenue breakdown by customer types for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **HKD** | **%** | **HKD** | **%** |
|  Corporate clients | 63840199 | 73.0 | 54372507 | 66.7 |
|  Individual customers | 23612128 | 27.0 | 27180858 | 33.3 |
|  **Total** | 87452327 | 100.0 | 81553365 | 100.0 |

---

During the reporting periods, revenue was mainly contributed by the sales to corporate clients, which accounted for approximately 73% and 67% of total revenue in FY2023 and FY2024 respectively, respectively with an overall average of 70% across both years. Revenue generated from corporate clients decreased by approximately HK$9.5 million or 14.8% from HK63.8 million in FY2023 to HK$54.4 (US$7.0 million) in FY2024. The decrease in revenue was primarily attributed to a decline in sales from one of our major corporate clients, which was further exacerbated by the overall slowdown in Hong Kong's economic climate during FY2024. This decline in revenue was partially offset by a 13.2% increase in the average sales order value, largely driven by a broad-based price adjustment across our product offerings.

#### Cost of revenues
Cost of revenues consists primarily of (i) cost of floral and non-floral merchandise sold from inventory or through third parties; (ii) bouquet fulfillment costs; and (iii) cost associated with wrapping and packaging. The table below sets out our cost of revenues for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **HKD** | **%** | **HKD** | **%** |
|  Cost of floral and non-floral merchandise sold from inventory or through third parties | 37749274 | 62.6 | 33698411 | 66.6 |
|  Bouquet fulfillment costs | 12684930 | 21.0 | 9424677 | 18.6 |
|  Cost associated with wrapping and packaging | 9881497 | 16.4 | 7476190 | 14.8 |
|  **Total cost of revenues** | 60315701 | 100.0 | 50599278 | 100.0 |

---

Our cost of revenues decreased by approximately HK$9.7 million, or 16.1% in FY2024 as compared with FY2023. The decrease in cost of revenues was mainly due to (i) drop in number of sales orders whilst the average value per sales orders has risen and (ii) decrease in cost associated with wrapping and packaging.

#### Gross profit
Our total gross profit increased by approximately HK$3.8 million, or 14.1%, from HK$27.1 million for the year ended March 31, 2023 to HK$31.0 million (US$4.0 million) for the year ended March 31, 2024. Gross profit margin increased from approximately 31.0% in FY2023 and 38.0% in FY2024. The increase in gross profit margin in FY2024 was mainly attributable to the combing effect of the increase in average price per sales orders and a decrease in cost associated with wrapping and packaging.

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

#### Operating expenses
Our operating expenses consist of (i) shipping and handling costs; (ii) sales and marketing costs; (iii) technology and development costs; (iv) personnel and benefit costs; and (v) general and administrative costs. The table below sets out our operating expenses for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** |
|  | **HKD** | **%** | **HKD** | **%** |
|  Shipping and handling costs | 4947588 | 20.6 | 4550399 | 19.4 |
|  Sales and marketing costs | 7710520 | 32.2 | 8434263 | 36.0 |
|  Technology and development costs | 866645 | 3.6 | 600000 | 2.6 |
|  Personnel and benefit costs | 7270010 | 30.4 | 6641569 | 28.3 |
|  General and administrative costs | 3166027 | 13.2 | 3202756 | 13.7 |
|  **Total operating expenses** | 23960790 | 100.0 | 23428987 | 100.0 |

---

*Shipping and handling costs*

Shipping and handling costs mainly consist of shipping costs incurred to deliver the products from the workshop to the designated location of the customer orders. The shipping and handling costs were HK$4.9 million and HK$4.6 million (US$0.6 million) for the years ended March 31, 2023 and 2024 respectively. The decrease in shipping and handling costs was due to (i) drop in number of sales orders; and (ii) small batch transportation has been reduced with a shift towards centralized use of transportation vendors.

*Sales and marketing costs*

Sales and marketing costs consist primarily of (i) advertising expenses; (ii) online portal and e-catalog expenses; (iii) customer service center expenses; and (iv) operating expenses of our departments engaged in marketing, selling and merchandising activities. The increase in sales and marketing costs was mainly attributable to the increase in advertising expenses of approximately HK$1.08 million for the year ended March 31, 2024.

*Technology and development costs*

Technology and development costs consist primarily of (i) outsourced support and operating expenses of our information technology group; (ii) costs associated with our websites, including hosting, content development and maintenance and support costs related to order entry, customer service, fulfillment and database systems; and (iii) costs associated with repair maintenance, or the development of website content are expensed as incurred. The technology and development costs decreased from HK$0.9 million for the year ended March 31, 2023 to HK$0.6 million (US$0.1 million) for the year ended March 31, 2024. Such slight decrease was mainly attributable to expenses in relation to the development of a new website for the year ended March 31, 2023.

*Personnel and benefit costs*

Personnel and benefit costs consist primarily of salaries and benefits for our operating staff. The personnel and benefit costs were HK$7.3 million and HK$6.6 million (US$0.6 million) for the years ended March 31, 2023 and 2024 respectively. The decrease in personnel and benefit costs was due to the internal costs control measures aimed at reducing the number of part-time operating staff.

*General and administrative costs*

General and administrative costs consist primarily of (i) salaries and benefits for our general and administrative staff; (ii) retirement plan costs; and (iii) other expenses primarily including general office expenses. The general and administrative costs remained relatively stable at HK$3.2 million and HK$3.2 million (US$0.4 million) for the years ended March 31, 2023 and 2024 respectively.

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

#### Other (expense) income, net
*Government subsidies*

For the years ended March 31, 2023 and 2024, we received aggregated government subsidies of HK$1.0 million and HK$0 (US$0), respectively from government grants in Hong Kong.

*Interest expense*

Our interest expense mainly comprised interest expense on bank borrowings. The interest expense remained relatively stable at HK$0.2 million and HK$0.2 million (US$27,455) for the years ended March 31, 2023 and 2024 respectively.

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

Our income tax expense amounted to approximately HK$0.3 million and HK$1.0 million (US$0.1 million) for the years ended March 31, 2023 and 2024, respectively. The increase was mainly due to the increase in net income before provision for income taxes.

#### Net income
We recorded a net income of HK$6.3 million (US$0.8 million) for the year ended March 31, 2024, as compared to a net income of HK$3.7 million for the year ended March 31, 2023. Such increase was mainly attributable to the increase in income from operations.

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

As of September 30, 2024, we had cash and cash equivalents of HK$3.3 million (US$0.4 million) and outstanding bank borrowings of HK$6.6 million (US$0.8 million). The bank borrowings bore an annual effective interest rate ranging from 2.76 to 3.63% per annum. As of September 30, 2024, our current assets were approximately HK$13.8 million, and our current liabilities were approximately HK$14.3 million. Current ratio decreased from approximately 1.3 times in FY2024 to 1.0 times in 6M2024.

As of March 31, 2024, we had cash and cash equivalents of HK$8.6 million (US$1.1 million) and outstanding bank borrowings of HK$7.3 million (US$0.9 million). The bank borrowings bore an annual effective interest rate ranging from 2.76 to 3.63% per annum. As of March 31, 2024, our current assets were approximately HK$12.7 million, and our current liabilities were approximately HK$9.7 million. As of March 31, 2023, our current assets were approximately HK$9.0 million, and our current liabilities were approximately HK$9.0 million. Current ratio improved from approximately 1.0 times in FY2023 to 1.3 times in FY2024.

In view of the current cash and bank balances, funds generated by operating activities and the bank borrowings, we believe our Company has sufficient resources to meet the working capital needs in the next 12 months from the date the audited financial statements are issued. However, our ability to meet the liquidity and capital requirement will be subject to future economic conditions and other factors which are beyond our control.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [25]% for [marketing and customer acquisition, including brand awareness campaigns, customer loyalty programs and international expansion];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [25]% for [development of technology and platform enhancement artificial intelligence, including marketing system to enhance marketing efficiency and platform scalability];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [20]% for [expansion of our product portfolio and inventory management/optimization];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately [20]% for [operational scaling and expansion, including fulfillment centers, talent acquisitions and sustainability initiatives]; and

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

*Significant bank borrowings*

The following table sets forth a summary of our bank borrowings as of March 31, 2023 and 2024, September 30, 2024, respectively:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Interest <br>rate<br>(p.a.)** | **<br>As of March 31,** | **<br>As of March 31,** | **<br>As of March 31,** | **As of September 30,** | **As of September 30,** |
|  **Bank borrowings, secured:** | **Maturity date** | **Interest <br>rate<br>(p.a.)** | **2023** | **2024** | **2024** | **2024** | **2024** |
|  |  |  | **HKD** | **HKD** | **USD** | **HKD** | **USD** |
|  HSBC Loan: HK$5.0 million | March 2, 2029 | 3.63% | $2536287 | $1682844 | $215749 | 1527931 | 196663 |
|  HSBC Loan: HK$4.0 million | May 23, 2028 | 3.63% | 3486501 | 2860605 | 366744 | 2539671 | 326885 |
|  HSBC Loan: HK$2.5 million | February 19, 2029 | 2.76% |  | 2764013 | 354361 | 2482928 | 319582 |
|  |  |  | $6022788 | $7307463 | $936854 | 6550530 | 843130 |

---

In April 2021, we entered into an 8-year facility with Hongkong and Shanghai Banking Corporation Limited for general working capital purposes, with total principal amount of HK$5,000,000 bearing an interest rate of 3.63% per annum.

In May 2022, we entered into a 6-year facility with Hongkong and Shanghai Banking Corporation Limited for general working capital purposes, with total principal amount of HK$4,000,000 bearing an interest rate of 3.63% per annum.

In February 2024, we entered into a 5-year facility with Hongkong and Shanghai Banking Corporation Limited for general working capital purposes, with total principal amount of HK$2,500,000 bearing an interest rate of 2.76% per annum.

The above facilities were (i) unlimited personal guaranteed by Mr. Wong; and (ii) guaranteed by HKMC Insurance Limited under the Hong Kong SME Financing Guarantee Scheme, launched by The Hong Kong Mortgage Corporation Limited. As of March 31, 2024 and September 30, 2024, we have fully complied with certain financial covenants pursuant to the facility letter issued by the Hongkong and Shanghai Banking Corporation Limited. The annual interest rate for bank borrowings for the years ended March 31, 2024 and 2023 were approximately from 2.76% to 3.63%.

#### Cash Flow
The following table sets forth a summary of our cash flows for the six months ended September 30, 2024 and 2023, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Net cash (used in) provided by operating activities | (9191) | 755918 | 97293 |
|  Net cash used in investing activities | (59500) | (42562) | (5478) |
|  Net cash used in financing activities | (133532) | (5983396) | (770131) |
|  **Net change in cash and cash equivalent** | (202223) | (5270040) | (678316) |

---

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

#### Cash used in operating activities
In 6M2024, our net cash provided by operating activities was HK$0.8 million (US$0.1 million), which primarily reflected cash inflow from our net income of HK$1.7 million (US$0.2 million) adjusted for (i) net non-cash expense of HK$0.9 million, which represents depreciation of plant and equipment and non-cash lease expense; and (ii) net decrease in working capital of HK$1.8 million mainly attributable to cash outflow arising from (i) increase in accounts receivable of HK$2.8 million; and (ii) increase in deposits, prepayments and other receivables of HK$2.3 million, which were partial offset by cash inflow arising from increase in accounting payable of HK$1.4 million.

In 6M2023, our net cash used in operating activities was HK$9,191, which primarily reflected cash inflow from our net income of HK$2.7 million adjusted for (i) net non-cash expense of HK$0.6 million, which represents depreciation of plant and equipment and non-cash lease expense; and (ii) net increase in working capital of HK$3.3 million mainly attributable to cash outflow arising from the increase in accounts receivable of HK$4.7 million, which were offset by cash inflow arising from (i) increase in accounts payable of HK$0.8 million; and (ii) increase in accrued liabilities and other payables of HK$0.6 million.

#### Cash used in investing activities
Net cash used in investing activities for the six months ended September 30, 2024 and 2023 were HK$42,562 (US$5,478) and HK$59,500 respectively, which represent cash payment for purchase of plant and equipment.

#### Cash used in financing activities
For the six months ended September 30, 2024, net cash used in financing activities was HK$6.0 million (US$0.8 million), mainly consisted of (i) offering costs paid of HK$3.9 million; (ii) repayment to a shareholder of HK$1.3 million; and (iii) repayment to bank borrowings of HK$0.8 million.

For the six months ended September 30, 2023, net cash used in financing activities was HK$133,532, mainly consisted of (i) repayment to bank borrowings of HK$1.0 million; and (ii) repayment to a related party of HK$43,007, which are offset by advance from a shareholder of HK$0.9 million.

The following table sets forth a summary of our cash flows for the years ended March 31, 2024 and 2023, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Net cash provided by operating activities | 5457277 | 5280775 | 677023 |
|  Net cash used in investing activities | (122890) | (73996) | (9487) |
|  Net cash used in financing activities | (1617281) | (2417130) | (309888) |
|  **Net increase in cash and cash equivalent** | 3717106 | 2789649 | 357648 |

---

#### Cash provided by operating activities
In FY2024, our net cash provided by operating activities was HK$5.3 million (US$0.7 million), which primarily reflected cash inflow from our net income of HK$6.3 million (US$0.8 million) adjusted for (i) net non-cash expense of HK$1.1 million, which represents depreciation of plant and equipment and non-cash lease expense; and (ii) net decrease in working capital of HK$2.1 million mainly attributable to cash outflow arising from (i) increase in lease liabilities of HK$1.1 million; (ii) decrease in inventories of HK$0.8 million; and (iii) decrease in accounts receivable of HK$0.6 million, which were offset by cash inflow arising from decrease in income tax payable of HK$0.6 million.

In FY2023, our net cash provided by operating activities was HK$5.5 million, which primarily reflected cash inflow from our net income of HK$3.7 million adjusted for (i) net non-cash expense of HK$1.1 million, which represents depreciation of plant and equipment and non-cash lease expense; and (ii) net increase in working capital of HK$0.6 million mainly attributable to cash inflow arising from increase in accounts receivable of HK$2.5 million, which were offset by cash outflow arising from (i) increase in lease liabilities of HK$1.1 million; and (ii) increase in deferred revenue of HK$0.6 million.

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

#### Cash used in investing activities
Net cash used in investing activities for the year ended March 31, 2024 and 2023 were HK$73,996 (US$9,487) and HK$0.1 million respectively, which represent cash payment for purchase of plant and equipment.

#### Cash used in financing activities
For the year ended March 31, 2024, net cash used in financing activities was HK$2.4 million (US$0.3 million), mainly consisted of (i) repayment to a shareholder of HK$3.7 million; and (ii) repayment to bank borrowings of HK$1.5 million, which are offset by proceed from bank borrowings of HK$2.5 million.

For the year ended March 31, 2023, net cash used in financing activities was HK$1.6 million, mainly consisted of (i) repayment to a shareholder of HK$4.5 million; and (ii) repayment to bank borrowings of HK$3.0 million, which are offset by proceed from bank borrowings of HK$4.0 million.

#### Off-Balance Sheet Arrangements
We had not entered any material off-balance sheet transactions and arrangements during the six months ended September 30, 2024 and 2023, and the years ended March 31, 2024 and 2023.

#### Contractual obligations
The following table summarizes our contractual obligations as of September 30, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** |
|  | **Less than<br>1 year** | **1 to 3 years** | **More than<br>3 years** | **Total** |
|  | **HKD** | **HKD** | **HKD** | **HKD** |
|  Borrowings | 1540095 | 3189653 | 1820782 | 6550530 |
|  Lease obligation | 1631305 | 1432632 | 137317 | 3201254 |
|  Total | 3171400 | 4622285 | 1958099 | 9751784 |

---

The following table summarizes our contractual obligations as of March 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payment due by period** | **Payment due by period** | **Payment due by period** | **Payment due by period** |
|  | **Less than <br>1 year** | **1 to 3 years** | **More than <br>3 years** | **Total** |
|  | **HKD** | **HKD** | **HKD** | **HKD** |
|  Borrowings | 1473360 | 3120014 | 2714089 | 7307463 |
|  Lease obligation | 442878 |  |  | 442878 |
|  Total | 1916238 | 3120014 | 2714089  | 7750341  |

---

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

#### Critical Accounting Policies and Estimates
The following critical accounting policies were used in preparing our combined financial statements:

*Emerging Growth Company*

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its 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.

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Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is not an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

*Basis of Presentation*

The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").

*Basis of Consolidation*

The combined financial statements include the accounts of the Company and its subsidiaries and Variable Interest Entity ("VIE") in which the Company is the primary beneficiary. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

The Company determines, under Accounting Standards Codification ("ASC") Topic 810, Consolidation ("ASC 810"), whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has the has the power to direct the activities that most significantly affect the economic performance of the VIE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE.

Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary.

Currently, MGGB is deemed as a VIE, in which Mr. Wong owns 100% in equity interest and commonly controls as a related party to the Company. MGGB is acting as an operating unit to collect the sales receipts on behalf of the Company. Hence, the Company consolidates MGGB's financial statements, when it is the primary beneficiary under ASC 810.

For the years ended March 31, 2023 and 2024, and six months ended September 30, 2023 and 2024, MGGB contributed less than 1% of the Company's total revenues, whose operation is considered not material.

*Use of Estimates and Assumptions*

The preparation of combined 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 combined financial statements and the reported amounts of revenues and expenses during the years presented. Significant accounting estimates reflected in the Company's combined financial statements include the useful lives of plant and equipment, impairment of long-lived assets, allowance for expected credit losses, provision for long service payments, revenue recognition, income tax provision, deferred taxes and uncertain tax position.

The inputs into the management's judgments and estimates consider the geopolitical tension, inflationary and high-interest rate environment and other macroeconomic factors on the Company's critical and significant accounting estimates. Actual results could differ from these estimates.

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*Foreign Currency Transaction*

Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement. The functional currency of a significant portion of our international operations is Hong Kong Dollar ("HK$" or "HKD").

*Convenience Translation*

Translations of amounts in the combined balance sheets, combined statements of operations, and combined statements of cash flows from HK$ into US$ as of and for the year ended March 31, 2024 and six months ended September 30, 2024 are solely for the convenience of the readers and were calculated at the rate of US$ = HK$7.80. No representation is made that the HK$ amounts could have been, or could be, converted, realized, or settled into US$ at such rate or at any other rate.

*Cash and Cash Equivalents*

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company mainly maintains its bank accounts in Hong Kong.

*Accounts Receivable*

Certain accounts receivables due from payment gateway providers and credit card processors, as the cash proceeds from accounts receivables are received within the next 3-5 working days, which are recorded at the gross billing amounts, net of the fee charges by payment gateway providers and credit card processors.

The Company also offers credit terms to certain customers with prolonging business history and current market creditworthiness. These accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses. Accounts receivable do not bear interest and are considered overdue after 30-60 days from the date of sale invoices.

The Company records impairment losses for accounts receivable based on assessments of the recoverability of the accounts receivable and individual account analysis, including the current creditworthiness and the past collection history of each customer and current economic industry trends. Impairments arise when there is objective evidence indicating that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on analysis of customers' credit and ongoing relationship, management makes conclusions about whether any balances outstanding at the end of the period will be deemed non-collectible on an individual basis and on aging analysis basis. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the combined statements of operations. Delinquent account balances are written off against the allowance for expected credit losses after management has determined that the likelihood of collection is not probable.

As of March 31, 2023 and 2024, and September 30, 2024, no allowances for expected credit losses are recorded as the Company considers all of the outstanding accounts receivable fully collectible in the foreseeable future.

*Inventories*

Inventories are valued at the lower of cost or net realizable value, which are mainly the purchase of fresh floral, gourmet food, skincare and beauty, decoration and accessories, and packaging material. The Company establishes reserves for excess and obsolete inventory based on prevailing circumstances and judgment for consideration of current events, such as economic conditions, that may affect inventory. The reserve required to record inventory at the lower of cost or net realizable value may be adjusted in response to changing conditions, however inventory cannot be subsequently written back up, since the reserve establishes a new (lower) cost basis. Inventory cost is primarily determined using the first in, first out (FIFO) method.

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*Plant and Equipment*

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

---

| | |
|:---|:---|
|  | **Expected useful life** |
|  Machine and equipment | 5 years |
|  Computer and office equipment | 5 years |
|  Motor vehicle | 4 years |

---

Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

*Impairment of Long-Lived Assets*

In accordance with the provisions of ASC Topic 360, *Impairment or Disposal of Long*-Lived *Assets*, all long-lived assets such as plant and equipment owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. No impairment losses were recognized for the years ended March 31, 2023 and 2024.

*Revenue Recognition*

The Company receives revenue from contracts with customers, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2014-09, *Revenue from Contracts with Customers (Topic 606)* ("ASC 606").

ASC 606 provided the following overview of how revenue is recognized from the Company's contracts with customers: The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price — The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.

Step 4: Allocate the transaction price to the performance obligations in the contract — Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation — An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).

All of the Company's revenue is recognized at a point in time based on the transfer of control. In addition, the Company's contracts do not contain variable consideration and contract modifications are minimal. The Company's revenue arrangements generally consist of a single performance obligation to transfer promised goods. Revenue is reported net of sale rebates and discounts.

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The Company generates revenue through direct-to-consumer eCommerce sales via its website, as well as offline sales driven by its dedicated sales team. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due, prior to the date of shipment.

Deferred revenue is recorded when the Company has received consideration (i.e., advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenue primarily relates to e-commerce orders placed, but not shipped, prior to the end of the fiscal period.

Deferred revenue as of March 31, 2023 was HK$295,313, of which, HK$135,356 was recognized as revenue during the year ended March 31, 2024. The deferred revenue balance as of March 31, 2024 was HK$159,957 (equal to US$20,507). Deferred revenue as of March 31, 2024 was HK$159,957, which was fully recognized as revenue during the six months ended September 30, 2024. The deferred revenue balance as of September 30, 2024 was HK$269,925 (US$34,606).

*<u>*<u>Principal vs Agent Considerations</u>*</u>*

When another party is involved in providing goods to the customer, the Company will apply the principal versus agent guidance in ASC 606 to determine if the Company is acting as the principal or an agent to the transaction. This evaluation determined that the Company is in control of establishing the transaction price, managing all aspects of the shipment term, and taking the risk of loss for delivery, collection, and returns. Based on the Company's evaluation of the control model, it determined that all the Company's major businesses act as the principal rather than the agent within their revenue arrangements and such revenues are reported on a gross basis.

*<u>*<u>Disaggregation of Revenue</u>*</u>*

The Company has disaggregated its revenue from contracts with customers into categories based on the business operation of the revenue as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of revenue** | **Point of <br>recognition** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  **Type of revenue** | **Point of <br>recognition** | **2023** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Sale of products |  |  |  |  |
|  Corporate clients | At a point in time | $27059817 | $27646238 | $3558395 |
|  Individual customers | At a point in time | 14048791 | 14052462 | 1808717 |
|  |  | $41108608 | $41698700 | $5367112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Sale of products** | **Point of <br>recognition** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  **Sale of products** | **Point of <br>recognition** | **2023** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Corporate clients | At a point in time | $63840199 | $54372507 | $6970835 |
|  Individual customers | At a point in time | 23612128 | 27180858 | 3484725 |
|  |  | $87452327 | $81355365 | $10455560 |

---

*Cost of Revenues*

Cost of revenues consists primarily of the cost of floral and non-floral merchandise sold from inventory or through third parties, bouquet fulfillment costs, and the cost associated with wrapping and packaging.

*Shipping and Handling Costs*

Shipping costs incurred to deliver the products from the workshop to the designated location of the customer orders totaled HK$2,271,545 and HK$2,667,057 (US$343,282) for the six months ended September 30, 2023 and 2024, respectively. Shipping costs incurred to deliver the products from the workshop to the designated location of the customer orders totaled HK$4,947,588 and HK$4,550,399 (US$583,384) for the years ended March 31, 2023 and 2024, respectively.

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*Sales and Marketing Costs*

Marketing and sales expense consists primarily of advertising expenses, online portal and e-catalog expenses and customer service center expenses, as well as the operating expenses of the Company's departments engaged in marketing, selling and merchandising activities.

The Company expenses all advertising costs, at the time the advertisement is first shown. Advertising expense was HK$4,718,209 and HK$3,447,866 (US$443,781) for the six months ended September 30, 2023 and 2024, respectively. The Company expenses all advertising costs, at the time the advertisement is first shown. Advertising expense was HK$7,710,520 and HK$8,434,263 (US$1,081,316) for the years ended March 31, 2023 and 2024, respectively.

*Technology and Development*

Technology and development expense consists primarily of payroll and operating expenses of the Company's information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company's order entry, customer service, fulfillment and database systems. Costs associated with repair maintenance, or the development of website content are expensed as incurred.

*Government Assistance*

Government assistance is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government assistance but the conditions attached to the grants have not been fulfilled, such government assistance is deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities is depended on the management's expectation of when the conditions attached to the grant can be fulfilled. For the years ended March 31, 2023 and 2024, the Company received aggregated government assistances of HK$1,033,600 and HK$0 (US$0), respectively from government grants in Hong Kong. The government assistances are recognized as government subsidy income in the combined statements of operations.

*Segment Reporting*

ASC Topic 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 financial statements for detailing the Company's business segments. As the Company's chief operating decision maker has been identified as the chief executive officer, who reviews the combined results when making decisions about allocating resources and assessing performance of the Company, thus for the years ended March 31, 2023, and 2024, the Company has one single business segment operating in Hong Kong.

*Retirement Plan Costs*

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operations as the related employee service are provided.

The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post-employment benefits. The cost of providing benefits is measured using projected unit credit method with actuarial valuations to determine its present value and service cost. When the calculation results in a benefit to the Company, the recognized assets are limited to lower of the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan and the asset ceiling. The net defined benefit liabilities recognized in the combined balance sheets represent the present value of the obligation under defined benefit plan minus the fair value of plan assets. The Company carried out a comprehensive actuarial valuation at the end of reporting period. The remeasurement of the net defined benefit liabilities during a period are recognized as cost of defined benefit plan during the period.

*Leases*

The Company adopts the FASB Accounting Standards Update ("ASU") 2016-02 "Leases (Topic 842)." for all periods presented. This standard requires lessees to recognize lease assets ("right-of-use") and related lease obligations ("lease liabilities") on the balance sheet for leases with terms in excess of twelve months. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities.

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The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in the combined balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the combined 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 and finance lease ROU assets and liabilities are recognized, based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The Company depreciated the ROU assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the ROU assets or the end of the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

All of the Company's real estate leases are classified as operating leases and there was no lease with a duration of twelve months or less.

*Income Taxes*

Income taxes are determined in accordance with the provisions of ASC Topic 740, *Income Taxes* ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

For the years ended March 31, 2023 and 2024, and six months ended September 30, 2023 and 2024, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2023 and 2024, and September 30, 2024, the Company did not have any significant unrecognized uncertain tax positions.

The Company is subject to tax in local and foreign jurisdictions. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

*Net Income Per Share*

The Company computes earnings per share ("EPS") in accordance with ASC Topic 260, *Earnings per Share* ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the year. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

*Related Parties*

The Company follows the ASC Topic 850-10, *Related Party* ("ASC 850") for the identification of related parties and disclosure of related party transactions.

Pursuant to ASC 850, the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of ASC Topic 825 – 10 – 15, to be accounted for by the equity method by the investing entity; c) trusts for

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the benefit of employees, such as pension and income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The combined financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operations are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

*Commitments and Contingencies*

The Company follows the ASC Topic 450-20, *Commitments* to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's business, financial position, and results of operations or cash flows.

*Fair Value Measurement*

The Company follows the guidance of the ASC Topic 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 1:* Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 2:* Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Level 3:* Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

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The carrying value of the Company's financial instruments: cash and cash equivalents, accounts receivable, amounts due from related parties, deposit, prepayments and other receivables, accounts payable, accrued liabilities and other payables and amounts due to related parties approximate at their fair values because of the short-term nature of these financial instruments.

*Recently Issued Accounting Pronouncements*

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In June 2017, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326). The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. In November 2019, the FASB issued ASU 2019-10 which defers the effective dates for the credit losses, derivatives and lease standards for certain companies. The deferred effective date for credit losses is April 1, 2023 for calendar-year end companies which are "smaller reporting companies", non-SEC filers and all other companies including not-for-profit companies and employee benefit plans. The deferral for the derivatives and lease standards is only applicable to the companies which are not public business entities. The Company is still evaluating the impact of the accounting standard of credit losses on the Company's combined financial statements and related disclosures.

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements ("ASU 2023-01") that is intended to improve the guidance for applying Topic 842 to arrangements between entities under common control. This ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The standard will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the potential impact of ASU 2023-01 on its combined financial statements.

In October 2023, the FASB issued ASU 2023-06, *Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative*, which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. This update will improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB codification with the SEC's regulations. The Company is currently evaluating the potential effect of this ASU on its combined financial statements, but does not expect the impact to be material.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosures requirements included in ASU 2023-07 are required for all public entities, including those with a single reportable segment. ASU 2023-07 is effective for annual periods beginning after December 15, 2024, on a retrospective basis, and early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2023-07 on its combined financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 720): Improvements to Income Tax Disclosures ("ASU 2023-09"), which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on its combined financial statements.

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In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements ("ASU 2024-02"). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of the adoption of ASU 2024-02 on its combined financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires that an entity disclose, in the notes to financial statements, specified information about certain costs and expenses. The amendment in the ASU is intended to enhance the transparency and decision usefulness to better understand the major components of an entity's income statement. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated and combined financial statements which is expected to result in enhanced disclosures.

Except for the above-mentioned pronouncements, there are no new recently issued accounting standards that will have a material impact on the combined balance sheets, statements of operations and cash flows.

#### Quantitative and Qualitative Disclosures about Market Risk
*Liquidity risk*

We are exposed to liquidity risk, which is the risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Our 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 our Company's reputation. When necessary, we will turn to other financial institutions to obtain short-term funding to meet the liquidity shortage.

*Interest rate risk*

As of March 31, 2024 and September 30, 2024, we had outstanding bank borrowings of approximately HK$7.3 million (US$0.9 million) and HK$6.6 million (US$0.8 million), respectively, which will be payable within one to five years. The bank borrowings bore an annual effective interest rate ranging from 2.76% to 3.63% per annum. We are exposed to cash flow interest rate risk through the changes in interest rates related mainly to our variable-rates line of credit, short-term bank loans and bank balances. We currently do not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest rate risk. Our directors monitor our exposures on an ongoing basis and will consider hedging the interest rate should the need arises. We have not been exposed to material risks due to changes in interest rates. An increase, however, may raise the cost of any debt we incur presently and, in the future, and result in an adverse impact on our income.

*Foreign Exchange Risk*

Foreign exchange risk is the risk that the value of financial assets or liabilities will fluctuate due to changes in foreign exchange rates. We are exposed to foreign exchange risk from our business which is denominated in currencies other than US$(i.e. HK$). Consequently, the exchange rate to our currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of our assets or liabilities denominated in currencies other than US$. Our currency exposure is measured and monitored on a regular basis by the manager.

#### Contingent Liabilities
We have no material contingent liabilities as of September 30, 2024, March 31, 2024 and 2023.

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#### INDUSTRY
*The information contained in this section and elsewhere in the prospectus have been derived from various official government and other publications generally believed to be reliable and the market research report prepared by Migo Corporation Limited ("MIGO") and commissioned by Gifts International Holdings Limited. All information and data presented in this section is derived from MIGO's industry report, unless otherwise noted. The following discussion includes projections for future growth, which may not occur at the rates that are projected or at all.*

#### OVERVIEW OF THE CORPORATE GIFTING IN HONG KONG
Gift giving has always been an important concept in Hong Kong as doing business is rooted in Chinese culture and influenced by Western cultures. This unique blend, shaped by the region's geographical and historical context, fosters a culture of gifting during special events, festivals, and everyday interactions. In the corporate realm, gifting serves as a token of appreciation for valuable time spent in meetings, symbolizing trust and the desire to cultivate strong professional relationships. Business professionals in Hong Kong equally enjoy giving and receiving gifts. The fundamental principle of corporate gifting is straightforward: it is an expression of gratitude towards employees, colleagues, partners, customers, and prospects. When executed thoughtfully, corporate gifting can nurture meaningful and enduring business connections.

Corporate gifting plays a pivotal role in improving customers' relationships and can be an indispensable tool for staying connected with customers, employees and partners. The corporate gift market is a dynamic sector within the broader gift industry, catering specifically to businesses and organizations seeking thoughtful ways to express appreciation, strengthen relationships, and enhance brand visibility. This market encompasses a wide range of products and services, from personalized executive gifts to branded promotional items. The corporate gift market has witnessed steady growth in recent years, driven by the increasing emphasis on employee and client engagement, as well as the recognition of the strategic importance of corporate gifting in fostering long-term business connections.

#### OVERVIEW OF THE CORPORATE GIFTING INDUSTRY IN HONG KONG
Corporate gifting services encompass a wide range of offerings designed to deliver gift products and promotional items, thereby elevating and maintaining customer engagement. These services recognize outstanding performance and steadfast commitment to organizational goals, serving to express gratitude, build and sustain connections, and promote brand visibility. Corporate gifting services can be further categorized into consumables gifting, such as flower stands, fruit baskets, and gift hampers with wine, candy and mooncakes, to celebrate events and festivals. The non-consumable gifting services include gift cards, stationery items, clothing, kitchenware, artwork, and many more. Our one-stop concierge care services, which can be subdivided into (i) sourcing blooms seasonal picks of fresh flowers every day and enjoying the premium quality blooms from around the world; and (ii) picking the seasonal fruit matching the events and celebrations also matching fine wine and premium chocolates. The Group has been dedicated to providing consumables gifting services through its online ordering system. Customers can browse through our products, select what they need, and place their orders instantly. We launched our gifting services with a fully functional e-commerce website at *www.givegift.com*.hk which offers one-stop platform with a broad product range of over 2,075 gifts in 40 categories. We are going to launch our VIP website in second half of 2024, a new website that features even more trendy gifts that align with the purchase motives of business-to-consumer consumer's, along with social media friendly contents. The website also has backend features that facilitates more complex collaboration schemes with other reward schemes, royalty programs, employee benefits platforms and referral sharing scheme with media campaigns.

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#### Categorization of Corporate Gifting in Hong Kong

#### Consumables Corporate Gifting

#### Non-Consumable Corporate Gifting
____________

*Source: Migo*

#### Overview of the Consumable Corporate Gifting Market in Hong Kong
Despite the name, consumable corporate gifting is the practice of sending a personalized gift to a person to start a new business relationship or expand on an existing one. Recipients often include potential and loyal customers, as well as other stakeholders. The growth in token of appreciation, festival greetings, celebration of anniversary, and customer relationship building have increased the demand for consumable corporate gifting services. Consumable corporate gifting, such as flower stands, fruit baskets, and gift hamper are frequently used in corporate gifting. Additionally, it matches seasonal delicacies, fine wine, tea, and premium chocolates. However, non-consumable corporate gifting, including customized accessories, office supplies and desk accessories, electronics and gadgets, clothes and gift cards, are included in the category is a tangible gift.

Consumable corporate gifting market sector is expanding. First, customers are not worried about their own corporate gifting policy and the restrictions towards receiving gifts. There is a growing awareness of and desire for consumable corporate gifting options. Customers are also looking for more joy or taste-sharing approaches to their colleagues and friends. The development of the consumable corporate gifting market has also been aided by improvements in complementary design, packing design, and the way of presentation in consumable corporate gifting approaches.

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#### Market drivers and opportunities
*Companies incorporated — Driven Demand*

On 21 December 2023, according to the spokesman for the Commerce and Economic Development Bureau the HKSAR Government, Hong Kong is the only city in the world where the global advantages and the China advantages come together in a single economy. We believe that this gives Hong Kong an edge to bridge exchanges between enterprises from around the world. Also, according to the press release of the HKSAR Government, the results of the 2023 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong, there were 9,039 companies in Hong Kong with parent companies overseas or on Mainland China in 2023, which saw a recovery to pre-pandemic high levels. The total number of people engaged by these companies was around 468,000. According to the 2023 Annual Survey of Companies in Hong Kong with Parent Companies Located outside Hong Kong, there were 9,039 companies in Hong Kong with parent companies located outside Hong Kong in 2023, representing an increase of 61 companies when compared with last year. The following table shows the numbers of regional headquarters and offices setup in Hong Kong from 2018 to 2023.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** |
|  Number of regional headquarters | 1530 | 1541 | 1504 | 1457 | 1411 | 1336 |
|  Number of regional offices | 2425 | 2490 | 2479 | 2483 | 2397 | 2311 |
|  Number of local offices | 4799 | 5009 | 5042 | 5109 | 5170 | 5392 |
|  Total | 8754 | 9040 | 9025 | 9049 | 8978 | 9039 |

---

____________

*Source: Census and Statistics Department, Hong Kong and Migo*

The following table shows the numbers of newly incorporated public and private companies regional headquarters and offices setup in Hong Kong from 2018 to 2023.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** |
|  Public companies | 38 | 54 | 78 | 61 | 39 | 49 |
|  Private companies | 150738 | 123700 | 98368 | 109745 | 103105 | 131060 |
|  Guarantee companies | 963 | 987 | 959 | 1034 | 976 | 1137 |
|  Total No. of companies incorporated | 151739 | 124741 | 99405 | 110840 | 104120 | 132246 |

---

____________

*Source: Companies Registry, Hong Kong and Migo*

*Event-Driven Demand*

All year gifting is being driven by the evolution of clients' lifestyles. Increased social connectivity, diverse celebrations, and a desire for meaningful connections characterize modern lifestyles. People in Hong Kong are not only inclined to engage in gifting activities throughout the year, but also confined to traditional occasions like birthdays and traditional festivals. For instant, Chinese Luner New Year, the Mid-Autumn Festival, Christmas are significant holidays where gift hampers are commonly exchanged as gifts. The event-driven demand for consumable corporate gifting in the market during festivals is quite high. It is very common to exchange elaborately packaged gift sets as a token of appreciation to family, friends,

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and business associates in Hong Kong. The market during the festivals seasons are usually very competitive, with various brands offering different flavors and packaging to attract customers. In addition, HKSAR Government provides two types of public holidays: statutory and general holidays. Statutory holidays are mandated under the Employment Ordinance and must be provided to all employees. Corporate customers are seeking opportunities to make their customers feel valued, appreciated, and special on various occasions, such as grand openings, promotions, achievements, or even as simple as a gesture of friendship. The following table shows the 14 statutory holidays for 2024 in Hong Kong:

#### The 14 Statutory Holidays for 2024 are:
1. 1 <sup>st</sup> day January

2. Lunar New Year's Day

3. The third day of Lunar New Year

4. The fourth day of Lunar New Year

5. Ching Ming Festival

6. Labor Day

7. The Birthday of the Buddha

8. Tuen Ng Festival

9. Hong Kong Special Administrative Region Establishment Day

10. The day following the Chinese Mid -Autumn Festival

11. National Day

12. Chung Yeung Festival

13. Chinese Winter Solstice Festival or Christmas Day (at the option of the employer)

14. The first weekday after Christmas Day

____________

*Source: Labor Department, Hong Kong and Migo*

*Increasing Online Orders*

The growth of e-commerce has significantly impacted the all-year consumable gifting market. Online platforms provide customers with convenient and accessible methods for purchasing gifts, enabling them to explore a wide array of options, compare prices, and make informed decisions from the comfort of their homes. E-commerce platforms offer a seamless shopping experience, allowing individuals to browse through diverse product categories, find unique and niche items, and even customize gifts based on personal preferences. Furthermore, the rise of digital platforms has facilitated connectivity providing businesses with opportunities to showcase their offerings to a broader audience and capitalize on the convenience and efficiency of online transactions.

#### Market Size
According to Migo, the consumable corporate gifting market in Hong Kong was generally affected by the COVID-19 pandemic from HK$775 million in 2019 to HK$480 million in 2020, respectively, with a decrease of about 38% year-on-year. However, in 2021, the market reached HK$749 million an increase of 56%, compared to 2020. Compared with the HK$1,089 million in 2018, it has almost entirely recovered. In 2023, the client spending on consumable corporate gifting services amounted to HK$1,058 million, respectively, with a CAGR of about 8.1% since 2019. The following chart shows the amount of clients spending on consumable corporate gifting services market in Hong Kong from 2018 to 2023.

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____________

*Source: Migo*

#### Competitive Landscape of the Consumable Corporate Gifting Industry
By focusing on continuous product innovation, expanding luxury offerings, leveraging online channels, and targeting specific demographics, the Group can drive growth and meet the evolving demands of consumers who seek delivers beautiful fresh flowers, cherry-pick seasonal fruits, fine wine and premium candy to their valued ones. A lucrative market opportunity within the corporate gift sector lies in the integration of technology to enhance personalization and utility. As businesses strive to differentiate their gifts and leave a lasting impression, incorporating innovative technologies. The integration of Al and machine learning for personalized gifting recommendations, as well as improved logistics and tracking capabilities, will further shape the industry. This not only aligns with the modern, tech-driven business environment but also provides the Group with a distinct competitive advantage in the corporate gifting landscape. The Group will continue to innovate in product offerings, exploring new flavors, healthier options, and unique combinations to stand out in the crowded market.

According to the Migo research, most of the consumable corporate gift service providers, including the top five brands in Hong Kong are chain centers that are currently denominated by local brands. Premium brands, including our brand ''GiveGiftBoutique'' are targeting consumers with high-income levels, with our Group recording an average order value of over US$100. Moreover, premium brands can afford high marketing expenses with celebrity endorsement, which are more easily recognized by customers and are perceived as more reliable.

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The consumable corporate gift service market in Hong Kong is highly competitive.

The table below sets out the top five service providers in the consumable corporate gift service market in Hong Kong as of 31 March 2023 in terms of numbers of large corporation clientele and vehicle fleet:

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| | | | |
|:---|:---|:---|:---|
|  **Competitors** | **Ranking by <br>numbers of large <br>corporation <br>clientele and <br>vehicle fleet** | **Market Shares %** | **Service provider** |
|  Our Group | 1 | 7.6% | / |
|  Company A | 2 | 15.1% | A subsidiary of a Hong Kong-listed company, which provides cakes & pastries, hampers & wine gifting services in Hong Kong. |
|  Company B | 3 | 3.4% | A private group, which mainly provides different types of flower bouquet, fruit basket. |
|  Company C | 4 | 4.7% | A private group, which provides to customers with various flower bouquet and gardening equipment. |
|  Company D | 5 | 2.4% | A subsidiary of a Hong Kong-listed company, which is a hotel management group, offering a variety of business gourmet hamper. |

---

____________

*Source: Advertisement of service providers, Annual Reports, Migo*

#### Features of The Consumable Corporate Gifting Industry
*Operating locality*

The key to entering the corporate gift market and building a solid reputation lies in aligning to the consumer's preferences. As corporate gift company, we must adapt to the locals' wants and needs to capture their attention. This is essentially taking your products and making certain tweaks and adjustments to their properties to appeal to the local audience. Brands and companies often participate in this tactic by utilizing seasonal events and trends to their advantage.

*Utilizing Online Platforms*

E-commerce, like the Gift Market, has developed into one of the biggest industries today. Consumers are enamored with the convenience and vast range of options that online selling platforms have to offer. It has become one of the most accessible forms of consumption as consumers can purchase their goods with a few taps on their smartphones.

#### Entry Barrier of Consumable Corporate Gifting Industry
*Capital intensive, quality service and brand recognition*

In order to be perceived by customers as a reliable service provider of care in the consumable corporate gifting industry, high-quality services and strong brand recognition are crucial factors. To provide quality services to customers, service providers should generally be equipped with in-depth knowledge of the industry, a strong network of well-established business partners based on well-designed business models, and strict guidelines for consumable corporate gifting services for quality controls. The consumable corporate gifting industry, unlike the existing traditional non-consumable corporate gifting industry, needs rapid respond on logistics and storage which few market players can handle well. Therefore, building a quality brand name can require substantial capital for research and development and years of testing of business models and monetization methods, which are generally unavailable to market entrants. It is a labor heavy business, especially when operating a vehicle fleet for on time delivery.

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*Advancements of online payment system and security issue*

The platform provides a convenient and secure way for customers to shop from the comfort of their own homes, with a wide range of products available for purchase. The Group also offers competitive pricing, fast shipping, and excellent customer service to ensure a positive shopping experience for all customers. With the convenience of online shopping, the Company aims to make it easy for customers to find and purchase the products they need, whether it is a flower stand, seasonal fruit basket, gift hamper, or other seasonal items. Our e-commerce website also offers a variety of payment options to accommodate the needs of different customers, making it easy for them to shop and make purchases online.

Driven by the expansion and increasing online penetration of retail market, Hong Kong's e-commerce industry has experienced tremendous growth. Technology capability sits at the very core of business development for advancements of online payment system providers. Furthermore, it is necessary for a leading player to have integrated technology capabilities, including user-friendly application processing power, and instant chatting solutions with customers, to improve its platform based various ordering products services capabilities.

Security concerns over online payment have been one of the reasons Hong Kong consumers are relatively resistant to e-commerce. Advancement of technology and cyber security boosts consumer confidence in online payment. At the same time, the emergence of third-party payment companies which offer different payment solutions and escrow services, improve customer satisfaction on online shopping processes. To be competitive in the market, constant capital investment to upgrade to cutting-edge ordering platform is essential.

*Good reputation*

The service providers in the consumable corporate gifting industry significantly rely on reputation. In Hong Kong, any dissatisfaction from the customers in connection with the services provided may result in negative comments on social media or negative publicity against the service providers. Therefore, service providers' large corporation clientele, vast variety of selection, reputation and network of vendors in the consumable corporate gifting industry are quite important for gaining customers' trust.

#### Opportunities and Challenges of Consumable Corporate Gifting Industry in Hong Kong
*Prevention of Bribery Ordinance*

Hong Kong's Prevention of Bribery Ordinance (POBO) uses the word "advantage" instead of "bribe". Section 9 of the POBO states that an employee of a private company cannot solicit or accept any advantage in relation to his employer's business without the permission of his employer. Custom is not a reasonable excuse for accepting an advantage. Under Civil Service Regulation 444 (2), gifts offered to a civil servant by the official position are regarded as advantages to the department in which the officer works. In circumstances where it is considered inappropriate to return the gifts to the donor, the officer should report and hand over to the department the gifts received for disposal. Also under section 4 of the POBO, a Government officer soliciting or accepting any advantage as an inducement, reward or reason for abusing his official power or position in his official capacity shall be guilty of an offense with a maximum fine of HK$500,000 and imprisonment for 7 years.

An advantage becomes a bribe when there is an illegitimate purpose linked to the offer, solicitation or acceptance. The advantage is widely drafted to capture all of the usual acts commonly associated with a bribe, including gifts of goods or money, loans, services, contracts, employment, the exercise or forbearance of exercise of certain rights, favors and discharge of liability in whole or in part. There is no de minimis threshold. According to the POBO, advantage refers to anything that is of value. such as money, gift, commission, loan, employment, service or favor, except entertainment. Whereas entertainment refers to the provision of food or drink for consumption on the occasion when it is provided, and any other entertainment connected with such provisions. Active bribery by giving, offering or promising an advantage, as well as passive bribery by soliciting or accepting an advantage are both criminal offenses under the POBO.

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*Resource availability*

Consumable corporate gifting requires improving sustainability and environmental protection is another shared challenge, as the industry depend on natural resources and require responsible agricultural practices. Vendors of growers must adopt measures to conserve soil, promote responsible water management and protect biodiversity, to prevent the overexploitation of natural resources and the indiscriminate use of pesticides.

*Optimize the efficiency of marketing and distribution*

Efficient and resilient supply chains are essential to the consumable corporate gifting industry, and we face similar obstacles in dealing with complex import regulations and changing consumer demand. The floral and fruit produce industries must properly manage logistics and distribution to ensure products reach consumers in optimal condition. In addition, careful planning and precise coordination between vendors, distributors and retailers is required to meet the demand for annual and seasonal products in the international markets. Another shared challenge is the need to adapt to changing consumer preferences and market trends. Innovations in product presentation, diversification of supply and promotion of ethical and sustainable business practices can improve competitiveness and drive market success.

*Ensuring Data Security and Privacy*

Data privacy and security concerns are one of the key challenges hindering the market growth. Cloud security management is a crucial task for the market players to protect online data. It is essential to secure online digital files from unauthorized access in the cloud-based IT infrastructure. However, these cloud infrastructures are highly dependent on a patchwork of open-source codes, which can introduce flaws to the cloud systems.

*Market consolidation*

With the gradual expansion of the e-commerce industry in Hong Kong, large-scale market participants are expected to capture a larger market share due to their capabilities to provide integrated one-stop services, establish relationships with suppliers and develop customer loyalty and reputation, whereas small-scale companies may be driven out of the market due to their limited technological and operational capability and low bargaining power. Further, consumers in this industry often prefer and refer to large-scale and notable market participants, which further favor market consolidation for large-scale companies. Players in this industry have been seeking horizontal and vertical business expansions, so as to diversify their revenue streams. Such integration would strengthen the market positions of sizable players as well as lowering operational and management costs. Accordingly, the industry is expected to be more consolidated in the next several years

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#### BUSINESS SECTION

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

#### Laws and Regulations in Hong Kong

#### Business Registration
*Business Registration Ordinance*

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

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

#### Import and Export
*Import and Export (Registration) Regulations*

Regulations 4 and 5 of the Import and Export (Registration) Regulations (Chapter 60E of the Laws of Hong Kong) (the "IAE Registration Regulations") provide that every person who imports or exports any article other than an exempted article shall lodge an accurate and complete import or export declaration relating to such article using services provided by a specific body with the Commissioner of Customs and Excise within 14 days after the importation or exportation of the article.

Any person failing to declare within 14 days after the importation or exportation of the article without reasonable excuse is liable to a fine of HK$2,000 upon summary conviction, and after the date of conviction, to a fine of HK$100 in respect of every day during which his failure or neglect to lodge the declaration in that manner continues. Furthermore, the IAE Registration Regulations also provides that any person knowingly or recklessly lodges any declaration with the Commissioner of Customs and Excise that is inaccurate in any material particular shall be liable to a fine of HK$10,000 upon summary conviction.

In addition to any fines imposed, an administrative penalty (which ranges from HK$20 to HK$200 per incident depending on the time of lodging the declaration and the total value of the articles specified in the declaration) would also be payable for late declaration.

As of the date of this prospectus, Broaden Leisure has not been subject to any fine, penalty or prosecution in relation to the Import and Export (Registration) Regulations.

#### Sale of Goods
*Sale of Goods Ordinance*

Sale of Goods Ordinance (Chapter 26 of the Laws of Hong Kong) aims to codify the law relating to the sale of goods provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under section 15, where there is a contract for the sale of goods by description, there is an implied condition that the goods shall correspond with the description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under section 16, where a seller sells goods in the course of a business, there is an implied condition that the goods supplied under the contract are of merchantable quality, except that there is no such condition (i) as regards defects specifically drawn to the buyer's attention before the contract is made; or (ii) if the buyer examines the goods before the contract is made, as regards defects which examination ought to reveal; or (iii) if the contract is a contract for sale by sample, as regards defects which would have been apparent on a reasonable examination of the sample; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under section 17, where there is a contract for sale by sample, there are implied conditions that (i) the bulk shall correspond with the sample in quality, (ii) the buyer shall have a reasonable opportunity of comparing the bulk with the sample, and (iii) the goods shall be free from any defects, rendering them unmerchantable, which would not be apparent on reasonable examination of the sample.

Where any right, duty or liability arises under a contract of sale of goods by implication of law, it may (subject to the Control of Exemption Clauses Ordinance (Chapter 71 of the Laws of Hong Kong)) be negatived or varied by express agreement, or by course of dealings between the parties, or by usage if the usage is such as to bind both parties to the contract.

As of the date of this prospectus, Broaden Leisure has not been subject to any fine, penalty or prosecution in relation to the Sale of Goods Ordinance and the Control of Exemption Clauses Ordinance.

#### Trade Descriptions
*Trade Descriptions Ordinance*

The Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong) prohibits false trade descriptions, false, misleading or incomplete information, false marks and misstatements in respect of goods in the course of trade. Under the Trade Descriptions Ordinance, it is an offence for a person, in the course of trade or business, to apply a false or misleading trade description to any goods or supply any goods with false or misleading trade descriptions, forge any trade mark or falsely apply any trade mark to any goods, or engages in relation to a consumer in a commercial practice that is a misleading omission, is aggressive, or constitutes bait advertising, a bait and switch, or wrongly accepting payment for a product.

A person who commits any such offence is subject to, on conviction on indictment, a fine of HK$500,000 and imprisonment for five years, and, on summary conviction, to a fine of HK$100,000 and imprisonment for two years.

As of the date of this prospectus, Broaden Leisure has not been subject to any fine, penalty or prosecution in relation to the Trade Descriptions Ordinance.

#### Food Safety
*Food Safety Ordinance*

The Food Safety Ordinance (Chapter 612 of the Laws of Hong Kong) (the "FSO"), provides that a person must not carry on a food importation business or food distribution business unless the person (i) is registered under the FSO as a food importer/a food distributor in respect of that business; or (ii) is specified or exempted by the FSO that the business is not required to be registered under the FSO. A person who, without reasonable excuse, carry on a food importation business or food distribution business without proper registration or exemption commits an offence and is liable to a fine at HK$50,000 and to imprisonment for 6 months.

*Registration as food importer or distributor*

Sections 4 and 5 of the FSO require any person who carries on a food importation business or food distribution business to register with the Food and Environmental Hygiene Department ("FEHD") as a food importer or food distributor. Any person who does not register but carries on a food importation or distribution business, without reasonable excuse, commits an offence and is liable to a maximum fine of HK$50,000 and imprisonment for six months.

*Record-keeping requirement relating to movement of food*

Section 22 of the FSO provides that a person who, in the course of business, imports food must record the following information about the acquisition of the food:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the food was acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name and contact details of the person from whom the food was acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the place from where the food was imported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total quantity of the food; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a description of the food.

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A record must be made under this section at or before the time the food is imported. Any person who fails to comply with the record-keeping requirement, without reasonable excuse, commits an offence and is liable to a maximum fine of HK$10,000 and imprisonment for three months.

Section 24 of the FSO provides that a person who, in the course of business, supplies food in Hong Kong by wholesale must record the following information about the supply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the food was supplied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name and contact details of the person to whom the food was supplied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total quantity of the food; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a description of the food.

A record must be made under section 24 of the FSO within 72 hours after the time the supply took place. Any person who fails to comply with the record-keeping requirement, without reasonable excuse, commits an offence and is liable to a maximum fine of HK$10,000 and imprisonment for three months.

Broaden Leisure has registered its business on the register of registered food importers and registered food distributors and it has not been refused by the FEHD for its applications for renewal of registration. As of the date of this prospectus, Broaden Leisure has not been subject to any fine, penalty or prosecution in relation to the FSO.

*Food and Drugs (Composition and Labelling) Regulations*

Food and Drugs (Composition and Labelling) Regulations (Chapter 132W of the Laws of Hong Kong) (the "FDR"), which are under the Public Health Ordinance, contains provisions governing the advertising and labeling of food. Regulation 3 of the FDR provides that the composition of foods and drugs specified in Schedule 1 shall be up to the standards as specified in that schedule. Pursuant to Regulation 5 of the FDR, any person who advertises for sale, sells or manufactures for sale any food or drug which does not conform to the relevant requirements as to the composition prescribed in Schedule 1 to the FDR commits an offence and is liable to a fine of HK$50,000 and imprisonment for six months.

Regulation 4A of the FDR requires all pre-packaged food and products sold (except for those listed in Schedule 4 thereto) to be marked and labeled in the manner prescribed in Schedule 3 to the FDR. Schedule 3 contains labeling requirements in respect of stating the product's name or designation, ingredients, "best before" or "use by" date, special conditions for storage or instructions for use, manufacturer's or packer's name and address and count, weight or volume. Additionally, Schedule 3 also includes requirements on the appropriate language or languages for marking or labelling pre-packaged food. Contravention of those requirements may result in a conviction carrying a maximum penalty of HK$50,000 and imprisonment for six months.

In accordance with Regulation 4B of the FDR, generally pre-packaged food sold should be marked or labeled with its energy value and nutrient content in the manner prescribed in Part 1 of Schedule 5, and nutrition claims, if any, made on the label of the product or in any advertisement for the product should comply with Part 2 of Schedule 5. Contravention of those requirements may result in a conviction carrying a maximum penalty of HK$50,000 and imprisonment for six months.

As of the date of this prospectus, Broaden Leisure has not been subject to any fine, penalty or prosecution in relation to the FDR.

*Public Health and Municipal Services Ordinance*

The legal framework for food safety control in Hong Kong is set out in Part V of the Public Health and Municipal Services Ordinance (Chapter 132 of the Laws of Hong Kong) (the "PHO") and the relevant sub-legislations thereunder. The PHO requires the manufacturers and sellers of food to ensure that their products are fit for human consumption and comply with the requirements in respect of food safety, food standards and labeling. Section 50 of the PHO prohibits the manufacturing, advertising and sale in Hong Kong of food or drugs that are injurious to health. Anyone who fails to comply with this section commits an offence which carries a maximum penalty of HK$10,000 and imprisonment for three months. Section 52 of the PHO provides that, subject to a number of defenses in section 53 of the same ordinance, if a seller sells to the prejudice of a purchaser any food or drug which is not of the nature, substance or quality of the food or drug demanded by the purchaser, the seller shall be guilty of an offence which carries a maximum penalty of

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HK$10,000 and imprisonment for three months. According to section 54 of the PHO, any person who sells or offers or exposes for sale or has in his possession for the purpose of sale or preparation for sale or deposits with, or consigns to, any person for the purpose of sale or of preparation for sale, any food intended for, but unfit for, human consumption, or any drug intended for use by human but unfit for that purpose, shall be guilty of an offence. The maximum penalty for contravention of section 54 is a fine of HK$50,000 and imprisonment for six months. Section 61 of the PHO provides that it shall be an offense for any person to give with any food or drug sold by him/her, or to display with any food or drug offered for sale by him/her, any label which falsely describes the food or drug or which is calculated to mislead as to its nature, substance or quality. Further, it shall also be an offense if any person publishes, or is a party to the publication of, an advertisement falsely describing any food or drug or that is likely to mislead as to the nature, substance or quality of any food or drug. However, the offender can rely on warranty as a defense. Section 71(2) of the PHO specifies that if a warranty is given by a person resident outside Hong Kong, it shall only be a defense if the company (i) has, not later than three clear days before the date of the hearing, sent to the prosecutor a copy of the warranty with a notice stating that he/she intends to rely on it and specifying the name and address of the person from whom he/she received it; and (ii) has also sent a like notice to that person. In addition, the company has to prove that it had taken reasonable steps to ascertain, and did in fact believe in, the accuracy of the statement contained therein.

As of the date of this prospectus, Broaden Leisure has not been subject to any fine, penalty or prosecution in relation to the PHO.

**Taxation**

*Inland Revenue Ordinance*

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

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

#### Employment
*Employment Ordinance*

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

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

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

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

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*Mandatory Provident Fund Schemes Ordinance*

The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) ("MPFSO") provides that every employer must take all practicable steps to ensure that each employee is covered under a Mandatory Provident Fund (MPF) scheme. An employer who fails to comply with such a requirement may face a fine and imprisonment. The MPFSO provides that an employer must, for each contribution period, (a) from the employer's own funds, contribute to the relevant MPF scheme the amount determined in accordance with the MPFSO; and (b) deduct from the employee's relevant income for that period as a contribution by the employee to that scheme the amount determined in accordance with the MPFSO.

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

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

*Employees' Compensation Ordinance*

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

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

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

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

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

*Minimum Wage Ordinance*

The prescribed minimum hourly wage rate (currently set at HK$40.0 per hour) for every employee is govern by the Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) (the "MWO"). Section 15 of the MWO provides that any provision of employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee under the MWO is void.

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

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#### Personal data
*Personal Data (Privacy) Ordinance*

The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") protects the privacy interests of living individuals in relation to personal data. The ordinance covers any automated and non-automated data relating directly or indirectly to a living individual and applies to both public and private bodies as data users that control the collection, holding, processing or use of personal data. There are six principles under the PDPO, which set out the principles in respect of the purpose and manner of collection of data, the accuracy and duration of retention of data, the use of personal data, the security of personal data, the information to be generally available and the access to personal data. In general, the personal data shall be lawfully and fairly collected and steps should be taken to ensure that the data subject is explicitly or implicitly informed on or before collecting the data. Personal data should also be accurate, up-to-date and kept no longer than necessary while unless with the consent from the data subjects, personal data should be used for the purposes for which they were collected or a directly related purpose. The Office of the Privacy Commissioner for Personal Data is the governing body to promote, administer and oversee the enforcement of the PDPO. It has the power to carry out inspections of any personal data systems, to receive complaints from individuals and to investigate data users in respect of the complaints filed. Contravention with the PDPO may entitle the Privacy Commissioner for Personal Data to issue a written enforcement notice directing such Data User to remedy and prevent recurrence of contravention. Contravention with the above enforcement notice issued by the Privacy Commissioner for Personal Data is an offence and the offender is liable to a maximum fine of HK$50,000 and imprisonment for 2 years, with a daily penalty of HK$1,000. Subsequent convictions can result in a maximum fine of HK$100,000 and imprisonment for 2 years, with a daily penalty of HK$2,000.

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

#### Competition
*Competition Ordinance*

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

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

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#### MANAGEMENT

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

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Mr. Ngai Chiu Wong | 44 | Chairman, Director and Chief Executive Officer |
|  Mr. Sze Yeung Yau | 47 | Chief Financial Officer |
|  Ms. Wai Chun Chik | 40 | Independent Director Appointee\* |
|  Mr. Cheuk Kwan Ng | 32 | Independent Director Appointee\* |
|  Mr. Man Fai Kwan | 55 | Independent Director Appointee\* |

---

____________

\* Each of Ms. Wai Chun Chik, Mr. Cheuk Kwan Ng and Mr. Man Fai Kwan will serve as an independent director of the Company upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part. We will have in place a board of directors that is majority independent. The three independent directors will serve on the audit committee, with an "audit committee financial expert" as defined under the Nasdaq rules, serving as committee chair. These individuals consent to serving in such position upon the closing of this offering.

#### Executive Officers
**Mr. Ngai Chiu Wong** graduated from the Duke University with a Bachelor of Science in Engineering with a double major in Electrical Engineering and Computer Science. Following his academic achievements, Mr. Wong joined AT&T Inc.'s HR Production Support Team in San Ramon. While at AT&T Inc., Mr. Wong was recognized with multiple corporate awards for his contributions. Upon his return to Hong Kong, Mr. Wong furthered his career with Accenture Company Limited as a software development consultant in 2007. Mr. Wong founded Broaden Leisure in 2008 and has served as our Chief Executive Officer since then. Mr. Wong is the Chairman of our board of directors, Director and Chief Executive Officer, and he is responsible for the overall strategic direction and development of our Company. He has over 15 years of managerial experience and plays a pivotal role in overseeing and guiding the strategic direction, business development, client relationship management, team management and key decision-making processes within our Group.

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

Mr. Yau currently served as an independent non-executive director at Chi Ho Development Holdings Limited (Stock Code: 8423.HK) and China Uptown Group Company Limited (Stock Code: 2330.HK). Mr. Yau has more than twenty-three years of experience in the field of accounting and auditing, including his tenure with the assurance department in Deloitte Touche Tohmatsu from September 2001 to October 2009. After his tenure with Deloitte Touche Tohmatsu, Mr. Yau served in various senior financial reporting roles in several reporting entities in Hong Kong, including Man Wah Holdings Limited (Stock Code: 1999.HK) and Janco Global Logistics Limited (Stock Code: 8035.HK) between 2009 and 2020. Mr. Yau obtained a bachelor degree in accountancy from The City University of Hong Kong in 2001. Mr. Yau was also certified as a certified public accountant by the Hong Kong Institute of Certified Public Accountants in January 2005.

#### Independent Directors
**Ms. Wai Chun Chik** will serve as an independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part, and will be the chairwoman of the audit committee and a member of compensation committee and nominating and corporate governance committee.

Ms. Chik has over 15 years of experience in the auditing, accounting, corporate governance and company secretarial experience. She currently serves as the company's secretary at P.B. Group Limited (stock code: 8331.HK) and FingerTango Inc. (stock code: 6860.HK), the head of company secretarial department of P.B. Advisory Limited

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and a consultant of the company secretarial department at Trinity Corporate Solutions Limited. She has served as an independent non-executive director at Boltek Holdings Limited (Stock Code: 8601.HK) and Janco Holdings Limited (Stock Code: 8305.HK). She also has an appointment of an independent director of Top Wealth Group Holding Ltd (NASDAQ ticker: TWG), Click Holdings Limited (NASDAQ ticker: CLIK) and Ming Shing Group Holdings Limited (NASDAQ ticker: MSW). Ms. Chik obtained a master of corporate governance degree from The Hong Kong Polytechnic University in September 2015. She was admitted as a member of CPA Australia in June 2011. Ms. Chik was also certified as a certified public accountant by the Hong Kong Institute of Certified Public Accountants in September 2011, and was admitted as an associate of both The Hong Kong Chartered Governance Institute (formerly known as The Hong Kong Institute of Chartered Secretaries) and The Chartered Governance Institute (formerly known as the Institute of Chartered Secretaries and Administrators) in March 2016.

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

Mr. Ng has over 10 years of experience in the auditing, accounting and company secretarial experience. He currently serves as the chief financial officer and company secretary at Apollo Future Mobility Group Limited (stock code: 860.HK). Mr. Ng previously was with the assurance department of Deloitte Touche Tohmatsu from 2015 to 2017, followed by financial reporting roles in other private companies in Hong Kong. Mr. Ng obtained a bachelor degree in accounting and finance from The University of Hong Kong in June 2014. Mr. Ng was also certified as a certified public accountant by the Hong Kong Institute of Certified Public Accountants in 2018.

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

Mr. Kwan has over 20 years of experience in corporate finance and banking work, including assisting various companies in their listing on the Main Board and the GEM of the Hong Kong Stock Exchange. He currently serves as the chairman, executive director and authorized representative of Nan Nan Resources Enterprise Limited (stock code: 1229.HK). Mr. Kwan is also a consultant of Messrs. Anthony Siu & Co., a law firm in Hong Kong. Mr. Kwan obtained a bachelor degree in laws from The University of Hong Kong in July 1992 and a master degree in laws from The London School of Economics and Social Sciences, the University of London in November 1994.

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

#### Compensation of Directors and Executive Officers
For so long as we qualify as a foreign private issuer, we are not required to comply with the proxy rules applicable to U.S. domestic companies, including the requirement applicable to emerging growth companies to disclose the compensation of our executive officers on an individual, rather than an aggregate, basis. For the six months ended September 30, 2024 and 2023, we paid aggregate compensation of HK$909,000 and HK$909,000, respectively, to our executive officers and directors. For the years ended March 31, 2025, 2024 and 2023, we paid aggregate compensation of HK$909,000, HK$1,818,000 and HK$1,418,000, respectively, to our executive officers and directors. We have not set aside any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We have also not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

#### Corporate Governance Practices

#### Foreign Private Issuer
After the consummation of this offering, we will qualify as a "foreign private issuer" under the SEC rules and Nasdaq Capital Market Company Guide. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. Also, we are not required to comply with Regulation FD, which restricts the selective disclosure of

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material information. However, we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and we will submit to the SEC from time to time, on Form 6-K, reports of information that would likely be material to an investment decision in our Shares.

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

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

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

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

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

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

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

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

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

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

#### Committees of the Board of Directors
A company of which more than 50% of the voting power held by a single entity is considered a "controlled company" under the Nasdaq Capital Market Company Guide. A controlled company is not required to comply with the Nasdaq Capital Market corporate governance rules requiring a board of directors to have a majority of independent

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directors to have independent audit, compensation, and nominating and corporate governance committees. Following the completion of this offering, we will be a "controlled company" as defined under the Nasdaq Capital Market corporate governance rules.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

**Compensation Committee.** Our compensation committee will consist of Ms. Wai Chun Chik, Mr. Cheuk Kwan Ng, and Mr. Man Fai Kwan. Mr. Man Fai Kwan will be the chairman of our compensation committee. We have determined that each of our compensation committee members satisfies the "independence" requirements of the Nasdaq Capital Market Company Guide. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any incentive compensation or equity plans, programs, or similar arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting compensation consultant, legal counsel, or other adviser only after taking into consideration all factors relevant to that person's independence from management.

**Nominating and Corporate Governance Committee.** Our nominating and corporate governance committee will consist of Ms. Wai Chun Chik, Mr. Cheuk Kwan Ng, and Mr. Man Fai Kwan. Mr. Cheuk Kwan Ng will be the chairman of our nominating and corporate governance committee. We have determined that each of our nominating and corporate governance committee members satisfies the "independence" requirements of Rule 5605(a)(2) of the

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Nasdaq Capital Market Company Guide. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board the current composition of the board in regard to characteristics such as independence, knowledge, skills, experience, and diversity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board periodically in regard to significant developments in the law and practice of corporate governance, as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

#### Controlled Company Exception
**We may also be eligible to utilize the controlled company exemptions under the Nasdaq corporate governance rules. We will be a "controlled company" within the meaning of Nasdaq rules. As of the date of this prospectus, Mr. Ngai Chiu Wong owns 8,248,500 Class B Ordinary Shares, representing 94.26% of the total voting power of our Company. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, [8,248,500] Class B Ordinary Shares, representing [93.46]% of the total voting power of our Company, will be owned by Mr. Wong assuming that the underwriters do not exercise their over**-allotment **option. Under the Nasdaq rules, a company of which more than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting together is a "controlled company" and may elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:**

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

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

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

#### Duties of Directors
Under British Virgin Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in the best interests of our Company. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to act with skill and care. 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 British Virgin Islands. In fulfilling their duty of care to our Company, our directors must ensure compliance with the memorandum and articles of association of our Company, as amended and restated from time to time. Our Company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in the name of our Company if a duty owed by our directors is breached. You should refer to "Description of Share Capital — Differences in Corporate Law" for additional information on our standard of corporate governance under British Virgin Islands law.

As set out above, our directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position, and a director must promptly disclose the interest to all other directors after becoming aware of the fact that he or she is interested in a transaction we have entered into or are to enter into. You should refer to "*Description of Share Capital — Differences in Corporate Law*" for additional information on our standard of corporate governance under British Virgin Islands law.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening meetings of members (including annual general meeting) and reporting its work to shareholders at such meetings;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our Company and mortgaging the property of our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of Shares in our Company, including the registration of such Shares in our Share register.

#### Terms of Directors and Officers
Our directors may be appointed by resolutions of directors or resolutions of members. Pursuant to our Amended Memorandum and Articles, each director holds office for the term, if any, fixed by the resolution of the members of or resolution of directors of the Company appointing him or her; or until their resignation, death, or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his or her earlier death, resignation or removal.

Our officers are selected by and serve at the discretion of our board of directors.

#### Employment Agreements with Executive Officers
We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specific time period. We may terminate, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties.

We may also terminate an executive officer's employment without cause at any time upon three months' advance written notice or by payment of three months' salary in lieu of notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. An executive officer may terminate his or her employment at any time with a three months' prior written notice to the Company or by payment of three months' salary in lieu of notice.

We have also entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

#### Board diversity
We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our board of directors, including but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service. The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our board.

Our directors have a balanced mix of knowledge and skills. We have three independent directors with different industry backgrounds, representing a majority of the members of our board. We also achieved gender diversity by having one female directors out of the total of four directors (including independent directors). Our board is well balanced and diversified in alignment with the business development and strategy of the Company.

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#### Outstanding Equity Awards at Fiscal Year-End
As of September 30, 2024, March 31, 2024 and 2023, we had no outstanding equity awards.

#### 2025 Share Incentive Plan
We will adopt the Gifts International Holdings Limited 2025 Share Incentive Plan, or the 2025 Incentive Plan, upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part, to attract and retain best available personnel, provide additional incentives to employees, directors and consultants, and promote the success of our business. Under the 2025 Incentive Plan, the maximum aggregate number of Class A Ordinary Shares which may be issued pursuant to all awards (including incentive share options) will be [1,732,725] Class A Ordinary Shares (assuming the underwriters do not exercise their over-allotment option), representing 15% of the number of fully-diluted Class A Ordinary Shares outstanding as of the date of our Company's initial public offering.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to the beneficial ownership of our Shares as of the date of this prospectus, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person or entity known by us to own beneficially more than 5% of our outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors, executive officers, and director nominees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our executive officers, directors, and director nominees as a group.

Beneficial ownership of our Shares is determined in accordance with the SEC rules. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or to direct the voting of the security, or investment power, which includes the power to dispose of or to direct the disposition of the security. The percentage of Shares beneficially owned prior to the offering is based on 10,051,500 Class A Ordinary Shares and 8,248,500 Class B Ordinary Shares outstanding as described in "Corporate History and Structure" section. We do not have any options or warrants that are outstanding. The percentage of Shares beneficially owned after the offering is based on the number of Shares outstanding prior to the offering plus the Class A Ordinary Shares that we are selling in this offering. Except as may otherwise be required by law, each Class B Ordinary Share has twenty votes per share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Share, which we are selling in this offering, has one vote per share and is not convertible into Class B Ordinary Shares.

The percentages of Shares beneficially owned after the offering assume that the underwriters will not exercise their option to purchase additional Shares in the offering. Except where otherwise indicated, we believe, based on information furnished to us by such owners, that the beneficial owners of the Shares listed below have sole investment and voting power with respect to such shares. To the best of our knowledge, we are not owned or controlled, directly or indirectly, by any another corporation or by any foreign government. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares beneficially <br>owned prior to the offering** | **Ordinary Shares beneficially <br>owned prior to the offering** | **Ordinary Shares beneficially <br>owned after the offering** | **Ordinary Shares beneficially <br>owned after the offering** |
|  **Name of Beneficial Owner<sup>(1)</sup>** | **Number <br>of Class B <br>Ordinary <br>Shares** | **Approximate <br>percentage <br>of beneficial <br>ownership<sup>(2)</sup>** | **Number <br>of Class B <br>Ordinary <br>Shares** | **Approximate <br>percentage <br>of beneficial <br>ownership<sup>(3)</sup>** |
|  *Directors, director nominees, and executive officers* |  |  |  |  |
|  Mr. Ngai Chiu Wong<br> Nil | 8248500 | 45.07% Nil | [8,248,500]  | [41.66]% |
|  Mr. Sze Yeung Yau<br> Nil | Nil | Nil | Nil | Nil |
|  Ms. Wai Chun Chik<br> Nil | Nil | Nil | Nil | Nil |
|  Mr. Cheuk Kwan Ng<br> Nil | Nil | Nil | Nil | Nil |
|  Mr. Man Fai Kwan<br> Nil | Nil | Nil | Nil | Nil |
|  *Directors, director nominees, and executive officers*<br> Nil  | 8248500 | 45.07% Nil | [8,248,500]  | [41.66]% |
|  *5% or greater shareholders* |  |  |  |  |
|  Mr. Ngai Chiu Wong<br> Nil  | 8248500 | 45.07% Nil  | [8,248,500]  | [41.66]% |
|  Nil | 8248500 | 45.07% Nil  | [8,248,500]  | [41.66]% |

---

____________

(1) Except as otherwise indicated below, the business address for our directors and executive officers is at Unit A&B, 7/F., Fuk Chiu Factory Building, No.20 Bute Street, Mongkok, Kowloon, Hong Kong.

(2) Based on 10,051,500 Class A Ordinary Shares and 8,248,500 Class B Ordinary Shares outstanding as of the date of this prospectus.

(3) Based on [11,551,500] Class A Ordinary Shares and [8,248,500] Class B Ordinary Shares outstanding immediately after the offering.

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#### CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

#### Transactions with Certain Related Parties
Set forth below are our related party transactions that occurred since the beginning of our preceding three fiscal years up to the date of March 31, 2024, six months ended September 30, 2024 and from October 1, 2024 to the date of this prospectus. The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7B of SEC Form 20-F.

Under Part I, Item 7B of Form 20-F, the Company is required to disclose any transaction occurring since the beginning of the Company's preceding two financial years, with respect to transactions or loans between the Company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related party transactions on an ongoing basis and all such transactions be approved by the audit committee. In determining whether to approve a related party transaction, the audit committee shall consider, among other factors, the following factors to the extent relevant to the related party transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the terms of the related party transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a related party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether there are business reasons for the Company to enter into the related party transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the related party transaction would impair the independence of an outside director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the related party transaction would present an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or the related party, the direct or indirect nature of the director's, executive officer's or the related party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the audit committee deems relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any pre-existing contractual obligations.

Nature of relationships with related parties are listed below:

---

| | |
|:---|:---|
|  **Names and Relationship of Related Party:** | **Existing Relationship with the Company** |
|  Mr. Wong | Director and major shareholder of the Company  |
|  Take Care HK Limited ("Take Care") | Entity 100% owned by and controlled by common shareholder, Mr. Wong |
|  Tutti Digital Limited | Entity 12.5% owned by common shareholder, Mr. Wong  |
|  iMHKB Group Ltd | Entity 100% owned by and controlled by common shareholder, Mr. Wong |

---

#### Summary of Related Party Transactions:
The related party balances consisted of the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name** | **Nature** | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of September 30,** | **As of September 30,** |
|  **Name** | **Nature** | **2022** | **2023** | **2024** | **2024** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **HKD** | **USD** | **HKD** | **USD** |
|  Mr. Wong | Amount due from a shareholder | $216711 | $545716 | $165505 | $21219 | $1436064 | $184838 |
|  Take Care HK Limited | Amount due from a related company | $2242100 | $353165 | $— | $— | $— | $— |

---

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The amount due from Mr. Wong represented the temporary advances made by our Company, which are non-trade in nature and for purpose of fund transfer. During the years presented, Mr. Wong settled some expenses on behalf of our Company, therefore, certain amounts of this balance was offset. The amount is unsecured, interest-free and due on demand. For the years ended March 31, 2022, 2023 and 2024, our Company provided funds to Mr. Wong in the net amount of HK$6,852,145, HK$4,189,496 and HK$4,135,738, respectively, which were partially settled by offsetting against the dividend distributed. For the six months ended September 30, 2024, our Company provided funds to Mr. Wong in the net amount of HK$1,270,559. On October 23, 2024, the Company declared and paid the special dividend of HK$1,500,000 (US$193,068) by setting off the amount due from Mr. Wong. As of the date of this prospectus, the amount due from Mr. Wong was fully settled.

The amount due from Take Care represented temporary advances in non-trade nature, for purpose of fund transfer. This amount is unsecured, interest-free and repayable on demand. For the years ended March 31, 2022, our Company provided funds to Take Care in the net amount of HK$2,242,100, while our Company received the repayments from Take Care in the net amount of HK$1,888,935 and HK$353,165 for the years ended March 31, 2023 and 2024, respectively. For the six months ended September 30, 2024, neither did our Company provide funds to Take Care nor receive funds from them. The amount due from Take Care was fully settled during the year ended March 31, 2024.

In the ordinary course of business, during the years ended March 31, 2022, 2023 and 2024 and six months ended September 30, 2024, our Company has involved with transactions, either at cost or current market prices and on the normal commercial terms among related parties. The following table provides the transactions with these parties for the years and period as presented (for the portion of such period that they were considered related):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name** | **Nature** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  **Name** | **Nature** | **2022** | **2023** | **2024** | **2024** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **HKD** | **USD** | **HKD** | **USD** |
|  Mr. Wong | Dividends distributed | $7500000 | $4200000 | $4100000 | $525641 | $— | $— |
|  Tutti Digital Limited | Marketing and advertising fee | $— | $125520 | $62250 | $7981 | $27000 | $3475 |
|  iMHKB Group Ltd | Purchases of good | $— | $— | $1070858 | $137289 | $59400 | $7645 |

---

For the years ended March 31, 2023 and 2024 and six months ended September 30, 2024, our Company procured digital marketing advisory and management services from Tutti Digital Limited for advertising our products.

For the year ended March 31, 2024 and six months ended September 30, 2024, our Company purchased food products from iMHKB Group Ltd.

**Apart from the transactions and balances detailed above and elsewhere in these accompanying combined financial statements, our Company has no other significant or material related party transactions during the years presented.**

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#### DESCRIPTION OF SHARES
We are a business company with limited liability incorporated under the laws of the British Virgin Islands and our affairs are governed by our second amended and restated memorandum and articles of association, as amended from time to time and the BCA, and the common law of the British Virgin Islands.

The authorized share of our Company consists of Class A Ordinary Shares and Class B Ordinary Shares. As of the date of this prospectus, our Company is authorized to issue a maximum of 164,700,000,000 Class A Ordinary Shares with no par value each and 300,000,000 Class B Ordinary Shares with no par value each and 10,051,500 Class A Ordinary Shares and 8,248,500 Class B Ordinary Shares are issued and outstanding, equivalent to total paid-up capital of US$2. We will issue [1,500,000] Class A Ordinary Shares in this offering.

Upon completion of this offering, we will have [11,551,500] Class A Ordinary Shares and [8,248,500] Class B Ordinary Shares issued and outstanding. All of our issued and outstanding Class A Ordinary Shares and Class B Ordinary Shares are fully paid and non-assessable, and all of our Class A Ordinary Shares to be issued in the offering will be fully paid upon issuance and non-assessable.

#### Our Second Amended and Restated Memorandum and Articles of Association
The following are summaries of certain material provisions of our second amended and restated memorandum and articles of association (which in this section shall each be referred as the memorandum and the articles, and collectively, the memorandum and articles) and of the BCA, insofar as they relate to the material terms of our Class A Ordinary Shares and Class B Ordinary Shares.

*Objects of Our Company.* Under our memorandum and articles of association, the objects of our Company are unrestricted, and we are capable of exercising all power and authority to carry out any object not prohibited by the BCA or any other law of the British Virgin Islands.

*Ordinary Shares.* Our Class A Ordinary Shares and Class B Ordinary Shares are issued in registered form and are issued when registered in our register of members. Each Class A Ordinary Share confers upon the holder thereof (i) the right to one vote at a meeting of members of our Company or on any resolutions of members; (ii) the right to an equal share in any distribution by way of dividend paid by our Company; and (iii) the right to an equal share in the distribution of the surplus assets of our Company on its liquidation. Each Class B Ordinary Shares confers upon the holder thereof (i) the right to twenty votes at a meeting of members of our Company or on any resolutions of members; (ii) the right to an equal share in any distribution by way of dividend paid by our Company; and (iii) the right to an equal share in the distribution of the surplus assets of our Company on its liquidation. Each Class B Ordinary Share shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of our Company or any transfer agent for such share, into one fully paid and non-assessable Class A Ordinary Share. [There are no provisions in our second amended and restated memorandum and articles of association stating that (i) the conversion of the Class B Ordinary Shares is mandatory; or (ii) the lifespan of Class B Ordinary Shares is limited. Hence, the holders of Class B Ordinary Shares are able to hold their Class B Ordinary Shares for any period of time.] No Class A Ordinary Shares shall be convertible into any Class B Ordinary Shares. We may not issue shares to bearer. Our shareholders who are non-residents of the British Virgin Islands may freely hold and vote their shares.

*Dividends.* The holders of our Class A Ordinary Shares and Class B Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our memorandum and articles of association provide that the directors of the Company may, by resolution of directors, authorize a distribution at a time and of an amount they think fit. Under the laws of the British Virgin Islands, our Company may pay a dividend if the board of directors are satisfied, on reasonable grounds that, immediately after the distribution, the value of our assets will exceed our liabilities and we will be able to pay our debts as they fall due.

*Voting Rights.* Any action required or permitted to be taken by the shareholders must be effected by resolutions of members passed by shareholders who are entitled to vote on such action at a duly called annual general meeting or other meeting of members of our Company and may be effected by a resolution in writing. At each general meeting, each shareholder of Class A Ordinary Shares who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one vote for each Class A Ordinary Share which such shareholder holds; and each holder of Class B Ordinary Shares who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have twenty votes for each Class B Ordinary Share which such shareholder holds.

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*Meetings of Members.* As a British Virgin Islands business company, we are not obliged by the BCA to call shareholders' annual general meetings. We must provide written notice of all meetings of shareholders at least seven days before the date of the proposed meeting to those persons whose names appear as shareholders in the register of members on the date of the notice and are entitled to vote at the meeting. Our board of directors shall call a meeting of members upon the written request of shareholders holding at least 30% of the voting rights in respect of the matter for which the meeting is requested. In addition, our board of directors may call a meeting of members on its own motion. A meeting of members held in contravention of the requirement to give notice is valid if shareholders holding at least 90 percent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute waiver in relation to all the shares which that shareholder holds.

At any meeting of members, a quorum will be present if, there are shareholders present in person or by proxy representing not less than fifty per cent (50%) of the votes of the issued shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day, and if at the adjourned meeting, shareholders representing not less than one-third of the votes of the ordinary shares or each class of shares entitled to vote on the matters to be considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present. No business may be transacted at any meeting of members unless a quorum is present at the commencement of business. If present, the chair of our board of director shall be the chair presiding at any meeting of members. If the chair of our board is not present then the shareholders present shall choose a shareholder to chair the meeting of shareholders. If there shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting shares present in person or by proxy at the meeting shall preside as chairman.

A corporation that is a shareholder shall be deemed for the purpose of our articles to be present in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

*Transfer of Ordinary Shares.* Subject to the restrictions in our articles, the lock-up agreements as described below and applicable securities laws, any of our shareholders may transfer all or any of his or her Class A Ordinary Shares and Class B Ordinary Shares by written instrument of transfer signed by the transferor and containing the name and address of the transferee. Our board of directors may resolve by resolution to refuse or delay the registration of the transfer of any ordinary shares. If our board of directors resolves to refuse or delay any transfer, it shall specify the reasons for such refusal in the resolution. Our directors may not resolve or refuse or delay the transfer of the ordinary shares unless (a) the Class A Ordinary Shares and/or the Class B Ordinary Shares are not fully paid up or on which our Company has a lien; (b) in the case of a transfer to joint holders, the number of joint holders to whom the Class A Ordinary Shares and/or the Class B Ordinary Shares is to be transferred exceeds four; or (c) such refusal or delay is deemed necessary or advisable in our view or that of our legal counsel in order to avoid violation of, or in order to ensure compliance with, any applicable, corporate, securities and other laws and regulations.

*Liquidation.* As permitted by BVI law and our memorandum and articles, the Company may be voluntarily liquidated by a resolution of members or, if permitted under section 199(2) of the BCA, by a resolution of directors provided that the shareholders have approved, by resolution of members, a liquidation plan approved by the directors if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities.

*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.* Subject to the provisions of the BCA*,* 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 memorandum and articles and subject to any applicable requirements imposed from time to time by, the BCA, the SEC, the NASDAQ Capital Market, or by any recognized stock exchange on which our securities are listed. 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 (and subject to the written consent of all the shareholders whose shares are to be purchased). In addition, our Company may accept the surrender of any fully paid share for no consideration.

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*Variations of Rights of Shares.* All or any of the special rights attached to any ordinary shares may, whether or not our Company is being wound up, be varied with the consent in writing of or by a resolution passed at a meeting by the holders of more than 50 per cent (50%) of the issued shares of that class.

*Issuance of Additional Shares.* Our memorandum and articles authorizes our board of directors to issue authorized but unissued ordinary shares from time to time as our board of directors shall determine, to the extent of available.

*Inspection of Books and Records.* Under BVI Law, holders of our ordinary shares are entitled, upon giving written notice to us, to inspect (i) our memorandum and articles of association (as may be amended from time to time), (ii) the register of members, (iii) the register of directors and (iv) minutes of meetings and resolutions of members (shareholders), and to make copies and take extracts from the documents and records. However, our directors can refuse access if they are satisfied that to allow such access would be contrary to our interests.

*Anti*-Takeover *Provisions.* Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable, including provisions that limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under British Virgin Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

#### Differences in Corporate Law
The BCA 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 BCA and the current Companies Act of England. In addition, the BCA 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 BCA applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

*Mergers and Similar Arrangements.* Under the laws of the BVI, two or more companies may merge or consolidate in accordance with Section 170 of the BCA. A merger means the merging of two or more constituent companies into one of the constituent companies and a consolidation means the uniting of two or more constituent companies into a new company. In order to merge or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation, which must be authorized by a resolution of shareholders.

While a director may vote on the plan of merger or consolidation even if he has a financial interest in the plan, the interested director must disclose the interest to all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the company.

A transaction entered into by our Company in respect of which a director is interested (including a merger or consolidation) is voidable by us unless the director's interest was (a) disclosed to the board prior to the transaction or (b) the transaction is (i) between the director and the company and (ii) the transaction is in the ordinary course of the company's business and on usual terms and conditions.

Notwithstanding the above, a transaction entered into by our Company is not voidable if the material facts of the interest are known to the shareholders and they approve or ratify it or the company received fair value for the transaction.

In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting to approve the plan of merger or consolidation.

The shareholders of the constituent companies are not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series must receive the same kind of consideration.

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After the plan of merger or consolidation has been approved by the directors and authorized by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the Registrar of Corporate Affairs in the BVI.

A shareholder may dissent from a mandatory redemption of his or her shares, an arrangement (if permitted by the court), a merger (unless the shareholder was a shareholder of the surviving company prior to the merger and continues to hold the same or similar shares after the merger) or a consolidation. A shareholder properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his or her shares.

A shareholder dissenting from a merger or consolidation must object in writing to the merger or consolidation before the vote by the shareholders on the merger or consolidation, unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company must give notice of this fact to each shareholder within 20 days (from the date of notice) who gave written objection. These shareholders then have 20 days from the date of such notice to give to the company their written election in the form specified by the BCA to dissent from the merger or consolidation, provided that in the case of a merger, the 20 days starts when the plan of merger is delivered to the shareholder.

Upon giving notice of his election to dissent, a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his or her shares. As such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent.

Within seven days of the later of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the company must make a written offer to each dissenting shareholder to purchase his or her shares at a specified price per share that the company determines to be the fair value of the shares. The company and the shareholder then have thirty days to agree upon the price. If the company and a shareholder fail to agree on the price within the thirty days, then the company and the shareholder shall, within twenty days immediately following the expiration of the thirty-day period, each designate an appraiser and these two appraisers shall designate a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the shareholders' approval of the transaction without taking into account any change in value as a result of the transaction.

***Shareholders' Suits.*** There are both statutory and common law remedies available to our shareholders as a matter of BVI law. These are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prejudiced members: A shareholder who considers that the affairs of a company have been, are being, or are likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in that capacity, can apply to the court under Section 184I of the BCA, inter alia, for an order that his or her shares be acquired, that he be provided compensation, that the court regulate the future conduct of the company, or that any decision of the company which contravenes the BCA or our memorandum and articles of association be set aside. There is no similar provision under Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative actions: Section 184C of the BCA provides that a shareholder of a company may, with the leave of the court, bring an action in the name of the company. Under Delaware law, a stockholder is eligible to bring a derivative action if the holder held stock at the time of the challenged wrongdoing and continues from that time to hold stock throughout the course of the litigation. This is the "continuous ownership" rule, which is a requirement for a stockholder to bring and maintain a derivative action. The law also requires the stockholder first to demand the board of directors of the corporation to assert the claims or the stockholder must state in the derivative action particular reasons why making such a demand would be futile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Just and equitable winding up: In addition to the statutory remedies outlined above, shareholders can also petition for the winding up of a company on the grounds that it is just and equitable for the court to so order. Save in exceptional circumstances, this remedy is only available where the company has been operated as a quasi-partnership and trust and confidence between the partners has broken down. Under Delaware law the court can use its equitable power of dissolution and appoint a receiver when fraud and gross mismanagement by corporate officers cause real imminent danger of great loss, and cannot be otherwise prevented.

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** British Virgin 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 British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a

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crime. Under our memorandum and articles, we shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was, at our request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our memorandum and articles of association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' Fiduciary Duties.*** Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of British Virgin Islands law, a director of a British Virgin Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a British Virgin 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 British Virgin 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. BVI law provides that shareholders may approve corporate matters by way of a written resolution without a meeting signed by or on behalf of shareholders sufficient to constitute the requisite majority of shareholders who would have been entitled to vote on such matter at a general meeting; provided that if the consent is less than unanimous, notice must be given to all non-consenting shareholders. Our memorandum and articles does permit shareholders to act by written consent.

***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.

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The BCA does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our articles of association allow our shareholders holding shares which carry in aggregate not less than 30% of all votes attaching to the issued and outstanding shares of our Company entitled to vote at general meetings to requisition a meeting of members, in which case our board is obliged to convene a meeting of members and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our articles of association do not provide our shareholders with any other right to put proposals before meetings of members. As British Virgin Islands business 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 British Virgin Islands but our articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our articles of association, subject to certain restrictions as contained therein, directors can be removed from office, with or without cause, by a resolution of members passed at a meeting of shareholders called for the purposes of removing the director or for purposes including the removal of the director or by written resolution passed by at least 75 percent of the vote of the shareholders entitled to vote or by a resolution of directors of our Company.

***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.

British Virgin 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 British Virgin 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 the board.

Under British Virgin Islands law and our memorandum and articles, we may appoint a voluntary liquidator by a resolution of the members or by resolution of directors.

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***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our articles of association, the rights attached to any shares may only be varied, whether or not our Company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by the holders of more than 50% of the issued shares in that class.

***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 British Virgin Islands law, our memorandum and articles of association may be amended by a resolution of members and, subject to certain exceptions, by a resolution of directors. Any amendment is effective from the date it is registered at the Registry of Corporate Affairs in the BVI.

***Rights of Non***-resident ***or Foreign Shareholders.*** There are no limitations imposed by our memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, no public market existed for our Class A Ordinary Shares. Sales of substantial amounts of our Class A Ordinary Shares following this offering, including Class A Ordinary Shares issued upon the exercise of outstanding options or warrants, or the perception that these sales could occur, could adversely affect prevailing market prices of our Class A Ordinary Shares and could impair our future ability to obtain capital, especially through an offering of equity securities. Assuming that the underwriters do not exercise their option to purchase additional Class A Ordinary Shares in this offering, we will have an aggregate of [11,551,500] Class A Ordinary Shares outstanding upon the closing of this offering. Of these shares, the Class A Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, unless purchased by "affiliates" (as that term is defined under Rule 144 of the Securities Act ("Rule 144")), who may sell only the volume of shares described below and whose sales would be subject to additional restrictions described below. This prospectus may not be used in connection with any resale of the Class A Ordinary Shares acquired in this offering by our affiliates.

Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, [8,248,500] Class B Ordinary Shares will be held by our Controlling Shareholder and will be deemed to be "restricted securities" (as that term is defined under Rule 144). Subject to certain contractual restrictions, including the lock-up agreements described below, restricted securities may only be sold in the public market pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration such as under Rule 144 under the Securities Act. These rules are summarized below.

#### Lock-up Agreements
We, our directors and executive officers, and our 5% or greater shareholders have agreed, subject to some exceptions, not to transfer or dispose of, directly or indirectly, any of our Ordinary Shares, or any securities convertible into or exchangeable or exercisable for our ordinary shares, for a period of twelve months from the closing date of this offering, with respect to us, and six months from the date of this prospectus, with respect to our officers, directors and 5% or more shareholders. After the expiration of the six month period, the ordinary shares held by our directors, executive officers and our 5% or greater existing shareholders may be sold subject to the restrictions under Rule 144 under the Securities Act or by means of registered public offerings.

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.

#### Rule 144

#### Shares Held for Six Months
In general, under Rule 144 under the Securities Act, as currently in effect, and subject to the terms of any lock-up agreement, commencing 90 days following the closing of this offering, a person, including an affiliate, who has beneficially owned our Shares for six months or more, including the holding period of any prior owner other than one of our affiliates (i.e., commencing when the Shares were acquired from us or from an affiliate of us as restricted securities), is entitled to sell our Shares, subject to the availability of current public information about us (which information will be deemed to be available as long as we continue to file required reports with the SEC). In the case of an affiliate shareholder, the right to sell is also subject to the fulfillment of certain additional conditions, including manner of sale provisions, notice requirements, and a volume limitation that limits the number of Shares that may be sold thereby, within any three-month period, to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Shares then outstanding of the same class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the greater of 1% or the average weekly trading volume of our Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

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Rule 144 under the Securities Act also provides that affiliates that sell our Shares that are not restricted securities must nonetheless comply with the same restrictions applicable to restricted securities, other than the holding period requirement.

#### Shares Held by Non-Affiliates for One Year
Under Rule 144 as currently in effect, a person who is not considered to have been one of our affiliates at any time during the three months preceding a sale and who has beneficially owned the Shares proposed to be sold for at least one year, including the holding period of any prior owner other than one of our affiliates, is entitled to sell his, her, or its Shares under Rule 144 without complying with the provisions relating to the availability of current public information or with any other conditions under Rule 144. Therefore, unless subject to a lock-up agreement or otherwise restricted, such Shares may be sold immediately upon the closing of this offering.

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#### MATERIAL TAX CONSIDERATIONS
*The following description is not intended to constitute a complete analysis of all tax considerations relating to the acquisition, ownership, and disposition of our Class A Ordinary Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.*

#### British Virgin Islands Taxation
The following is a discussion on certain British Virgin Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under British Virgin Islands law.

Payments of dividends and capital in respect of our securities will not be subject to taxation in the British Virgin Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to British Virgin Islands income or corporation tax.

The British Virgin 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 British Virgin Islands except to the extent that we have any interest in real property in the BVI, all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from the payment of stamp duty in the BVI. The British Virgin Islands are a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties. There are no exchange control regulations or currency restrictions in the British Virgin Islands. Under the laws of the British Virgin Islands, no stamp duty is payable in the British Virgin Islands on the issue of shares by, or any transfers of shares of, British Virgin Islands companies (except those which hold interests in land in the British Virgin Islands).

#### Hong Kong Taxation
Broaden Leisure is incorporated in Hong Kong and was subject to 16.5% Hong Kong profits tax on their taxable income assessable profits generated from operations arising in or derived from Hong Kong for the year of assessment of 2023/2024 and 2022/2023. Hong Kong profits tax rates for corporations are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000. Under Hong Kong tax laws, Broaden Leisure is not taxed on their foreign-sourced income. In addition, payments of dividends from Broaden Leisure to us is not subject to any withholding tax in Hong Kong.

#### Material United States Federal Income Tax Considerations
The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Ordinary Shares. This summary applies only to U.S. Holders that hold our Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Ordinary Shares through such entities.

**PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF U.S. FEDERAL TAXATION TO THEIR PARTICULAR CIRCUMSTANCES, AND THE STATE, LOCAL, NON**-U**.S., OR OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR CLASS A ORDINARY SHARES.**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary Shares.

#### Taxation of Dividends and Other Distributions on Our Ordinary Shares
Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions paid on our Ordinary Shares 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

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actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Ordinary Shares will meet the conditions required for the reduced tax rate. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares. Dividends received on our Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

#### Taxation of Sale or Other Disposition of Ordinary Shares
Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Ordinary Shares. Any capital gain or loss will be long term if the Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

#### Passive Foreign Investment Company Rules
A non-U.S. corporation, such as our Company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue

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Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Loeb & Loeb LLP, our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Ordinary Shares. Under these rules,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of 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 a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

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If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Ordinary Shares.

#### Information Reporting and Backup Withholding
Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON**-U**.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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#### ENFORCEABILITY OF CIVIL LIABILITIES
We are incorporated under the laws of the British Virgin Islands. Service of process upon us and upon our directors and officers and the British Virgin Islands experts named in this prospectus, many of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our assets and substantially all of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers may be difficult to collect within the United States.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this offering or any purchase or sale of securities in connection with this offering. The address of our agent is 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

Ogier, our counsel as to British Virgin Islands law, has advised us that there is uncertainty as to whether the courts of the British Virgin Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (2) entertain original actions brought in the British Virgin Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

We have been advised by Ogier, that the U.S. and the BVI do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the U.S. in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the U.S. based on civil liability, whether or not predicated solely upon the U.S. federal securities laws would not be enforceable in the BVI. We have also been advised by Ogier that a final and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e., not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common law doctrine of obligation. A BVI court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

Substantially all of our assets are located outside the United States. In addition, a majority of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Position** | **Nationality** | **Residence** |
|  Mr. Ngai Chiu Wong | Chairman, Director, and Chief Executive Officer | Chinese | Hong Kong |
|  Mr. Sze Yeung Yau | Chief Financial Officer | Chinese | Hong Kong |
|  Ms. Wai Chun Chik | Independent Director | Chinese | Hong Kong |
|  Mr. Cheuk Kwan Ng | Independent Director | Chinese | Hong Kong |
|  Mr. Man Fai Kwan | Independent Director | Chinese | Hong Kong |

---

#### Hong Kong
Several of our directors and officers reside outside the United States in Hong Kong. We have been advised by David Fong & Co., our Hong Kong counsel, that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign

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judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty) and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability of judgements of United States courts in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

It is also uncertain whether, in the future, the Hong Kong government will implement regulations and policies of the Chinese government or adopt regulations and policies of its own that are substantially similar to those of the Chinese government.

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#### UNDERWRITING
We plan enter into an underwriting agreement dated the date of this prospectus with the underwriters named below, for whom R. F. Lafferty & Co., Inc. is acting as the representative with respect to the Class A Ordinary Shares in this offering (the "**Underwriting Agreement**"). The underwriters may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering and may pay any sub-agent a solicitation fee with respect to any securities placed by it. Under the terms and subject to the conditions contained in the Underwriting Agreement, we agree to issue and sell to the underwriters the number of Class A Ordinary Shares indicated below:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Class A<br>Ordinary <br>Shares** |
|  R. F. Lafferty & Co., Inc. |  |
|  **Total** |  |

---

The underwriters and the representative are collectively referred to as the "underwriters" and the "representative", respectively. The underwriters are offering the shares subject to their acceptance of the shares from us and subject to prior sale. The Underwriting Agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares offered by this prospectus if any such shares are taken. We agree to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Over-Allotment Option
We agree to grant to the underwriters an option, exercisable for 45 days from the closing of this offering, to purchase up to ___ additional Class A Ordinary Shares at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional Class A Ordinary Shares as the number listed next to the underwriters' name in the preceding table.

#### Discounts and Expenses
The underwriters will offer the Class A Ordinary Shares to the public at the initial public offering price set forth on the cover of this prospectus and to selected dealers at the initial public offering price less a selling concession not in excess of $[ ] per Class A Ordinary Share, based on the initial public offering price of $[4.00] per Class A Ordinary Share. After this offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representative. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.

The underwriting discount is 7.5% of the public offering price on each of the Class A Ordinary Shares being offered.

The table below shows the initial public offering price per Class A Ordinary Share, underwriting discounts to be paid by us, and the proceeds before expenses to us.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per <br>Class A <br>Ordinary <br>Share <br>(US$)** | **Total <br>Without <br>Exercise of <br>Over-allotment <br>Option <br>(US$)** | **Total <br>With Full <br>Exercise of <br>Over-allotment <br>Option <br>(US$)** |
|  Initial public offering price<sup>(1)</sup> | $[4.00] | $[6,000,000] | $[6,900,000] |
|  Underwriting discounts to be paid by us (7.5%) | $[0.30] | $[450,000] | $[517,500] |
|  Proceeds, before expenses, to us | $[3.70] | $[5,550,000] | $[6,382,500] |

---

____________

(1) Initial public offering price per share is $[4.00] per Class A Ordinary Share, which is set forth on the cover page of this prospectus.

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We have agreed to reimburse the representative for a certain amount of the representative's accountable expenses, including $5,000 for the Representative's clearing system data services and communication expenses, $10,000 for the representative's Capital IQ system for comparable company analysis and valuation, and up to $225,000 for the representative's legal fees and expenses.

In addition, at the closing of the offering, we will reimburse the representative 1.0% of the actual amount of this offering as non-accountable expenses.

We paid an advanced expense deposit of $[ ] to the representative for the representative's anticipated out-of-pocket expenses; any expense deposits will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

Except as disclosed in this prospectus, the representative has not received and will not receive from us any other item of compensation or expense in connection with this offering considered by FINRA to be underwriting compensation under FINRA Rule 5110.

#### Lock-up Agreements
We agree that, subject to certain exceptions, we will not without the prior written consent of the underwriters, during the period ending 12 months after the closing of the offering (the "**restricted period**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of our Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of our Company, except for the shares or options issued under the Company's incentive plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or cause to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of our Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of our Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of our Company whether any such transaction described above is to be settled by delivery of ordinary shares or such other securities, in cash or otherwise.

Each of our directors and officers named in the section "Management", and all of our existing shareholders that own 5% or more of our total outstanding shares agree that, subject to certain exceptions, such director, executive officer or shareholder will not, without the prior written consent of the underwriters, for a period of 6 months from the date of this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or capital stock of our Company including any securities convertible into or exercisable or exchangeable for such ordinary shares or capital stock, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such ordinary shares or capital stock whether any such transaction described above is to be settled by delivery of ordinary shares or such other securities, in cash or otherwise.

#### Pricing of the offering
Prior to this offering, there has been no public market for the Class A Ordinary Shares. The initial public offering price was determined by negotiations between us and the underwriters. In determining the initial public offering price, the underwriters and we considered a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information set forth in this prospectus and otherwise available to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects and the history and prospects for the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects for future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general condition of the securities markets at the time of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors deemed relevant by the underwriters and us.

The initial public offering price set forth on the cover page of this prospectus is subject to change due to market conditions and other factors. Neither the underwriters nor we can assure investors that an active trading market will develop for our ordinary shares or that the shares will trade in the public market at or above the initial public offering price.

#### Indemnification
We agree to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the underwriters may be required to make for these liabilities.

#### Listing
We plan to apply to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "GINT" We make no representation that our Class A Ordinary Shares will continue to trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Class A Ordinary Shares remain so listed at completion of this offering.

#### Electronic Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by representative or by its affiliates. Other than the prospectus in electronic format, the information on the representative's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the representative in its capacity as an underwriter, and should not be relied upon by investors. The Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations.

#### Offers Outside the United States
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Class A Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Class A Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Price Stabilization, Short Positions
In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.

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The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our Class A Ordinary Shares in this offering because such underwriter repurchases those shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Class A Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Class A Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq Capital Market, in the over-the-counter market, or otherwise.

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#### EXPENSES RELATED TO OFFERING
The following table sets forth the costs and expenses other than underwriting discounts and commissions, payable by us in connection with the offer and sale of Class A Ordinary Shares in this offering. All amounts listed below are estimates except the SEC registration fee, Nasdaq Capital Market listing fee and the Financial Industry Regulatory Authority ("FINRA") filing fee.

---

| | |
|:---|:---|
|  **Itemized expense** | **Amount** |
|  SEC registration fee | $2577 |
|  FINRA filing fee | 3024 |
|  Nasdaq Capital Market listing fee | 50000 |
|  Printing and engraving expenses | 30000 |
|  Legal fees and expenses | 1077218 |
|  Underwriter accountable expenses | 225000 |
|  Accounting fees and expenses | 302338 |
|  Miscellaneous | 89842 |
|  Total | $1780000 |

---

____________

\* To be filed by amendment.

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#### LEGAL MATTERS
We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws and by David Fong & Co. with respect to certain legal matters of Hong Kong laws. The underwriter is being represented by Sichenzia Ross Ference Carmel LLP, New York, New York, with respect to legal matters of United States federal and New York State law, in connection with this offering. The legal matters concerning this offering relating to British Virgin Islands law will be passed upon for us by Ogier. The legal matters as to the PRC laws will be passed upon for us by Beijing Dacheng Law Offices, LLP (Shenzhen). The legal matters as to the Macau laws will be passed upon for us by STA Advogados.

#### EXPERTS
The combined financial statements for the years ended March 31, 2023 and 2024, included in this prospectus have been so included in reliance on the report of ARK Pro CPA & Co, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of ARK Pro CPA & Co is located at Unit 1602-03, 16/F., Stelux House, 698 Prince Edward Road East, San Po Kong, Hong Kong.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act relating to this offering of our Shares. This prospectus does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but they are not complete descriptions of all terms of these documents. If we filed any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.

You may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the SEC at its website at: *http://www.sec.gov*.

We are not currently subject to the informational requirements of the Exchange Act. Upon completion of this offering, we will become subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and will fulfill the obligations of those requirements by filing reports with the SEC. As a foreign private issuer, we will be exempt from the rules under the Exchange Act relating to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, within 120 days after the end of our fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements that will be audited and reported on, with an opinion expressed, by an independent registered public accounting firm. We also intend to file with the SEC reports on Form 6-K containing unaudited financial information for the first three quarters of each fiscal year.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES

#### INDEX TO UNAUDITED CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  [Unaudited Condensed Consolidated and Combined Balance Sheets](#T500) | F-2 |
|  [Unaudited Condensed Consolidated and Combined Statements of Operations](#T501) | F-3 |
|  [Unaudited Condensed Consolidated and Combined Statements of Changes in Shareholders' Equity](#T502) | F-4 |
|  [Unaudited Condensed Consolidated and Combined Statements of Cash Flows](#T503) | F-5 |
|  [Notes to Unaudited Condensed Consolidated and Combined Financial Statements](#T504) | F-6 to F-26 |

---

#### INDEX TO COMBINED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID: 3299)](#T505) | F-27 |
|  [Combined Balance Sheets](#T506) | F-28 |
|  [Combined Statements of Operations](#T507) | F-29 |
|  [Combined Statements of Changes in Shareholders' Equity](#T508) | F-30 |
|  [Combined Statements of Cash Flows](#T509) | F-31 |
|  [Notes to Combined Financial Statements](#T510) | F-32 to F-51 |

---

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31, <br>2024** | **September 30, <br>2024** | **September 30, <br>2024** |
|  | **HKD** | **HKD** | **USD** |
|  | (Audited) | | |
|  **ASSETS** |  |  |  |
|  Current assets: |  |  |  |
|  Cash and cash equivalents | $8604416 | $3334376 | $429173 |
|  Accounts receivable, third parties, net | 1155650 | 3990890 | 513674 |
|  Inventories, net | 2136639 | 2243332 | 288743 |
|  Amount due from a shareholder | 165505 | 1436064 | 184838 |
|  Deposit, prepayments and other receivables | 667537 | 2798971 | 360260 |
|  Total current assets | 12729747 | 13803633 | 1776688 |
|  Non-current assets: |  |  |  |
|  Plant and equipment, net | 166675 | 501324 | 64526 |
|  Right-of-use assets, net | 432980 | 2749228 | 353858 |
|  Rental deposit |  | 178000 | 22911 |
|  Deferred offering cost |  | 3943421 | 507565 |
|  Total non-current assets | 599655 | 7371973 | 948860 |
|  **TOTAL ASSETS** | $13329402 | $21175606 | 2725548 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
|  Current liabilities: |  |  |  |
|  Accounts payable | $576134 | $1940321 | $249742 |
|  Accrued liabilities and other payables | 438699 | 2764044 | 355765 |
|  Bank borrowings | 7307463 | 6550530 | 843130 |
|  Deferred revenue | 159957 | 269925 | 34743 |
|  Lease liabilities, current | 442878 | 1631305 | 209968 |
|  Income tax payable | 733707 | 1104627 | 142178 |
|  Total current liabilities | 9658838 | 14260752 | 1835526 |
|  Long-term liabilities: |  |  |  |
|  Lease liabilities, net of current portion |  | 1569949 | 202071 |
|  Other long-term liabilities | 62495 | 62495 | 8044 |
|  Total long-term liabilities | 62495 | 1632444 | 210115 |
|  **TOTAL LIABILITIES** | 9721333 | 15893196 | 2045641 |
|  Commitments and contingencies |  |  |  |
|  Shareholders' equity: |  |  |  |
|  Ordinary shares, no par value, 165,000,000,000 shares <br>authorized |  |  |  |
|  Class A Ordinary Shares, no par value, 164,700,000,000 shares authorized, 10,051,500 shares issued and outstanding as of March 31, 2024 and September 30, 2024\* | 16 | 16 | 2 |
|  Class B Ordinary Shares, no par value, 300,000,000 shares authorized, 8,248,500 shares issued and outstanding as of March 31, 2024 and September 30, 2024\* |  |  |  |
|  Retained earnings | 3608053 | 5282394 | 679905 |
|  Total shareholders' equity | 3608069 | 5282410 | 679907 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $13329402 | $21175606 | 2725548 |

---

____________

\* The share amounts are presented on a retroactive basis, giving effect to the completion of the Group Reorganization, Share Subdivisions and Share Redesignation (see Note 1).

See accompanying notes to the unaudited condensed consolidated and combined financial statements.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  **Revenues, net** | $41108608 | $41698700 | $5367112 |
|  **Cost of revenues:** |  |  |  |
|  From third parties | (25644277) | (26153496) | (3366262) |
|  From related party |  | (59400) | (7645) |
|  Total cost of revenues | (25644277) | (26212896) | (3373907) |
|  Gross profit | 15464331 | 15485804 | 1993205 |
|  Operating expenses: |  |  |  |
|  Shipping and handling costs | (2271545) | (2667057) | (343282) |
|  Sales and marketing costs | (4718209) | (3447866) | (443781) |
|  Technology and development costs | (300000) | (520665) | (67016) |
|  Personnel and benefit costs | (3504818) | (3456149) | (444847) |
|  General and administrative costs | (1538094) | (3203923) | (412382) |
|  Total operating expenses | (12332666) | (13295660) | (1711308) |
|  **Income from operations** | 3131665 | 2190144 | 281897 |
|  Other income (expense): |  |  |  |
|  Interest income | 9674 | 11048 | 1422 |
|  Interest expense | (111670) | (170506) | (21946) |
|  Sundry income | 995 | 14575 | 1876 |
|  Total other expenses, net | (101001) | (144883) | (18648) |
|  **Income before income taxes** | 3030664 | 2045261 | 263249 |
|  Income tax expense | (320236) | (370920) | (47742) |
|  **NET INCOME** | $2710428 | $1674341 | 215507 |
|  Weighted average number of ordinary shares: |  |  |  |
|  Basic and diluted\* | 18300000 | 18300000 | 18300000 |
|  **EARNINGS PER SHARE – BASIC AND DILUTED** | $0.15 | $0.09 | 0.01 |

---

____________

\* The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of the Group Reorganization, Share Subdivisions and Share Redesignation (see Note 1).

See accompanying notes to the unaudited condensed consolidated and combined financial statements.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br>Ordinary shares** | **Class A <br>Ordinary shares** | **Class B <br>Ordinary shares** | **Class B <br>Ordinary shares** | **Retained <br>earnings** | **Total <br>shareholders' <br>equity** |
|  | **No. of <br>shares\*** | **Amount** | **No. of <br>shares\*** | **Amount** | **Retained <br>earnings** | **Total <br>shareholders' <br>equity** |
|  |  | **HKD** |  | **HKD** | **HKD** | **HKD** |
|  Balance as of April 1, 2023 | 10051500 | $16 | 8248500 | $— | $1406480 | $1406496 |
|  Net income for the period |  |  |  |  | 2710428 | 2710428 |
|  Balance as of September 30, 2023 | 10051500 | $16 | 8248500 | $— | $4116908 | $4116924 |
|  Balance as of April 1, 2024 | 10051500 | $16 | 8248500 | $— | $3608053 | $3608069 |
|  Net income for the period |  |  |  |  | 1674341 | 1674341 |
|  Balance as of September 30, 2024 | 10051500 | $16 | 8248500 | $— | $5282394 | 5282410 |
|  Balance as of September 30, 2024 (USD) | 10051500 | $2 | 8248500 | $— | $679905 | $679907 |

---

____________

\* The share amounts are presented on a retroactive basis, giving effect to the completion of the Group Reorganization, Share Subdivisions and Share Redesignation (see Note 1).

See accompanying notes to the unaudited condensed consolidated and combined financial statements.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  **Cash flows from operating activities:** |  |  |  |
|  Net income | $2710428 | $1674341 | $215507 |
|  Adjustments to reconcile net income to net cash used in operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of plant and equipment | 31410 | 82413 | 10607 |
| &nbsp;&nbsp;&nbsp; Non-cash lease expense | 536547 | 841911 | 108362 |
|  Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | (4722431) | (2835240) | (364928) |
| &nbsp;&nbsp;&nbsp; Inventories | (24910) | (106693) | (13732) |
| &nbsp;&nbsp;&nbsp; Deposits, prepayments and other receivables | 295032 | (2309434) | (297251) |
| &nbsp;&nbsp;&nbsp; Accounts payable | 815291 | 1364187 | 175586 |
| &nbsp;&nbsp;&nbsp; Accrued liabilities and other payables | 629377 | 2325345 | 299299 |
| &nbsp;&nbsp;&nbsp; Deferred revenue | (66171) | 109968 | 14154 |
| &nbsp;&nbsp;&nbsp; Lease liabilities | (534000) | (761800) | (98052) |
| &nbsp;&nbsp;&nbsp; Income tax payable | 320236 | 370920 | 47741 |
|  Net cash (used in) provided by operating activities | (9191) | 755918 | 97293 |
|  **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of plant and equipment | (59500) | (42562) | (5478) |
|  Net cash used in investing activities | (59500) | (42562) | (5478) |
|  **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Offering costs paid |  | (3943421) | (507565) |
| &nbsp;&nbsp;&nbsp; Repayment to bank borrowings | (1012026) | (769416) | (99031) |
| &nbsp;&nbsp;&nbsp; Repayment to a related party | (43007) |  |  |
| &nbsp;&nbsp;&nbsp; Repayment from (advance to) shareholder | 921501 | (1270559) | (163535) |
|  Net cash used in financing activities | (133532) | (5983396) | (770131) |
|  **Net change in cash and cash equivalent** | (202223) | (5270040) | (678316) |
|  **BEGINNING OF PERIOD** | 5814767 | 8604416 | 1107489 |
|  **END OF PERIOD** | $5612544 | $3334376 | $429173 |
|  **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |  |
|  Cash paid for income taxes | $— | $— | $— |
|  Cash paid for interest | $94699 | $149436 | $19234 |
|  **Non-cash investing and financing activities:** |  |  |  |
|  Final dividends to the shareholder offset with amount due from the shareholder | $— | $— | $— |

---

See accompanying notes to the unaudited condensed consolidated and combined financial statements.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 1 — BUSINESS OVERVIEW AND BASIS OF PRESENTATION
Gifts International Holdings Limited ("GIHL" or the "Company") was incorporated in British Virgin Islands ("BVI") on April 16, 2024.

The Company is a leading provider in Hong Kong's high-value corporate gifting industry. Operating under the "GiveGiftBoutique" brand, the Company offers one-stop B2B tailored gift solutions with custom proposals, as well as predesigned gifts through its eCommerce website. Its diverse product line caters to both B2B and B2C markets, including branded gift hampers, VIP box sets, floral and fruit baskets, and seasonal gifts, serving various occasions across Hong Kong, Macau, and the southern part of the People's Republic of China (PRC).

Description of entities incorporated and controlled by the Company:

---

| | | |
|:---|:---|:---|
|  **Name** | **Background** | **Effective ownership** |
|  Give Gifts Boutique (BVI) Limited ("GGBB") | &nbsp;&nbsp;&nbsp;&nbsp;• BVI company<br> &nbsp;&nbsp;&nbsp;&nbsp;• Incorporated on May 21, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Issued and outstanding 100 ordinary share for US$1<br> &nbsp;&nbsp;&nbsp;&nbsp;• Investment holding | 100% owned by GIHL |
|  Broaden Leisure Outlets Company Limited ("BLOC") | &nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong company<br> &nbsp;&nbsp;&nbsp;&nbsp;• Incorporated on June 2, 2008<br> &nbsp;&nbsp;&nbsp;&nbsp;• Issued and outstanding 10,000 ordinary shares for HK$10,000<br> &nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution of gift and floral bouquets | 100% owned by GGBB |
|  Macau Give Gift Boutique Company Limited ("MGGB") | &nbsp;&nbsp;&nbsp;&nbsp;• Macau company<br> &nbsp;&nbsp;&nbsp;&nbsp;• Incorporated on July 17, 2012<br> &nbsp;&nbsp;&nbsp;&nbsp;• Issued and outstanding 100 ordinary shares for MOP25,000<br> &nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution of gift and floral bouquets | Variable interest entity ("VIE") |

---

The Company and its subsidiaries and VIE are hereinafter referred to as (the "Company").

On February 14, 2025, the Company resolved and approved for (i) a share subdivision at a ratio of 1-for-110 such that the Company was authorized to issue a maximum number of 55,000,000,000 shares of a single class, at no par value (the "Share Subdivision") and (ii) a share redesignation to further reclassify the maximum number of shares the Company was authorized to issue from 55,000,000,000 ordinary shares of a single class, at no par value, to 55,000,000,000 ordinary shares, at no par value, dividing into (a) 54,900,000,000 Class A Ordinary Shares at no par value, and (b) 100,000,000 Class B Ordinary Shares at no par value (the "Share Redesignation"). a share subdivision at a ratio of 1-for-110 Ordinary Shares. Immediately following the aforesaid share subdivision, the Company then resolved and approved to cancel the then outstanding Ordinary Shares issued, and issue (i) 500,000 Class A Ordinary Shares and 8,349,500 Class B Ordinary Shares to Mr. Wong, and (ii) in aggregate, 2,150,500 Class A Ordinary Shares to the other shareholders.

On May 9, 2025, Mr. Wong surrendered 4,900,000 Class B Ordinary Shares to the Company for no consideration ("Surrender").

On May 9, 2025, the Company repurchased 700,000 Class B Ordinary Shares from Mr. Wong and issued 700,000 Class A Ordinary Shares to Mr. Wong for no consideration ("Repurchase"). Upon completion of the Repurchase, Mr. Wong owned 1,200,000 Class A Ordinary Shares and 2,749,500 Class B Ordinary Shares.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 1 — BUSINESS OVERVIEW AND BASIS OF PRESENTATION (CONT.)
On May 15, 2025, the Company resolved and approved for a share subdivision by subdividing each issued and unissued share into 3 shares, such that the Company was authorized to issue a maximum number of 165,000,000,000 Ordinary Shares at no par value, dividing into (i) 164,700,000,000 Class A Ordinary Shares at no par value and (ii) 300,000,000 Class B Ordinary Shares at no par value, as part of the Company's recapitalization (the "Second Share Subdivision").

Unless indicated or the context otherwise requires, all share numbers and per share data in these unaudited condensed consolidated and combined financial statements have been retroactively presented to reflect the effect of the series of the above share exercises, as if such transactions occurred on the earliest day of the periods presented.

<u><u>Group Reorganization</u></u>

Since July 2024, the Company conducted several transactions for the purposes of a group reorganization ("Group Reorganization") and was completed in October 2024.

Prior to a group reorganization, BLOC was directly held as to 100% by Mr. John Wong ("Mr. Wong"). Upon completion of the reorganization, Mr. Wong ultimately owns 100 ordinary shares of the Company and BLOC becomes a 100% indirectly-owned subsidiary of the Company.

During the periods presented in these unaudited condensed consolidated and combined financial statements, the control of these entities has been demonstrated by Mr. Wong, as a sole owner, as if the reorganization had taken place at the beginning of the earlier date presented. Accordingly, the combination has been treated as a corporate restructuring of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. The combination 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 unaudited condensed consolidated and combined financial statements.

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These accompanying unaudited condensed consolidated and combined financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying unaudited condensed consolidated and combined financial statements and notes.

• Emerging Growth Company

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its 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.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is not an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

• Basis of Presentation

The accompanying unaudited condensed consolidated and combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").

• Basis of Consolidation

The unaudited condensed consolidated and combined financial statements include the accounts of the Company and its subsidiaries and Variable Interest Entity ("VIE") in which the Company is the primary beneficiary. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

The Company determines, under Accounting Standards Codification ("ASC") Topic 810, *Consolidation* ("ASC 810"), whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has the has the power to direct the activities that most significantly affect the economic performance of the VIE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE.

Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary.

Currently, MGGB is deemed as a VIE, in which Mr. Wong owns 100% in equity interest and commonly controls as a related party to the Company. MGGB is acting as an operating unit to collect the sales receipts on behalf of the Company. Hence, the Company consolidates MGGB's financial statements, when it is the primary beneficiary under ASC 810.

For the six months ended September 30, 2023 and 2024, MGGB contributed less than 1% of the Company's total revenues, whose operation is considered not material.

• Use of Estimates and Assumptions

The preparation of unaudited condensed consolidated and combined 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 unaudited condensed consolidated and combined financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company's unaudited condensed consolidated and combined financial statements include the useful lives of plant and equipment, impairment of long-lived assets, allowance for expected credit losses, provision for long service payments, revenue recognition, income tax provision, deferred taxes and uncertain tax position.

The inputs into the management's judgments and estimates consider the geopolitical tension, inflationary and high-interest rate environment and other macroeconomic factors on the Company's critical and significant accounting estimates. Actual results could differ from these estimates.

• Foreign Currency Transaction

Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
The Company uses Hong Kong Dollar ("HKD") as its reporting currency. The functional currency of the Company and its subsidiary in British Virgin Islands is United States Dollar ("US$"), its subsidiary in Hong Kong is HKD and VIE in Macau is Macanese Pataca ("MOP"), which is its respective local currency based on the criteria of ASC Topic 830, *Foreign Currency Matters*.

In the unaudited condensed consolidated and combined 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 income statements during the period in which they occur.

• Convenience Translation

Translations of amounts in the unaudited condensed consolidated and combined balance sheets, unaudited condensed consolidated and combined statements of operations, and unaudited condensed consolidated and combined statements of cash flows from HK$ into US$ as of and for the six months ended September 30, 2024 are solely for the convenience of the readers and were calculated at the rate of US$ = HK$7.7693, as published in the United States Federal Reserve Board on September 30, 2024. No representation is made that the HK$ amounts could have been, or could be, converted, realized, or settled into US$ at such rate or at any other rate.

• Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company mainly maintains its bank accounts in Hong Kong.

• Accounts Receivable

Certain accounts receivables due from payment gateway providers and credit card processors, as the cash proceeds from accounts receivables are received within the next 3-5 working days, which are recorded at the gross billing amounts, net of the fee charges by payment gateway providers and credit card processors.

The Company also offers credit terms to certain customers with prolonging business history and current market creditworthiness. These accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses. Accounts receivable do not bear interest and are considered overdue after 30-60 days from the date of sale invoices.

The Company records impairment losses for accounts receivable based on assessments of the recoverability of the accounts receivable and individual account analysis, including the current creditworthiness and the past collection history of each customer and current economic industry trends. Impairments arise when there is objective evidence indicating that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on analysis of customers' credit and ongoing relationship, management makes conclusions about whether any balances outstanding at the end of the period will be deemed non-collectible on an individual basis and on aging analysis basis. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the unaudited condensed consolidated and combined statements of operations. Delinquent account balances are written off against the allowance for expected credit losses after management has determined that the likelihood of collection is not probable.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
As of March 31, 2024 and September 30, 2024, no allowances for expected credit losses are recorded as the Company considers all of the outstanding accounts receivable fully collectible in the foreseeable future.

• Inventories

Inventories are valued at the lower of cost or net realizable value, which are mainly the purchase of fresh floral, gourmet food, skincare and beauty, decoration and accessories, and packaging material. The Company establishes reserves for excess and obsolete inventory based on prevailing circumstances and judgment for consideration of current events, such as economic conditions, that may affect inventory. The reserve required to record inventory at the lower of cost or net realizable value may be adjusted in response to changing conditions, however inventory cannot be subsequently written back up, since the reserve establishes a new (lower) cost basis. Inventory cost is primarily determined using the first in, first out (FIFO) method.

• Plant and Equipment

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

---

| | |
|:---|:---|
|  | **Expected <br>useful life** |
|  Machine and equipment | 5 years |
|  Computer and office equipment | 3 – 5 years |
|  Motor vehicle | 3 years |

---

Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

• Impairment of Long-Lived Assets

In accordance with the provisions of ASC Topic 360, *Impairment or Disposal of Long*-Lived *Assets*, all long-lived assets such as plant and equipment owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. No impairment losses were recognized for the six months ended September 30, 2023 and 2024.

• Revenue Recognition

The Company receives revenue from contracts with customers, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2014-09, *Revenue from Contracts with Customers (Topic 606)* ("ASC 606").

ASC Topic 606 provided the following overview of how revenue is recognized from the Company's contracts with customers: The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Step 3: Determine the transaction price — The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.

Step 4: Allocate the transaction price to the performance obligations in the contract — Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation — An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).

All of the Company's revenue is recognized at a point in time based on the transfer of control. In addition, the Company's contracts do not contain variable consideration and contract modifications are minimal. The Company's revenue arrangements generally consist of a single performance obligation to transfer promised goods. Revenue is reported net of sale rebates and discounts.

The Company earns its revenue from direct-to-consumer ecommerce sales through its website. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due, prior to the date of shipment.

Deferred revenue is recorded when the Company has received consideration (i.e., advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenue primarily relates to e-commerce orders placed, but not shipped, prior to the end of the fiscal period.

Deferred revenue as of March 31, 2024 was HK$159,957, which was fully recognized as revenue during the six months ended September 30, 2024. The deferred revenue balance as of September 30, 2024 was HK$269,925 (US$34,606).

*<u>*<u>Principal vs Agent Considerations</u>*</u>*

When another party is involved in providing goods to the customer, the Company will apply the principal versus agent guidance in ASC Topic 606 to determine if the Company is acting as the principal or an agent to the transaction. This evaluation determined that the Company is in control of establishing the transaction price, managing all aspects of the shipment term, and taking the risk of loss for delivery, collection, and returns. Based on the Company's evaluation of the control model, it determined that all the Company's major businesses act as the principal rather than the agent within their revenue arrangements and such revenues are reported on a gross basis.

*<u>*<u>Disaggregation of Revenue</u>*</u>*

The Company has disaggregated its revenue from contracts with customers into categories based on the business operation of the revenue as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of revenue** | **Point of <br>recognition** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  **Type of revenue** | **Point of <br>recognition** | **2023** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Sale of products |  |  |  |  |
|  Corporate clients | At a point in time | $27059817 | $27646238 | $3558395 |
|  Individual customers | At a point in time | 14048791 | 14052462 | 1808717 |
|  |  | $41108608 | $41698700 | $5367112 |

---

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
• Cost of Revenues

Cost of revenues consists primarily of the cost of floral and non-floral merchandise sold from inventory or through third parties, bouquet fulfillment costs, and the cost associated with wrapping and packaging.

• Shipping and Handling Costs

Shipping costs incurred to deliver the products from the workshop to the designated location of the customer orders totaled HK$2,271,545 and HK$2,667,057 (US$343,282) for the six months ended September 30, 2023 and 2024, respectively.

• Sales and Marketing Costs

Marketing and sales expense consists primarily of advertising expenses, online portal and e-catalog expenses and customer service center expenses, as well as the operating expenses of the Company's departments engaged in marketing, selling and merchandising activities.

The Company expenses all advertising costs, at the time the advertisement is first shown. Advertising expense was HK$4,718,209 and HK$3,447,866 (US$443,781) for the six months ended September 30, 2023 and 2024, respectively.

• Technology and Development

Technology and development expense consists primarily of payroll and operating expenses of the Company's information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company's order entry, customer service, fulfilment and database systems. Costs associated with repair maintenance, or the development of website content are expensed as incurred.

• Segment Reporting

ASC Topic 280, *Segment Reporting* ("ASC 280"), 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 financial statements for detailing the Company's business segments.

For the six months ended September 30, 2023 and 2024, the Company operates and manages its business as one single business segment, in accordance with ASC 280. The Company's chief operating decision maker ("CODM") is the Chief Executive Officer. The Company's CODM assesses the Company's performance and results of operations on a consolidated basis. The Company generates substantially all of its revenues from customers in Hong Kong. Accordingly, no geographical segments are presented. Substantially, all of the Company's long-lived assets are located in Hong Kong.

• Retirement Plan Costs

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operations as the related employee service are provided.

The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post-employment benefits. The cost of providing benefits is measured using projected unit credit method with actuarial valuations to determine its present value and service cost. When the calculation results in a benefit to the Company, the recognized assets are limited to lower of the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan and the asset ceiling. The net defined benefit liabilities recognized in the unaudited condensed consolidated and combined balance sheets represent the present value of the obligation under defined benefit plan minus the fair

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
value of plan assets. The Company carried out a comprehensive actuarial valuation at the end of reporting period. The remeasurement of the net defined benefit liabilities during a period are recognized as cost of defined benefit plan during the period.

• Leases

The Company adopts the FASB Accounting Standards Update ("ASU") 2016-02 *Leases* (Topic 842). for all periods presented. This standard requires lessees to recognize lease assets ("right-of-use") and related lease obligations ("lease liabilities") on the balance sheet for leases with terms in excess of twelve months. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in the balance sheets. Finance leases are included in plant and equipment and finance lease liabilities in the 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 and finance lease ROU assets and liabilities are recognized, based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The Company depreciated the ROU assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the ROU assets or the end of the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

All of the Company's real estate leases are classified as operating leases and there was no lease with a duration of twelve months or less.

• Income Taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, *Income Taxes* ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

For the six months ended September 30, 2023 and 2024, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2024 and September 30, 2024, the Company did not have any significant unrecognized uncertain tax positions.

The Company is subject to tax in local and foreign jurisdictions. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
• Net Income Per Share

The Company computes earnings per share ("EPS") in accordance with ASC Topic 260, *Earnings per Share* ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

• Related Parties

The Company follows the ASC Topic 850-10, *Related Party* ("ASC 850") for the identification of related parties and disclosure of related party transactions.

Pursuant to ASC 850, the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of ASC Topic 825 – 10 – 15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The unaudited condensed consolidated and combined financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of unaudited condensed consolidated and combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operations are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

• Commitments and Contingencies

The Company follows the ASC Topic 450-20, *Contingencies,* to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's business, financial position, and results of operations or cash flows.

• Fair Value Measurement

The Company follows the guidance of the ASC Topic 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 1*: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 2*: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 3*: Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

The carrying value of the Company's financial instruments: cash and cash equivalents, accounts receivable, amounts due from related parties, deposit, prepayments and other receivables, accounts payable, accrued liabilities and other payables and amounts due to related parties approximate at their fair values because of the short-term nature of these financial instruments.

• Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In June 2017, the FASB issued *ASU No. 2016*-13*, Financial Instruments — Credit Losses (Topic 326)*. The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. In November 2019, the FASB issued ASU 2019-10 which defers the effective dates for the credit losses, derivatives and lease standards for certain companies. The deferred effective date for credit losses is April 1, 2023 for calendar-year end companies which are "smaller reporting companies", non-SEC filers and all other companies including not-for-profit companies and employee benefit plans. The deferral for the derivatives and lease standards is only applicable to the companies which are not public business entities. The Company is still evaluating the impact of the accounting standard of credit losses on the Company's combined financial statements and related disclosures.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
In March 2023, the FASB issued *ASU No. 2023*-01*, Leases (Topic 842): Common Control Arrangements ("ASU 2023*-01*")* that is intended to improve the guidance for applying Topic 842 to arrangements between entities under common control. This ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The standard will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the potential impact of ASU 2023-01 on its unaudited condensed consolidated and combined financial statements.

In October 2023, the FASB issued *ASU 2023*-06*, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative*, which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. This update will improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB codification with the SEC's regulations. The Company is currently evaluating the potential effect of this ASU on its unaudited condensed consolidated and combined financial statements, but does not expect the impact to be material.

In November 2023, the FASB issued *ASU No. 2023*-07*, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023*-07*"),* which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosures requirements included in ASU 2023-07 are required for all public entities, including those with a single reportable segment. ASU 2023-07 is effective for annual periods beginning after December 15, 2024, on a retrospective basis, and early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2023-07 on its unaudited condensed consolidated and combined financial statements.

In December 2023, the FASB issued *ASU No. 2023*-09*, Income Taxes (Topic 720): Improvements to Income Tax Disclosures ("ASU 2023*-09*")*, which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on its unaudited condensed consolidated and combined financial statements.

In March 2024, the FASB issued *ASU No. 2024*-02, *Codification Improvements*-Amendments *to Remove References to the Concepts Statements ("ASU 2024*-02*")*. The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of the adoption of ASU 2024-02 on its unaudited condensed consolidated and combined financial statements.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220*-40*): Disaggregation of Income Statement Expenses*, which requires that an entity disclose, in the notes to financial statements, specified information about certain costs and expenses. The amendment in the ASU is intended to enhance the transparency and decision usefulness to better

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
understand the major components of an entity's income statement. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the new standard on its unaudited condensed consolidated and combined financial statements which is expected to result in enhanced disclosures.

Except for the above-mentioned pronouncements, there are no new recently issued accounting standards that will have a material impact on the unaudited condensed consolidated and combined balance sheets, statements of operations and cash flows.

#### NOTE 3 — ACCOUNTS RECEIVABLE

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31, <br>2024** | **September 30, <br>2024** | **September 30, <br>2024** |
|  | **HKD** | **HKD** | **USD** |
|  Accounts receivable, at cost: |  |  |  |
|  Corporate clients | $580504 | $3581654 | $461001 |
|  Payment gateway providers | 575146 | 409236 | 52673 |
|  | 1155650 | 3990890 | 513674 |
|  Less: allowance for expected credit losses |  |  |  |
|  Accounts receivable, net | $1155650 | $3990890 | $513674 |

---

For the six months ended September 30, 2023 and 2024, no allowance of expected credit losses was recognized, respectively. The Company has not experienced any significant bad debt or write-offs of accounts receivable in the past.

The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for expected credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

Up to the date of the report, the Company collected 88% of accounts receivable balance as of September 30, 2024.

#### NOTE 4 — INVENTORIES
Inventories comprised of the followings:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br>2024** | **September 30,<br>2024** | **September 30,<br>2024** |
|  | **HKD** | **HKD** | **USD** |
|  Gourmet food | $636734 | $680169 | $87546 |
|  Skincare and beauty | 522391 | 371710 | 47843 |
|  Decoration and accessories | 222875 | 330175 | 42497 |
|  Wines and beverages | 150860 | 290910 | 37444 |
|  Packaging materials and others | 603779 | 570368 | 73413 |
|  | $2136639 | $2243332 | $288743 |

---

For the six months ended September 30, 2023 and 2024, the Company did not record the allowance for inventory obsolescence.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 5 — PLANT AND EQUIPMENT, NET
Plant and equipment consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br>2024** | **September 30,<br>2024** | **September 30, <br>2024** |
|  | **HKD** | **HKD** | **USD** |
|  As cost: |  |  |  |
|  Machine and equipment | $620735 | $637135 | $82007 |
|  Computer and office equipment | 669815 | 699176 | 84988 |
|  Motor vehicles | 289000 | 660301 | 89992 |
|  | 1579550 | 1996612 | 256987 |
|  Less: accumulated depreciation | (1412875) | (1495288) | (192461) |
|  Plant and equipment, net | $166675 | $501324 | $64526 |

---

Depreciation expense for the six months ended September 30, 2023 and 2024 were HK$31,410 and HK$82,413 (US$10,607), respectively.

Motor vehicles under finance leases were recorded net of accumulated depreciation of HK$0 and HK$324,888 (US$41,817), as of March 31, 2024 and September 30, 2024, respectively.

#### NOTE 6 — ACCRUED LIABILITIES AND OTHER PAYABLES

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br>2024** | **September 30,<br>2024** | **September 30, <br>2024** |
|  | **HKD** | **HKD** | **USD** |
|  Accrued offering costs | $— | $1892124 | $243539 |
|  Accrued operating expenses | 319699 | 800420 | 103023 |
|  Accrued professional fees | 119000 | 71500 | 9203 |
|  | $438699 | $2764044 | $355765 |

---

#### NOTE 7 — BANK BORROWINGS
Bank borrowings comprised of the followings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Bank borrowings, secured:** | **Maturity date** | **Interest <br>rate<br>(p.a.)** | **As of** | **As of** | **As of** |
|  **Bank borrowings, secured:** | **Maturity date** | **Interest <br>rate<br>(p.a.)** | **March 31,<br>2024** | **September 30,<br>2024** | **September 30, <br>2024** |
|  |  |  | **HKD** | **HKD** | **USD** |
|  Loan : HK$5.0 million | March 2, 2029 | 3.50% | $1682844 | $1527931 | $196663 |
|  Loan : HK$4.0 million | May 23, 2028 | 2.75% | 2860605 | 2539671 | 326885 |
|  Loan : HK$2.5 million | February 19, 2029 | 2.75% | 2764013 | 2482928 | 319582 |
|  |  |  | $7307463 | $6550530 | $843130 |

---

The Company obtained certain loans from financial institutions in Hong Kong, in the aggregate principal amount of up to HK$6,550,530 (US$843,130), up to September 30, 2024. These loans bear annual interest at the bank prevailing rates ranging from 2.75% to 3.50%. The Company is subject to various financial covenants under certain loan agreements, which include repayment on-demand clause. Hence, all of these bank borrowings are reclassified as "current liabilities".

Interest related to the bank borrowings was HK$94,699 and HK$147,407 (US$18,973) for the six months ended September 30, 2023 and 2024, respectively.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 7 — BANK BORROWINGS (CONT.)
These banking facilities are guaranteed and secured, details of which are set out as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unlimited personal guaranteed by Mr. Wong, the director of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) guaranteed by HKMC Insurance Limited under the Hong Kong SME Financing Guarantee Scheme, launched by The Hong Kong Mortgage Corporation Limited

As of March 31, 2024 and September 30, 2024, the Company fully complied with certain financial covenants pursuant to the facility letter issued by the Hongkong and Shanghai Banking Corporation Limited.

#### NOTE 8 — LEASES
The Company has commercial operating leases with various third parties for the use of offices and workshop in Hong Kong. These leases have original terms exceeding 1 year, but not more than 3 years.

During the six months ended September 30, 2024, the Company entered into a finance lease agreement with a bank to lease a motor vehicle for a period of 60 months, expiry through 2029.

The components of lease expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months ended September 30,** | **Six Months ended September 30,** | **Six Months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Operating lease expense | $536547 | $841912 | $108364 |
|  Finance lease expense |  |  |  |
|  Amortization of right-of-use assets | $— | $12483 | $1607 |
|  Interest on lease liabilities |  | 2029 | 261 |
|  Total finance lease expense | $— | $14512 | $1868 |

---

Supplemental balance sheet information related to operating leases was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of** | **As of** | **As of** |
|  |  | **March 31,<br>2024** | **September 30,<br>2024** | **September 30,<br>2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Leases | Classification on the balance sheet |  |  |  |
|  Assets: |  |  |  |  |
|  Operating lease | Right-of-use assets, net | $432980 | $2749228 | $353858 |
|  Finance lease | Plant and equipment, net |  | 324888 | 41817 |
|  Total leased assets |  | $432980 | $3074116 | $395675 |
|  Current liabilities: |  |  |  |  |
|  Operating lease |  | $442878 | $1556405 | $200328 |
|  Finance lease |  |  | 74900 | 9640 |
|  |  | 442878 | 1631305 | 209968 |
|  Non-current lease liabilities |  |  |  |  |
|  Operating lease |  |  | 1282833 | 165116 |
|  Finance lease |  |  | 287116 | 36955 |
|  |  |  | 1569949 | 202071 |
|  Total lease liabilities |  | $442878 | $3201254 | $412039 |

---

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 8 — LEASES (CONT.)

---

| | | |
|:---|:---|:---|
|  Weighted average remaining lease term (years) |  |  |
|  Operating lease | 0.46 years | 1.50 – 1.92 years |
|  Finance lease | N/A | 4.4 years |
|  Weighted average discount rate |  |  |
|  Operating lease | 2.88% | 2.80% |
|  Finance lease | N/A | 6.09% |

---

Supplemental consolidated cash flow statement information related to leases:-

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months ended September 30,** | **Six Months ended September 30,** | **Six Months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Cash paid for amounts included in the measurement of lease liabilities:- |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating cash flows from operating lease | $536547 | $841912 | $108364 |
| &nbsp;&nbsp;&nbsp; Financing cash flows from finance lease | $— | $14512 | $1868 |

---

The maturity of the lease liabilities of operating and finance leases (contractual undiscounted cash flows) is presented in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **For the period ended September 30,** | **Operating<br> lease** | **Operating<br> lease** | **Finance<br> lease** | **Finance<br> lease** |
|  | **HKD** | **USD** | **HKD** | **USD** |
| 2025 | $1612600 | $207561 | $87072 | $11207 |
| 2026 | 1295800 | 166785 | 87072 | 11207 |
| 2027 |  |  | 87072 | 11207 |
| 2028 |  |  | 87072 | 11207 |
| 2029 |  |  | 72560 | 9339 |
|  Total minimum lease payments | 2908400 | 374346 | 420848 | 54167 |
|  Less: imputed interest | (69162) | (8902) | (58831) | (7572) |
|  Future minimum lease payments | $2839238 | $365444 | $362017 | $46595 |

---

#### NOTE 9 — SHAREHOLDERS' EQUITY
*<u>*<u>Ordinary Shares</u>*</u>*

The Company was established under the laws of British Virgin Island on April 16, 2024, with authorized to issue one class of ordinary share.

Under the completion of the Group Reorganization, the maximum number of shares the Company authorized to issue was resolved and approved to be increased to 500,000,000 ordinary shares on October 3, 2024 ("Increase"). On October 9, 2024, immediately upon the Increase became effective, the Company issued in an aggregate of 99,999 ordinary shares to the current shareholder of the Company at the consideration of US$1. (See Note 1).

On February 14, 2025, the Company resolved and approved for (i) a share subdivision at a ratio of 1-for-110 such that the Company was authorized to issue a maximum number of 55,000,000,000, at no par value shares of a single class (the "Share Subdivision") and (ii) a share redesignation to further reclassify the maximum number of shares the Company was authorized to issue from 55,000,000,000 ordinary shares of a single class, at no par value, to 55,000,000,000 ordinary shares, at no par value, dividing into (a) 54,900,000,000 Class A Ordinary Shares at no par value, and (b) 100,000,000 Class B Ordinary Shares at no par value (the "Share Redesignation"). a share subdivision at a ratio of 1-for-110 Ordinary Shares. Immediately following the aforesaid share subdivision, the Company then resolved

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 9 — SHAREHOLDERS' EQUITY (CONT.)
and approved to cancel the then outstanding Ordinary Shares issued, and issue (i) 500,000 Class A Ordinary Shares and 8,349,500 Class B Ordinary Shares to Mr. Wong, and (ii) in aggregate, 2,150,500 Class A Ordinary Shares to the other shareholders.

On May 9, 2025, Mr. Wong surrendered 4,900,000 Class B Ordinary Shares to the Company for no consideration ("Surrender").

On May 9, 2025, the Company repurchased 700,000 Class B Ordinary Shares from Mr. Wong and issued 700,000 Class A Ordinary Shares to Mr. Wong for no consideration ("Repurchase"). Upon completion of the Repurchase, Mr. Wong owned 1,200,000 Class A Ordinary Shares and 2,749,500 Class B Ordinary Shares.

On May 15, 2025, the Company resolved and approved for a share subdivision by subdividing each issued and unissued share into 3 shares, such that the Company was authorized to issue a maximum number of 165,000,000,000 Shares at no par value shares, dividing into (i) 164,700,000,000 Class A Ordinary Shares at no par value and (ii) 300,000,000 Class B Ordinary Shares at no par value, as part of the Company's recapitalization (the "Second Share Subdivision").

Unless indicated or the context otherwise requires, all share numbers and per share data in these combined financial statements have been retroactively presented to reflect the effect of the series of the above share exercises, as if such transactions occurred on the earliest day of the periods presented.

The Company has authorized two classes of Ordinary Shares, Class A and Class B. The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting and conversion rights. Each share of Class A Ordinary Share entitles the holder to one (1) vote on all matters subject to vote at general meetings of the Company and is not convertible into any Class B Ordinary Shares. Each share of Class B Ordinary Shares entitles the holder to twenty (20) votes at general meetings of the Company and is convertible into one Class A Ordinary Share. The total number of Ordinary Shares which the Company is authorized to issue up to the maximum of 165,000,000,000 shares, at no par value, of which 164,700,000,000 shall be designated as Class A Ordinary Shares, and 300,000,000 shall be designated as Class B Ordinary Shares.

At the date of this filing,10,051,500 Class A Ordinary Shares were issued and outstanding, equivalent to total paid-up capital of US$2, and 8,248,500 Class B Ordinary Shares were issued and outstanding.

*<u>*<u>Dividend Distribution</u>*</u>*

For the six months ended September 30, 2023 and 2024, the Company did not declare the dividends.

Subsequently, on October 23, 2024, the Company declared and distributed the special dividend of HK$1,500,000 (US$193,068).

#### NOTE 10 — NET INCOME PER SHARE

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months ended September 30,** | **Six Months ended September 30,** | **Six Months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Numerator: |  |  |  |
|  Net income attributable to the Company's shareholders | $2710428 | $1674341 | $215507 |
|  Denominator: |  |  |  |
|  Weighted average ordinary shares outstanding |  |  |  |
|  Basic and diluted\* | 18300000 | 18300000 | 18300000 |
|  Net income per share |  |  |  |
|  Basic and diluted | $0.15 | $0.09 | $0.01 |

---

____________

\* The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of Group Reorganization, Share Subdivisions and Share Redesignation (see Note 1).

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 10 — NET INCOME PER SHARE (CONT.)
Basic earnings per ordinary share is computed by dividing net income available to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. The liquidation and dividend rights of the holders of the Company's Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. As a result, under the two-class method in accordance with ASC 260, net income available to the Company's ordinary shareholders is allocated between Class A and Class B ordinary shares and other participating securities based on participating rights in undistributed earnings on a proportionate basis.

#### NOTE 11 — INCOME TAX EXPENSE
The provision for income tax expense consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months ended September 30,** | **Six Months ended September 30,** | **Six Months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Current income tax | $320236 | $370920 | $47742 |
|  Deferred income tax |  |  |  |
|  Income tax expense | $320236 | $370920 | $47742 |

---

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in Hong Kong that are subject to taxes in the jurisdictions in which it operates, as follows:

*British Virgin Islands*

GIHL and GGBB are incorporated in the British Virgin Islands and is not subject to taxation. In addition, upon payments of dividends by these entities to their shareholder, no British Virgin Islands withholding tax will be imposed.

*Macau Tax*

MGGB is operating in Macau and is subject to Macau Enterprise Income Tax Law (the "Macau EIT Law"). Under the Macau EIT Law, no income tax is levied when the net income is less than MOP600,000. Income tax is calculated at the rate of 12% for the excess, when the income exceeds MOP600,000 (US$74,419).

*Hong Kong*

BLOC is operating in Hong Kong and is subject to the Hong Kong profits tax at the two-tiered income tax rates at the rate of 8.25% on the estimated assessable income up to HK$2,000,000 (US$257,423) and 16.5% on any part of assessable income over HK$2,000,000 arising in Hong Kong during its tax year.

The reconciliation of income tax rate to the effective income tax rate based on income before income tax expense for the six months ended September 30, 2023 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months ended September 30,** | **Six Months ended September 30,** | **Six Months ended September 30,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Income before income taxes | $3030666 | $2093758 | $269491 |
|  Statutory income tax rate | 16.5% | 16.5% | 16.5% |
|  Income tax expense at statutory rate | 500060 | 345470 | 44466 |
|  Income not subject to taxes | (1596) | (1746) | (225) |
|  Expenses not subject to tax deduction | 93713 | 351716 | 45270 |
|  Tax adjustment | (103941) | (159520) | (20532) |
|  Tax holidays | (168000) | (165000) | (21237) |
|  Income tax expense | $320236 | $370920 | $47742 |

---

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 11 — INCOME TAX EXPENSE (CONT.)
<u><u>Uncertain tax positions</u></u>

The Company evaluates the uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2024 and September 30, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the six months ended September 30, 2023 and 2024 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from September 30, 2024.

#### NOTE 12 — RELATED PARTY BALANCES AND TRANSACTIONS
Nature of relationships with related parties

---

| | |
|:---|:---|
|  **Name of related party** | **Relationship with the Company** |
|  Mr. Wong | Director and major shareholder of the Company |
|  Tutti Digital Limited | Entity 12.5% owned and controlled by common shareholder, Mr. Wong |
|  iMHKB Group Ltd | Entity 100% owned and controlled by common shareholder, Mr. Wong |

---

Related party balances consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of** | **As of** | **As of** |
|  **Name** | **Nature** | **March 31, <br>2024** | **September 30,<br>2024** | **September 30,<br>2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Mr. Wong | Amount due from a shareholder | $165505 | $1436064 | $184838 |

---

The amount due from a shareholder represented the temporary advances by the Company. The amount is unsecured, interest-free and due on demand. The balance was subsequently settled in full by offsetting against the special dividend of HK$1,500,000 (US$193,068) declared and distributed on October 23, 2024.

In the ordinary course of business, during the six months ended September 30, 2023 and 2024, the Company has involved with transactions, either at cost or current market prices and on the normal commercial terms among related parties. The following table provides the transactions with these parties for the periods as presented (for the portion of such period that they were considered related):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Six Months ended September 30,** | **Six Months ended September 30,** | **Six Months ended September 30,** |
|  **Name** | **Nature** | **2023** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Tutti Digital Limited | Marketing and advertising fee | $62250 | $27000 | $3475 |
|  iMHKB Group Ltd | Purchases of good | $— | $59400 | $7645 |

---

Apart from the transactions and balances detailed above and elsewhere in these accompanying unaudited condensed consolidated and combined financial statements, the Company has no other significant or material related party transactions during the periods presented.

#### NOTE 13 — CONCENTRATIONS OF RISKS
The Company is exposed to the following concentrations of risks:

(a) Major customers

For the six months ended September 30, 2023 and 2024, there is no single customer who accounted for 10% or more of the Company's revenues and its outstanding receivable balances at period-end dates.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>COMBINED FINANCIAL STATEMENTS

#### NOTE 13 — CONCENTRATIONS OF RISKS (CONT.)
(b) Major vendors

For the six months ended September 30, 2023 and 2024, the single vendor who accounted for 10% or more of the Company's purchases and its outstanding payable balances at period-end dates, are presented as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Vendor** | **Six Months ended <br>September 30,<br>2023** | **Six Months ended <br>September 30,<br>2023** | **As of <br>September 30, <br>2023** |
|  **Vendor** | **Purchases** | **Percentage of <br>Purchases** | **Accounts <br>payable** |
|  | **HK$** | | **HK$** |
|  Vendor A | $5972554 | 33.34% | $161547 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months ended September 30, 2024** | **Six Months ended September 30, 2024** | **Six Months ended September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  **Vendor** | **Purchases** | **Purchases** | **Percentage of <br>purchases** | **Accounts payable** | **Accounts payable** |
|  | **HK$** | **US$** | | **HK$** | **US$** |
|  Vendor A | $5402919 | 692682 | 33.57% | $— | $— |

---

These vendors are mainly located in Hong Kong.

(c) Credit risk

Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable. Cash equivalents are maintained with high credit quality institutions in Hong Kong, the composition and maturities of which are regularly monitored by the management. The Hong Kong Deposit Protection Board pays compensation up to a limit of HK$800,000 (US$102,969), effective from October 1, 2024, if the bank in Hong Kong with which an individual/a company holds its eligible deposit fails.

As of September 30, 2024, cash and cash equivalents of HK$3.3 million (US$0.4 million) was maintained at financial institutions in Hong Kong, of which approximately HK$2.2 million (US$0.3 million) was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

For accounts receivable, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses.

(d) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates.

The Company is exposed to interest rate risk primarily relates to the variable-rate bank borrowings and is mainly concentrated on the fluctuation of Hong Kong Prime Rate and HIBOR arising from the Company's bank borrowings. The Company has not used any derivative instruments to mitigate its exposure associated with interest rate risk. However, the management monitors interest rate exposure and will consider other necessary actions when significant interest rate exposure is anticipated.

The Company is also exposed to cash flow interest rate risk related to bank balances and cash held at financial institutions carried at the prevailing market rates and variable-rate bank borrowings.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND COMBINED FINANCIAL <br>STATEMENTS

#### NOTE 13 — CONCENTRATIONS OF RISKS (CONT.)
(e) Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

(f) Economic and political risk

The Company's major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong's economy may influence the Company's business, financial condition, and results of operations.

#### NOTE 14 — COMMITMENTS AND CONTINGENCIES
*Legal Contingencies*

From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

*Severance Payment and Long Service Payment*

Employment Ordinance of the Laws of Hong Kong requires employers to assure the liability of severance payment if an employee who has been working for the employer for not less than 24 months under a continuous contract is, due to redundancy, dismissed, laid off, or upon expiry of a fixed-term employment contract. The ordinance also requires employers to assure the liability of long service payment if an employee who has been working for the employer for not less than 5 years under a continuous contract is dismissed, dies, resigns on ground of ill health or on or after 65 years old, or upon expiry of a fixed-term employment contract.

As of March 31, 2024 and September 30, 2024, the Company has estimated its long service payment to be HK$62,495 and HK$62,495 (US$8,044), respectively. The provision for long service payment as of March 31, 2024 and September 30, 2024 has been reflected in the unaudited condensed consolidated and combined balance sheets as "other long-term liabilities" under long-term liabilities.

No severance payment is provided since the Company has no plan to dismiss any staff due to redundancy, and therefore considers the possibility of meeting the criteria of making severance payment is remote.

Apart from the commitments and contingencies detailed above and elsewhere in these accompanying unaudited condensed consolidated and combined financial statements, as of September 30, 2024, the Company did not have any significant commitments or contingencies involved.

#### NOTE 15 — SUBSEQUENT EVENTS
In accordance with ASC Topic 855, *Subsequent Events*, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the unaudited condensed consolidated and combined financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2024, up to the date that the audited unaudited condensed consolidated and combined financial statements were available to be issued.

The Group Reorganization as detailed in Note 1 above, was completed in October 2024.

On October 23, 2024, the Company declared and distributed a special dividend of HK$1,500,000 (US$193,068).

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND COMBINED FINANCIAL <br>STATEMENTS

#### NOTE 15 — SUBSEQUENT EVENTS (CONT.)
On February 14, 2025, the Company resolved and approved for (i) a share subdivision at a ratio of 1-for-110 such that the Company was authorized to issue a maximum number of 55,000,000,000, at no par value shares of a single class (the "Share Subdivision") and (ii) a share redesignation to further reclassify the maximum number of shares the Company was authorized to issue from 55,000,000,000 ordinary shares of a single class, at no par value, to 55,000,000,000 ordinary shares, at no par value, dividing into (a) 54,900,000,000 Class A Ordinary Shares at no par value, and (b) 100,000,000 Class B Ordinary Shares at no par value (the "Share Redesignation"). a share subdivision at a ratio of 1-for-110 Ordinary Shares. Immediately following the aforesaid share subdivision, the Company then resolved and approved to cancel the then outstanding Ordinary Shares issued, and issue (i) 500,000 Class A Ordinary Shares and 8,349,500 Class B Ordinary Shares to Mr. Wong, and (ii) in aggregate, 2,150,500 Class A Ordinary Shares to the other shareholders.

On May 9, 2025, Mr. Wong surrendered 4,900,000 Class B Ordinary Shares to the Company for no consideration ("Surrender").

On May 9, 2025, the Company repurchased 700,000 Class B Ordinary Shares from Mr. Wong and issued 700,000 Class A Ordinary Shares to Mr. Wong for no consideration ("Repurchase"). Upon completion of the Repurchase, Mr. Wong owned 1,200,000 Class A Ordinary Shares and 2,749,500 Class B Ordinary Shares.

On May 15, 2025, the Company resolved and approved for a share subdivision by subdividing each issued and unissued share into 3 shares, such that the Company was authorized to issue a maximum number of 165,000,000,000 Ordinary Shares at no par value, dividing into (i) 164,700,000,000 Class A Ordinary Shares at no par value and (ii) 300,000,000 Class B Ordinary Shares at no par value, as part of the Company's recapitalization (the "Second Share Subdivision").

At the date of this filing, the Company is authorized to issue 164,700,000,000 Class A Ordinary Shares and 300,000,000 Class B Ordinary Shares, at no par value each, consisting of 10,051,500 Class A Ordinary Shares issued and outstanding, and 8,248,500 Class B Ordinary Shares issued and outstanding.

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To: the Board of Directors and Stockholders of<br>Gifts International Holdings Limited

Opinion on the Financial Statements

We have audited the accompanying combined balance sheets of Gifts International Holdings Limited and Subsidiaries ("the Company") as of March 31, 2023 and 2024, and the related combined statements of operations, change in shareholders' equity and cash flows for each of the two years in the period ended March 31, 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 March 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 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 these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and 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 audits 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 misstatements 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 financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
|  /s/ ARK Pro CPA & Co |
|  ARK Pro CPA & Co <br> PCAOB ID: 3299 |

---

Hong Kong, China

October 21, 2024, except for notes 1, 8, 9 and 15 as to which the date is May 16, 2025.

We have served as the Company's auditor since 2024.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>COMBINED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  **ASSETS** |  |  |  |
|  Current assets: |  |  |  |
|  Cash and cash equivalents | $5814767 | $8604416 | $1103130 |
|  Accounts receivable, third parties, net | 520442 | 1155650 | 148160 |
|  Inventories, net | 1353682 | 2136639 | 273928 |
|  Amount due from a related party | 353165 |  |  |
|  Amount due from a shareholder | 545716 | 165505 | 21219 |
|  Deposit, prepayments and other receivables | 438736 | 667537 | 85582 |
|  Total current assets | 9026508 | 12729747 | 1632019 |
|  Non-current assets: |  |  |  |
|  Plant and equipment, net | 158397 | 166675 | 21369 |
|  Right-of-use assets, net | 1472133 | 432980 | 55510 |
|  Rental deposit | 178000 |  |  |
|  Total non-current assets | 1808530 | 599655 | 76879 |
|  **TOTAL ASSETS** | $10835038 | $13329402 | $1708898 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
|  Current liabilities: |  |  |  |
|  Accounts payable | $1151451 | $576134 | $73863 |
|  Accrued liabilities and other payables | 380530 | 438699 | 56243 |
|  Bank borrowings | 6022788 | 7307463 | 936854 |
|  Deferred revenue | 295313 | 159957 | 20507 |
|  Lease liabilities, current | 1041535 | 442878 | 56779 |
|  Income tax payable | 94047 | 733707 | 94065 |
|  Total current liabilities | 8985664 | 9658838 | 1238311 |
|  Long-term liabilities: |  |  |  |
|  Lease liabilities | 442878 |  |  |
|  Other long-term liabilities |  | 62495 | 8012 |
|  Total long-term liabilities | 442878 | 62495 | 8012 |
|  **TOTAL LIABILITIES** | 9428542 | 9721333 | 1246323 |
|  Commitments and contingencies |  |  |  |
|  Shareholders' equity: |  |  |  |
|  Ordinary shares, no par value, 165,000,000,000 shares authorized |  |  |  |
|  Class A Ordinary Shares, no par value, 164,700,000,000 shares authorized,10,051,500 shares issued and outstanding as of March 31, 2024 and 2023\* | 16 | 16 | 2 |
|  Class B Ordinary Shares, no par value, 300,000,000 shares authorized, 8,248,500 shares issued and outstanding as of March 31, 2024 and 2023\* |  |  |  |
|  Retained earnings | 1406480 | 3608053 | 462573 |
|  Total shareholders' equity | 1406496 | 3608069 | 462575 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $10835038 | $13329402 | $1708898 |

---

____________

\* The share amounts are presented on a retroactive basis, giving effect to the completion of the Group Reorganization, the Share Subdivisions and Share Redesignation (see Note 1).

See accompanying notes to the combined financial statements.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>COMBINED STATEMENTS OF OPERATIONS

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  **Revenues, net** |  |  |  |
|  Revenue from third parties | $87452327 | $81553365 | $10455560 |
|  **Cost of revenues** |  |  |  |
|  From third parties | (60315701) | (49528420) | (6349798) |
|  From related party |  | (1070858) | (137289) |
|  | (60315701) | (50599278) | (6487087) |
|  **Gross profit** | 27136626 | 30954087 | 3968473 |
|  **Operating expenses:** |  |  |  |
|  Shipping and handling costs | (4947588) | (4550399) | (583384) |
|  Sales and marketing costs | (7710520) | (8434263) | (1081316) |
|  Technology and development costs | (866645) | (600000) | (76923) |
|  Personnel and benefit costs | (7270010) | (6641569) | (851483) |
|  General and administrative costs | (3166027) | (3202756) | (410610) |
|  Total operating expenses | (23960790) | (23428987) | (3003716) |
|  **Income from operations** | 3175836 | 7525100 | 964757 |
|  Other income (expense): |  |  |  |
|  Interest income | 11373 | 30454 | 3904 |
|  Interest expense | (236236) | (214148) | (27455) |
|  Government subsidies | 1033600 |  |  |
|  Sundry income |  | 2130 | 273 |
|  Total other income (expense), net | 808737 | (181564) | (23278) |
|  **Income before income taxes** | 3984573 | 7343536 | 941479 |
|  Income tax expense | (302256) | (1041963) | (133585) |
|  **NET INCOME** | $3682317 | $6301573 | $807894 |
|  Weighted average number of ordinary shares: |  |  |  |
|  Basic and diluted\* | 18300000 | 18300000 | 18300000 |
|  **EARNINGS PER SHARE – BASIC AND DILUTED** | $0.20 | $0.34 | $0.04 |

---

____________

\* The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of the Group Reorganization, Share Subdivisions and Share Redesignation (see Note 1).

See accompanying notes to the combined financial statements.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br>Ordinary Shares** | **Class A <br>Ordinary Shares** | **Class B <br>Ordinary Shares** | **Class B <br>Ordinary Shares** | **Retained <br>earnings** | **Total <br>shareholders' <br>equity** |
|  | **No. of <br>shares\*** | **Amount** | **No. of <br>shares\*** | **Amount** | **Retained <br>earnings** | **Total <br>shareholders' <br>equity** |
|  |  | **HKD** |  | **HKD** | **HKD** | **HKD** |
|  Balance as of April 1, 2022 | 10051500 | $16 | 8248500 | $— | $1924163 | $1924179 |
|  Net income for the year |  |  |  |  | 3682317 | 3682317 |
|  Dividend declared and distributed |  |  |  |  | (4200000) | (4200000) |
|  Balance as of March 31, <br>2023 | 10051500 | 16 | 8248500 |  | 1406480 | 1407496 |
|  Net income for the year |  |  |  |  | 6301573 | 6301574 |
|  Dividend declared and distributed |  |  |  |  | (4100000) | (4100000) |
|  Balance as of March 31, <br>2024 | 10051500 | $16 | 8248500 | $— | $3608053 | $3608069 |
|  Balance as of March 31, <br>2024 (USD) | 10051500 | $2 | 8248500 | $— | $462573 | $462575 |

---

____________

\* The share amounts are presented on a retroactive basis, giving effect to the completion of the Group Reorganization, Share Subdivisions and Share Redesignation (see Note 1).

See accompanying notes to the combined financial statements.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>COMBINED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  **Cash flows from operating activities:** |  |  |  |
|  Net income | $3682317 | $6301573 | $807894 |
|  Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of plant and equipment | 87648 | 65718 | 8425 |
| &nbsp;&nbsp;&nbsp; Non-cash lease expense | 1049514 | 1065618 | 136618 |
|  Change in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 2456719 | (635208) | (81437) |
| &nbsp;&nbsp;&nbsp; Inventories | 363559 | (782957) | (100379) |
| &nbsp;&nbsp;&nbsp; Deposits, prepayments and other receivables | (359236) | 284380 | 36459 |
| &nbsp;&nbsp;&nbsp; Accounts payable | (60660) | (575317) | (73759) |
| &nbsp;&nbsp;&nbsp; Accrued liabilities and other payables | (159741) | 120664 | 15470 |
| &nbsp;&nbsp;&nbsp; Deferred revenue | (609746) | (135356) | (17353) |
| &nbsp;&nbsp;&nbsp; Lease liabilities | (1051000) | (1068000) | (136923) |
| &nbsp;&nbsp;&nbsp; Income tax payable | 57903 | 639660 | 82008 |
|  Net cash provided by operating activities | 5457277 | 5280775 | 677023 |
|  **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of plant and equipment | (122890) | (73996) | (9487) |
|  Net cash used in investing activities | (122890) | (73996) | (9487) |
|  **Cash flows from financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceed from bank borrowings | 4000000 | 2470000 | 316667 |
| &nbsp;&nbsp;&nbsp; Repayment to bank borrowings | (2977212) | (1520506) | (194937) |
| &nbsp;&nbsp;&nbsp; Advance from a related party | 1888935 | 353165 | 45278 |
| &nbsp;&nbsp;&nbsp; Repayment to a shareholder | (4529004) | (3719789) | (476896) |
|  Net cash used in financing activities | (1617281) | (2417130) | (309888) |
|  **Net change in cash and cash equivalent** | 3717106 | 2789649 | 357648 |
|  **BEGINNING OF YEAR** | 2097661 | 5814767 | 745482 |
|  **END OF YEAR** | $5814767 | $8604416 | $1103130 |
|  **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |  |
|  Cash paid for income taxes | $244353 | $402303 | $51577 |
|  Cash paid for interest | $217867 | $187683 | $24062 |
|  **Non-cash investing and financing activities:** |  |  |  |
|  Final dividends to the shareholder offset with amount due from the shareholder | $4200000 | $4100000 | $525641 |

---

See accompanying notes to the combined financial statements.

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

#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 1 — BUSINESS OVERVIEW AND BASIS OF PRESENTATION
Gifts International Holdings Limited ("GIHL" or the "Company") was incorporated in British Virgin Islands ("BVI") on April 16, 2024.

The Company is a leading provider in Hong Kong's high-value corporate gifting industry. Operating under the "GiveGiftBoutique" brand, the Company offers one-stop B2B tailored gift solutions with custom proposals, as well as predesigned gifts through its eCommerce website. Its diverse product line caters to both B2B and B2C markets, including branded gift hampers, VIP box sets, floral and fruit baskets, and seasonal gifts, serving various occasions in Hong Kong.

Description of entities incorporated and controlled by the Company:

---

| | | |
|:---|:---|:---|
|  **Name** | **Background** | **Effective ownership** |
|  Give Gifts Boutique (BVI) Limited ("GGBB") | &nbsp;&nbsp;&nbsp;&nbsp;• BVI company<br> &nbsp;&nbsp;&nbsp;&nbsp;• Incorporated on May 21, 2024<br> &nbsp;&nbsp;&nbsp;&nbsp;• Issued and outstanding 100 ordinary shares for US$1<br> &nbsp;&nbsp;&nbsp;&nbsp;• Investment holding | 100% owned by GIHL |
|  Broaden Leisure Outlets Company Limited ("BLOC") | &nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong company<br> &nbsp;&nbsp;&nbsp;&nbsp;• Incorporated on June 2, 2008<br> &nbsp;&nbsp;&nbsp;&nbsp;• Issued and outstanding 10,000 ordinary shares for HK$10,000<br> &nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution of gift and floral bouquets | 100% owned by GGBB |
|  Macau Give Gift Boutique Company Limited ("MGGB") | &nbsp;&nbsp;&nbsp;&nbsp;• Macau company<br> &nbsp;&nbsp;&nbsp;&nbsp;• Incorporated on July 17, 2012<br> &nbsp;&nbsp;&nbsp;&nbsp;• Issued and outstanding 100 ordinary shares for MOP25,000<br> &nbsp;&nbsp;&nbsp;&nbsp;• Sale and distribution of gift and floral bouquets | VIE |

---

The Company and its subsidiaries and VIE are hereinafter referred to as (the "Company").

On February 14, 2025, the Company resolved and approved for (i) a share subdivision at a ratio of 1-for-110 such that the Company was authorized to issue a maximum number of 55,000,000,000 shares of a single class, at no par value (the "Share Subdivision") and (ii) a share redesignation to further reclassify the maximum number of shares the Company was authorized to issue from 55,000,000,000 ordinary shares of a single class, at no par value, to 55,000,000,000 ordinary shares, at no par value, dividing into (a) 54,900,000,000 Class A Ordinary Shares at no par value, and (b) 100,000,000 Class B Ordinary Shares at no par value (the "Share Redesignation"). a share subdivision at a ratio of 1-for-110 Ordinary Shares. Immediately following the aforesaid share subdivision, the Company then resolved and approved to cancel the then outstanding Ordinary Shares issued, and issue (i) 500,000 Class A Ordinary Shares and 8,349,500 Class B Ordinary Shares to Mr. Wong, and (ii) in aggregate, 2,150,500 Class A Ordinary Shares to the other shareholders.

On May 9, 2025, Mr. Wong surrendered 4,900,000 Class B Ordinary Shares to the Company for no consideration ("Surrender").

On May 9, 2025, the Company repurchased 700,000 Class B Ordinary Shares from Mr. Wong and issued 700,000 Class A Ordinary Shares to Mr. Wong for no consideration ("Repurchase"). Upon completion of the Repurchase, Mr. Wong owned 1,200,000 Class A Ordinary Shares and 2,749,500 Class B Ordinary Shares.

On May 15, 2025, the Company resolved and approved for a share subdivision by subdividing each issued and unissued share into 3 shares, such that the Company was authorized to issue a maximum number of 165,000,000,000 Ordinary Shares at no par value, dividing into (i) 164,700,000,000 Class A Ordinary Shares at no par value and (ii) 300,000,000 Class B Ordinary Shares at no par value, as part of the Company's recapitalization (the "Second Share Subdivision").

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

#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 1 — BUSINESS OVERVIEW AND BASIS OF PRESENTATION (CONT.)
Unless indicated or the context otherwise requires, all share numbers and per share data in these combined financial statements have been retroactively presented to reflect the effect of the series of the above share exercises, as if such transactions occurred on the earliest day of the periods presented.

<u><u>Group Reorganization</u></u>

Since July 2024, the Company conducted several transactions for the purposes of a group reorganization ("Group Reorganization") and was completed in October 2024.

Prior to a group reorganization, BLOC was directly held as to 100% by Mr. John Wong ("Mr. Wong"). Upon completion of the reorganization, Mr. Wong ultimately owned 100% equity interest of the Company and BLOC becomes a 100% indirectly-owned subsidiary of the Company.

During the years presented in these combined financial statements, the control of these entities has been demonstrated by Mr. Wong, as a sole owner, as if the reorganization had taken place at the beginning of the earlier date presented. Accordingly, the combination has been treated as a corporate restructuring of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC Topic 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. The combination 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 combined financial statements.

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These accompanying combined financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying combined financial statements and notes.

• Emerging Growth Company

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its 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.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is not an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
• Basis of Presentation

The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").

• Basis of Consolidation

The combined financial statements include the accounts of the Company and its subsidiaries and Variable Interest Entity ("VIE") in which the Company is the primary beneficiary. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

The Company determines, under Accounting Standards Codification ("ASC") Topic 810, *Consolidation* ("ASC 810"), whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE. The Company consolidates a VIE when it is the primary beneficiary. The primary beneficiary of a VIE is the party that meets both of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has the has the power to direct the activities that most significantly affect the economic performance of the VIE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE.

Periodically, the Company determines whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and, if so, whether the Company is the primary beneficiary.

Currently, MGGB is deemed as a VIE, in which Mr. Wong owns 100% in equity interest and commonly controls as a related party to the Company. MGGB is acting as an operating unit to collect the sales receipts on behalf of the Company. Hence, the Company consolidates MGGB's financial statements, when it is the primary beneficiary under ASC 810.

For the years ended March 31, 2023 and 2024, MGGB contributed less than 1% of the Company's total revenues, whose operation is considered not material.

• Use of Estimates and Assumptions

The preparation of combined 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 combined financial statements and the reported amounts of revenues and expenses during the years presented. Significant accounting estimates reflected in the Company's combined financial statements include the useful lives of plant and equipment, impairment of long-lived assets, allowance for expected credit losses, provision for long service payments, revenue recognition, income tax provision, deferred taxes and uncertain tax position.

The inputs into the management's judgments and estimates consider the geopolitical tension, inflationary and high-interest rate environment and other macroeconomic factors on the Company's critical and significant accounting estimates. Actual results could differ from these estimates.

• Foreign Currency Transaction

Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise with the impact of subsequent changes in such rates reflected in the income statement. The functional currency of a significant portion of our international operations is Hong Kong Dollar ("HK$" or "HKD").

The Company uses Hong Kong Dollar ("HKD") as its reporting currency. The functional currency of the Company and its subsidiary in British Virgin Islands is United States Dollar ("US$"), its subsidiary in Hong Kong is HKD and VIE in Macau is Macanese Pataca ("MOP"), which is its respective local currency based on the criteria of ASC Topic 830, *Foreign Currency Matters*.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
In the combined 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 income statements during the year in which they occur.

• Convenience Translation

Translations of amounts in the combined balance sheets, combined statements of operations, and combined statements of cash flows from HK$ into US$ as of and for the year ended March 31, 2024 are solely for the convenience of the readers and were calculated at the rate of US$ = HK$7.80. No representation is made that the HK$ amounts could have been, or could be, converted, realized, or settled into US$ at such rate or at any other rate.

• Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company mainly maintains its bank accounts in Hong Kong.

• Accounts Receivable

Certain accounts receivables due from payment gateway providers and credit card processors, as the cash proceeds from accounts receivables are received within the next 3-5 working days, which are recorded at the gross billing amounts, net of the fee charges by payment gateway providers and credit card processors.

The Company also offers credit terms to certain customers with prolonging business history and current market creditworthiness. These accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses. Accounts receivable do not bear interest and are considered overdue after 30-60 days from the date of sale invoices.

The Company records impairment losses for accounts receivable based on assessments of the recoverability of the accounts receivable and individual account analysis, including the current creditworthiness and the past collection history of each customer and current economic industry trends. Impairments arise when there is objective evidence indicating that the balances may not be collectible. The identification of bad and doubtful debts, in particular of a loss event, requires the use of judgment and estimates, which involve the estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Based on analysis of customers' credit and ongoing relationship, management makes conclusions about whether any balances outstanding at the end of the period will be deemed non-collectible on an individual basis and on aging analysis basis. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the combined statements of operations. Delinquent account balances are written off against the allowance for expected credit losses after management has determined that the likelihood of collection is not probable.

As of March 31, 2023 and 2024, no allowances for expected credit losses are recorded as the Company considers all of the outstanding accounts receivable fully collectible in the foreseeable future.

• Inventories

Inventories are valued at the lower of cost or net realizable value, which are mainly the purchase of fresh floral, gourmet food, skincare and beauty, decoration and accessories, and packaging material. The Company establishes reserves for excess and obsolete inventory based on prevailing circumstances and judgment for consideration of current events, such as economic conditions, that may affect inventory. The reserve required to record inventory at the lower of cost or net realizable value may be adjusted in response to changing conditions, however inventory cannot be subsequently written back up, since the reserve establishes a new (lower) cost basis. Inventory cost is primarily determined using the first in, first out (FIFO) method.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
• Plant and Equipment

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

---

| | |
|:---|:---|
|  | **Expected <br>useful life** |
|  Machine and equipment | 5 years |
|  Computer and office equipment | 5 years |
|  Motor vehicle | 4 years |

---

Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

• Impairment of Long-Lived Assets

In accordance with the provisions of ASC Topic 360, *Impairment or Disposal of Long*-Lived *Assets*, all long-lived assets such as plant and equipment owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. No impairment losses were recognized for the years ended March 31, 2023 and 2024.

• Revenue Recognition

The Company receives revenue from contracts with customers, which are accounted for in accordance with Accounting Standards Update ("ASU") No. 2014-09, *Revenue from Contracts with Customers (Topic 606)* ("ASC 606").

ASC 606 provided the following overview of how revenue is recognized from the Company's contracts with customers: The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price — The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.

Step 4: Allocate the transaction price to the performance obligations in the contract — Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation — An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).

All of the Company's revenue is recognized at a point in time based on the transfer of control. In addition, the Company's contracts do not contain variable consideration and contract modifications are minimal. The Company's revenue arrangements generally consist of a single performance obligation to transfer promised goods. Revenue is reported net of sale rebates and discounts.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
The Company earns its revenue from direct-to-consumer ecommerce sales through its website. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due, prior to the date of shipment.

Deferred revenue is recorded when the Company has received consideration (i.e., advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenue primarily relates to e-commerce orders placed, but not shipped, prior to the end of the fiscal period.

Deferred revenue as of March 31, 2023 was HK$295,313, of which, HK$135,356 was recognized as revenue during the year ended March 31, 2024. The deferred revenue balance as of March 31, 2024 was HK$159,957 (equal to US$20,507).

*<u>*<u>Principal vs Agent Considerations</u>*</u>*

When another party is involved in providing goods to the customer, the Company will apply the principal versus agent guidance in ASC 606 to determine if the Company is acting as the principal or an agent to the transaction. This evaluation determined that the Company is in control of establishing the transaction price, managing all aspects of the shipment term, and taking the risk of loss for delivery, collection, and returns. Based on the Company's evaluation of the control model, it determined that all the Company's major businesses act as the principal rather than the agent within their revenue arrangements and such revenues are reported on a gross basis.

*<u>*<u>Disaggregation of Revenue</u>*</u>*

The Company has disaggregated its revenue from contracts with customers into categories based on the business operation of the revenue, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Sale of products** | **Point of <br>recognition** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  **Sale of products** | **Point of <br>recognition** | **2023** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Corporate clients | At a point in time | $63840199 | $54372507 | $6970835 |
|  Individual customers | At a point in time | 23612128 | 27180858 | 3484725 |
|  |  | $87452327 | $81553365 | $10455560 |

---

• Cost of Revenues

Cost of revenues consists primarily of the cost of floral and non-floral merchandise sold from inventory or through third parties, bouquet fulfillment costs, and the cost associated with wrapping and packaging.

• Shipping and Handling Costs

Shipping costs incurred to deliver the products from the workshop to the designated location of the customer orders totaled HK$4,947,588 and HK$4,550,399 (US$583,384) for the years ended March 31, 2023 and 2024, respectively.

• Sales and Marketing Costs

Marketing and sales expense consists primarily of advertising expenses, online portal and e-catalog expenses and customer service center expenses, as well as the operating expenses of the Company's departments engaged in marketing, selling and merchandising activities.

The Company expenses all advertising costs, at the time the advertisement is first shown. Advertising expense was HK$7,710,520 and HK$8,432,263 (US$1,081,316) for the years ended March 31, 2023 and 2024, respectively.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
• Technology and Development

Technology and development expense consists primarily of outsourced support and operating expenses of the Company's information technology group, costs associated with its websites, including hosting, content development and maintenance and support costs related to the Company's order entry, customer service, fulfillment and database systems. Costs associated with repair maintenance, or the development of website content are expensed as incurred.

• Government Assistance

Government assistance is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government assistance but the conditions attached to the grants have not been fulfilled, such government assistance is deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities is depended on the management's expectation of when the conditions attached to the grant can be fulfilled. For the years ended March 31, 2023 and 2024, the Company received aggregated government assistances of HK$1,033,600 and HK$0 (US$0), respectively from government grants in Hong Kong. The government assistances are recognized as government subsidy income in the combined statements of operations.

• Segment Reporting

ASC Topic 280, *Segment Reporting* ("ASC 280"), 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 financial statements for detailing the Company's business segments.

For the years ended March 31, 2023 and 2024, the Company operates and manages its business as one single business segment, in accordance with ASC 280. The Company's chief operating decision maker ("CODM") is the Chief Executive Officer. The Company's CODM assesses the Company's performance and results of operations on a consolidated basis. The Company generates substantially all of its revenues from customers in Hong Kong. Accordingly, no geographical segments are presented. Substantially, all of the Company's long-lived assets are located in Hong Kong.

• Retirement Plan Costs

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operations as the related employee service are provided.

The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post-employment benefits. The cost of providing benefits is measured using projected unit credit method with actuarial valuations to determine its present value and service cost. When the calculation results in a benefit to the Company, the recognized assets are limited to lower of the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan and the asset ceiling. The net defined benefit liabilities recognized in the combined balance sheets represent the present value of the obligation under defined benefit plan minus the fair value of plan assets. The Company carried out a comprehensive actuarial valuation at the end of reporting period. The remeasurement of the net defined benefit liabilities during a period are recognized as cost of defined benefit plan during the period.

• Leases

The Company adopts the FASB Accounting Standards Update ("ASU") 2016-02 *Leases (Topic 842)* for all periods presented. This standard requires lessees to recognize lease assets ("right-of-use") and related lease obligations ("lease liabilities") on the balance sheet for leases with terms in excess of twelve months. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in the combined balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the combined balance sheets.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
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 and finance lease ROU assets and liabilities are recognized, based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The Company depreciated the ROU assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the ROU assets or the end of the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

All of the Company's real estate leases are classified as operating leases and there was no lease with a duration of twelve months or less.

• Income Taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, *Income Taxes* ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

For the years ended March 31, 2023 and 2024, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2023 and 2024, the Company did not have any significant unrecognized uncertain tax positions.

The Company is subject to tax in local and foreign jurisdictions. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

• Net Income Per Share

The Company computes earnings per share ("EPS") in accordance with ASC Topic 260, *Earnings per Share ("ASC 260")*. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the year. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

• Related Parties

The Company follows the ASC Topic 850-10, *Related Party* ("ASC 850") for the identification of related parties and disclosure of related party transactions.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
Pursuant to ASC 850, the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of ASC Topic 825 – 10 – 15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The combined financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which statements of operations are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which statements of operations are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

• Commitments and Contingencies

The Company follows the ASC Topic 450-20, *Commitments* to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's business, financial position, and results of operations or cash flows.

• Fair Value Measurement

The Company follows the guidance of the ASC Topic 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Level 1*: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Level 2*: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 3*: Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

The carrying value of the Company's financial instruments: cash and cash equivalents, accounts receivable, amounts due from related parties, deposit, prepayments and other receivables, accounts payable, accrued liabilities and other payables and amounts due to related parties approximate at their fair values because of the short-term nature of these financial instruments.

• Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In June 2017, the FASB issued *ASU No. 2016*-13*, Financial Instruments — Credit Losses (Topic 326)*. The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The amendments broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more decision useful to users of the financial statements. In November 2019, the FASB issued ASU 2019-10 which defers the effective dates for the credit losses, derivatives and lease standards for certain companies. The deferred effective date for credit losses is April 1, 2023 for calendar-year end companies which are "smaller reporting companies", non-SEC filers and all other companies including not-for-profit companies and employee benefit plans. The deferral for the derivatives and lease standards is only applicable to the companies which are not public business entities. The Company is still evaluating the impact of the accounting standard of credit losses on the Company's combined financial statements and related disclosures.

In March 2023, the FASB issued *ASU No. 2023*-01*, Leases (Topic 842): Common Control Arrangements ("ASU 2023*-01*")* that is intended to improve the guidance for applying Topic 842 to arrangements between entities under common control. This ASU requires all entities (that is, including public companies) to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The standard will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company is currently evaluating the potential impact of ASU 2023-01 on its combined financial statements.

In October 2023, the FASB issued ASU 2023-06, *Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative*, which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification. This update will improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB codification with the SEC's regulations. The Company is currently evaluating the potential effect of this ASU on its combined financial statements, but does not expect the impact to be material.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
In November 2023, the FASB issued *ASU No. 2023*-07*, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023*-07*"),* which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosures requirements included in ASU 2023-07 are required for all public entities, including those with a single reportable segment. ASU 2023-07 is effective for annual periods beginning after December 15, 2024, on a retrospective basis, and early adoption is permitted. The Company is currently evaluating the potential impact of ASU 2023-07 on its combined financial statements.

In December 2023, the FASB issued *ASU No. 2023*-09*, Income Taxes (Topic 720): Improvements to Income Tax Disclosures ("ASU 2023*-09*")*, which prescribes standard categories for the components of the effective tax rate reconciliation and requires disclosure of additional information for reconciling items meeting certain quantitative thresholds, requires disclosure of disaggregated income taxes paid, and modifies certain other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on its combined financial statements.

In March 2024, the FASB issued *ASU No. 2024*-02, *Codification Improvements*-Amendments *to Remove References to the Concepts Statements ("ASU 2024*-02*")*. The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the potential impact of the adoption of ASU 2024-02 on its combined financial statements.

Except for the above-mentioned pronouncements, there are no new recently issued accounting standards that will have a material impact on the combined balance sheets, statements of operations and cash flows.

#### NOTE 3 — ACCOUNTS RECEIVABLE

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Accounts receivable, at cost: |  |  |  |
|  Corporate clients | $91079 | $580504 | $74424 |
|  Payment gateway providers | 429363 | 575146 | 73736 |
|  | 520442 | 1155650 | 148160 |
|  Less: allowance for expected credit losses |  |  |  |
|  Accounts receivable, net | $520442 | $1155650 | $148160 |

---

For the years ended March 31, 2023 and 2024, no allowance of expected credit losses was recognized, respectively. The Company has not experienced any significant bad debt or write-offs of accounts receivable in the past.

The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for expected credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivable are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 4 — INVENTORIES
Inventories comprised of the followings:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Gourmet food | $350782 | $636734 | $81633 |
|  Skincare and beauty | 417794 | 522391 | 66973 |
|  Decoration and accessories | 378426 | 222875 | 28574 |
|  Wines and beverages | 115272 | 150860 | 19341 |
|  Packaging materials and others | 91400 | 603779 | 77407 |
|  | $1353682 | $2136639 | $273928 |

---

For the years ended March 31, 2023 and 2024, the Company did not record the allowance for inventory obsolescence.

#### NOTE 5 — PLANT AND EQUIPMENT, NET
Plant and equipment consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  As cost: |  |  |  |
|  Machine and equipment | $620735 | $620735 | $79581 |
|  Computer and office equipment | 595819 | 669815 | 85754 |
|  Motor vehicles | 289000 | 289000 | 37051 |
|  | 1505554 | 1579550 | 202506 |
|  Less: accumulated depreciation | (1347157) | (1412875) | (181137) |
|  Plant and equipment, net | $158397 | $166675 | $21369 |

---

Depreciation expense for the years ended March 31, 2023 and 2024 were HK$87,648 and HK$65,718 (US$8,425), respectively.

#### NOTE 6 — BANK BORROWINGS
Bank borrowings comprised of the followings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Bank borrowings, secured:** | **Maturity date** | **Interest<br>rate<br> (p.a.)** | **<br>As of March 31,** | **<br>As of March 31,** | **<br>As of March 31,** |
|  **Bank borrowings, secured:** | **Maturity date** | **Interest<br>rate<br> (p.a.)** | **2023** | **2024** | **2024** |
|  |  |  | **HKD** | **HKD** | **USD** |
|  HSBC Loan: HK$5.0 million | March 2, 2029 | 3.63% | $2536287 | $1682844 | $215749 |
|  HSBC Loan: HK$4.0 million | May 23, 2028 | 3.63% | 3486501 | 2860605 | 366744 |
|  HSBC Loan: HK$2.5 million | February 19, 2029 | 2.76% |  | 2764013 | 354361 |
|  |  |  | $6022788 | $7307463 | $936854 |

---

The Company obtained certain loans from financial institutions in Hong Kong, in the aggregate principal amount of up to HK$6,972,282 (US$893,882), up to March 31, 2024. These loans bear annual interest at the bank prevailing rates ranging from 2.76% to 3.63%. The Company is subject to various financial covenants under certain loan agreements, which include repayment on-demand clause. Hence, all of these bank borrowings are reclassified as "current liabilities".

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 6 — BANK BORROWINGS (CONT.)
Interest related to the bank borrowings was HK$205,176 and HK$187,683 (US$24,062) for the years ended March 31, 2023 and 2024, respectively.

These banking facilities are guaranteed and secured, details of which are set out as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unlimited personal guaranteed by Mr. Wong, the director of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) guaranteed by HKMC Insurance Limited under the Hong Kong SME Financing Guarantee Scheme, launched by The Hong Kong Mortgage Corporation Limited

As of March 31, 2024, the Company has fully complied with certain financial covenants pursuant to the facility letter issued by the Hongkong and Shanghai Banking Corporation Limited.

#### NOTE 7 — LEASES
Operating lease right-of-use ("ROU") assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. 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. Generally, the implicit rate of interest ("discount rate") in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

The Company has entered into commercial operating leases with various third parties for the use of offices and workshop in Hong Kong. These leases have original terms exceeding 1 year, but not more than 3 years. These operating leases are included in "Right-of-use Assets" on the balance sheet and represent the Company's right to use the underlying assets during the lease term. The Company's obligation to make lease payments are included in "Lease liabilities" on the balance sheet.

Supplemental balance sheet information related to operating leases was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Operating lease: |  |  |  |
|  Right-of-use assets, net | $1472133 | $432980 | $55510 |
|  Lease liabilities: |  |  |  |
|  Current lease liabilities | $1041535 | $442878 | $56779 |
|  Non-current lease liabilities | 442878 |  |  |
|  Total lease liabilities | $1484413 | $442878 | $56779 |

---

Operating lease expense for the years ended March 31, 2023 and 2024 were HK$623,000 and HK$1,068,000 (US$136,923), respectively.

Other supplemental information about the Company's operating lease as of March 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2023** | **2024** |
|  Weighted average discount rate | 2.75% | 2.88% |
|  Weighted average remaining lease term (years) | 1.46 years | 0.46 years |

---

<u><u>Operating lease commitments:</u></u>

As of March 31, 2024, the Company has future minimum lease payments of HK$442,878 (US$56,779) due in the next 12 months.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 8 — SHAREHOLDERS' EQUITY
*<u>*<u>Ordinary Shares</u>*</u>*

The Company was established under the laws of British Virgin Island on April 16, 2024, with authorized to issue one class of ordinary share.

Under the completion of the Group Reorganization, the maximum number of shares the Company authorized to issue was resolved and approved to be increased to 500,000,000 ordinary shares on October 3, 2024 ("**Increase**"). On October 9, 2024, immediately upon the Increase became effective, the Company issued in an aggregate of 99,999 ordinary shares to the current shareholder of the Company at the consideration of US$1 (See Note 1).

On February 14, 2025, the Company resolved and approved for (i) a share subdivision at a ratio of 1-for-110 such that the Company was authorized to issue a maximum number of 55,000,000,000, at no par value shares of a single class (the "Share Subdivision") and (ii) a share redesignation to further reclassify the maximum number of shares the Company was authorized to issue from 55,000,000,000 ordinary shares of a single class, at no par value, to 55,000,000,000 ordinary shares, at no par value, dividing into (a) 54,900,000,000 Class A Ordinary Shares at no par value, and (b) 100,000,000 Class B Ordinary Shares at no par value (the "Share Redesignation"). a share subdivision at a ratio of 1-for-110 Ordinary Shares. Immediately following the aforesaid share subdivision, the Company then resolved and approved to cancel the then outstanding Ordinary Shares issued, and issue (i) 500,000 Class A Ordinary Shares and 8,349,500 Class B Ordinary Shares to Mr. Wong, and (ii) in aggregate, 2,150,500 Class A Ordinary Shares to the other shareholders.

On May 9, 2025, Mr. Wong surrendered 4,900,000 Class B Ordinary Shares to the Company for no consideration ("Surrender").

On May 9, 2025, the Company repurchased 700,000 Class B Ordinary Shares from Mr. Wong and issued 700,000 Class A Ordinary Shares to Mr. Wong for no consideration ("Repurchase"). Upon completion of the Repurchase, Mr. Wong owned 1,200,000 Class A Ordinary Shares and 2,749,500 Class B Ordinary Shares.

On May 15, 2025, the Company resolved and approved for a share subdivision by subdividing each issued and unissued share into 3 shares, such that the Company was authorized to issue a maximum number of 165,000,000,000 Shares at no par value shares, dividing into (i) 164,700,000,000 Class A Ordinary Shares at no par value and (ii) 300,000,000 Class B Ordinary Shares at no par value, as part of the Company's recapitalization (the "Second Share Subdivision").

Unless indicated or the context otherwise requires, all share numbers and per share data in these combined financial statements have been retroactively presented to reflect the effect of the series of the above share exercises, as if such transactions occurred on the earliest day of the periods presented.

The Company has authorized two classes of Ordinary Shares, Class A and Class B. The rights of the holders of each class of Ordinary Shares are identical, except with respect to voting and conversion rights. Each share of Class A Ordinary Share entitles the holder to one (1) vote on all matters subject to vote at general meetings of the Company and is not convertible into any Class Ordinary Shares. Each share of Class B Ordinary Shares entitles the holder to twenty (20) votes at general meetings of the Company and is convertible into one Class A Ordinary Share. The total number of Ordinary Shares which the Company is authorized to issue up to the maximum of 165,000,000,000 shares, at no par value, of which 164,700,000,000 shall be designated as Class A Ordinary Shares, and 300,000,000 shall be designated as Class B Ordinary Shares.

At the date of this filing,10,051,500 Class A Ordinary Shares were issued and outstanding, equivalent to total paid-up capital of US$2, and 8,248,500 Class B Ordinary Shares were issued and outstanding.

*<u>Dividend Distribution</u>*

For the years ended March 31, 2023 and 2024, the Company declared and distributed the dividend of HK$4,200,000 and HK$4,100,000 (US$525,641), respectively.

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

**GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS**

#### NOTE 9 — NET INCOME PER SHARE

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Numerator: |  |  |  |
|  Net income attributable to the Company's shareholders | $3682317 | $6301573 | $807894 |
|  Denominator: |  |  |  |
|  Weighted average ordinary shares outstanding |  |  |  |
|  Basic and diluted\* | 18300000 | 18300000 | 18300000 |
|  Net income per share |  |  |  |
|  Basic and diluted | $0.20 | $0.34 | $0.04 |

---

____________

\* The share amounts and per share data are presented on a retroactive basis, giving effect to the completion of Group Reorganization, Share Subdivisions and Share Redesignation (see Note 1).

Basic earnings per ordinary share is computed by dividing net income available to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. The liquidation and dividend rights of the holders of the Company's Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. As a result, under the two-class method in accordance with ASC 260, net income available to the Company's ordinary shareholders is allocated between Class A and Class B ordinary shares and other participating securities based on participating rights in undistributed earnings on a proportionate basis.

#### NOTE 10 — INCOME TAX EXPENSE
The provision for income tax expense consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Current income tax | $302256 | $1041963 | $133585 |
|  Deferred income tax |  |  |  |
|  Income tax expense | $302256 | $1041963 | $133585 |

---

The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in Hong Kong that are subject to taxes in the jurisdictions in which it operates, as follows:

*British Virgin Islands*

GIHL and GGBB are incorporated in the British Virgin Islands and is not subject to taxation. In addition, upon payments of dividends by these entities to their shareholder, no British Virgin Islands withholding tax will be imposed.

*Macau Tax*

MGGB is operating in Macau and is subject to Macau Enterprise Income Tax Law (the "Macau EIT Law"). Under the Macau EIT Law, no income tax is levied when the net income is less than MOP 600,000. Income tax is calculated at the rate of 12% for the excess, when the income exceeds $74,419 (MOP 600,000).

*Hong Kong*

BLOC is operating in Hong Kong and is subject to the Hong Kong profits tax at the two-tiered income tax rates at the rate of 8.25% on the estimated assessable income up to HK$2,000,000 and 16.5% on any part of assessable income over HK$2,000,000 arising in Hong Kong during its tax year.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 10 — INCOME TAX EXPENSE (CONT.)
The reconciliation of income tax rate to the effective income tax rate based on income before income tax expense for the years ended March 31, 2023 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2023** | **2024** | **2024** |
|  | **HKD** | **HKD** | **USD** |
|  Income before income taxes | $3984573 | $7343536 | $941479 |
|  Statutory income tax rate | 16.5% | 16.5% | 16.5% |
|  Income tax expense at statutory rate | 657454 | 1211684 | 155344 |
|  Income not subject to taxes | (172421) | (5025) | (644) |
|  Expenses not subject to tax deduction | 188947 | 210672 | 27009 |
|  Tax adjustment | (200724) | (210368) | (26970) |
|  Tax holidays | (171000) | (165000) | (21154) |
|  Income tax expense | $302256 | $1041963 | $133585 |

---

<u><u>Uncertain tax positions</u></u>

The Company evaluates the uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2023 and 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended March 31, 2023 and 2024 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from March 31, 2024.

#### NOTE 11 — PENSION COSTS
*Defined contribution plan*

The Company is required to make contribution to their employees under a government-mandated defined contribution pension scheme for its eligible full-times employees in Hong Kong. The Company is required to contribute a specified percentage of the participants' relevant income based on their ages and wages level. For the years ended March 31, 2023 and 2024, the contribution to the defined contribution plans was approximately HK$779,820 and HK$469,641 (US$60,210), respectively.

*Define benefit plan*

The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post-employment benefits. The defined benefit liabilities relate to government-mandated long-service payments. All full-time employees, including executive directors, are covered by program. An employee employed under a continuous contract for not less than five years is eligible for long service payments if the employee retires, resigns or is dismissed under qualifying conditions.

For the eligible employees to be retired, resigned or dismissed before May 1, 2025, long service payments are calculated based on two-third of the salary of last month (or average monthly salary over last twelve months) and the reckonable years of service subject to a maximum amount of HK$390,000 (US$49,682).

For the eligible employees to be retired, resigned or dismissed on or after 1 May 2025, long service payments are divided into two portions (i.e. pre-transition portion and post-transition portion). The pre-transition portion is calculated based on two-third of the salary for April 2025 (or average monthly salary for the twelve months ending April 30, 2025) and the reckonable years of service up to April 30, 2025. The post-transition portion is calculated based on two-third of the salary of last month (or average monthly salary over last twelve months) and the reckonable years of service counting from May 1, 2025 to the last day of employment. The total of the two portions is subject to a maximum amount of HK$390,000 (US$49,682).

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

#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 11 — PENSION COSTS (CONT.)
The accrued benefit held in a mandatory provident fund scheme in respect of the employer's contribution up to the end of employment that would be used to offset the pre-transition portion of long service payments is deemed the plan assets for the long-service payments.

The provision of long service payments under defined benefit plan was HK$0 and HK$62,495 (US$8,012) for the years ended March 31, 2023 and 2024, respectively.

#### NOTE 12 — RELATED PARTY BALANCES AND TRANSACTIONS
Nature of relationships with related parties

---

| | |
|:---|:---|
|  **Name of related party** | **Relationship with the Company** |
|  Mr. Wong | Director and major shareholder of the Company |
|  Take Care HK Limited | Entity controlled by common shareholder |
|  Tutti Digital Limited | Entity controlled by common shareholder |
|  iMHKB Group Ltd | Entity controlled by common shareholder |

---

Related party balances consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Nature** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  **Name** | **Nature** | **2023** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Mr. Wong | Amount due from a shareholder | $545716 | $165505 | $21219 |
|  Take Care HK Limited | Amount due from a related company | $353165 | $— | $— |

---

The amount due from a shareholder represented the temporary advances by the Company. The amount is unsecured, interest-free and due on demand. The balance is expected to be repaid in full on or before December 31, 2024.

The amount due from a related company represented temporary advances in non-trade nature, which is unsecured, interest-free and repayable on demand. The balance was settled in full in March 2024.

In the ordinary course of business, during the years ended March 31, 2023 and 2024, the Company has involved with transactions, either at cost or current market prices and on the normal commercial terms among related parties. The following table provides the transactions with these parties for the years as presented (for the portion of such period that they were considered related):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  **Name** | **Nature** | **2023** | **2024** | **2024** |
|  |  | **HKD** | **HKD** | **USD** |
|  Mr. Wong | Dividends distributed | $4200000 | $4100000 | $525641 |
|  Tutti Digital Limited | Marketing and advertising fee | $125520 | $62250 | $7981 |
|  iMHKB Group Ltd | Purchases of good | $— | $1070858 | $137289 |

---

Apart from the transactions and balances detailed above and elsewhere in these accompanying combined financial statements, the Company has no other significant or material related party transactions during the years presented.

#### NOTE 13 — CONCENTRATIONS OF RISKS
The Company is exposed to the following concentrations of risks:

(a) Major customers

For the years ended March 31, 2023 and 2024, there is no single customer who accounted for 10% or more of the Company's revenues and its outstanding receivable balances at year-end dates.

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

#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br>NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 13 — CONCENTRATIONS OF RISKS (CONT.)
(b) Major vendors

For the years ended March 31, 2023 and 2024, the single vendor who accounted for 10% or more of the Company's purchases and its outstanding payable balances at year-end dates, are presented as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31, 2023** | **Year ended March 31, 2023** | **As of March 31, <br>2023** |
|  **Vendor** | **Purchases** | **Percentage of <br>Purchases** | **Accounts <br>payable** |
|  | **HK$** | | **HK$** |
|  Vendor A | $5742278 | 15.36% | $128134 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  **Vendor** | **Purchases** | **Purchases** | **Percentage of <br>purchases** | **Accounts payable** | **Accounts payable** |
|  | **HK$** | **US$** | | **HK$** | **US$** |
|  Vendor A | $7384657 | 946751 | 21.42% | $— | $— |

---

These vendors are mainly located in Hong Kong.

(c) Credit risk

Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable. Cash equivalents are maintained with high credit quality institutions in Hong Kong, the composition and maturities of which are regularly monitored by the management. The Hong Kong Deposit Protection Board pays compensation up to a limit of HK$500,000 (US$63,694) if the bank in Hong Kong with which an individual/a company hold its eligible deposit fails.

As of March 31, 2024, cash and cash equivalents of HK$8,604,416 (US$1,103,130) was maintained at financial institutions in Hong Kong and Macau, of which approximately HK$7,096,844 (US$909,852) was subject to credit risk. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

For accounts receivable, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses.

(d) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates.

The Company is exposed to interest rate risk primarily relates to the variable-rate bank borrowings and is mainly concentrated on the fluctuation of Hong Kong Prime Rate and HIBOR arising from the Company's bank borrowings. The Company has not used any derivative instruments to mitigate its exposure associated with interest rate risk. However, the management monitors interest rate exposure and will consider other necessary actions when significant interest rate exposure is anticipated.

The Company is also exposed to cash flow interest rate risk related to bank balances and cash held at financial institutions carried at the prevailing market rates and variable-rate bank borrowings.

(e) Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HK$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

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#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br> NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 13 — CONCENTRATIONS OF RISKS (CONT.)
(f) Economic and political risk

The Company's major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong's economy may influence the Company's business, financial condition, and results of operations.

#### NOTE 14 — COMMITMENTS AND CONTINGENCIES
*Legal Contingencies*

From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

*Severance Payment and Long Service Payment*

Employment Ordinance of the Laws of Hong Kong requires employers to assure the liability of severance payment if an employee who has been working for the employer for not less than 24 months under a continuous contract is, due to redundancy, dismissed, laid off, or upon expiry of a fixed-term employment contract. The ordinance also requires employers to assure the liability of long service payment if an employee who has been working for the employer for not less than 5 years under a continuous contract is dismissed, dies, resigns on ground of ill health or on or after 65 years old, or upon expiry of a fixed-term employment contract.

As of March 31, 2023 and 2024, the Company has estimated its long service payment to be HK$0 and HK$62,495 (US$8,012), respectively. The provision for long service payment as of March 31, 2023 and 2024 has been reflected in the combined balance sheets as "other long-term liabilities" under long-term liabilities.

No severance payment is provided since the Company has no plan to dismiss any staff due to redundancy, and therefore considers the possibility of meeting the criteria of making severance payment is remote.

Apart from the commitments and contingencies detailed above and elsewhere in these accompanying combined financial statements, as of March 31, 2024, the Company did not have any significant commitments or contingencies involved.

#### NOTE 15 — SUBSEQUENT EVENTS
In accordance with ASC Topic 855, *Subsequent Events*, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the combined financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2024, up to the date that the audited combined financial statements were available to be issued.

The Group Reorganization as detailed in Note 1 above, was completed in October 2024.

On February 14, 2025, the Company resolved and approved for (i) a share subdivision at a ratio of 1-for-110 such that the Company was authorized to issue a maximum number of 55,000,000,000, at no par value shares of a single class (the "Share Subdivision") and (ii) a share redesignation to further reclassify the maximum number of shares the Company was authorized to issue from 55,000,000,000 ordinary shares of a single class, at no par value, to 55,000,000,000 ordinary shares, at no par value, dividing into (a) 54,900,000,000 Class A Ordinary Shares at no par value, and (b) 100,000,000 Class B Ordinary Shares at no par value (the "Share Redesignation"). a share subdivision at a ratio of 1-for-110 Ordinary Shares. Immediately following the aforesaid share subdivision, the Company then resolved and approved to cancel the then outstanding Ordinary Shares issued, and issue (i) 500,000 Class A Ordinary Shares and 8,349,500 Class B Ordinary Shares to Mr. Wong, and (ii) in aggregate, 2,150,500 Class A Ordinary Shares to the other shareholders.

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

#### GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES<br> NOTES TO THE COMBINED FINANCIAL STATEMENTS

#### NOTE 15 — SUBSEQUENT EVENTS (CONT.)
On May 9, 2025, Mr. Wong surrendered 4,900,000 Class B Ordinary Shares to the Company for no consideration ("Surrender").

On May 9, 2025, the Company repurchased 700,000 Class B Ordinary Shares from Mr. Wong and issued 700,000 Class A Ordinary Shares to Mr. Wong for no consideration ("Repurchase"). Upon completion of the Repurchase, Mr. Wong owned 1,200,000 Class A Ordinary Shares and 2,749,500 Class B Ordinary Shares.

On May 15, 2025, the Company resolved and approved for a share subdivision by subdividing each issued and unissued share into 3 shares, such that the Company was authorized to issue a maximum number of 165,000,000,000 Shares at no par value shares, dividing into (i) 164,700,000,000 Class A Ordinary Shares at no par value and (ii) 300,000,000 Class B Ordinary Shares at no par value, as part of the Company's recapitalization (the "Second Share Subdivision").

At the date of this filing, the Company is authorized to issue 164,700,000,000 Class A Ordinary Shares and 300,000,000 Class B Ordinary Shares, at no par value each, consisting of 10,051,500 Class A Ordinary Shares issued and outstanding, and 8,248,500 Class B Ordinary Shares issued and outstanding.

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

#### ORDINARY SHARES

#### Gifts International Holdings Limited

#### ______________________________

#### PRELIMINARY PROSPECTUS

#### [ ], 2025

#### ______________________________
**R. F. Lafferty & Co., Inc.**

**Through and including [\*] 2025 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

------

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

#### PART II<br>INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers).
British Virgin 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 British Virgin 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 memorandum and articles,

British Virgin Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent any such provision may be held by the British Virgin Islands courts to be contrary to the public interest, such as providing indemnification against civil fraud or the consequences of committing a crime. Our amended and restated articles of association provide that we shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was, at our request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to 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.

#### Item 7. Recent Sales of Unregistered Securities.
We have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions.

On April 16, 2024, 1 Ordinary Share was issued to Mr. Ngai Chiu Wong for consideration of US$1. On October 9, 2024, 99,999 Ordinary Shares were issued to Mr. Ngai Chiu Wong for consideration of US$1. On October 14, 2024, Mr. Wong sold, in aggregate, 19,550 Ordinary Shares to 6 investors. On February 14, 2025, the Company resolved and approved a share subdivision at a ratio of 1-for-110 Ordinary Shares. Immediately following the aforesaid share subdivision, the Company then resolved and approved to cancel the then outstanding Ordinary Shares issued, and in consideration of such cancellation, issued (i) 500,000 Class A Ordinary Shares and 8,349,500 Class B Ordinary Shares to Mr. Ngai Chiu Wong, and (ii) in aggregate, 2,150,500 Class A Ordinary Shares to the other shareholders.

On May 9, 2025, (i) Mr. Ngai Chiu Wong surrendered 4,900,000 Class B Ordinary Shares to the Company, (ii) the Company repurchased 700,000 Class B Ordinary Shares from Mr. Ngai Chiu Wong and issued 700,000 Class A ordinary Shares to him as consideration. On May 13, 2025, Mr. Ngai Chiu Wong and 4 other shareholders sold, in aggregate, 1,705,500 Class A Ordinary Shares to 6 investors. On May 15, 2025, the Company resolved and approved a share subdivision at a ratio of 1-for-3 Class A Ordinary Shares and 1-for-3 Class B Ordinary Shares.

No underwriter or underwriting discount or commission was involved in any of the transactions set forth in Item 7.

All of the foregoing issuances were made outside of the U.S. pursuant to Regulation S or to U.S. entities pursuant to Section 4(a)(2) of the Securities Act.

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

#### Item 8. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibits of the registration statement are listed in the Exhibit Index to this registration statement and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the combined financial statements or the notes thereto.

#### Item 9. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel that the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

#### Exhibit Index

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement](ea021185712ex1-1_giftsinter.htm) |
| 3.1 | [Articles of Association of the Company](ea021185712ex3-1_giftsinter.htm) |
| 3.2 | [Articles of Association of the Company to become effective immediately prior to the closing of the offering](ea021185712ex3-2_giftsinter.htm) |
| 4.1 | [Specimen Certificate for the Shares](ea021185712ex4-1_giftsinter.htm) |
| 5.1 | Opinion of Ogier regarding the validity of the Class A Ordinary Shares being registered\* |
| 5.2 | [Opinion of Hong Kong counsel](ea021185712ex5-2_giftsinter.htm) |
| 5.3 | [Opinion of PRC counsel](ea021185712ex5-3_giftsinter.htm) |
| 5.4 | [Opinion of Macau counsel](ea021185712ex5-4_giftsinter.htm) |
| 10.1 | [Form of Director Agreement](ea021185712ex10-1_giftsinter.htm) |
| 10.2 | [Form of Executive Officer Agreement](ea021185712ex10-2_giftsinter.htm) |
| 10.3 | [Form of Independent Director Agreement](ea021185712ex10-3_giftsinter.htm) |
| 10.4 | [Gifts International Holdings Limited 2025 Share Incentive Plan](ea021185712ex10-4_giftsinter.htm) |
| 21.1 | [List of subsidiaries of the Company](ea021185712ex21-1_giftsinter.htm) |
| 23.1 | [Consent of ARK Pro CPA & Co.](ea021185712ex23-1_giftsinter.htm) |

---

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

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
| 23.2 | Consent of Ogier (included in Exhibit 5.1)\* |
| 23.3 | [Consent of Hong Kong counsel (included in Exhibit 5.2)](ea021185712ex5-2_giftsinter.htm) |
| 23.4 | [Consent of PRC counsel (included in Exhibit 5.3)](ea021185712ex5-3_giftsinter.htm) |
| 23.5 | [Consent of Macau counsel (included in Exhibit 5.4)](ea021185712ex5-4_giftsinter.htm) |
| 23.6 | [Consent of Migo Corporation Limited](ea021185712ex23-6_giftsinter.htm) |
| 24.1 | [Power of Attorney (included in the signature page to the Form F-1)](#T78) |
| 99.1 | [Code of Business Conduct and Ethics](ea021185712ex99-1_giftsinter.htm) |
| 99.2 | [Audit Committee Charter](ea021185712ex99-2_giftsinter.htm) |
| 99.3 | [Nominating Committee Charter](ea021185712ex99-3_giftsinter.htm) |
| 99.4 | [Compensation Committee Charter](ea021185712ex99-4_giftsinter.htm) |
| 99.5 | [Consent of Independent Directors](ea021185712ex99-5_giftsinter.htm) |
| 99.6 | [Registrant's Representation under Item 8.A.4 of Form 20-F](ea021185712ex99-6_giftsinter.htm) |
| 107 | [Calculation of Filing Fee Table](ea021185712ex-fee_giftsinter.htm) |

---

____________

\* To be filed by amendment.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on June 6, 2025.

---

| | |
|:---|:---|
|  **Gifts International Holdings Limited** | **Gifts International Holdings Limited** |
|  By: | /s/ Ngai Chiu Wong |
|  | Ngai Chiu Wong |
|  | Title: Chief Executive Officer |

---

#### POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Mr. Wong, as attorney-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments that said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations and requirements of the SEC thereunder, in connection with the registration under the Securities Act of shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the SEC with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement, and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signatures** | **Title** | **Date** |
|  /s/ Ngai Chiu Wong | Chairman of the board of directors, | June 6, 2025 |
|  Ngai Chiu Wong | Director, and Chief Executive Officer <br>(Principal Executive Officer) |  |
|  /s/ Sze Yeung Yau | Chief Financial Officer | June 6, 2025 |
|  Sze Yeung Yau | (Principal Accounting and Financial Officer) |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in New York, NY on June 6, 2025.

---

| | |
|:---|:---|
|  Cogency Global Inc. | Cogency Global Inc. |
|  By: | /s/ Colleen A. De Vries |
|  | Name: Colleen A. De Vries  |
|  | Title: Senior Vice President  |

---

## Exhibit 1.1

**Exhibit 1.1**

**UNDERWRITING AGREEMENT**

**June 6, 2025**

R. F. Lafferty & Co., Inc.

40 Wall Street, 29th Floor

New York, NY 10005

*As Representative of the Underwriters*

*named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, Gifts International Holdings Limited, a British Virgin Islands company (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with the several underwriters named in <u>Schedule A</u> hereto (collectively the "**Underwriters**," and each, an "**Underwriter**"), for which R. F. Lafferty & Co., Inc.**,** acting as the representative (in such capacity, the "**Representative**"), to issue and sell an aggregate of ____ Class A ordinary shares (the "**Firm Shares**") of the Company, of no par value (the "**Class A Ordinary Shares**"). The Company has also granted to the Representative an option to purchase up to _____ additional Class A Ordinary Shares, on the terms and for the purposes set forth in Section 3(c) hereof (the "**Additional Shares**"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "**Offered Securities**." The offering and sale of the Offered Securities contemplated by this Agreement is referred to herein as the "**Offering**."

The Company hereby confirms its agreement with the Underwriters as follows:

SECTION 1. *Representations and Warranties of the Company.*

 

The Company represents and warrants to the Underwriters as follows with the understanding that the same may be relied upon by the Underwriters in the Offering, as of the date hereof and as of the Closing Date (as defined below) and each Option Closing Date (as defined below), if any:

&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) *Filing of the Registration Statement*. The Company has prepared and filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement on Form F-1 (File No. 333-), which contains a form of prospectus to be used in connection with the Offering. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in which it was declared effective by the Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), and the rules and regulations promulgated thereunder (the "**Securities Act Regulations**"), and including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations promulgated thereunder (the "**Exchange Act Regulations**"), is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of the Rule 462(b) Registration Statement, the term "**Registration Statement**" shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Securities Act is required, the form of final prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is called the "**Prospectus**." All references in this Agreement to the Registration Statement, the preliminary prospectus included in the Registration Statement (each, a "**preliminary prospectus**"), the Prospectus, or any amendments or supplements to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("**EDGAR**"). The preliminary prospectus that was included in the Registration Statement immediately prior to the Applicable Time (as defined below) is hereinafter called the "**Pricing Prospectus**." Any reference to the "most recent preliminary prospectus" shall be deemed to refer to the latest preliminary prospectus included in the registration statement. Any reference herein to any preliminary prospectus or the Prospectus or any supplement or amendment to either thereof shall be deemed to refer to and include any documents incorporated by reference therein as of the date of such reference.

&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) "**Applicable Time**" means [5:00] pm, Eastern Time, on the date of this Agreement or such other time as agreed to in writing by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Registration Requirements*. The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations on [●], 2025. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission.

Each preliminary prospectus and the Prospectus when filed complied or will comply in all material respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical in content to the copy thereof delivered to the Underwriters for use in connection with the Offering, other than with respect to any artwork and graphics that were not filed. The Registration Statement and any post-effective amendment to the Registration Statement, at the time it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 4(3) of the Securities Act, complied and will comply in all material respects with the Securities Act and the Securities Act Regulations and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent times until the Underwriters have completed the Offering, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment to the Registration Statement, or in the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriters furnished to the Company in writing expressly for use therein, it being understood and agreed that the only such information furnished on behalf of any of the Underwriters consists of (i) the name of the Underwriters contained on the cover page of the Registration Statement, the Pricing Prospectus and Prospectus and (ii) the sub-sections titled "Electronic Distribution," and "Price Stabilization, Short Positions," in each case under the caption "Underwriting" in the Registration Statement, the Pricing Prospectus, and the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in the Registration Statement, the Pricing Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as 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;(d) *Disclosure Package*. The term "**Disclosure Package**" shall mean (i) the Pricing Prospectus, as amended or supplemented, (ii) each issuer free writing prospectus, as defined in Rule 433 under the Securities Act (each, an "**Issuer Free Writing Prospectus**"), if any, identified in <u>Schedule B</u> hereto, (iii) the pricing terms set forth in <u>Schedule C</u> to this Agreement, and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. As of the Applicable Time, the Disclosure Package did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with the Underwriter 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;(e) *Company Not Ineligible Issuer*. (i) At the time of filing the Registration Statement and (ii) as of the date of the execution and delivery of this Agreement, the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Issuer Free Writing Prospectuses*. No Issuer Free Writing Prospectus includes any information that conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with the Underwriter 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;(g) *Offering Materials Furnished to the Underwriters*. The Company has delivered to the Underwriters copies of the Registration Statement and of each consent and certificate of experts filed as a part thereof, and each preliminary prospectus and the Prospectus, as amended or supplemented, in such quantities and at such places as the Underwriters have reasonably requested in writing.

&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) *Distribution of Offering Material by the Company*. The Company has not distributed or authorized the distribution of, and will not distribute, prior to the completion of the Offering, any offering material in connection with the Offering other than a preliminary prospectus, the Pricing Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Underwriters, and the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Underwriting Agreement*. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.

&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) *Authorization of the Offered Securities*. The Offered Securities to be sold by the Company to the Underwriters have been duly and validly authorized by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company, will be validly issued, fully paid and non-assessable, free and clear of all liens imposed by the Company. The Company has a sufficient number of authorized Ordinary Shares for the issuance of the maximum number of Offered Securities issuable pursuant to the Offering as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *No Applicable Registration or Other Similar Rights*. There are no persons with registration or other similar rights to have any securities of the Company registered for sale under the Registration Statement and included in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *No Material Adverse Change.* Except as otherwise disclosed in the Disclosure Package, subsequent to the respective dates as of which information is given in the Disclosure Package: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business or operations, whether or not arising from transactions in the ordinary course of business, of the Company (any such change, a "**Material Adverse Change**", and any resulting effect, a "**Material Adverse Effect**"); and (ii) the Company has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company in respect of its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Independent Accountant*. ARK Pro CPA & Co (the "**Accountant**"), which has expressed its opinion with respect to the audited financial statements (which term as used in this Agreement includes the related notes thereto) of the Company filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange 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;(n) *Preparation of the Financial Statements*. The financial statements of the Company included in the Registration Statement, the Disclosure Package, and the Prospectus, present fairly the information provided as of and at the dates and for the periods indicated (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by U.S. generally accepted accounting principles ("**U.S. GAAP**")). Such financial statements comply as to form with the applicable accounting requirements of the Securities Act and the Securities Act Regulations and have been prepared in conformity with U.S. GAAP applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. Except as included therein, no other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus. Each item of historical financial data relating to the operations, assets or liabilities of the Company set forth in summary form in each of the preliminary prospectuses and the Prospectus fairly presents such information on a basis consistent with that of the complete financial statements contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Incorporation and Good Standing*. The Company has been duly formed and is validly existing and in good standing as a company limited by shares under the laws of the jurisdiction of its formation and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package, and the Prospectus and to enter into and perform its obligations under this Agreement. As of the Closing Date, the Company does not own or control, directly or indirectly, any corporation, association or other entity that is not otherwise disclosed in the Registration Statement, the Disclosure Package, or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Capitalization and Other Share Capital Matters*. The authorized, issued and outstanding shares of the Company is as set forth in each of the Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the Disclosure Package and Prospectus, as the case may be). The Class A Ordinary Shares conform, and, when issued and delivered as provided in this Agreement, the Offered Securities will conform, in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus The Class B ordinary shares of the Company (the "**Class B Ordinary Shares**," and together with the Class A Ordinary Shares, the "**Ordinary Shares**") conform, in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus. All of the issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The Depository Trust Company (the "**DTC**") has authorized the Class A Ordinary Shares for delivery through its full fast transfer facilities. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any shares of the Company other than those described in the Disclosure Package and the Prospectus. The description of the Company's stock option and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Disclosure Package and the Prospectus accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options and rights. No further approval from Nasdaq or authorization of any shareholder, the Company's board of directors or others is required for the issuance and sale of the Offered Securities. Except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company's Ordinary Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's 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;(q) *Non-Contravention of Existing Instruments, No Further Authorizations or Approvals Required*. The Company is not in violation of its memorandum and articles of association, as amended, or in default (or, with the giving of notice or lapse of time, would be in default) ("**Default**") under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which it is a party or by which it may be bound (including, without limitation, any agreement or contract filed as an exhibit to the Registration Statement or to which any of the property or assets of the Company are subject (each, an "**Existing Instrument**")), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the memorandum and articles of association of the Company, as amended, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other party to, any Existing Instrument and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company, except in the case of each of clauses (ii) and (iii), to the extent such conflict, breach Default or violation could not reasonably be expected to result in a Material Adverse Effect. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus, except the registration or qualification of the Offered Securities under the Securities Act and applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Subsidiaries*. Each of the Company's direct and indirect subsidiaries (each a "**Subsidiary**" and collectively, the "**Subsidiaries**") has been identified on <u>Schedule G</u> hereto. Each of the Subsidiaries has been duly formed, is validly existing and in good standing under the laws of the jurisdiction of its incorporation, has full power and authority (corporate or otherwise) to own its property and to conduct its business as described in the Registration Statement, the Disclosure Package, the Prospectus, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse Change on the Company and its Subsidiaries, taken as a whole. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, all of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned or controlled directly or indirectly by the Company, are fully paid in accordance with its memorandum and articles of association or charter documents and non-assessable and are free and clear of all liens, encumbrances, equities or claims. None of the outstanding share capital or equity interest in any Subsidiary was issued in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the constitutive or organizational documents of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any entity through contractual arrangements or otherwise such that the entity would be deemed a consolidated affiliated entity whose financial results would be consolidated under U.S. GAAP with the financial results of the Company on the consolidated financial statements of the Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *No Material Actions or Proceedings*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively, "**Actions**") pending or, to the Company's knowledge, (i) threatened against the Company or any Subsidiaries or (ii) have as the subject thereof any of the executive officers, directors, or key employees of the Company or any of its Subsidiaries or any of the properties owned or leased by the Company or any Subsidiaries, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company and (B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, no material labor dispute with the employees of the Company or any Subsidiary exists or, to the Company's knowledge, is threatened or imminent. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer of the Company, to the knowledge of the Company, is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. Except as otherwise disclosed in the Registration Statement, any preliminary prospectus, the Disclosure Package and the Prospectus, the Company and its Subsidiaries are in compliance with all applicable laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, any preliminary prospectus, the Disclosure Package and the Prospectus, neither the Company nor any Subsidiary, or to the knowledge of the Company, any director or officer of the Company, is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as otherwise disclosed in the Disclosure Package and the Prospectus, there has not been, and to the knowledge of the Company, there is no pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer 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;(t) *Intellectual Property Rights*. Each of the Company and its Subsidiaries owns, possesses or licenses, and otherwise has legally enforceable rights to use all patents, patent applications, trademarks, trade names, copyrights, domain names, licenses, approvals and trade secrets (collectively, "**Intellectual Property Rights**") reasonably necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus: (i) neither the Company nor any Subsidiary has received any written notice of infringement or conflict with asserted Intellectual Property Rights of others; (ii) the Company and its Subsidiaries are not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, Disclosure Package and the Prospectus and are not described in all material respects; (iii) none of the technology employed by the Company or its Subsidiaries has been obtained or is being used by the Company or its Subsidiaries in violation of any contractual obligation binding on the Company or its Subsidiaries, to the Company's knowledge, in violation of the rights of any persons; and (iv) neither the Company nor its Subsidiaries is subject to any judgment, order, writ, injunction or decree of any court or any governmental department, commission, board, bureau, agency or instrumentality, or any arbitrator, nor has it entered into nor is it a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs its use of any Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *All Necessary Permits, etc*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, the Company and its Subsidiaries, possess such valid and current certificates, authorizations or permits issued by the applicable regulatory agencies or bodies necessary to conduct their respective business, and has made all declarations and filings with, the appropriate national, regional, local or other governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or assets or the conduct of their respective businesses as described in the Registration Statement, the Disclosure Package and the Prospectus, except where any lack of the licenses would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, and has not received any notice of proceedings relating to the revocation or modification of any such licenses and, to the knowledge of the Company, the Company has no reason to believe that such licenses will not be renewed in the ordinary course of businesses that, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect. Such licenses are valid and in full force and effect and contain no materially burdensome restrictions or conditions not described in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Title to Properties*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title to all the properties and assets reflected as owned by it in the financial statements referred to in <u>Section 1(n)</u> above (or elsewhere in the Disclosure Package and the Prospectus), in each case free and clear of any security interest, mortgage, lien, encumbrance, equity, adverse claim or other defect, except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company. The real property, improvements, equipment, and personal property held under lease by the Company and its Subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Tax Law Compliance*. (i) Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company and its Subsidiaries have each filed all federal, state, local and foreign income tax returns required to be filed as of the date of this Agreement or have timely and properly filed requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them in all material respects. (ii) No tax deficiency has been determined adversely to the Company or any of its Subsidiaries that has had (nor does the Company nor any of its Subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its Subsidiaries and which could reasonably be expected to have) a Material Adverse Effect. (iii) The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in <u>Section 1(n)</u> above in respect of all federal, state, and foreign income and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined. (iv) All local and national PRC governmental tax credit, exemptions, waivers, financial subsidies, and other local and national PRC tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries as disclosed in the Registration Statement, the Disclosure Package and the Prospectus and the Prospectus are valid, binding and enforceable and do not violate any laws, regulations, rules, orders, decrees, guidelines, judicial interpretations, notices or other legislation of the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Company Not an "Investment Company."* The Company is not, and after giving effect to payment for the Offered Securities and the application of the proceeds as contemplated under the caption "Use of Proceeds" in each of the Disclosure Package and the Prospectus will not be, required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended (the "**Investment Company 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;(y) *Insurance.* Each of the Company and the Subsidiaries is insured against such losses and risks and in such amounts as the Company believes are prudent and customary in the businesses in which they are engaged as the Company reasonably believes are adequate and customary for companies engaged in similar businesses. The Company has no reason to believe that it will not be able (i) to renew its or their existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its or their business as now conducted at a cost that would not have a Material Adverse Effect, except in each case as described in each of the Registration Statement, the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *No Price Stabilization or Manipulation*. The Company has not taken and will not take, directly or indirectly, any action designed to, or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Related Party Transactions*. There are no material business relationships or related-party transactions, directly or indirectly, involving the Company or its Subsidiaries with any related person required to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been as set forth in the Registration Statement, the Prospectus, and the Pricing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Disclosure Controls and Procedures*. To the extent required, the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *Company's Accounting System*. To the extent required, the Company maintains a system of accounting controls designed to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *Money Laundering Law Compliance*. The operations of the Company are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the United States Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental agency (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to any Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) *No Accounting Issues*. The Company has not received any notice, oral or written, from its board of directors or audit committee stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Company's board of directors or audit committee review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years; or (iii) any Internal Control (as defined below) event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *OFAC*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Neither the Company and its Subsidiaries nor, to the knowledge of the Company, any director, officer or employee of the Company and its Subsidiary, or any other person authorized to act on behalf of the Company or its Subsidiaries, is an individual or entity ("**Person**") that is, or is owned or controlled by a Person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), His Majesty's Treasury ("**HMT**"), or other relevant sanctions authority (collectively, "**Sanctions**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Russia, Cuba, Iran, Libya, North Korea, Sudan and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company will not, directly or indirectly, use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *Foreign Corrupt Practices Act.* Neither the Company and its Subsidiaries, nor, to the knowledge of the Company, any director, officer or employee or affiliate of the Company and its Subsidiaries, any Subsidiary or any other person acting on behalf of the Company, has, directly or indirectly, taken any action that (i) would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA**") or otherwise subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if done in the past, might reasonably be expected to have a Material Adverse Effect or (iii) if continued in the future, might reasonably be expected to materially and adversely affect the assets, business, or operations of the Company. The foregoing includes, without limitation, giving or agreeing to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *Internal Control and Compliance with Sarbanes-Oxley Act of 2002*. The Company, its Subsidiaries, and the Company's board of directors have taken all necessary actions to ensure that, upon the effectiveness of the Registration Statement, the Company will be in full compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and the rules and regulations promulgated in connection therewith, and all applicable rules of Nasdaq, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications required under the Sarbanes-Oxley Act. The Company maintains a system of internal controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance controls (collectively, "**Internal Controls**") to comply with applicable laws and regulations, including, without limitation, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of the Commission, and the rules of Nasdaq.

&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) *Exchange Act Filing*. A registration statement in respect of the Class A Ordinary Shares has been filed on Form 8-A (the "**Form 8-A Registration Statement**") pursuant to Section 12(b) of the Exchange Act, which registration statement complies in all material respects with the Exchange Act. The Form 8-A Registration Statement is effective, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Class A Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *Earning Statements*. The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the EDGAR system) to its security holders as soon as practicable, but in any event not later than 16 months after the end of the Company's current fiscal year, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Periodic Reporting Obligations*. During the Prospectus Delivery Period (defined below), the Company shall file, on a timely basis, with the Commission all reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Firm Shares as may be required under Rule 463 under the Securities 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;(ll) *Forward-looking Statements.* No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Disclosure Package, the Prospectus, or shall be contained in any amendments and supplements thereof, has been made, or will be made, without a reasonable basis, as reasonably determined by the Company in good faith at the time such statement is made or will be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *Foreign Tax Compliance*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in the Hong Kong or the British Virgin Islands or to any Hong Kong or British Virgin Islands taxing authority in connection with the issuance, sale and allotment of the Offered Securities, and the allotment of the Offered Securities to or for the account of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *Compliance with PRC Oversea Investment and Listing Rules and Regulations.* Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company and its Subsidiaries have taken reasonable steps to cause each of the Company's principal shareholders, directors and officers that is, or directly or indirectly controlled by, a PRC resident or citizen, to comply with any applicable rules and regulations of relevant PRC government agencies (including but not limited to the Ministry of Commerce, the National Development and Reform Commission, the China Securities Regulatory Commission ("**CSRC**")), and the State Administration of Foreign Exchange ("**SAFE**")) relating to overseas investment by PRC residents and citizens (collectively, the "**PRC Oversea Investment and Listing Rules and Regulations**"), including, without limitation, taking reasonable steps to require each such person that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen, to complete any registration, to timely report material changes, and to complete other procedures required by any relevant PRC government agencies under any applicable PRC Oversea Investment and Listing Rules and Regulations..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *M&A Rules*. The Company is aware of and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors jointly promulgated by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration, the State Administration of Industry and Commerce, the CSRC and SAFE on August 8, 2006, and amended on June 22, 2009 (the "**M&A Rules**"), in particular the relevant provisions thereof that purport to require offshore special purpose vehicles formed for the purpose of obtaining a stock exchange listing outside of the PRC and controlled directly or indirectly by companies or natural persons of the PRC, to obtain the approval of the CSRC prior to the listing and trading of their securities on a stock exchange located outside of the PRC; the Company has received legal advice specifically with respect to the M&A Rules from its PRC counsel and based on such legal advice, the Company confirms with the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the issuance
and sale of the Offered Securities, the listing and trading of the Offered Securities on the Nasdaq Capital Market and the consummation
of the transactions contemplated by this Agreement are not and will not be, as of the date hereof or at the Closing Date, materially affected
by the M&A Rules or any official clarifications, guidance, interpretations or implementation rules in connection with or related to
the M&A Rules as amended as of the date hereof (collectively, the "**M&A Rules and Related Clarifications** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Disclosure Materials, Registration Statement, and the Prospectus, as of the
date hereof, the M&A Rules and Related Classifications did not and do not require the Company to obtain the approval of the CSRC prior
to the issuance and sale of the Offered Securities, the listing and trading of the Offered Securities on the Nasdaq Capital Market, or
the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *Foreign Private Issuer Status*. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Securities 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;(qq) *D&O Questionnaires*. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as Exhibit A provided to the Representative is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *Solvency*. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Offered Securities hereunder, the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, are sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The Registration Statement and the Prospectus set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "Indebtedness" means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with U.S. GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *Regulation M Compliance*. The Company has not, and to its knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Offered Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Offered Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriters in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *EGC Status and Testing the Waters Communications*. From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing the Waters Communication (as defined below)) through the date hereof, the Company has been and is an "emerging growth company", as defined in Section 2(a) of the Securities Act ("**Emerging Growth Company**"). "**Testing the Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company (i) has not alone engaged in any Testing the Waters Communications other than Testing the Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representative to engage in Testing the Waters Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in undertaking Testing the Waters Communications. The Company has not distributed any Written Testing the Waters Communications (as defined below) other than those listed on <u>Schedule G</u> hereto. "**Written Testing the Waters Communication**" means any Testing the Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. As of the time of each sale of the Offered Securities in connection with the Offering when the Prospectus is not yet available to prospective purchasers, no individual Written Testing the Waters Communications, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) *Margin Securities*. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of the Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered Securities to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *Reserved*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *No Finder's Fee.* There are no contracts, agreements, or understandings between the Company or its Subsidiaries and any other person that would give rise to a valid claim against the Company or its Subsidiaries or any Underwriter for a brokerage commission, finder's fee or other like payment in connection with this Offering, or any other arrangements, agreements, understandings, payments, or issuance with respect to the Company, or its Subsidiaries, or any of their respective officers, directors, shareholders, partners, employees or related parties that may affect the Underwriters' compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *No FINRA Affiliations*. To the Company's knowledge and except as disclosed to the Representative in writing, no (i) officer or director of the Company or its subsidiaries, (ii) owner of ten percent (10%) or more of any class of the Company's securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day immediately prior to the date that the Registration Statement was initially filed to the Commission, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative and its counsel if it becomes aware that any such person described in (i) to (iii) under this section 1(xx) is or becomes an affiliate or associated person of a FINRA member participating in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) *Operating and Other Data.* All operating and other data pertaining to the Disclosure Package and the Prospectus are true and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) *Third-party Data.* Any statistical, industry-related and market-related data included in the Disclosure Package and the Prospectus is based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agrees with the sources from which it is derived, and the Company has obtained the written consent for the use of such data from such sources to the extent 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;(aaa) *Compliance with Environmental Laws*. The Company and its Subsidiaries are (A) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("**Environmental Laws**"), (B) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) *Compliance with Law, Constitutive Documents and Contracts*. Neither the Company nor any of the Subsidiaries is (a) in breach or violation of any provision of applicable law (including, but not limited to, any applicable law concerning information collection and user privacy protection) or (b) in breach or violation of its respective constitutive documents, or (c) in default under (nor has any event occurred that, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) any agreement or other instrument that is binding upon the Company or any of the Subsidiaries, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any of the Subsidiaries, except in the cases of (a) and (c) above, where any such breach, violation or default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) *No Unlawful Influence.* The Company has not offered, or caused the Underwriters to offer, Shares to any person or entity with the intention of unlawfully influencing: (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer's or supplier's level or type of business with the Company or such affiliate or (b) a journalist or publication to write or publish favorable information about the Company or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) *Integration*. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) *Representation of Officers*. Any certificate signed by an officer of the Company and delivered to the Representative or to counsel for the Representative shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to <u>Section 7</u> hereof, counsel to the Company, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

SECTION 2. *Firm Shares; Additional 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;(a) *Purchase of Firm Shares*. Based on the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters the Firm Shares at a purchase price (net of discounts<sup>1</sup>) of $[●] per share. The Underwriters agree to subscribe for and purchase from the Company the Firm Shares in such amounts as set forth opposite their respective names on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delivery of and Payment for Firm Shares*. Issue and delivery of, and payment for, the Firm Shares shall be made at 10:00 A.M., Eastern time, on the second (2<sup>nd</sup>) business day following the Applicable Time, or at such time as shall be agreed upon by the Representative and the Company at a place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of issue and delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, issue and delivery of the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon issue and sale to the Underwriters of the Firm Shares (and either delivery of share certificate in respect of the Firm Shares or if uncertificated through the full fast transfer facilities of the DTC for the account of the Underwriters). The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two (2) business days prior to the Closing Date. The Company shall not be obligated to issue and sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

<sup>1</sup> 7.5%

&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) *Additional Shares*. The Company hereby grants to the Underwriters an option (the "**Over-allotment Option**"), exercisable for 45 days from the effective date of the Registration Statement, to purchase up to an additional _______ Class A Ordinary Shares ("**Over-Allotment Option**") exercisable for 45 days from the effective date of the Registration Statement, solely for the purpose of covering over-allotments of such securities, if any. The Over-allotment Option is, at the Representative's sole discretion, for Additional 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) *Exercise of Over-allotment Option*. The Over-allotment Option granted pursuant to Section 3(c) hereof may be exercised by the Representative on or within 45 days from the effective date of the Registration Statement. The purchase price to be paid per Additional Share shall be equal to the price per Firm Share in Section 3(a). The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which shall be confirmed in writing via overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the "**Option Closing Date**"), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of the Representative's counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company, and the Representative. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice, and (ii) the Underwriters shall purchase the Additional 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) *Delivery and Payment of Additional Shares.* Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Additional Shares (or through the facilities of DTC) for the account of the Underwriters. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriters for applicable Additional Shares. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "Closing Date" shall refer to the time and date of delivery of the Firm Shares and Additional 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;(f) *Underwriter's Discount.* In consideration of the services to be provided for hereunder, the Company shall pay the Underwriters a discount equal to seven and a half percent (7.5%) of the gross proceeds.

 ****

SECTION 3. *Covenants of the Company.*

 

The Company also covenants and agrees with each of the Underwriters 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) *Underwriter's Review of Proposed Amendments and Supplements*. During the period beginning at the Applicable Time and ending on the later of the Closing Date or such date as, in the opinion of counsel for the Representative, the Prospectus is no longer required by law to be delivered in connection with sales by the Underwriters or selected dealers, including under circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement or the Prospectus, including any amendment or supplement through incorporation by reference of any report filed under the Exchange Act, the Company shall furnish to the Underwriters for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object.

&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) *Securities Act Compliance*. After the date of this Agreement, during the Prospectus Delivery Period, the Company shall promptly advise the Underwriters in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Pricing Prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order or notice preventing or suspending the use of the Registration Statement, the Pricing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Offered Securities from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible moment or will file a new registration statement and use its best efforts to have such new registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder and will confirm that any filings made by the Company under such Rule 424(b) were received in a timely manner by the Commission.

&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) *Exchange Act Compliance*. During the Prospectus Delivery Period, to the extent the Company becomes subject to reporting obligation under the Exchange Act, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange 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) *Amendments and Supplements to the Registration Statement, Prospectus and Other Securities Act Matters*. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriters it is otherwise necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to (i) notify the Underwriters of any such event or condition (unless such event or condition was previously brought to the Company's attention by the Underwriters during the Prospectus Delivery Period) and (ii) promptly prepare (subject to <u>Section 4(a)</u> and <u>Section 4(f)</u> hereof), file with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will comply with law.

&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) *Permitted Free Writing Prospectuses*. The Company represents that it has not made, and agrees that, unless it obtains the prior written consent of the Underwriters, it will not make, any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "**free writing prospectus**" (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act; provided that the prior written consent of the Underwriters hereto shall be deemed to have been given in respect of each free writing prospectus listed on <u>Schedule B</u> hereto. Any such free writing prospectus consented to by the Underwriters is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

&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) *Copies of any Amendments and Supplements to the Prospectus*. The Company agrees to furnish the Underwriters, without charge, during the Prospectus Delivery Period, as many copies of each of the preliminary prospectuses, the Prospectus and the Disclosure Package and any amendments and supplements thereto (including any documents incorporated or deemed incorporated by reference therein) as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Use of Proceeds*. The Company shall apply the net proceeds from the issue and sale of the Offered Securities sold by it substantially in the manner described under the caption "Use of Proceeds" in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Transfer Agent*. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Internal Controls*. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls, upon consummation of the Offering, will be overseen by the audit committee of the Company's board of directors in accordance with the rules of the Nasdaq Stock Market ("**Nasdaq**").

&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) *Exchange Listing*. The Class A Ordinary Shares have been duly authorized for listing on the Nasdaq Capital Market. The Company is in material compliance with the provisions of the rules and regulations promulgated by Nasdaq and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent applicable to the Company as of the date hereof or the Closing Date or the Option Closing Date, if any; and subject to all exemptions and exceptions from the requirements thereof as are set forth therein, to the extent applicable to the Company). Without limiting the generality of the foregoing and subject to the qualifications above: (i) all members of the Company's board of directors who are required to be "independent" (as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit committee, compensation committee and nominating and corporate governance committee of the Company's board of directors, meet the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Company's board of directors has at least one member who is an "audit committee financial expert" (as that term is defined under such laws, rules and regulations), and (iii) the Company meets all requirements for listing on the Nasdaq Capital Market.

&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) *Absence of Further Requirements.* No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental or regulatory agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement or in connection with the Offering, and the issuance and sale of the Offered Securities, except such as have been obtained, or made on or prior to the Closing Date, and are, or on the Closing Date will be, in full force and effect, including (i) under applicable blue sky laws in any jurisdiction in which the Offered Securities are offered and sold and (ii) under the rules and regulations of the FINRA*.* No authorization, consent, approval, license, qualification or order of, or filing or registration with any person (including any governmental agency or body or any court) in any foreign jurisdiction is required for the consummation of the transactions contemplated by this Agreement in connection with the Offering, issuance and sale of the Offered Securities under the laws and regulations of such jurisdiction except such as have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Future Reports to the Underwriters.* For one year after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Representative pursuant to the addresses and contacts provided in <u>Section 14</u> of this Agreement: (i) as soon as practicable after the end of each fiscal year, copies of the annual report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, annual report on Form 20-F, interim financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its 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;(m) *No Manipulation of Price*. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities 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;(n) *Existing Lock-Up Agreements*. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no existing agreements between the Company and its shareholders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any of the Company's Ordinary Shares. The Company will direct the transfer agent to place stop transfer restrictions upon the Ordinary Shares of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Company Lock-Up*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each of the Company and any successors of the Company will not, without the prior written consent of the Representative, from the date of execution of this Agreement and continuing for a period of twelve (12) months after the Closing (the "**Lock-Up Period**"), (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, except to the Underwriters pursuant to this Agreement. The Company agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of the Lock-Up 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions contained in <u>Section 4(o)(i)</u> hereof shall not apply to: (i) the Offered Securities to be sold hereunder, (ii) the issuance by the Company of Class A Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the Disclosure Package or the Prospectus, (iii) the issuance by the Company, or the filing by the Company of a Registration Statement related thereto, of stock options or shares of the Company under any equity compensation plan of the Company and (iv) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the Lock-Up Period and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Reserved.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Tail Period*. The Representative shall be entitled to receive from the Company compensation equal to seven and a half (7.5%) of the gross proceeds received by the Company from the sale of any equity, debt and/or equity derivative instruments (each, a "**Tail Financing**") to the extent that such financing or capital is provided to the Company by an investor whom the Company had a meeting or conference call arranged by the Representative prior to the termination of that certain letter agreement, dated April 14, 2025, between the Company and the Representative (the "Engagement Letter"), if such Tail Financing is consummated during the twelve (12) month period following the Closing. In accordance with FINRA Rule 5110(g)(5), the Representative shall not be entitled to receive any compensation associated with the Tail Financing if the Engagement Letter is terminated by the Company for "**Cause**", which shall mean willful misconduct, gross negligence or a material breach of Engagement Letter by the Representative.

SECTION 4. *Payment of Fees and Expenses.*

 

The Company covenants and agrees with Representative that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Offered Securities under the Securities Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any preliminary prospectus, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing this Agreement, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Offered Securities; (iii) all expenses in connection with the qualification of the Offered Securities for offering and sale under state securities laws, including the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey if any; (iv) all fees and expenses in connection with listing the Offered Securities on Nasdaq; (v) the filing fees incident to, and the reasonable fees and disbursements of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Offered Securities (subject to the $225,000 maximum of reimbursable legal out-of-pocket expenses set forth below); (vi) the cost of preparing share certificates, if applicable; (vii) the cost and charges of any transfer agent or registrar; (viii) the costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the Offered Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants if any incurred; and (ix) all other costs and expenses incident to the performance of the Company's obligations hereunder which are not otherwise specifically provided for in this Section.

The Company will pay the Underwriters a non-accountable expense allowance of one percent (1.0%) of the gross proceeds received by the Company from the Offering upon the Closing of the Offering.

The Company will reimburse the Representative for a certain amount of the Representative's accountable expenses, including $5,000 for the Representative's clearing system data services and communication expenses, $10,000 for the Representative's Capital IQ system for comparable company analysis and valuation, and up to $225,000 for the Representative's legal fees and expenses. The Company has paid an advance of $60,000 to the Representative for its anticipated out-of-pocket expenses; any advance will be returned to the Company to the extent the Representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

SECTION 5. *Taxes; Deductions and Withholding from Payments.*

 

All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes, duties, or other amounts.

SECTION 6. *Conditions of the Obligations of the Underwriters.*

 

The obligations of the Underwriters to subscribe for and purchase the Offered Securities as provided herein on the Closing Date and each Option Closing Date shall be subject to (1) the accuracy of the representations and warranties on the part of the Company set forth in <u>Section 1</u> hereof as of the date hereof and as of the Closing Date and each Option Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder; (3) no objections from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement; and (4) each of the following additional 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) *Accountant's Comfort Letter*. On the date hereof, the Representative shall have received from the Accountant, a letter dated the date hereof addressed to the Representative, in form and substance satisfactory to the Representative, containing statements and information of the type ordinarily included in accountants' "comfort letters" to Representative, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effectiveness of Registration Statement; Compliance with Registration Requirements; No Stop Order*. During the period from and after the execution of this Agreement to and including the Closing Date and each Option Closing Date, 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) the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective; 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;(ii) no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the Commission.

&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) *No Material Adverse Change*. For the period from and after the date of this Agreement to and including the Closing Date and each Option Closing Date, if any, in the reasonable judgment of the Representative there shall not have occurred any Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *CFO Certificate*. On the Closing and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date, on behalf of the Company, with respect to certain financial data contained in the Registration Statement, Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Officers' Certificate.* On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated as of such date, to the effect that the signers of such certificate have reviewed the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto, each Issuer Free Writing Prospectus, if any, and this Agreement, to the effect that, to the knowledge of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date or Option Closing Date, if applicable, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date and/or the Option Closing Date, 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;(ii) No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company's knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Offered Securities or any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange in the United States; 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) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion of outstanding indebtedness into Ordinary Shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except for the conversion of such indebtedness into Ordinary Shares); (e) any dividend or distribution of any kind declared, paid or made on Ordinary Shares; or (f) any loss or damage (whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.

&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) *Director's Certificate*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received a certificate of the Company signed by the Director of the Company, dated such Closing Date, certifying: (i) that the Company's memorandum and articles of association attached to such certificate is true and complete, has not been modified and is in full force and effect; (ii) that each of the Subsidiaries' articles of association, memorandum of association or charter documents attached to such certificate is true and complete, has not been modified and is in full force and effect; (iii) that the resolutions of the Company's board of directors relating to the Offering attached to such certificate are in full force and effect and have not been modified; and (iv) the good standing of the Company and each of the Subsidiaries (except in such jurisdictions where the concept of good standing is not applicable). The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Bring-down Comfort Letter*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received from the Accountant, a letter dated such date, in form and substance satisfactory to the Representative, to the effect that the Accountant reaffirms the statements made in the letter furnished by it pursuant to subsection (a) of this <u>Section 6</u>, except that the specified date referred to therein for the carrying out of procedures shall be no more than two Business Days prior to the Closing Date and/or the Option Closing Date, 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;(g) *Lock-Up Agreements from Certain Security Holders of the Company*. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement substantially in the form of <u>Exhibit A</u> hereto from each of the Company's officers, directors, and certain security holders of five percent (5%) or more of the Company's Class A Ordinary Shares or securities convertible into or exercisable for Class A Ordinary Shares prior to the Offering listed on <u>Schedule D</u> hereto.

&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) *Exchange Listing*. The Offered Securities to be delivered on the Closing Date and/or the Option Closing Date shall have been approved for listing on the Nasdaq Capital Market, subject to official notice of issuance.

&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) *Company Counsel Opinions*. On the Closing Date and/or the Option Closing Date, as applicable, the Representative shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 favorable opinion of Loeb & Loeb LLP, counsel to the Company, addressed to the Representative, including a negative assurance letter, dated as of such date, in form and substance reasonably satisfactory to the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the favorable opinion of Ogier, British Virgin Islands legal counsel to the Company in form and substance reasonably satisfactory to the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the favorable opinion of David Fong & Co., Hong Kong legal counsel to the Company in form and substance reasonably satisfactory to the Representative; 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) the opinion of Beijing Dacheng Law Offices, LLP, PRC legal counsel to the Company in customary form reasonably satisfactory to the Representative.

The Underwriters shall rely on the opinions of Ogier, filed as Exhibit 5.1 to the Registration Statement, as to the due incorporation, validity of the Offered Securities and due authorization, execution, and delivery of the 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) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Additional Documents*. On or before the Closing Date and/or the Option Closing Date, as applicable, the Representative and counsel for the Representative shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Offered Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained.

If any condition specified in this <u>Section 6</u> is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by written notice to the Company at any time on or prior to the Closing Date and/or the Option Closing Date, as applicable, which termination shall be without liability on the part of any party to any other party, except that <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Representative) and <u>Section 8</u> shall at all times be effective and shall survive such termination.

SECTION 7. *Effectiveness of this Agreement.*

 

This Agreement shall not become effective until the later of (i) the execution of this Agreement by the parties hereto and (ii) notification (including by way of oral notification from the reviewer at the Commission) by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act.

SECTION 8. *Indemnification.*

 

&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) *Indemnification by the Company*. The Company shall indemnify and hold harmless the Underwriters, their respective affiliates and each of their respective directors, officers, members, employees and agents and each person, if any, who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the "**Underwriter Indemnified Parties**," and each a "**Underwriter Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Company) arising out of (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Securities Act Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (ii) an untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment or supplement thereto, or in any other materials used in connection with the Offering, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and shall reimburse such Underwriter Indemnified Party for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending against such loss, claim, damage, liability or action; *provided*, *however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary prospectus, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information. The indemnification obligations under this <u>Section 8(a)</u> are not exclusive and will be in addition to any liability, which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party.

&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) *Indemnification by the Underwriters*. The Underwriters shall indemnify and hold harmless the Company and the Company's affiliates and each of their respective directors, officers, employees, agents and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**" and each a "**Company Indemnified Party**"), from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Underwriters) arising out of (i) any untrue statement of a material fact contained in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission to state in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission was made in reliance upon and in conformity with the Underwriter Information and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this <u>Section 8(b)</u>, in no event shall any indemnity by the Underwriters under this <u>Section 8(b)</u> exceed the total discounts received by the Underwriters in connection with the Offering. The indemnification obligations under this <u>Section 8(b)</u> are not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Company Indemnified Party.

&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) *Procedure*. Promptly after receipt by an indemnified party under this <u>Section 9</u> of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 8</u>, notify such indemnifying party in writing of the commencement of that action; *provided*, *however*, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this <u>Section 8</u> except to the extent it has been materially adversely prejudiced by such failure; and, *provided*, *further*, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <u>Section 8</u>. If any such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under <u>Section 8(a)</u> or <u>Section 8(b)</u>, as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; *provided*, *however*, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such separate counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <u>Section 8(a)</u>, (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for reasonable legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; *provided*, *however,* that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for any such indemnified party (in addition to any local counsel), which firm shall be designated in writing by the Underwriters if the indemnified party under this <u>Section 8</u> is an Underwriter Indemnified Party or by the Company if an indemnified party under this <u>Section 8</u> is a Company Indemnified Party. Subject to this <u>Section 8(c)</u>, the amount payable by an indemnifying party under <u>Section 8</u> shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this <u>Section 8</u> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than ninety (90) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least sixty (60) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&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) *Contribution*. If the indemnification provided for in this <u>Section 8</u> is unavailable or insufficient to hold harmless an indemnified party under <u>Section 8(a)</u> or <u>Section 8(b)</u>, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this <u>Section 8(d)</u> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this <u>Section 8(d)</u> but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations as determined in a final judgment by a court of competent jurisdiction. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to the Offering shall be deemed to be in the same proportion as the total proceeds from the Offering purchased by investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company by the Underwriters for use in any preliminary prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriter Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <u>Section 8(d)</u> be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this <u>Section 8(d)</u> shall be deemed to include, for purposes of this <u>Section 8(d)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this <u>Section 8(d)</u>, the Underwriters shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriters in connection with the Offering less the amount of any damages that the Underwriters have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person, guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

SECTION 9. *Termination of this Agreement.*

 

Prior to the Closing Date and/or the Option Closing Date, as applicable, whether before or after notification by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act, this Agreement may be terminated by the Underwriters by written notice given to the Company if at any time (i) trading or quotation in the Company's Class A Ordinary Shares shall have been suspended or limited by the Commission or by Nasdaq; (ii) a general banking moratorium shall have been declared by any U.S. federal authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States' or international political, financial or economic conditions that, in the reasonable judgment of the Underwriters, is material and adverse and makes it impracticable to market the Offered Securities in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of the Offered Securities; or (iv) regulatory approval (including but not limited to Nasdaq approval) for the Offering is denied, conditioned or modified and as a result it makes it impracticable for the Underwriters to proceed with the offering, sale and/or delivery of the Offered Securities or to enforce contracts for the sale of the Offered Securities. Except as otherwise stated in this section, the Agreement may not be terminated by the Company prior to the Closing Date, other than for Cause. Any termination pursuant to this <u>Section 9</u> shall be without liability on the part of (a) the Company to any of the Underwriters, except that the Company shall be, subject to demand by the Underwriters, obligated to reimburse the Underwriters for only those reasonable, accountable and properly documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence report), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110, less any amounts previously paid by the Company; *provided*, *however*, that all such expenses shall not exceed $75,000 in the aggregate, (b) the Underwriters to the Company, or (c) of any party hereto to any other party, except that the provisions of <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriters) and <u>Section 8</u> shall at all times be effective and shall survive such termination. In the event that the Company believes that the Representative has engaged conduct constituting Cause, it must first notify Representative in writing of the facts and circumstances supporting such an assertion(s) and allow Representative twenty (20) days to cure such alleged conduct.

SECTION 10. *No Advisory or Fiduciary Responsibility.*

 

The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the Offering. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors, or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the Offering, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Offered Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

[SECTION 11. *Underwriter Default.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Underwriter or Underwriters shall default in its or their obligation to purchase the Firm Shares, and if the Firm Shares with respect to which such default relates (the "**Default Securities**") do not (after giving effect to arrangements, if any, made by the Representative pursuant to subsection (b) below) exceed in the aggregate ten percent (10%) of the number of Firm Shares, each non-defaulting Underwriter, acting severally and not jointly, agrees to subscribe for and purchase from the Company that number of Default Securities that bears the same proportion to the total number of Default Securities then being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on <u>Schedule A</u> hereto bears to the aggregate number of Firm Shares set forth opposite the names of the non-defaulting Underwriters; subject, however, to such adjustments to eliminate fractional shares as the Representative in its sole discretion shall make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the aggregate number of Default Securities exceeds ten percent (10%) of the number of Firm Shares, the Representative may in its discretion arrange for itself or for another party or parties (including any non-defaulting Underwriter or Underwriters who so agree) to subscribe for and purchase the Default Securities on the terms contained herein. In the event that within five (5) calendar days after such a default the Representative does not arrange for the purchase of the Default Securities as provided in this <u>Section 11</u>, this Agreement shall thereupon terminate, without liability on the part of the Company with respect thereto (except in each case as provided in <u>Sections 3</u>, <u>7</u>, <u>8</u>, <u>10</u> and <u>11</u>) or the Underwriters, but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters of their liability, if any, to the other Underwriters and the Company for damages related to its or their default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Default Securities are to be subscribed for and purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a period, not exceeding five (5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration Statement or the Prospectus which, in the reasonable opinion of Underwriters' counsel, may be necessary or advisable. The term "Underwriter" as used in this Agreement shall include any party substituted under this <u>Section 12</u> with like effect as if it had originally been a party to this Agreement with respect to such Default Securities.]

SECTION 12. *Representations and Indemnities to Survive Delivery; Third Party Beneficiaries.*

 

The respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers, and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Offered Securities sold hereunder and any termination of this Agreement.

SECTION 13. *Notices.*

 

All communications hereunder shall be in writing and shall be mailed, hand delivered, emailed or telecopied and confirmed to the parties hereto as follows:

**If to the Underwriter(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;R. F. Lafferty & Co., Inc.

40 Wall Street, 29th Floor

New York, NY 10005

Attn: Amanda Hackel

Email: AHackel@rflafferty.com

**With a copy (*which shall not constitute notice*) to:**

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31<sup>st</sup> Floor

New York, NY 10036

Attn: Ross Carmel, Esq.

Email: rcarmel@srfc.law

**If to the Company:** 

Gifts International Holdings Limited

Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

Attention: Ngai Chiu Wong

Email: john.wong@givegift.com.hk

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 14. *Successors.*

 

This Agreement will inure to the benefit of and be binding upon the parties hereto and to the benefit of the employees, officers and directors and controlling persons referred to in <u>Section 9</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "successors" shall not include any purchaser of the Offered Securities as such merely by reason of such purchase.

SECTION 15. *Partial Unenforceability.*

 

The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph, or provision hereof. If any Section, paragraph, or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

SECTION 16. *Governing Law; Submission to Jurisdiction; Trial by Jury.*

 

This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to the choice of law or conflict of laws principles thereof.

Any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York (each, a "**New York Court**"), and each party hereto irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereto hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon any party hereto may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 14</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon any party hereto in any action, proceeding or claim. The Company and the Underwriters agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor as determined in a final judgment by a court of competent jurisdiction. The Company and the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 17. *Enforceability of Judgment.*

 

The Company agrees that any final judgment against the Company for a fixed or readily calculable sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement or any transaction contemplated herein and therein would be recognized and enforced, without re-examination or review of the merits of the underlying dispute by the courts of the British Virgin Islands or Hong Kong, or the cause of action in respect of which the original judgment was given or re-litigation of the matters adjudicated upon, by an action commenced on the foreign judgment debt in the courts of the British Virgin Islands or the courts of Hong Kong, *provided* that (i) with respect to courts of the British Virgin Islands (a) such New York Court had proper jurisdiction over the parties subject to such judgment and the Company submitted to such jurisdiction; (b) the judgment given by the foreign court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the Company; (c) in obtaining judgment there was no fraud on the part of the person in whose favour judgment was given, or on the part of the foreign court; (d) recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; (e) the proceedings pursuant to which judgment was obtained were not contrary to natural justice; and (f) the judgment given by the foreign court is not the subject of an appeal; (ii) with respect to the courts of Hong Kong, subject to the judicial discretion under common law, (a) an separate legal action was brought at common law in a Hong Kong court to enforce such judgment; (b) such judgment was a final judgment conclusive upon the merits of the claim; (c) such judgement was for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges; (d) such judgement was not obtained by fraud; (e) the proceedings in which such judgment was obtained were not opposed to natural justice; (f) the enforcement or recognition of such judgment would not be contrary to the public policy of Hong Kong; (g) the court of the United States was jurisdictionally competent; and (h) such judgment was not in conflict with a prior Hong Kong judgment. The Company is not aware of any reason why the enforcement in the British Virgin Islands or Hong Kong of such a New York Court judgment would be, as of the date hereof, contrary to natural justice of the public policy of the British Virgin Islands or Hong Kong.

 

SECTION 18. *General Provisions.*

 

This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations with respect to the Offering. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement.

Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof, including, without limitation, the indemnification and contribution provisions of <u>Section 8</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 8</u> hereto fairly allocate the risks in the light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.

The respective indemnities, contribution agreements, representations, warranties and other statements of the Company and the Underwriters set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Underwriters, the officers or employees of the Underwriters, any person controlling any of the Underwriters, the Company, the officers or employees of the Company, or any person controlling the Company, (ii) acceptance of the Offered Securities and payment for them as contemplated hereby and (iii) termination of this Agreement.

[*Signature Page Follows*]

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: |  |
| Name: | Ngai Chiu Wong |
| Title: | Director |

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The foregoing Underwriting Agreement is hereby confirmed and accepted by the Company as of the date first above written.

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| |
|:---|
| For itself and on behalf of the several Underwriters listed on Schedule A hereto |
| **R. F. LAFFERTY & CO., INC.** |
| By: |
| Name: |
| Title: |

---

 ****

 ****

**SCHEDULE A**

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| | |
|:---|:---|
| **Underwriter** | **Number of <br> Firm Shares** |
| R. F. Lafferty & Co., Inc. | [●] |
| **Total** | **[●]** |

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**SCHEDULE B**

**Issuer Free Writing Prospectus(es)**

[●]

**SCHEDULE C**

**Pricing Information**

Number of Firm Shares: [●]

Number of Additional Shares: [●]

Public Offering Price per one Share: $[●]

Underwriting Discount per one Share: 7.5% per one Share (or $[●] per share)

Non-accountable expense allowance per one Share: 1.0% per share (or $[●] per share)

Proceeds to Company per one Share (before expenses): $[●]

**SCHEDULE D**

**Lock-Up Parties**

**<u>Name</u>**

1. Ngai Chiu Wong

2. Sze Yeung Yau

3. Wai Chun Chik

4. Cheuk Kwan Ng

5. Man Fai Kwan

**SCHEDULE E**

**Subsidiaries of the Registrant**

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| | |
|:---|:---|
| **Name** | **Place of incorporation** |
| Give Gift Boutique (BVI) Limited | British Virgin Islands |
| Broaden Leisure Outlets Company Limited | Hong Kong |

---

**SCHEDULE F**

**Written Testing the Waters Communications**

[●]

**EXHIBIT A**

**Form of Lock-Up Agreement**

[●], 2025

Ladies and Gentlemen:

The undersigned understands that R. F. Lafferty & Co., Inc., the representative (the "<u>Representative</u>") of the underwriters (the "<u>Underwriters</u>"), propose to enter into an underwriting agreement (the "<u>Underwriting Agreement</u>") with Gifts International Holdings Limited, a British Virgin Islands company (the "<u>Company</u>"), in connection to the initial public offering (the "<u>Offering</u>") of the Company's Class A ordinary shares, of no par value per share (the "<u>Shares</u>").

To induce the Underwriters to continue their efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the effective date of the registration statement associated with the Offering (the "<u>Lock-Up Period</u>"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for the Shares (collectively, the "<u>Lock-Up Securities</u>"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of the Lock-Up Securities, in cash or otherwise. The foregoing sentence shall not apply to (a) transactions relating to the Shares or other securities acquired in open market transactions after the completion of the Offering, or (b) transfers of the Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); *provided* that in the case of any transfer or distribution pursuant to clause (b), each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this lock-up agreement; (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; *provided* that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement, (iii) no filing under Section 13 of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") or other filing or public announcement shall be required or shall be voluntarily made, (f) the receipt by the undersigned from the Company of ordinary shares upon the vesting of restricted share awards or share units or upon the exercise of options to purchase the Company's ordinary shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the "<u>Plan Shares</u>") or the transfer of ordinary shares or any securities convertible into ordinary shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, *provided* that no filing under Section 13 of the Exchange Act or other public announcement shall be required or shall be voluntarily made within 90 days after the date of the Underwriting Agreement, and after such 90th day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of ordinary shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, *provided*, *further*, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, *provided* that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) no public announcement or filing under the Exchange Act will be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan; and (h) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, provided that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and provided further, that any filing under Section 13 of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law (collectively, "<u>Permitted Transfers</u>"). In addition, the undersigned agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any securities that the undersigned may purchase in the Offering; and (ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Representative are relying upon this lock- up agreement in proceeding toward consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representative, successors and assigns.

The undersigned understands that, if (i) the Underwriting Agreement is not executed by [●], 2025, or (ii) the Company notifies the Representative in writing that it does not intend to proceed with the Offering, or (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, the undersigned shall be released from all obligations under this lock-up agreement.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. The undersigned acknowledges that no assurances are given by the Company or the Underwriters that any Offering will be consummated. This lock-up agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.

[*Signature Page Follows*]

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| |
|:---|
| Very truly yours, |
| (Signature) |
| Address: |
| Email: |
| Date: |

---

## Exhibit 3.1

**Exhibit 3.1**

**BVI COMPANY NUMBER: 2146465**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT, 2004**

**MEMORANDUM AND ARTICLES**

**OF ASSOCIATION**

**OF**

**Gifts International Holdings Limited**

**A COMPANY LIMITED BY SHARES**

**Incorporated on the 16th day of April, 2024**

**INCORPORATED IN THE BRITISH VIRGIN ISLANDS**

TERRITORY OF THE BRITISH VIRGIN ISLANDS

THE BVI BUSINESS COMPANIES ACT, 2004

MEMORANDUM OF ASSOCIATION

OF

Gifts International Holdings Limited

A COMPANY LIMITED BY SHARES

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| | |
|:---|:---|
| **1.** | **DEFINITIONS AND INTERPRETATION** |
| 1.1. | In this Memorandum of Association and the Articles of Association of the Company, if not inconsistent with the subject or context: |
|  | **"Act"** means the BVI Business Companies Act, 2004 (No. 16 of 2004) and includes the regulations made under the Act; |
|  | **"Articles"** means the Articles of Association of the Company; |
|  | **"Chairman of the Board"** has the meaning specified in Regulation 12; |
|  | **"Distribution"** in relation to a distribution by the Company to a Shareholder means the direct or indirect transfer of an asset, other than Shares, to or for the benefit of the Shareholder, or the incurring of a debt to or for the benefit of a Shareholder, in relation to Shares held by a Shareholder, and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of Shares, a transfer of indebtedness or otherwise, and includes a dividend; |
|  | **"Memorandum"** means this Memorandum of Association of the Company; |
|  | **"Person"** includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons; |
|  | **"Registrar"** means the Registrar of Corporate Affairs appointed under section 229 of the Act; |
|  | **"Resolution of Directors"** means either: |
| (a) | a resolution approved at a duly convened and constituted meeting of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or<br>|
| (b) | a resolution consented to in writing or by telex, telegram, cable or other written electronic communication by a majority of the directors of the Company. A written resolution consented to in such manner may consist of several documents including written electronic communication, in like form each signed or assented to by one or more directors. |

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| | |
|:---|:---|
|  | "**Resolution of Shareholders**" means either: |
| (a) | a resolution approved at a duly convened and constituted meeting of the Shareholders of the Company by the affirmative vote of a majority of in excess of 50 percent of the votes of the Shares entitled to vote thereon which were present at the meeting and were voted; or |
| (b) | a resolution consented to in writing by a majority of in excess of 50 percent of the votes of Shares entitled to vote thereon; |
|  | "**Seal**" means any seal which has been duly adopted as the common seal of the Company; |
|  | "**Securities**" means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire Shares or debt obligations; |
|  | "**Share**" means a share issued or to be issued by the Company; |
|  | "**Shareholder**" means a Person whose name is entered in the register of members as the holder of one or more Shares or fractional Shares; |
|  | "**Treasury Share**" means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled; and |
|  | "**Written**" or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and "**in writing**" shall be construed accordingly. |
| 1.2. | In the Memorandum and the Articles, unless the context otherwise requires a reference to: |
| (a) | a "**Regulation**" is a reference to a regulation of the Articles; |
| (b) | a "**Clause**" is a reference to a clause of the Memorandum; |
| (c) | voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder voting; |
| (d) | the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended or, in the case of the Act, any re-enactment thereof and any subsidiary legislation made thereunder; and |
| (e) | the singular includes the plural and vice versa. |
| 1.3. | Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning in the Memorandum and the Articles unless otherwise defined herein. |
| 1.4. | Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and the Articles. |
| **2.** | **NAME** |
|  | The name of the Company is Gifts International Holdings Limited. |
| **3.** | **STATUS** |
|  | The Company is a company limited by Shares. |

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**4.** **REGISTERED OFFICE AND REGISTERED AGENT**

4.1. The first registered office of the Company is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands, the office of the first registered agent.

4.2. The first registered agent of the Company is Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

4.3. The Company may by Resolution of Shareholders or by Resolution of Directors change the location of its registered office or change its registered agent.

4.4. Any change of registered office or registered agent will take effect on the registration by the Registrar of a notice of the change filed by the existing registered agent or a legal practitioner in the British Virgin Islands acting on behalf of the Company.

4.5. The registered agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act on the instructions of the directors of the Company if those instructions are contained in a Resolution of Directors and a copy of the Resolution of Directors is made available to the registered agent; and

(b) recognise and accept the appointment or removal of a director or directors by Shareholders.

**5.** **CAPACITY AND POWERS**

5.1. Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit:

(a) full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

(b) for the purposes of paragraph (a), full rights, powers and privileges.

5.2. For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on.

**6.** **NUMBER AND CLASSES OF SHARES**

6.1. The Company is authorised to issue a maximum of 50,000 no par value Shares of a single class.

6.2. The Company may issue fractional Shares and a fractional Share shall have the corresponding fractional rights, obligations and liabilities of a whole Share of the same class or series of Shares.

6.3. Shares may be issued in one or more series of Shares as the directors may by Resolution of Directors determine from time to time.

**7.** **RIGHTS OF SHARES**

7.1. Each Share confers upon the Shareholder:

(a) the right to one vote at a meeting of the Shareholders or on any Resolution of Shareholders;

(b) the right to an equal share in any dividend paid by the Company; and

(c) the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

7.2. The Company may by Resolution of Directors redeem, purchase or otherwise acquire all or any of the Shares subject to Regulation 3 of the Articles.

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| | |
|:---|:---|
| **8.** | **VARIATION OF RIGHTS** |
|  | If at any time the Shares are divided into different classes, the rights attached to any class may only be varied, whether or not the Company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by the holders of not less than 50 percent of the issued Shares in that class. |
| **9.** | **RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU** |
|  | The rights conferred upon the holders of the Shares of any class shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking *pari passu* therewith.  |
| **10.** | **REGISTERED SHARES** |
| 10.1. | The Company shall issue registered Shares only. |
| 10.2. | The Company is not authorized to issue bearer Shares, convert registered Shares to bearer Shares or exchange registered Shares for bearer Shares. |
| **11.** | **TRANSFER OF SHARES** |
| 11.1. | The Company shall, on receipt of an instrument of transfer complying with Sub-Regulation 6.1 of the Articles, enter the name of the transferee of a Share in the register of members unless the directors resolve to refuse or delay the registration of the transfer for reasons that shall be specified in a Resolution of Directors. |
| 11.2. | The directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder has failed to pay an amount due in respect of the Share. |
| **12.** | **AMENDMENT OF THE MEMORANDUM AND THE ARTICLES** |
| 12.1. | Subject to Clause 8, the Company may amend the Memorandum or the Articles by Resolution of Shareholders or by Resolution of Directors, save that no amendment may be made by Resolution of Directors: |
| (a) | to restrict the rights or powers of the Shareholders to amend the Memorandum or the Articles;<br>|
| (b) | to change the percentage of Shareholders required to pass a Resolution of Shareholders to amend the Memorandum or the Articles;<br>|
| (c) | in circumstances where the Memorandum or the Articles cannot be amended by the Shareholders; or<br>|
| (d) | to Clauses 7, 8, 9 or this Clause 12.<br>|
| 12.2. | Any amendment of the Memorandum or the Articles will take effect on the registration by the Registrar of a notice of amendment, or restated Memorandum and Articles, filed by the registered agent. |

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We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of Association the 16th day of April, 2024.

Incorporator

/s/ Rexella D. Hodge

(Sd.) Rexella D. Hodge

Authorised Signatory

Vistra (BVI) Limited

TERRITORY OF THE BRITISH VIRGIN ISLANDS

THE BVI BUSINESS COMPANIES ACT, 2004

ARTICLES OF ASSOCIATION

OF

Gifts International Holdings Limited

A COMPANY LIMITED BY SHARES

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| | |
|:---|:---|
| **1.** | **REGISTERED SHARES** |
| 1.1. | Every Shareholder is entitled, on request to a certificate signed by a director or officer of the Company, or any other person authorised by Resolution of Directors, or under the Seal specifying the number of Shares held by him and the signature of the director, officer or authorised person and the Seal may be facsimiles. |
| 1.2. | 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. If a certificate for Shares is worn out or lost it may be renewed on production of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by Resolution of Directors. |
| 1.3. | If several Persons are registered as joint holders of any Shares, any one of such Persons may give an effectual receipt for any Distribution. |
| **2.** | **SHARES** |
| 2.1. | Shares and other Securities may be issued at such times, to such Persons, for such consideration and on such terms as the directors may by Resolution of Directors determine. |
| 2.2. | Section 46 of the Act *(Pre-emptive rights)* does not apply to the Company. |
| 2.3. | A Share may be issued for consideration in any form or a combination of forms, including money, a promissory note, or other written obligation to contribute money or property, real property, personal property (including goodwill and know-how), services rendered or a contract for future services. |
| 2.4. | The consideration for a Share with par value shall not be less than the par value of the Share. If a Share with par value is issued for consideration less than the par value, the person to whom the Share is issued is liable to pay to the Company an amount equal to the difference between the issue price and the par value. |
| 2.5. | A bonus share issued by the Company shall be deemed to have been fully paid for on issue. |
| 2.6. | No Shares may be issued for a consideration, which is in whole or in part, other than money, unless a Resolution of Directors has been passed stating: |
| (a) | the amount to be credited for the issue of the Shares; and |

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| | |
|:---|:---|
| (b) | that, in the opinion of the directors, the present cash value of the non-money consideration and money consideration, if any, is not less than the amount to be credited for the issue of the Shares. |
| 2.7. | The consideration paid for any Share, whether a par value Share or a no par value Share, shall not be treated as a liability or debt of the Company for the purposes of: |
| (a) | the solvency test in Regulations 3 and 18; and |
| (b) | sections 197 and 209 of the Act. |
| 2.8. | The Company shall keep a register (the "**register of members**") containing: |
| (a) | the names and addresses of the Persons who hold Shares; |
| (b) | the number of each class and series of Shares held by each Shareholder, including the nature of the associated rights unless such rights are contained in the Memorandum or these Articles; |
| (c) | the date on which the name of each Shareholder was entered in the register of members; and |
| (d) | the date on which any Person ceased to be a Shareholder. |
| 2.9. | The register of members may be in any such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until the directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members. |
| 2.10. | A Share is deemed to be issued when the name of the Shareholder is entered in the register of members. |
| **3.** | **REDEMPTION OF SHARES AND TREASURY SHARES** |
| 3.1. | The Company may purchase, redeem or otherwise acquire and hold its own Shares in such manner and upon such other terms as the directors may agree with the relevant Shareholder(s) save that the Company may not purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem or otherwise acquire the Shares without their consent. |
| 3.2. | The Company may acquire its own fully paid Share or Shares for no consideration by way of surrender of the Share or Shares to the Company by the Shareholder holding the Share or Shares. Any surrender of a Share or Shares under this Sub-Regulation 3.2 shall be in writing and signed by the Shareholder holding the Share or Shares. |
| 3.3. | The Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors authorising the purchase, redemption or other acquisition contains a statement that the directors are satisfied, on reasonable grounds, that immediately after the acquisition the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. |
| 3.4. | Sections 60 (*Process for acquisition of own Shares*), 61 (*Offer to one or more shareholders*) and 62 (*Shares redeemed otherwise than at the option of company*) of the Act shall not apply to the Company. |
| 3.5. | Shares that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may be cancelled or held as Treasury Shares except to the extent that such Shares are in excess of 50 percent of the issued Shares in which case they shall be cancelled but they shall be available for reissue. |
| 3.6. | All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the Company while it holds the Share as a Treasury Share. |

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| 3.7. | Treasury Shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of Directors determine. |
| 3.8. | Where Shares are held by another body corporate of which the Company holds, directly or indirectly, Shares having more than 50 percent of the votes in the election of directors of the other body corporate, all rights and obligations attaching to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate. |
| **4.** | **MORTGAGES AND CHARGES OF SHARES** |
| 4.1. | Shareholders may mortgage or charge their Shares. |
| 4.2. | There shall be entered in the register of members at the written request of the Shareholder: |
| (a) | a statement that the Shares held by him are mortgaged or charged; |
| (b) | the name of the mortgagee or chargee; and |
| (c) | the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register of members. |
| 4.3. | Where particulars of a mortgage or charge are entered in the register of members, such particulars may be cancelled: |
| (a) | with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or |
| (b) | upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage or charge and the issue of such indemnities as the directors shall consider necessary or desirable. |
| 4.4. | Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant to this Regulation: |
| (a) | no transfer of any Share the subject of those particulars shall be effected; |
| (b) | the Company may not purchase, redeem or otherwise acquire any such Share; and |
| (c) | no replacement certificate shall be issued in respect of such Shares, |
|  | without the written consent of the named mortgagee or chargee. |
| **5.** | **FORFEITURE** |
| 5.1. | Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation. |
| 5.2. | A written notice of call specifying the date for payment to be made shall be served on the Shareholder who defaults in making payment in respect of the Shares. |
| 5.3. | The written notice of call referred to in Sub-Regulation 5.2 shall name a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect of which payment is not made will be liable to be forfeited. |
| 5.4. | Where a written notice of call has been issued pursuant to Sub-Regulation 5.3 and the requirements of the notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates. |

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| 5.5. | The Company is under no obligation to refund any moneys to a Shareholder whose Shares have been cancelled pursuant to Sub-Regulation 5.4 and that Shareholder shall be discharged from any further obligation to the Company. |
| **6.** | **TRANSFER OF SHARES** |
| 6.1. | Subject to the Memorandum, Shares may be transferred by a written instrument of transfer signed by the transferor and containing the name and address of the transferee, which shall be sent to the Company for registration. |
| 6.2. | The transfer of a Share is effective when the name of the transferee is entered on the register of members. |
| 6.3. | If the directors of the Company are satisfied that an instrument of transfer relating to Shares has been signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors: |
| (a) | to accept such evidence of the transfer of Shares as they consider appropriate; and |
| (b) | that the transferee's name should be entered in the register of members notwithstanding the absence of the instrument of transfer. |
| 6.4. | Subject to the Memorandum, the personal representative of a deceased Shareholder may transfer a Share even though the personal representative is not a Shareholder at the time of the transfer. |
| **7.** | **MEETINGS AND CONSENTS OF SHAREHOLDERS** |
| 7.1. | Any director of the Company may convene meetings of the Shareholders at such times and in such manner and places within or outside the British Virgin Islands as the director considers necessary or desirable. |
| 7.2. | Upon the written request of Shareholders entitled to exercise 30 percent or more of the voting rights in respect of the matter for which the meeting is requested the directors shall convene a meeting of Shareholders. |
| 7.3. | The director convening a meeting shall give not less than 7 days' notice of a meeting of Shareholders to: |
| (a) | those Shareholders whose names on the date the notice is given appear as Shareholders in the register of members and are entitled to vote at the meeting; and |
| (b) | the other directors. |
| 7.4. | The director convening a meeting of Shareholders may fix as the record date for determining those Shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice. |
| 7.5. | A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders holding at least 90 percent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder holds. |
| 7.6. | The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder or another director, or the fact that a Shareholder or another director has not received notice, does not invalidate the meeting. |
| 7.7. | A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf of the Shareholder. |

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7.8. The instrument appointing a proxy shall be produced at the place designated for the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented.

7.9. The instrument appointing a proxy shall be in substantially the following form or such other form as the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [COMPANY NAME]<br>(the "**Company**")<br>I/We, ……………………………, being a Shareholder of the Company HEREBY APPOINT ………………………………… of …………………………… or failing him ………..……………… of to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the …… day of …………..…………, 20…… and at any adjournment thereof.<br>(Any restrictions on voting to be inserted here.)<br>Signed this …… day of …………..…………, 20……<br>……………………………<br> Shareholder<br>

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| 7.10. | The following applies where Shares are jointly owned: |
| (a) | if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting of Shareholders and may speak as a Shareholder; |
| (b) | if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and |
| (c) | if two or more of the joint owners are present in person or by proxy they must vote as one. |
| 7.11. | A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by telephone or other electronic means and all Shareholders participating in the meeting are able to hear each other. |
| 7.12. | A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less than 50 percent of the votes of the Shares entitled to vote on Resolutions of Shareholders to be considered at the meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Shareholders. |
| 7.13. | If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. |

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7.14. At every meeting of Shareholders, the Chairman of the Board shall preside as chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present at the meeting, the Shareholders present shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

7.15. The chairman may, with the consent of the meeting, adjourn any 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.

7.16. At any meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any Shareholder present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting.

7.17. Subject to the specific provisions contained
in this Regulation for the appointment of representatives of Persons other than individuals the right of any individual to speak for
or represent a Shareholder shall be determined by the law of the jurisdiction where, and by the documents by which, the Person is constituted
or derives its existence. In case of doubt, the directors may in good faith seek legal advice from any qualified person and unless and
until a court of competent jurisdiction shall otherwise rule, the directors may rely and act upon such advice without incurring any liability
to any Shareholder or the Company.

7.18. Any Person other than an individual which is a Shareholder may by resolution of its directors or other governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which he represents as that Shareholder could exercise if it were an individual.

7.19. The chairman of any meeting at which a vote is cast by proxy or on behalf of any Person other than an individual may call for a notarially certified copy of such proxy or authority which shall be produced within 7 days of being so requested or the votes cast by such proxy or on behalf of such Person shall be disregarded.

7.20. Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting of the holders of any class or series of Shares.

7.21. An action that may be taken by the Shareholders at a meeting may also be taken by a resolution consented to in writing, without the need for any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not consenting to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Shareholders holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts.

**8.** **DIRECTORS** 

8.1. The first
directors of the Company shall be appointed by the first registered agent within 6 months of the date of incorporation of the Company;
and thereafter, the directors shall be elected by Resolution of Shareholders or by Resolution of Directors.

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| 8.2. | No person shall be appointed as a director, alternate director, or nominated as a reserve director, of the Company unless he has consented in writing to be a director, alternate director or to be nominated as a reserve director respectively. |
| 8.3. | Subject to Sub-Regulation 8.1, the minimum number of directors shall be one and there shall be no maximum number. |
| 8.4. | Each director holds office for the term, if any, fixed by the Resolution of Shareholders or the Resolution of Directors appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his earlier death, resignation or removal. |
| 8.5. | A director may be removed from office, |
| (a) | with or without cause, by Resolution of Shareholders passed at a meeting of Shareholders called for the purposes of removing the director or for purposes including the removal of the director or by a written resolution passed by at least 75 percent of the votes of the Shareholders of the Company entitled to vote; or |
| (b) | with cause, by Resolution of Directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director. |
| 8.6. | A director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company or from such later date as may be specified in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the Act. |
| 8.7. | The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a director ceased to hold office. |
| 8.8. | A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term of office. |
| 8.9. | Where the Company only has one Shareholder who is an individual and that Shareholder is also the sole director of the Company, the sole Shareholder/director may, by instrument in writing, nominate a person who is not disqualified from being a director of the Company as a reserve director of the Company to act in the place of the sole director in the event of his death. |
| 8.10. | The nomination of a person as a reserve director of the Company ceases to have effect if: |
| (a) | before the death of the sole Shareholder/director who nominated him, |
| (i) | he resigns as reserve director, or |
| (ii) | the sole Shareholder/director revokes the nomination in writing; or |
| (b) | the sole Shareholder/director who nominated him ceases to be able to be the sole Shareholder/director of the Company for any reason other than his death. |
| 8.11. | The Company shall keep a register of directors (the "**register of directors**") containing: |
| (a) | in the case of an individual director or alternate director, the particulars stated in section 118A(1)(a) of the Act; |
| (b) | in the case of a corporate director, the particulars stated in section 118A(1)(b) of the Act; and |
| (c) | such other information as may be prescribed by the Act. |

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| 8.12. | The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors. |
| 8.13. | The Company shall file for registration with the Registrar a copy of its register of directors (and any changes to the register of directors) in accordance with the provisions of the Act. |
| 8.14. | The directors may, by Resolution of Directors, fix the emoluments of directors with respect to services to be rendered in any capacity to the Company. |
| 8.15. | A director is not required to hold a Share as a qualification to office. |
| 8.16. | A director, by written instrument deposited at the registered office of the Company may from time to time appoint another director or another person who is not disqualified for appointment as a director under section 111 of the Act to be his alternate to: |
| (a) | exercise the appointing director's powers; and |
| (b) | carry out the appointing director's responsibilities, |
|  | in relation to the taking of decisions by the directors in the absence of the appointing director. |
| 8.17. | No person shall be appointed as an alternate director unless he has consented in writing to be an alternate director. The appointment of an alternate director does not take effect until written notice of the appointment has been deposited at the registered office of the Company. |
| 8.18. | The appointing director may, at any time, terminate or vary the alternate's appointment. The termination or variation of the appointment of an alternate director does not take effect until written notice of the termination or variation has been deposited at the registered office of the Company, save that if a director shall die or cease to hold the office of director, the appointment of his alternate shall thereupon cease and terminate immediately without the need of notice. |
| 8.19. | An alternate director has no power to appoint an alternate, whether of the appointing director or of the alternate director. |
| 8.20. | An alternate director has the same rights as the appointing director in relation to any directors' meeting and any written resolution of directors circulated for written consent. Unless stated otherwise in the notice of the appointment of the alternate, or a notice of variation of the appointment, if undue delay or difficulty would be occasioned by giving notice to a director of a resolution of which his approval is sought in accordance with these Articles his alternate (if any) shall be entitled to signify approval of the same on behalf of that director. Any exercise by the alternate director of the appointing director's powers in relation to the taking of decisions by the directors is as effective as if the powers were exercised by the appointing director. An alternate director does not act as an agent of or for the appointing director and is liable for his own acts and omissions as an alternate director. |
| 8.21. | The remuneration of an alternate director (if any) shall be payable out of the remuneration payable to the director appointing him (if any), as agreed between such alternate and the director appointing him. |
| **9.** | **POWERS OF DIRECTORS** |
| 9.1. | The business and affairs of the Company shall be managed by, or under the direction or supervision of, the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders. |

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9.2. Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

9.3. If the Company is the wholly owned subsidiary of a holding company, a director of the Company may, when exercising powers or performing duties as a director, act in a manner which he believes is in the best interests of the holding company even though it may not be in the best interests of the Company.

9.4. Any director which is a body corporate may appoint any individual as its duly authorised representative for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

9.5. The continuing directors may act notwithstanding any vacancy in their body.

9.6. The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

9.7. All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors.

9.8. For the purposes of Section
175 (*Disposition of assets*) of the Act, the directors may by Resolution of Directors determine that any sale, transfer, lease,
exchange or other disposition is in the usual or regular course of the business carried on by the Company and such determination is,
in the absence of fraud, conclusive.

**10.** **PROCEEDINGS OF DIRECTORS** 

10.1. Any one director of the Company may call a meeting of the directors by sending a written notice to each other director.

10.2. The directors of the Company or any committee thereof may meet at such times and in such manner and places within or outside the British Virgin Islands as the directors may determine to be necessary or desirable.

10.3. A director is deemed to be present at a meeting of directors if he participates by telephone or other electronic means and all directors participating in the meeting are able to hear each other.

10.4. A director shall be given not less than 3 days' notice of meetings of directors, but a meeting of directors held without 3 days' notice having been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received the notice, does not invalidate the meeting.

10.5. A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than one-half of the total number of directors, unless there are only 2 directors in which case the quorum is 2.

10.6. If the Company has only one
 director the provisions herein contained for meetings of directors do not apply and such sole director has full power to represent
 and act for the Company in all matters as are not by the Act, the Memorandum or the Articles required to be exercised by the
 Shareholders. In lieu of minutes of a meeting the sole director shall record in writing and sign a note or memorandum of all matters
 requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution for all
 purposes.

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| 10.7. | At meetings of directors at which the Chairman of the Board is present, he shall preside as chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the directors present shall choose one of their number to be chairman of the meeting. |
| 10.8. | An action that may be taken by the directors or a committee of directors at a meeting may also be taken by a Resolution of Directors or a resolution of a committee of directors consented to in writing or by telex, telegram, cable or other written electronic communication by a majority of the directors or by a majority of the members of the committee, as the case may be, without the need for any notice. A written resolution consented to in such manner may consist of several documents, including written electronic communication, in like form each signed or assented to by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the date upon which the last director has consented to the resolution by signed counterparts. |
| **11.** | **COMMITTEES** |
| 11.1. | The directors may, by Resolution of Directors, designate one or more committees, each consisting of one or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee. |
| 11.2. | The directors have no power to delegate to a committee of directors any of the following powers: |
| (a) | to amend the Memorandum or the Articles; |
| (b) | to designate committees of directors; |
| (c) | to delegate powers to a committee of directors; |
| (d) | to appoint or remove directors; |
| (e) | to appoint or remove an agent; |
| (f) | to approve a plan of merger, consolidation or arrangement; |
| (g) | to make a declaration of solvency or to approve a liquidation plan; or |
| (h) | to make a determination that immediately after a proposed Distribution the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. |
| 11.3. | Sub-Regulation 11.2(b) and (c) do not prevent a committee of directors, where authorised by the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and delegating powers exercisable by the committee to the sub-committee. |
| 11.4. | The meetings and proceedings of each committee of directors consisting of 2 or more directors shall be governed *mutatis mutandis* by the provisions of the Articles regulating the proceedings of directors so far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee. |
| 11.5. | Where the directors delegate their powers to a committee of directors they remain responsible for the exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act. |

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| **12.** | **OFFICERS AND AGENTS** |
| 12.1. | The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered necessary or expedient. Such officers may consist of a Chairman of the Board of Directors, a president and one or more vice-presidents, secretaries and treasurers and such other officers as may from time to time be considered necessary or expedient. Any number of offices may be held by the same person. |
| 12.2. | The officers shall perform such duties as are prescribed at the time of their appointment subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific prescription of duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and Shareholders, the president to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the president but otherwise to perform such duties as may be delegated to them by the president, the secretaries to maintain the register of members, minute books and records (other than financial records) of the Company and to ensure compliance with all procedural requirements imposed on the Company by applicable law, and the treasurer to be responsible for the financial affairs of the Company. |
| 12.3. | The emoluments of all officers shall be fixed by Resolution of Directors. |
| 12.4. | The officers of the Company shall hold office until their successors are duly appointed, but any officer elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may be filled by Resolution of Directors. |
| 12.5. | The directors may, by Resolution of Directors, appoint any person, including a person who is a director, to be an agent of the Company. |
| 12.6. | An agent of the Company shall have such powers and authority of the directors, including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent has any power or authority with respect to the following: |
| (a) | to amend the Memorandum or the Articles; |
| (b) | to change the registered office or agent; |
| (c) | to designate committees of directors; |
| (d) | to delegate powers to a committee of directors; |
| (e) | to appoint or remove directors; |
| (f) | to appoint or remove an agent; |
| (g) | to fix emoluments of directors; |
| (h) | to approve a plan of merger, consolidation or arrangement; |
| (i) | to make a declaration of solvency or to approve a liquidation plan; |
| (j) | to make a determination that immediately after a proposed Distribution the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due; or |
| (k) | to authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands. |
| 12.7. | The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company. |

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| 12.8. | The directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him. |
| **13.** | **CONFLICT OF INTERESTS** |
| 13.1. | A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company. |
| 13.2. | For the purposes of Sub-Regulation 13.1, a disclosure to all other directors to the effect that a director is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure of the interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction. |
| 13.3. | A director of the Company who is interested in a transaction entered into or to be entered into by the Company may: |
| (a) | vote on a matter relating to the transaction; |
| (b) | attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; and |
| (c) | sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction, |
|  | and, subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit. |
| **14.** | **INDEMNIFICATION** |
| 14.1. | Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who: |
| (a) | is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company; or |
| (b) | is or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise. |
| 14.2. | The indemnity in Sub-Regulation 14.1 only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful. |
| 14.3. | For the purposes of Sub-Regulation 14.2, a director acts in the best interests of the Company if he acts in the best interests of |
| (a) | the Company's holding company; or |
| (b) | a Shareholder or Shareholders; |
|  | in either case, in the circumstances specified in Sub-Regulation 9.3 or the Act, as the case may be. |
| 14.4. | The decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved. |

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|:---|:---|
| 14.5. | The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a *nolle prosequi* does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful. |
| 14.6. | Expenses, including legal fees, incurred by a director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the director to repay the amount if it shall ultimately be determined that the director is not entitled to be indemnified by the Company in accordance with Sub-Regulation 14.1. |
| 14.7. | Expenses, including legal fees, incurred by a former director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the former director to repay the amount if it shall ultimately be determined that the former director is not entitled to be indemnified by the Company in accordance with Sub-Regulation 14.1 and upon such terms and conditions, if any, as the Company deems appropriate. |
| 14.8. | The indemnification and advancement of expenses provided by, or granted pursuant to, this section is not exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement, Resolution of Shareholders, resolution of disinterested directors or otherwise, both as acting in the person's official capacity and as to acting in another capacity while serving as a director of the Company. |
| 14.9. | If a person referred to in Sub-Regulation 14.1 has been successful in defence of any proceedings referred to in Sub-Regulation 14.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings. |
| 14.10. | The Company may purchase and maintain insurance in relation to any person who is or was a director, officer or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles. |
| **15.** | **RECORDS AND UNDERLYING DOCUMENTATION** |
| 15.1. | The Company shall keep the following documents at the office of its registered agent: |
| (a) | the Memorandum and the Articles; |
| (b) | the register of members, or a copy of the register of members; |
| (c) | the register of directors, or a copy of the register of directors; and |
| (d) | copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs in the previous 10 years. |
| 15.2. | Until the directors determine otherwise by Resolution of Directors the Company shall keep the original register of members and original register of directors at the office of its registered agent. |
| 15.3. | If the Company maintains only a copy of the register of members or a copy of the register of directors at the office of its registered agent, it shall: |
| (a) | within 15 days of any change in either register, notify the registered agent in writing of the change; and |
| (b) | provide the registered agent with a written record of the physical address of the place or places at which the original register of members or the original register of directors is kept. |

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| | |
|:---|:---|
| 15.4. | Where the original register of members or the original register of directors is maintained other than at the office of the registered agent, and the place at which the original records is changed, the Company shall provide the registered agent with the physical address of the new location of the records of the Company within 14 days of the change of location. |
| 15.5. | The Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the directors may determine: |
| (a) | the records and underlying documentation of the Company; |
| (b) | minutes of meetings and Resolutions of Shareholders and classes of Shareholders; |
| (c) | minutes of meetings and Resolutions of Directors and committees of directors; and |
| (d) | an impression of the Seal. |
| 15.6. | The records and underlying documentation of the Company shall be in such form as: |
| (a) | are sufficient to show and explain the Company's transactions; and |
| (b) | will, at any time, enable the financial position of the Company to be determined with reasonable accuracy. |
| 15.7. | The Company shall retain the records and underlying documentation for a period of at least five years from the date: |
| (a) | of completion of the transaction to which the records and underlying documentation relate; or |
| (b) | the Company terminates the business relationship to which the records and underlying documentation relate. |
| 15.8. | Where the records and underlying documentation of the Company are kept at a place or places other than at the office of its registered agent, the Company shall provide the registered agent with a written: |
| (a) | record of the physical address of the place at which the records and underlying documentation are kept; and |
| (b) | record of the name of the person who maintains and controls the Company's records and underlying documentation. |
| 15.9. | Where the place or places at which the records and underlying documentation of the Company, or the name of the person who maintains and controls the Company's records and underlying documentation, change, the Company shall, within 14 days of the change, provide its registered agent with: |
| (a) | the physical address of the new location of the records and underlying documentation; or |
| (b) | the name of the new person who maintains and controls the Company's records and underlying documentation. |
| 15.10. | The Company shall file with its registered agent in accordance with section 98A(2) of the Act, financial returns in respect of each calendar year, or if the Company's fiscal or financial year is not a calendar year, the fiscal or financial year of the Company. |
| 15.11. | The Company shall provide its registered agent without delay any records and underlying documentation in respect of the Company that the registered agent requests pursuant to the Act or that the Company is required to file with its registered agent pursuant to the Act. |
| 15.12. | The records and underlying documentation kept by the Company under this Regulation shall be in written form or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act, 2001 (No. 5 of 2001) as from time to time amended or re-enacted. |

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| | |
|:---|:---|
| **16.** | **REGISTER OF CHARGES** |

| (a) | the date of creation of the charge; |
| (b) | a short description of the liability secured by the charge; |
| (c) | a short description of the property charged; |
| (d) | the name and address of the trustee for the security or, if there is no such trustee, the name and address of the chargee; |
| (e) | unless the charge is a security to bearer, the name and address of the holder of the charge; and |
| (f) | details of any prohibition or restriction contained in the instrument creating the charge on the power of the Company to create any future charge ranking in priority to or equally with the charge. |
| 16.2. | Where a change occurs in the relevant charges or in the details of the charges required to be recorded in the Company's register of charges maintained in accordance with Sub-Regulation 16.1, the Company shall, within 14 days of the change occurring, transmit details of the change to the registered agent. |
| **17.** | **SEAL** |
|  | The Company shall have a Seal and may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described. |
| **18.** | **DISTRIBUTIONS** |
| 18.1. | The directors of the Company may, by Resolution of Directors, authorise a Distribution at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the Distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due. |
| 18.2. | Distributions may be paid in money, Shares, or other property. |
| 18.3. | Notice of any Distribution that may have been declared shall be given to each Shareholder as specified in Sub-Regulation 20.1 and all Distributions unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors for the benefit of the Company. |
| 18.4. | No Distributions shall bear interest as against the Company and no Distribution shall be paid on Treasury Shares. |

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| | |
|:---|:---|
| **19.** | **ACCOUNTS AND AUDIT** |
| 19.1. | The Company shall keep records that are sufficient to show and explain the Company's transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy. |
| 19.2. | The Company may by Resolution of Shareholders call for the directors to prepare periodically and make available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities of the Company as at the end of a financial period. |
| 19.3. | The Company may by Resolution of Shareholders call for the accounts to be examined by auditors. |
| 19.4. | The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed by Resolution of Shareholders or by Resolution of Directors. |
| 19.5. | The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor of the Company during their continuance in office. |
| 19.6. | The remuneration of the auditors of the Company may be fixed by Resolution of Directors. |
| 19.7. | The auditors shall examine each profit and loss account and balance sheet required to be laid before a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not: |
| (a) | in their opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that period; and |
| (b) | all the information and explanations required by the auditors have been obtained. |
| 19.8. | The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders at which the accounts are laid before the Company or shall be otherwise given to the Shareholders. |
| 19.9. | Every auditor of the Company shall have a right of access at all times to the books of account and vouchers of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he thinks necessary for the performance of the duties of the auditors. |
| 19.10. | The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders at which the Company's profit and loss account and balance sheet are to be presented. |
| **20.** | **NOTICES** |
| 20.1. | Any notice, information or written statement to be given by the Company to Shareholders may be given by personal service or by mail addressed to each Shareholder at the address shown in the register of members. |
| 20.2. | Any summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail to, the registered agent of the Company. |

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| | |
|:---|:---|
| 20.3. | Service of any summons, notice, order, document, process, information or written statement to be served on the Company may be proved by showing that the summons, notice, order, document, process, information or written statement was delivered to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered to the registered office or the registered agent of the Company in the normal course of delivery within the period prescribed for service and was correctly addressed and the postage was prepaid. |
| **21.** | **VOLUNTARY LIQUIDATION** |
|  | The Company may by Resolution of Shareholders or, subject to section 199(2) of the Act, by Resolution of Directors appoint an eligible individual physically resident in the British Virgin Islands for not less than 180 days prior to his or her appointment, as voluntary liquidator. |
| **22.** | **CONTINUATION** |
|  | The Company may by Resolution of Shareholders or by a Resolution of Directors, subject to section 184(1) of the Act, continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws. |

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We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association the 16th day of April, 2024.

Incorporator

/s/ Rexella D. Hodge

(Sd.) Rexella D. Hodge

Authorised Signatory

Vistra (BVI) Limited

## Exhibit 3.2

**Exhibit 3.2**

**BVI COMPANY NUMBER: 2146465**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT, 2004** 

**THIRD AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**GIFTS INTERNATIONAL HOLDINGS LIMITED**

(As adopted by resolutions of members dated 15 May 2025)

(Filed on 27 May 2025)

**Territory of the British Virgin Islands**

**The BVI Business Companies Act 2004**

**Third Amended and Restated Memorandum of Association**

**of**

**Gifts International Holdings Limited**

**A company limited by shares**

(As adopted by resolutions of members dated 15 May 2025)

(filed on 27 May 2025)

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| | |
|:---|:---|
| 1 | Name |

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The name of the Company is Gifts International Holdings Limited.

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| | |
|:---|:---|
| 2 | Status |

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The Company shall be a company limited by shares.

3 Registered office and registered agent

3.1 The first registered office of the Company is at Vistra Corporate Services Centre, Wickhams Cay II, Road
Town, Tortola, VG1110, British Virgin Islands, the office of the first registered agent.

3.2 The first registered agent of the Company is Vistra (BVI) Limited of Vistra Corporate Services Centre,
Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

3.3 The Company may change its registered office or registered agent by a Resolution of Directors or a Resolution
of Members. The change shall take effect upon the Registrar registering a notice of change filed under section 92 of the Act.

4 Capacity and power

4.1 The Company has, subject to the Act and any other British Virgin Islands legislation for the time being
in force, irrespective of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full capacity to carry on or undertake any business or activity, do any act or enter into any transaction;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph 4.1(a), full rights, powers and privileges.

4.2 There are subject to Clause 4.1, no limitations on the business that the Company may carry on.

5 Number and classes of Shares

5.1 The Company is authorised to issue a maximum of 165,000,000,000 no par value shares divided into (i) 164,700,000,000
no par value Class A Ordinary Shares and (ii) 300,000,000 no par value Class B Ordinary Shares.

5.2 The Company may at the discretion of the Board of Directors, but shall not otherwise be obliged to, issue
fractional Shares or round up or down fractional holdings of Shares to its nearest whole number and a fractional Share (if authorised
by the Board of Directors) may have the corresponding fractional
rights, obligations and liabilities of a whole share of the same class or series of shares.

6 Designations powers preferences of Shares

6.1 Each Class A Ordinary Share in the Company confers upon the Member (unless waived by such Member):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one vote at a meeting of the Members of the Company or on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any distribution by way of dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

6.2 Each Class B Ordinary Share in the Company confers upon the Member (unless waived by such Member):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to twenty votes at a meeting of the Members of the Company or on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any distribution by way of dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

6.3 Each Class B Ordinary Share shall be convertible, at the option of the holder thereof, at any time after
the date of issuance of such Share, at the office of the Company or any transfer agent for such Shares, into one fully paid and non-assessable
Class A Ordinary Share. The Directors shall at all times reserve and keep available out of the Company's authorised but unissued
Class A Ordinary Shares, solely for the purpose of effecting the conversion of the Class B Ordinary Shares, such number of its Class A
Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Ordinary Shares; and if at
any time the number of authorised but unissued Class A Ordinary Shares shall not be sufficient to effect the conversion of all then outstanding
Class B Ordinary Shares, in addition to such other remedies as shall be available to the holders of such Class B Ordinary Shares, the
Directors will take such action as may be necessary to increase its authorised but unissued Class A Ordinary Shares to such number of
Shares as shall be sufficient for such purposes. For the avoidance of doubt, Class A Ordinary Shares shall under no circumstances be converted
into Class B Ordinary Shares.

6.4 The Directors may at their discretion by Resolution of Directors redeem, purchase or otherwise acquire
all or any of the Shares in the Company subject to Regulation 3 and Regulation 6 of the Articles.

6.5 The Directors have the authority and the power by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to authorise and create additional classes of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fix the designations, powers, preferences, rights, qualifications, limitations and restrictions, if
any, appertaining to any and all classes of shares that may be authorised to be issued under this Memorandum.

7 Variation of rights

The rights attached to Shares as specified in Clause 6 may only, whether or not the Company is being wound up, be varied with the consent in writing of or by a resolution passed at a meeting by the holders of more than 50 per cent (50%) of the issued Shares of that class.

8 Rights not varied by the issue of Shares pari passu

The rights conferred upon the holders of the Shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking pari passu therewith.

9 Registered Shares

9.1 The Company shall issue registered shares only.

9.2 The Company is not authorised to issue bearer shares, convert registered shares to bearer shares or exchange
registered shares for bearer shares.

10 Transfer of Shares

10.1 A share may be transferred in accordance with Regulation 4 of the Articles.

11 Amendment of Memorandum and Articles

11.1 The Company may amend its Memorandum or Articles by a Resolution of Members or by a Resolution of Directors,
save that no amendment may be made by a Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Members to amend the Memorandum or Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the percentage of Members required to pass a Resolution of Members to amend the Memorandum or
Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where the Memorandum or Articles cannot be amended by the Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to Clauses 7 or 8 or this Clause 11.

12 Definitions and interpretation

12.1 In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the
subject or context:

**Act** means the BVI Business Companies Act, 2004 and includes the regulations made under the Act;

**Articles** means the attached Articles of Association of the Company;

**Board of Directors** means the board of directors of the Company;

**Business Days** means a day other than a Saturday or Sunday or any other day on which commercial banks in New York are required or are authorised to be closed for business;

**Chairman of the Board** and **Chairman** has the meaning specified in Regulation 13;

**Class A Ordinary Share** means an Ordinary Share designated by the Directors of the Company as a Class A Ordinary Share;

**Class B Ordinary Share** means an Ordinary Share designated by the Directors of the Company as a Class B Ordinary Share;

**Designated Stock Exchange** means the Capital Market of The Nasdaq Stock Market LLC. provided, however, that until the Shares of any class are listed on the Designated Stock Exchange, the rules of the Designated Stock Exchange shall be inapplicable to the Company and this Memorandum or the Articles;

**Director** means any director of the Company, from time to time;

**Distribution** in relation to a distribution by the Company means the direct or indirect transfer of an asset, other than Shares, to or for the benefit of a Member in relation to Shares held by a Member, and whether by means of a purchase of an asset, the redemption or other acquisition of Shares, a distribution of indebtedness or otherwise, and includes a dividend;

**Eligible Person** means individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

**Enterprise** means the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which an Indemnitee is or was serving at the request of the Company as a Director, Officer, trustee, general partner, managing member, fiduciary, employee or agent;

**Exchange Act** means the United States Securities Exchange Act of 1934, as amended and the rules and regulations thereunder;

**Expenses** shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all legal fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses, in each case reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding, including reasonable compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses shall also include any or all of the foregoing expenses incurred in connection with all judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred (whether by an Indemnitee, or on his behalf) in connection with such Proceeding or any claim, issue or matter therein, or any appeal resulting from any Proceeding, including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, but shall not include amounts paid in settlement by an Indemnitee or the amount of judgments or fines against an Indemnitee;

**Indemnitee** means any person detailed in sub regulations (a) and (b) of Regulation 15.

**IPO** means the initial public offering of securities or other rights to receive or subscribe for securities of the Company;

**Listing** means the listing of the Company on the Nasdaq Capital Market;

**Member** means an Eligible Person whose name is entered in the share register of the Company as the holder of one or more Shares or fractional Shares;

**Memorandum** means this Memorandum of Association of the Company;

**Officer** means any officer of the Company, from time to time;

**Ordinary Share** means a share that the Company is authorised to issue and issued as a Class A Ordinary Share or as a Class B Ordinary Share. In the Articles, the term Ordinary Share shall embrace all classes of Ordinary Shares except where reference is made to a specific class;

**Proceeding** means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the name of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative nature, in which an Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that such Indemnitee is or was a Director or Officer of the Company, by reason of any action (or failure to act) taken by him or of any action (or failure to act) on his part while acting as a Director, Officer, employee or adviser of the Company, or by reason of the fact that he is or was serving at the request of the Company as a Director, Officer, trustee, general partner, managing member, fiduciary, employee, adviser or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under these Articles;

**relevant system** means a relevant system for the holding and transfer of shares in uncertificated form;

**Resolution of Directors** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee
of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where
a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by all directors or by all members of a committee of directors of
the Company, as the case may be;

**Resolution of Members** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of the Members of the Company by the
affirmative vote of a majority of the votes of the Shares entitled to vote thereon which were present at the meeting and were voted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by a majority of the votes of Shares entitled to vote thereon;

**Seal** means any seal which has been duly adopted as the common seal of the Company;

**SEC** means the United States Securities and Exchange Commission;

**Securities** means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire shares or debt obligations;

**Securities Act** means the United States Securities Act of 1933, as amended;

**Share** means a share issued or to be issued by the Company and **Shares** shall be construed accordingly;

**Treasury Share** means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled; and

**written** or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and **in writing** shall be construed accordingly.

12.2 In the Memorandum and the Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a **Regulation** is a reference to a regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a **Clause** is a reference to a clause of the Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting by Member is a reference to the casting of the votes attached to the Shares held by the Member
voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the singular includes the plural and vice versa.

12.3 Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning
in the Memorandum and Articles unless otherwise defined herein.

12.4 Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and
Articles.

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign this Memorandum of Association the 16th day of April, 2024.

Incorporator

(Sd.) Rexella D. Hodge

Authorised Signatory

Vistra (BVI) Limited

**Territory of the British Virgin Islands**

**The BVI Business Companies Act 2004**

**Third Amended and Restated Articles of Association**

**of**

**Gifts International Holdings Limited**

**A company limited by shares**

(As adopted by resolutions of members dated 15 May 2025)

(filed on 27 May 2025)

1 Registered Shares

1.1 Every Member is entitled to a certificate signed by a director of the Company or under the Seal specifying
the number of Shares held by him and the signature of the director and the Seal may be facsimiles.

1.2 Any Member 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. If a certificate for Shares is worn out or lost it may be renewed on production of the worn
out certificate or on satisfactory proof of its loss together with such indemnity as may be required by a Resolution of Directors.

1.3 If several Eligible Persons are registered as joint holders of any Shares, any one of such Eligible Persons
may give an effectual receipt for any Distribution.

1.4 Nothing in these Articles shall require title to any Shares or other Securities to be evidenced by a certificate
if the Act and the rules of the Designated Stock Exchange permit otherwise.

1.5 Subject to the Act and the rules of the Designated Stock Exchange, the Board of Directors without further
consultation with the holders of any Shares or Securities may resolve that any class or series of Shares or other Securities in issue
or to be issued from time to time may be issued, registered or converted to uncertificated form and the practices instituted by the operator
of the relevant system. No provision of these Articles will apply to any uncertificated shares or Securities to the extent that they are
inconsistent with the holding of such shares or securities in uncertificated form or the transfer of title to any such shares or securities
by means of a relevant system.

1.6 Conversion of Shares held in certificated form into Shares held in uncertificated form, and vice versa,
may be made in such manner as the Board of Directors, in its absolute discretion, may think fit (subject always to the requirements of
the relevant system concerned). The Company or any duly authorised transfer agent shall enter on the register of members how many Shares
are held by each member in uncertificated form and certificated form and shall maintain the register of members in each case as is required
by the relevant system concerned. Notwithstanding any provision of these Articles, a class or series of Shares shall not be treated as
two classes by virtue only of that class or series comprising both certificated shares and uncertificated shares or as a result of any
provision of these Articles which applies only in respect of certificated shares or uncertificated shares.

1.7 Nothing contained in Regulation 1.5 and 1.6 is meant to prohibit the Shares from being able to trade electronically.
For the avoidance of doubt, Shares shall only be traded and transferred electronically upon consummation of the IPO.

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2.1 Subject to the provisions of these Articles and, where applicable, the rules of the Designated Stock Exchange,
the unissued Shares of the Company shall be at the disposal of the Directors and Shares and other Securities may be issued and option
to acquire Shares or other Securities may be granted at such times, to such Eligible Persons, for such consideration and on such terms
as the directors may by Resolution of Directors determine.

2.2 Section 46 of the Act does not apply to the Company.

2.3 A Share may be issued for consideration in any form, including money, a promissory note, real property,
personal property (including goodwill and know-how) or a contract for future services.

2.4 No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been
passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, in their opinion, the present cash value of the non-money consideration for the issue is not less
than the amount to be credited for the issue of the Shares.

2.5 Subject to Regulation 2.6, the Company shall keep a register (the **share register**) containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of each class and series of Shares held by each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the name of each Member was entered in the share register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any Eligible Person ceased to be a Member.

2.6 Where the Company or any of its Shares is listed on a Designated Stock Exchange, the company may keep
a share register containing the information referred to in Regulation 2.5 or such other information as these Articles permit or as may
be approved by a Resolution of Members.

2.7 The share register may be in any such form as the directors may approve, but if it is in magnetic, electronic
or other data storage form, the Company must be able to produce legible evidence of its contents. Until the directors otherwise determine,
the magnetic, electronic or other data storage form shall be the original share register.

2.8 A Share is deemed to be issued when the name of the Member is entered in the share register.

2.9 Subject to the provisions of the Act, Shares may be issued on the terms that they are redeemable, or at
the option of the Company be liable to be redeemed on such terms and in such manner as the Directors before or at the time of the issue
of such Shares may determine. The Directors may issue options, warrants or convertible securities or securities of a similar nature conferring
the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or Securities on such terms as the Directors
may from time to time determine. Notwithstanding the foregoing, the Directors may also issue options, warrants, other rights to acquire
shares or convertible securities in connection with the Company's IPO.

3 Forfeiture

3.1 Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation
and for this purpose Shares issued for a promissory note or a contract for future services are deemed to be not fully paid.

3.2 A written notice of call specifying the date for payment to be made shall be served on the Member who
defaults in making payment in respect of the Shares.

3.3 The written notice of call referred to in Regulation 3.2 shall name a further date not earlier than the
expiration of fourteen (14) days from the date of service of the notice on or before which the payment required by the notice is to be
made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them,
in respect of which payment is not made will be liable to be forfeited.

3.4 Where a written notice of call has been issued pursuant to Regulation 3.2 and the requirements of the
notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which the
notice relates.

3.5 The Company is under no obligation to refund any moneys to the Member whose Shares have been cancelled
pursuant to Regulation 3.4 and that Member shall be discharged from any further obligation to the Company.

4 Transfer of Shares

4.1 Subject to the Memorandum shares may be transferred by a written instrument of transfer signed by the
transferor and containing the name and address of the transferee, which shall be sent to the Company for registration.

4.2 A member shall be entitled to transfer uncertificated shares by means of a relevant system and the operator
of the relevant system shall act as agent of the Members for the purposes of the transfer of such uncertificated shares.

4.3 The transfer of a Share is effective when the name of the transferee is entered on the share register.

4.4 If the directors of the Company are satisfied that an instrument of transfer relating to Shares has been
signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the transferee's name should be entered in the share register notwithstanding the absence of the
instrument of transfer.

4.5 Subject to the Memorandum, the personal representative of a deceased Member may transfer a Share even
though the personal representative is not a Member at the time of the transfer.

4.6 Except in relation to a transfer made pursuant to Regulation 4.2, the Directors may decline to register
a transfer of an Ordinary Share which (i) is not fully paid up or on which the Company has a lien; or (ii) in the case of a transfer to
joint holders, the number of joint holders to whom the share is to be transferred exceeds four (4). If the Directors refuse to register
a transfer they shall, within one (1) month after the date on which the instrument of transfer was lodged, send to each of the transferor
and the transferee notice of such refusal.

4.7 A member wishing to transfer a Share is liable to pay to the Company a fee of such maximum sum as the
Designated Stock Exchange may determine to be payable, or such lesser sum as the Director may from time to time require, is paid to the
Company in respect of such transfer.

4.8 The registration of transfers may, on fourteen (14) days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as the 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 thirty (30) days in any year.

5 Distributions

5.1 The directors of the Company may, by Resolution of Directors, authorise a distribution at a time and of
an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's
assets will exceed its liabilities and the Company will be able to pay its debts as and when they fall due.

5.2 Dividends may be paid in money, shares, or other property.

5.3 The Company may, by Resolution of Directors, from time to time pay to the Members such interim dividends
as appear to the directors to be justified by the profits of the Company, provided always that they are satisfied, on reasonable grounds,
that, immediately after the distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to
pay its debts as and when they fall due.

5.4 Notice in writing of any dividend that may have been declared shall be given to each Member in accordance
with Regulation 21 and all dividends unclaimed for three years after such notice has been given to a Member may be forfeited by Resolution
of Directors for the benefit of the Company.

5.5 No dividend shall bear interest as against the Company.

6 Redemption of Shares and Treasury Shares

6.1 The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may
not purchase, redeem or otherwise acquire its own Shares without the consent of the Member whose Shares are to be purchased, redeemed
or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem
or otherwise acquire the Shares without such consent.

6.2 The purchase redemption or other acquisition by the Company of its own Shares is deemed not to be a distribution
where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company purchases, redeems or otherwise acquires the Shares pursuant to a right of a Member to have
his Shares redeemed or to have his shares exchanged for money or other property of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company purchases, redeems or otherwise acquires the Shares by virtue of the provisions of section
179 of the Act.

6.3 Sections 60, 61 and 62 of the Act shall not apply to the Company.

6.4 Shares that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may be cancelled
or held as Treasury Shares except to the extent that such Shares are in excess of 50 percent of the issued Shares in which case they shall
be cancelled but they shall be available for reissue.

6.5 All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the
Company while it holds the Share as a Treasury Share.

6.6 Treasury Shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent
with the Memorandum and Articles) as the Company may by Resolution of Directors determine.

6.7 Where Shares are held by another body corporate of which the Company holds, directly or indirectly, shares
having more than 50 per cent (50%) of the votes in the election of directors of the other body corporate, all rights and obligations attaching
to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate.

7 Mortgages and charges of Shares

7.1 A Member may by an instrument in writing mortgage or charge his Shares.

7.2 There shall be entered in the share register at the written request of the Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Shares held by him are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the particulars specified in subparagraphs 7.2(a) and 7.2(b) are entered in the share
register.

7.3 Where particulars of a mortgage or charge are entered in the share register, such particulars may be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage
or charge and the issue of such indemnities as the directors shall consider necessary or desirable.

7.4 Whilst particulars of a mortgage or charge over Shares are entered in the share register pursuant to this
Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no replacement certificate shall be issued in respect of such Shares,

without the written consent of the named mortgagee or chargee.

8 Meetings and consents of Members

8.1 The Company may, but shall not (unless required by the rules of the Designated Stock Exchange) be obligated
to, in each year hold a meeting of Members as an annual general meeting, which, if held, shall be convened by the Board, in accordance
with these Articles.

8.2 Upon the written request of the Members entitled to exercise 30 per cent (30%) or more of the voting rights
in respect of the matter for which the meeting is requested the Directors shall convene a meeting of Members.

8.3 The Director convening a meeting of Members (including an annual general meeting) shall give not less
than seven (7) days' written notice of such meeting to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Members whose names on the date the notice is given appear as Members in the share register of the
Company and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other Directors.

8.4 The director convening a meeting of Members may fix as the record date for determining those Members that
are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being
a date not earlier than the date of the notice.

8.5 A meeting of Members held in contravention of the requirement to give notice is valid if Members holding
at least 90 per cent (90%) of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting
and, for this purpose, the presence of a Member at the meeting shall constitute waiver in relation to all the Shares which that Member
holds.

8.6 The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Member or
another director, or the fact that a Member or another director has not received notice, does not invalidate the meeting.

8.7 A Member may be represented at a meeting of Members by a proxy who may speak and vote on behalf of the
Member.

8.8 The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote.

8.9 The instrument appointing a proxy shall be in substantially the following form or such other form as the
chairman of the meeting shall accept as properly evidencing the wishes of the Member appointing the proxy. Any proxy given by the Depositary
Trust Company (DTC), its nominee or any DTC participant in the customary form and in the ordinary course with respect of the Company with
equity securities registered pursuant to Section 12(b) of the Exchange Act shall be deemed valid.

&nbsp;&nbsp; **Gifts International Holdings Limited**<br>I/We being a Member of the above Company **hereby appoint** ……………………………………………………………………………..…… of ……………………………………...……….…………..………… or failing him …..………………………………………………….…………………….. of ………………………………………………………..…..…… to be my/our proxy to vote for me/us at the meeting of Members to be held on the …… day of …………..…………, 20[ ] and at any adjournment thereof.<br>(Any restrictions on voting to be inserted here.)<br>Signed this …… day of …………..…………, 20[ ].<br>……………………………<br> Member<br>

8.10 The following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting
of Members and may speak as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more of the joint owners are present in person or by proxy they must vote as one and in the
event of disagreement between any of the joint owners of Shares then the vote of the joint owner whose name appears first (or earliest)
in the share register in respect of the relevant Shares shall be recorded as the vote attributable to the Shares.

8.11 A Member shall be deemed to be present at a meeting of Members if he participates by telephone or other
electronic means and all Members participating in the meeting are able to hear each other.

8.12 A meeting of Members is duly constituted if, at the commencement of the meeting, there are present in
person or by proxy not less than fifty per cent (50%) of the votes of the Shares entitled to vote on Resolutions of Members to be considered
at the meeting. If the Company has two or more classes of shares, a meeting may be quorate for some purposes and not for others. A quorum
may comprise a single Member or proxy and then such person may pass a Resolution of Members and a certificate signed by such person accompanied
where such person holds a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Members. No business may be transacted
at any meeting of Members unless a quorum is present at the commencement of business.

8.13 If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened
upon the requisition of Members, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction
in which the meeting was to have been held at the same time and place, and if at the adjourned meeting there are present within one hour
from the time appointed for the meeting in person or by proxy not less than one-third of the votes of the Shares or each class or series
of Shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting
shall be dissolved.

8.14 At every meeting of Members, the Chairman of the Board shall preside as chairman of the meeting. If there
is no Chairman of the Board or if the Chairman of the Board is not present at the meeting, the Members present shall choose one of their
number to be the chairman. If the Members are unable to choose a chairman for any reason, then the person representing the greatest number
of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual Member or
representative of a Member present shall take the chair.

8.15 The person appointed as chairman of the meeting pursuant to Regulation 8.14 may adjourn any meeting from
time to time, and from place to place. For the avoidance of doubt, a meeting may remain open indefinitely for as long a period as may
be determined by the chairman.

8.16 At any meeting of the Members the chairman is responsible for deciding in such manner as he considers
appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and
recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall
cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any Member present in person
or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand
that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting,
the result shall be announced to the meeting and recorded in the minutes of the meeting.

8.17 Subject to the specific provisions contained in this Regulation for the appointment of representatives
of Members other than individuals the right of any individual to speak for or represent a Member shall be determined by the law of the
jurisdiction where, and by the documents by which, the Member is constituted or derives its existence. In case of doubt, the directors
may in good faith seek legal advice and unless and until a court of competent jurisdiction shall otherwise rule, the directors may rely
and act upon such advice without incurring any liability to any Member or the Company.

8.18 Any Member other than an individual may by resolution of its directors or other governing body authorise
such individual as it thinks fit to act as its representative at any meeting of Members or of any class of Members, and the individual
so authorised shall be entitled to exercise the same rights on behalf of the Member which he represents as that Member could exercise
if it were an individual.

8.19 The chairman of any meeting at which a vote is cast by proxy or on behalf of any Member other than an
individual may at the meeting but not thereafter call for a notarially certified copy of such proxy or authority which shall be produced
within seven (7) days of being so requested or the votes cast by such proxy or on behalf of such Member shall be disregarded.

8.20 Directors of the Company may attend and speak at any meeting of Members and at any separate meeting of
the holders of any class or series of Shares.

8.21 An action that may be taken by the Members at a meeting may also be taken by a Resolution of Members consented
to in writing, without the need for any prior notice. If any Resolution of Members is adopted otherwise than by the unanimous written
consent of all Members, a copy of such resolution shall forthwith be sent to all Members not consenting to such resolution. The consent
may be in the form of counterparts, each counterpart being signed by one or more Members. If the consent is in one or more counterparts,
and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Eligible Persons holding
a sufficient number of votes of Shares to constitute a Resolution of Members have consented to the resolution by signed counterparts.

9 Directors

9.1 The first directors of the Company shall be appointed by the first registered agent within thirty (30)
days of the incorporation of the Company; and thereafter, the directors shall be elected by Resolution of Members or by Resolution of
Directors for such term as the Members or directors determine.

9.2 No person shall be appointed as a director of the Company unless he has consented in writing to act as
a director.

9.3 The minimum number of directors shall be one and there shall be no maximum number of directors.

9.4 Each director holds office for the term, if any, fixed by the Resolution of Members or Resolution of Directors
appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director
serves indefinitely until his earlier death, resignation or removal.

9.5 A director may be removed from office with or without cause by,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Resolution of Members passed at a meeting of Members called for the purposes of removing the director
or for purposes including the removal of the director or by a written resolution passed by a least
seventy five per cent (75%) of the Members of the Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Resolution of Directors passed at a meeting of directors.

9.6 A director may resign his office by giving written notice of his resignation to the Company and the resignation
has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be
specified in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director
under the Act.

9.7 The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition
to the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that
remained when the person who has ceased to be a director ceased to hold office.

9.8 A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior
to the expiration of his term of office.

9.9 The Company shall keep a register of directors containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a director of the
Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a director ceased to be a director of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other information as may be prescribed by the Act.

9.10 The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors
determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors.

9.11 The directors may, or if the Shares are listed or quoted on a Designated Stock Exchange, and if required
by the Designated Stock Exchange, any committee thereof, may, by a Resolution of Directors, fix the emoluments of directors with respect
to services to be rendered in any capacity to the Company.

9.12 A director is not required to hold a Share as a qualification to office.

10 Powers of directors

10.1 The business and affairs of the Company shall be managed by, or under the direction or supervision of,
the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising,
the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation
of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to
be exercised by the Members.

10.2 If the Company is the wholly owned subsidiary of a holding company, a director of the Company may, when
exercising powers or performing duties as a director, act in a manner which he believes is in the best interests of the holding company
even though it may not be in the best interests of the Company.

10.3 Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company
acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his
duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

10.4 Any director which is a body corporate may appoint any individual as its duly authorised representative
for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

10.5 The continuing directors may act notwithstanding any vacancy in their body.

10.6 The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness,
liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

10.7 All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts
for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as
shall from time to time be determined by Resolution of Directors.

10.8 Section 175 of the Act shall not apply to the Company.

11 Proceedings of directors

11.1 Any one director of the Company may call a meeting of the directors by sending a written notice to each
other directors.

11.2 The directors of the Company or any committee thereof may meet at such times and in such manner and places
within or outside the British Virgin Islands as the notice calling the meeting provides.

11.3 A director is deemed to be present at a meeting of directors if he participates by telephone or other
electronic means and all directors participating in the meeting are able to hear each other.

11.4 A director shall be given not less than three (3) days' notice of meetings of directors, but a meeting
of directors held without three days' notice having been given to all directors shall be valid if all the directors entitled to vote at
the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute
waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received
the notice, does not invalidate the meeting.

11.5 A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there
are present in person or by alternate not less than one-half of the total number of directors, unless there are only two directors in
which case the quorum is two.

11.6 A director may by a written instrument appoint an alternate who need not be a director and the alternate
shall be entitled to attend meetings in the absence of the director who appointed him and to vote or consent in place of the director
until the appointment lapses or is terminated.

11.7 If the Company has only one director the provisions herein contained for meetings of directors do not
apply and such sole director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum
or the Articles required to be exercised by the Members. In lieu of minutes of a meeting the sole director shall record in writing and
sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes
sufficient evidence of such resolution for all purposes.

11.8 At meetings of directors at which the Chairman of the Board is present, he shall preside as chairman of
the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the directors present shall choose one
of their number to be chairman of the meeting. If the directors are unable to choose a chairman for any reason, then the oldest individual
Director present (and for this purpose an alternate director shall be deemed to be the same age as the director that he represents) shall
take the chair.

11.9 An action that may be taken by the directors or a committee of directors at a meeting may also be taken
by a Resolution of Directors or a resolution of a committee of directors consented to in writing by all directors or by all members of
the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each counterpart being
signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution
shall take effect on the date upon which the last director has consented to the resolution by signed counterparts.

12 Committees

12.1 The directors may, by Resolution of Directors, designate one or more committees, each consisting of one
or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.

12.2 The directors have no power to delegate to a committee of directors any of the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to designate committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to delegate powers to a committee of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to appoint directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to appoint an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to approve a plan of merger, consolidation or arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to make a declaration of solvency or to approve a liquidation plan.

12.3 Regulations 12.2(b) and 12.2(c) do not prevent a committee of directors, where authorised by the Resolution
of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and delegating powers
exercisable by the committee to the sub-committee.

12.4 The meetings and proceedings of each committee of directors consisting of two or more directors shall
be governed mutatis mutandis by the provisions of the Articles regulating the proceedings of directors so far as the same are not superseded
by any provisions in the Resolution of Directors establishing the committee.

13 Officers and agents

13.1 The Company may by Resolution of Directors appoint officers of the Company at such times as may be
 considered necessary or expedient. Such officers may consist of a Chairman of the Board of Directors, a Chief Executive Officer, one
 or more vice-presidents, secretaries and treasurers and such
other officers as may from time to time be considered necessary or expedient. Any number of offices may be held by the same person.

13.2 The officers shall perform such duties as are prescribed at the time of their appointment subject to any
modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific prescription of
duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and Members, the Chief Executive
Officer to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the Chief
Executive Officer but otherwise to perform such duties as may be delegated to them by the Chief Executive Officer, the secretaries to
maintain the share register, minute books and records (other than financial records) of the Company and to ensure compliance with all
procedural requirements imposed on the Company by applicable law, and the treasurer to be responsible for the financial affairs of the
Company.

13.3 The emoluments of all officers shall be fixed by Resolution of Directors.

13.4 The officers of the Company shall hold office until their death, resignation or removal. Any officer elected
or appointed by the Directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in
any office of the Company may be filled by Resolution of Directors.

13.5 The directors may, by a Resolution of Directors, appoint any person, including a person who is a director,
to be an agent of the Company. An agent of the Company shall have such powers and authority of the directors, including the power and
authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent
has any power or authority with respect to the matters specified in Regulation 12.1. The Resolution of Directors appointing an agent may
authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the
Company. The Directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him.

14 Conflict of interests

14.1 A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a
transaction entered into or to be entered into by the Company, disclose the interest to all other Directors of the Company.

14.2 For the purposes of Regulation 14.1, a disclosure to all other Directors to the effect that a director
is a member, Director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that
entity or individual, is a sufficient disclosure of interest in relation to that transaction.

14.3 A Director of the Company who is interested in a transaction entered into or to be entered into by the
Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of Directors at which a matter relating to the transaction arises and be included among
the Directors present at the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the Company, or do any other thing in his capacity as a Director, that relates
to the transaction,

and, subject to compliance with the Act and these Articles shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

15 Indemnification

15.1 Subject to the limitations hereinafter provided the Company shall indemnify, hold harmless and exonerate
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in
connection with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a Director of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a Director of, or in any other capacity is or was
acting for, another company or a partnership, joint venture, trust or other Enterprise.

15.2 The indemnity in Regulation 15.1 only applies if the person acted honestly and in good faith with a view
to the best interests of the Company and, in the case of criminal proceedings, the Indemnitee had no reasonable cause to believe that
his conduct was unlawful.

15.3 The decision of the directors as to whether an Indemnitee acted honestly and in good faith and with a
view to the best interests of the Company and as to whether such Indemnitee had no reasonable cause to believe that his conduct was unlawful
is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

15.4 The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a
nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the
best interests of the Company or that such Indemnitee had reasonable cause to believe that his conduct was unlawful.

15.5 The Company may purchase and maintain insurance, purchase or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond in relation to any Indemnitee or
who at the request of the Company is or was serving as a Director, officer or liquidator of, or in any other capacity is or was acting
for, another Enterprise, against any liability asserted against the person and incurred by him in that capacity, whether or not the Company
has or would have had the power to indemnify him against the liability as provided in these Articles.

---

| | |
|:---|:---|
| 16 | Records |

---

16.1 The Company shall keep the following documents at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the share register, or a copy of the share register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs
in the previous 10 years.

16.2 If the Company maintains only a copy of the share register or a copy of the register of directors at the
office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within fifteen (15) days of any change in either register, notify the registered agent in writing of the
change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the place or places at which
the original share register or the original register of directors is kept.

16.3 The Company shall keep the following records at the office of its registered agent or at such other place
or places, within or outside the British Virgin Islands, as the directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings and Resolutions of Members and classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolutions of Directors and committees of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an impression of the Seal, if any.

16.4 Where any original records referred to in this Regulation are maintained other than at the office of the
registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent
with the physical address of the new location of the records of the Company within fourteen (14) days of the change of location.

16.5 The records kept by the Company under this Regulation shall be in written form or either wholly or partly
as electronic records complying with the requirements of the Electronic Transactions Act.

17 Registers of charges

17.1 The Company shall maintain at the office of its registered agent a register of charges in which there

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of creation of the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a short description of the liability secured by the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short description of the property charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name and address of the trustee for the security or, if there is no such trustee, the name and address
of the chargee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless the charge is a security to bearer, the name and address of the holder of the charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) details of any prohibition or restriction contained in the instrument creating the charge on the power
of the Company to create any future charge ranking in priority to or equally with the charge.

18 Continuation

The Company may by Resolution of Members or by a Resolution of Directors continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

---

| | |
|:---|:---|
| 19 | Seal |

---

The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The Directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The Directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

20 Accounts and audit

20.1 The Company shall keep records that are sufficient to show and explain the Company's transactions and
that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

20.2 The Company may by Resolution of Members call for the Directors to prepare periodically and make available
a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively
a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities
of the Company as at the end of a financial period.

20.3 The Company may by Resolution of Members call for the accounts to be examined by auditors.

20.4 If the Shares are listed or quoted on the Designated Stock Exchange, and if required by the Designated
Stock Exchange, the Directors shall establish and maintain an audit committee as a committee of the Board of Directors, the composition
and responsibilities of which shall comply with the rules and regulations of the SEC and the Designated Stock Exchange subject to any
available exemptions therefrom and the operation of the Act. The audit committee shall meet at least once every financial quarter, or
more frequently as circumstances dictate.

20.5 If the Shares are listed or quoted on a Designated Stock Exchange that requires the Company to have an
audit committee, the Directors shall adopt a formal written audit committee charter and review and assess the adequacy of the formal written
charter on an annual basis.

20.6 If the Shares are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate
review of all related party transactions on an ongoing basis and, if required, shall utilise the audit committee for the review and approval
of potential conflicts of interest.

20.7 (a) The auditors may be appointed by Resolution of Directors or by Resolutions of Members and such auditors shall hold office on such terms
as determined by such Resolutions of Directors or Resolutions of Members (as the case maybe). Such auditor may be a Member but no Director
or officer or employee of the Company shall during, his continuance in office, be eligible to act as auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any meeting of Members convened and held at any time in
accordance with these Articles, the Members may, by Resolution of Members, remove the auditor before the expiration of his term of office.
If they do so, the Members shall, by Resolution of Members, at that meeting appoint another auditor in his stead for the remainder of
his term.

20.8 The remuneration of the auditors shall be fixed by Resolution of Directors in such manner as the Directors
may determine or in a manner required by the rules and regulations of the Designated Stock Exchange and the SEC.

20.9 The auditors shall examine each profit and loss account and balance sheet required to be laid before a
meeting of the Members or otherwise given to Members and shall state in a written report whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in their opinion the profit and loss account and balance sheet give a true and fair view respectively
of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that period;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the information and explanations required by the auditors have been obtained.

20.10 The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Members
at which the accounts are laid before the Company or shall be otherwise given to the Members.

20.11 Every auditor of the Company shall have a right of access at all times to the books of account and vouchers
of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he
thinks necessary for the performance of the duties of the auditors.

20.12 The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Members
at which the Company's profit and loss account and balance sheet are to be presented.

---

| | |
|:---|:---|
| 21 | Notices |

---

21.1 Any notice, information or written statement to be given by the Company to Members may be given by personal
service by mail, facsimile or other similar means of electronic communication, addressed to each Member at the address shown in the share
register.

21.2 Any summons, notice, order, document, process, information or written statement to be served on the Company
may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it
with, or by sending it by registered mail to, the registered agent of the Company.

21.3 Service of any summons, notice, order, document, process, information or written statement to be served
on the Company may be proved by showing that the summons, notice, order, document, process, information or written statement was delivered
to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered
to the registered office or the registered agent of the Company in the normal course of delivery within the period prescribed for service
and was correctly addressed and the postage was prepaid.

22 Voluntary winding up

22.1 The Company may by a Resolution of Members or by a Resolution of Directors appoint a voluntary liquidator.

We, Vistra (BVI) Limited of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands hereby sign these Articles of Association the 16th day of April, 2024.

Incorporator

(Sd.) Rexella D. Hodge

Authorised Signatory

Vistra (BVI) Limited

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

![](ex4-1_002.jpg)

## Exhibit 5.2

**Exhibit 5.2**

---

| | |
|:---|:---|
| ![](ex5-2_001.jpg) | ![](ex5-2_002.jpg) |

---

---

| | | |
|:---|:---|:---|
| Unit A, 12th Floor, China Overseas Building | Unit A, 12th Floor, China Overseas Building | 香港灣仔軒尼詩道139號 |
| 139 Hennessy Road, Wanchai, Hong Kong | 139 Hennessy Road, Wanchai, Hong Kong | 中國海外大廈12樓A室 |
| Tel | : +852 2950 7800 | 電話 : +852 2950 7800 |
| Fax | : +852 2950 7811 | 傳真 : +852 2950 7811 |

---

Date: June 6, 2025

**Gifts International Holdings Limited**<br> Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

**<u>Attn: the Board of Directors</u>**

Dear Sirs,

**<u>Re: Hong Kong Legal Opinion in relation to Gifts International Holdings Limited</u>**

1. We are the legal advisers to Gifts International Holdings Limited, a company incorporated in the British
Virgin Islands (the "**Company**") and its subsidiary established in Hong Kong regarding to the laws of the Hong Kong Special
Administrative Region of the People's Republic of China ()"**Hong Kong**") in connection with the Company's
registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement** "),
filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended), and the rules and
regulations promulgated thereunder (the "**Rules** "), relating to the initial public offering (the "**Offering** ")
by the Company of its ordinary shares (the "**Ordinary Shares**") and listing of the Company's Ordinary Shares on
the Nasdaq Capital Market (the "**Nasdaq** "). We are qualified lawyers of Hong Kong and as such are qualified to issue
this opinion on the laws and regulations of Hong Kong effective as of the date hereof. We have been requested to provide our opinion on
the matters set forth below (the "**Engagement** ").

**<u>Applicable law</u>**

2. This opinion is confined solely to laws of Hong Kong as applied by the Hong Kong courts as at the date
of this opinion. Accordingly, we express no opinion with regard to any system of law other than Hong Kong laws as at the date hereof as
currently applied by the Hong Kong courts. This opinion is to be construed in accordance with the Hong Kong laws. In this opinion, Hong
Kong law means Hong Kong domestic law only and not its conflict of law rules. We do not undertake to advise you of any change in facts
or law relevant to this opinion or the opinions expressed herein after the date hereof.

**<u>Assumptions</u>**

3. For the purpose of giving this opinion, we have examined the documents provided by Broaden Leisure Outlets
Company Limited (the "**HK Subsidiary**") and obtained other relevant documents as we deemed necessary or advisable for
the purpose of rendering this opinion. Where certain facts were not independently established and verified by us, we have relied upon
statements issued or made by, among others, appropriate representatives of the Company or the HK Subsidiary.

4. Furthermore, we made due inquiries as to other facts and questions of law as we deem necessary when rendering
this opinion.

PARTNERS : DAVID L.K. FONG 方良佳律師，TIMOTHY C.K. KWAN 關智傑律師，HERMES H.C. SHIN 單浩銓律師 <br> CONSULTANT MATTHEW H.C. WONG 黃漢柱律師 <br> SOLICITORS : BRUNO C.H. CHAN 陳震雄律師， PAMELA K.Y. NG 吳家宜律師

![](ex5-2_003.jpg)![](ex5-2_004.jpg)

5. Company searches conducted by us with the Companies Registry are limited in respect to the information
it produces. Also, the company searches do not determine conclusively whether or not an order has been made or a resolution has been passed
for the winding up of a company or for the appointment of a liquidator or other person to control the assets of a company as notice of
such matters might not be filed immediately and, once filed, might not appear immediately on a company's public file.

6. In rendering this opinion, we have, without any further enquiry or independent verifications, made the
following assumptions (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;(i) All signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a
person duly authorized by such party to execute the same, all documents (the "**Documents**") submitted to us in relation
to the Engagement as originals are authentic, and all documents submitted to us as certified or photostatic copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the parties (other than the HK Subsidiary) to the Documents, (a) if a legal person or other entity,
is duly organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation; or
(b) if an individual, has full capacity for civil conduct; each of them, has full power and authority to execute, deliver and perform
its/her/his obligations under such documents to which it is a party in accordance with the laws of its jurisdiction of organization or
incorporation or the laws that it/she/he is subject to;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Documents remain in full force and effect on the date of this opinion and have not been revoked, amended
or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination
has occurred, with respect to any of such Documents after they were submitted to us for the purposes of this legal opinion;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The accuracy and completeness of all factual representations provided by the Company to us;

&nbsp;&nbsp;&nbsp;&nbsp;(v) The information disclosed by the company searches referred to above is accurate and complete as of the
time of this opinion and conforms to records maintained by the Company and the companies involved. The search would not fail to disclose
any information which had been filed with or delivered to the Companies Registry but had not been processed at the time when the search
was conducted;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) The laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) The instructions and information provided by the Company to us are true and accurate to our best knowledge
and belief; and

&nbsp;&nbsp;&nbsp;&nbsp;(viii) There has been no change in the information contained in the latest records of the Company and the companies
involved under the Companies Registry made up to the issuance of this opinion.

![](ex5-2_003.jpg)![](ex5-2_004.jpg)

**<u>Opinions</u>**

7. Subject to the Assumptions and the Qualifications (as defined below), we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The HK Subsidiary is validly existing and in good standing under the laws of Hong Kong. The Hong Kong
Subsidiary is operating its businesses legally and has fully complied with the laws of Hong Kong and is not facing any material legal
proceedings or any material legal, governmental, arbitrative proceedings, actions, decisions, demands or orders before any competent court,
government agency or arbitration body in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hong Kong Courts may recognize and enforce judgments in civil and commercial matters by the Courts in
the mainland via the Mainland Judgments (Reciprocal Enforcement) Ordinance (Cap. 597) provided certain statutory requirements are satisfied.
Hong Kong Courts may also recognize and enforce judgments from courts in other jurisdictions in accordance with the Foreign Judgments
(Reciprocal Enforcement) Ordinance (Cap. 319) ()"**FJREO** "), the Foreign Judgments (Restriction on Recognition and Enforcement)
Ordinance (Cap. 46) and the common law principles. It is to be noted that probate and bankruptcy matters in relation to matrimonial matters
would not fall within the scope that the FJREO would cover;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The statements set forth in the Registration Statement under the captions "Risk Factors",
"Regulations" and "Enforceability of Civil Liabilities" in each case insofar as such statements purport to describe
or summarize the Hong Kong legal matters stated therein as at the date hereof, are true and accurate in all material respects, and fairly
present and summarize in all material respects the Hong Kong legal matters stated therein as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The statements set forth in the Registration Statement under the captions "Material Tax Considerations
- Hong Kong Taxation" and "Legal Matters" are true and accurate in all material respects and that such statements constitute
our opinions.

**<u>Qualifications</u>**

8. Our opinion expressed above is subject to the following qualifications (the "**Qualifications** "):

&nbsp;&nbsp;&nbsp;&nbsp;(i) Our opinion is limited to the laws of Hong Kong of general application on the date hereof. We have made
no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than Hong Kong. Accordingly, we express
or imply no opinion directly or indirectly on the laws of any jurisdiction other than Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The laws of Hong Kong referred to herein are laws and regulations publicly available and currently in
force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof,
will not be changed, amended or revoked in the future with or without retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our opinion is subject to the effects of (a) certain legal or statutory principles affecting the enforceability
of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and
applicable statutes of limitation; (b) any circumstance in connection with formulation, execution or performance of any legal documents
that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful
form; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their authority
in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) This opinion is issued based on the laws of Hong Kong that are currently in effect. For matters not explicitly
provided under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the
laws of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;(v) We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on
certificates and confirmations of responsible officers of the Company and public searches conducted in Hong Kong;

![](ex5-2_003.jpg)![](ex5-2_004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(vi) This opinion is intended to be used in the context which is specifically referred to herein. It should
be read as a whole and each paragraph of the opinion should not be read independently; and

&nbsp;&nbsp;&nbsp;&nbsp;(vii) As used in this opinion, the expression "to our best knowledge" or similar language with reference
to matters of fact refers to the current actual knowledge of the solicitors of this firm who have worked on matters for the Company in
connection with the Offering and the transactions contemplated thereunder. We have not undertaken any independent investigation to determine
the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from
our representation of the Company or the rendering of this opinion.

**<u>Consent</u>**

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours faithfully

---

| |
|:---|
| /s/ David Fong & Co. |
| **David Fong & Co.** |

---

## Exhibit 5.3

**Exhibit 5.3**

---

| | | |
|:---|:---|:---|
| <br> ![](ex5-3_001.jpg) | 北京大成（深圳）律师事务所<br> 深圳市福田区深南大道1006号<br> 国际创新中心A栋3层、4层、12层<br> 电话:+86 158 8973 8883<br> 传真:+86 755-2622 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/F,4/F,12/F, Building A<br> International Innovation Center<br> 1006 Shennan Avenue, Futian District<br> Shenzhen 518026, P. R. China<br> Tel:+158 8973 8883<br> Fax:+86 755-2622 4100 |

---

Gifts International Holdings Limited

Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

Date: June 6, 2025

To: Gifts International Holdings Limited

Dear Sirs or Madams,

We are qualified lawyers of the People's Republic of China (the "**PRC**" or "**China**") and are qualified to issue this opinion on the laws and regulations of the PRC effective as of the date hereof. For the purpose of this opinion (this "**Opinion**") only, the term of PRC does not include the Hong Kong Special Administrative Region ("**Hong Kong**"), the Macau Special Administrative Region and Taiwan.

We act as the PRC counsel to Gifts International Holdings Limited (the "Listing Company"), a company incorporated under the laws of the British Virgin Islands, in connection with (a) the proposed initial public offering (the "Offering") by the Company of 1,500,000 ordinary shares (the "Ordinary Shares") of the Company, in accordance with the Company's registration statement on Form F-1 (file number: CIK No. 0002032274), including all amendments or supplements thereto (the "Registration Statement"), filed by the Company with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under the U.S. Securities Act of 1933, as amended, and (b) the Company's proposed listing of the Ordinary Shares on the Nasdaq Capital Market (the "<u>Nasdaq</u>"), to issue this Opinion.

Beijing Dacheng Law Offices, LLP ("大成") is an independent law firm, and not a member or affiliate of Dentons. 大成 is a partnership law firm organized under the laws of the People's Republic of China, and is Dentons' Preferred Law Firm in China, with offices in more than 40 locations throughout China. Dentons Group (a Swiss Verein) ("Dentons") is a separate international law firm with members and affiliates in more than 160 locations around the world, including HKSAR, China. For more information, please see dacheng.com/notices or dentons.com/notices.

1/8

![](ex5-3_001.jpg)

**A.** **Documents and Assumptions**

In rendering this Opinion, we have examined originals or copies of the due diligence documents and other materials provided to us by the Listing Company (the **"Documents"**).

In reviewing the Documents and for the purpose of this Opinion, we have assumed without independent investigation that (the **"Assumptions"**):

(i) all signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a person duly authorized by such party to execute the same, all Documents submitted to us as originals are authentic, and all Documents submitted to us as certified or photostatic copies conform to the originals;

(ii) each of the parties to the Documents, is duly organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation, and has full power and authority to execute, deliver and perform its obligations under the Documents to which it is a party in accordance with the laws of its jurisdiction of organization;

(iii) unless otherwise indicated in the Documents, the Documents presented to us remain in full force and effect on the date of this Opinion and have not been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination has occurred, with respect to any of the Documents after they were submitted to us for the purposes of this Opinion;

(iv) the laws of jurisdictions other than the PRC which may be applicable to the execution, delivery, performance or enforcement of the Documents are complied with;

(v) all requested Documents have been provided to us and all factual statements made to us by the Listing Company in connection with this Opinion are true, correct and complete; and

(vi) each of the Documents governed by laws other than the PRC Laws is legal, valid, binding and enforceable in accordance with their respective governing laws in all material respects.

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**B.** **Definitions**

In addition to the terms defined in the context of this Opinion, the following capitalized terms used in this Opinion shall have the meanings ascribed to them as follows.

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| | |
|:---|:---|
| "Listing Group" | refers to the Listing Company and its wholly-owned subsidiaries, including Give Gift Boutique (BVI) Limited (a company incorporated in the British Virgin Islands) and Broaden Leisure Outlets Company Limited (Hong Kong)； |
| "VIE" | refers to the Listing Company's affiliated VIE, Macau Give Gift Boutique Company Limited |
| "CSRC" | refers to China Securities Regulatory Commission; |
| "CAC" | refers to Cyberspace Administration of China; |
| "mainland China" or the "PRC" | refers to the People's Republic of China, for the purpose of this Legal Opinion only, excluding Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan; |
| "PRC Laws"<br>| refers to all applicable national, provincial and local laws, regulations, rules, notices, orders, decrees and supreme court judicial interpretations in the PRC currently in effect and publicly available on the date of this Opinion; |
| "CAC Measures" | refers to the Cybersecurity Review Measures (《网络安全审查办法》); |
| "Overseas Listing Trial Measures" | refers to *the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies* (《境内企业境外发行证券和上市管理试行办法》) , which was promulgated by the CSRC on February 17, 2023 and came into effect on March 31, 2023. |
| "PIPL" | refers to the Personal Information Protection Law of the People's Republic of China (《中华人民共和国个人信息保护法》); |
| "DSL" | refers to the Data Security Law of the People's Republic of China (《中华人民共和国数据安全法》); |
| "Securities Law of PRC" | refers to the Securities Law of the People's Republic of China (《中华人民共和国证券法》). |
| "PRC Governmental Authority" | refers to any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial or arbitral body in the PRC, or anybody exercising, or entitled to exercise, any administrative, judicial, legislative, police, regulatory, or taxing authority or power of similar nature in the PRC; |
| "Governmental Authorization" | refers to any license, approval, consent, waiver, order, sanction, certificate, authorization, filing, declaration, disclosure, registration, exemption, permission, endorsement, annual inspection, clearance, qualification, permit or license by, from or with any PRC Governmental Authority pursuant to any PRC Laws; |

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**C.** **Opinions**

**I** **． CSRC Filing Procedure**

According to the *Overseas Listing Trial Measures*, direct overseas listing by domestic enterprises refers to the overseas listing of shares by joint-stock limited companies registered and established within mainland China, while any overseas listing conducted by an issuer that concurrently meets the following conditions shall be determined as an indirect overseas listing by a Chinese domestic enterprise: (i) among the operating revenue, total profits, total assets or net assets of the domestic enterprise in the most recent fiscal year, any index accounts for over 50% of the relevant data in the audited consolidated financial statements of the issuer for the same period; (ii) the main parts of the business activities of the issuer are carried out in mainland China or the main business places are located in mainland China, or most of the senior executives in charge of business operation are Chinese citizens, or their habitual residences are located in mainland China. Domestic enterprises that go whether direct or indirect overseas listing shall file with the CSRC in accordance with the *Overseas Listing Trial Measures*, submitting the filing report, legal opinion letter, and other relevant materials ("**CSRC Filing Procedure**").

As confirmed by the Listing Company and to the best of our knowledge after due and reasonable inquiry, as of the date of this legal opinion: (i) none of the Listing Group is registered within mainland China, and (ii) the main aspects of the business activities of the Listing Company are not carried out within mainland China, the primary locations of the business operations of the Listing Company are not within mainland China, and the majority of the senior management of the Listing Company responsible for daily operations are not Chinese citizens or do not have their habitual residence within mainland China; Therefore, we are of the opinion that the Listing Company and its subsidiaries are not subject to the CSRC Filing Procedure required by the *Overseas Listing Trial Measures*.

**II** **．Procedures Required by CAC**

**i. Cybersecurity Review**

Pursuant to the *CAC Measures*, PRC critical information infrastructure operators procuring network products and services, and online platform operators carrying out data processing activities, which affect or may affect PRC national security, shall be subject to a cybersecurity review in accordance with the CAC *Measures*. In addition, online platform operators possessing more than 1 million personal information of PRC users seeking to be listed on foreign stock markets must apply for a cybersecurity review.

As confirmed by the Listing Company, as of the date of this legal opinion: (i) none of the Listing Group is registered within mainland China; (ii) none of the Listing Group has been identified as an operator of critical information infrastructure in mainland China, nor has engaged in data processing activities as network platform operator that affect or may affect the national security of PRC; (iii) the Listing Group does not possess more than 1 million personal information of PRC users; Therefore, we are of the opinion that the Listing Company and its subsidiaries are not subject to Cybersecurity Review required by the *CAC Measures*.

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**ii. Security Assessment for Outbound Data Transfer**

According to the *Provisions on Promoting and Regulating Cross-border Flow of Data*（《促进和规范数据跨境流动规定》）, data processors providing data to overseas entities must apply for a Security Assessment for Outbound Data Transfer through the local provincial cyberspace administration to the national cyberspace administration under one of the following conditions: (1) Operators of critical information infrastructure provide personal information or important data to overseas entities; (2) Data processors (other than operators of critical information infrastructure) provide important data to overseas entities, or have provided personal information of more than 1 million individuals (excluding sensitive personal information) or sensitive personal information of more than 10,000 individuals to overseas entities since January 1st of the current year. Besides, for outbound provision of data that is collected and generated in international trade, cross-border transportation, academic cooperation, transactional manufacturing, marketing and other activities that do not involve personal information or important data, it is exempted from the requirement to apply for the security assessment for outbound data transfer, to conduct a standard contract for personal information transfer abroad, or to undergo personal information protection certification.

As confirmed by the Listing Company, as of the date of this legal opinion: (i) none of the Listing Group is registered within mainland China; (ii) none of the Listing Group has been identified as an operator of critical information infrastructure in mainland China, nor has collected or provided important data or personal information from mainland China to overseas entities; Therefore, we are of the opinion that the Listing Company and its subsidiaries are not required to go through security assessment for outbound data transfer, or other requirements stipulated in the *Provisions on Promoting and Regulating Cross-border Flow of Data* by CAC.

**III. Other Permissions or Approvals from PRC Governmental Authorities**

According to Article 2 of the *Securities Law of PRC*, the provisions of the *Securities Law of the PRC* shall apply to the offering and trading of shares, corporate bonds, depository receipts and other securities determined by the State Council pursuant to the law within mainland China, and the offering and trading of securities outside mainland China which disrupt the domestic market of the PRC and harm the legitimate rights and interests of domestic investors shall be dealt with pursuant to the relevant provisions of the PRC Securities Law, and legal liability shall be pursued.

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Article 177 of the *Securities Law of PRC* stipulates that no enterprise or individual shall provide the documents and materials relating to securities activities to overseas parties without the consent of the securities regulatory authority of the State Council and the relevant State Council department.

Article 26 of the *Overseas Listing Trial Measures* prohibits PRC domestic enterprises and individuals from providing documents and information to foreign regulatory bodies without prior approval by the CSRC and competent governmental authorities under the State Council.

As confirmed by the Listing Company and to the best of our knowledge after due and reasonable inquiry:(i) neither the Listing Company nor any of its subsidiaries meets any of the conditions stipulated by Article 15 of the *Overseas Listing Trial Measures;*(ii) they are not deemed as PRC domestic enterprises;(iii)The documents and materials relating to securities activities of the Listing Company or any of its subsidiaries are all stored in Hong Kong, not in mainland China; and(iv)the listing of the Company does not disrupt the domestic market of the PRC and harm the legitimate rights and interests of PRC domestic investors; Therefore, we are of the opinion that the Listing Company and its subsidiaries are not subject to Article 177 of the *Securities Law of the PRC* and Article 26 of *the Overseas Listing Trial Measures*.

According to Article 3 of the PIPL, the PIPL shall apply to the handling of the personal information of natural persons within mainland China, and also apply to the handling of the personal information of the PRC domestic natural persons outside the mainland China under any of the following circumstances: (i) where the purpose is to provide the PRC domestic natural persons with products or services; (ii) where the activities of PRC domestic natural persons are analyzed and evaluated; and (iii) other circumstances as prescribed by the PRC laws and administrative regulations.

According to Article 2 of the DSL, the DSL shall apply to data processing activities and security supervision of such activities within mainland China, and where data processing activities outside mainland China damage PRC national security, public interests or the legitimate rights and interests of citizens and organizations, legal liability shall be investigated according to law.

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Besides, Article 41 of the PIPL and Article 36 of the DSL prohibits companies and individuals from providing personal information and data stored within mainland China to foreign judicial or enforcement agencies, without prior approval by the Chinese government.

As confirmed by the Listing Company, as of the date of this Legal Opinion: (i) the Listing Group and/or its affiliated VIE have not been engaged in the handling of the personal information of natural persons, data processing activities and security supervision of such activities within mainland China, nor the handling of the personal information of the PRC domestic natural persons outside mainland China; and(ii) none of the Listing Group or its affiliated VIE are incorporated and registered within mainland China and they do not have any business operation or have ever carried out business within mainland China, and have not stored personal information or data within mainland China. Therefore, we are of the opinion that the Listing Company and/or its affiliated VIE are not subject to the PIPL and DSL, and is not required to go through any procedures thereof in accordance with the PIPL and DSL.

Based on all above, we are of the opinion that as of the date of this legal opinion, there are no current PRC laws and regulations (including regulations of the CSRC, the CAC, or any other Governmental Authority) in force explicitly requiring that the Listing Company obtain permission, approval or Governmental Authorization to operate business in mainland China, or to issue securities to foreign investors.

**D.** **Statement**

This Opinion is strictly limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein. The opinion expressed herein is rendered only as of the date hereof, in relation to the Listing Company's Registration Statement and Offering, and we assume no responsibility to advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein.

According to the Measures for the Administration of the Provision of Securities Legal Services by Law Firms issued by the CSRC and the Ministry of Justice of the PRC, the same PRC law firm may not simultaneously issue legal opinions for both the issuer and the sponsor or the underwriting securities company in the same securities issuance. This Opinion is given for the benefit of the Listing Company only and may not be relied upon by any person or entity other than the Listing Company without our express written consent. The Listing Company may provide a copy of this Opinion to the underwriter of the Offering and listing on Nasdaq in the United States for reference only, and we shall not undertake liability for the underwriter obtaining a copy of this Opinion. We hereby consent to the use of this Opinion in and of its filing as an exhibit to the Registration Statement, and we also consent to the reference to our name in such Registration Statement. Save as provided herein, this Opinion shall not be quoted nor shall a copy be given to any person without our express prior written consent except where such disclosure is required to be made by the applicable law or is requested by the SEC or any other regulatory agencies.

[SIGNATURE PAGE FOLLOWS]

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| |
|:---|
| Yours faithfully, |
| /s/ Beijing Dacheng Law Offices, LLP (Shenzhen) |
| **Beijing Dacheng Law Offices, LLP (Shenzhen)** |

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## Exhibit 5.4

**Exhibit 5.4**

檔案編號File No：STA3695.01/202506

關於*Regarding*

**澳門尚禮坊精品一人有限公司**

***MACAU GIVE GIFT BOUTIQUE CO., LTD.***

登記編號*Registration No: 43433 (SO)*

適用澳門特別行政區法律

Applicable to the Laws of the Macao Special Administrative Region

 

之

**法律意見書**

**Legal Opinion**

澳門宋玉生廣場 322-362 號誠豐商業中心 3 樓M 座

Alameda Dr. Carlos D'Assumpção, n.<sup>o</sup>s 322-362, Centro Comercial Cheng Feng, 3.<sup>o</sup> Andar M, Macau<br> Tel:(853)2892 0816/50/60 2878 6298/81 Fax: (853)2878 6301 Email: geral@sta-lawyers.com

第1版, 共14版

**<u>第一部分 導言</u>**

**Part One: Introduction**

STA-LAWYERS 律師事務所是一所在中華人民共和國澳門特別行政區﹝下稱"澳門"﹞依法成立及經營的律師事務所。 STA-LAWYERS 律師事務所根據 GIFTS INTERNATIONAL HOLDINGS LIMITED (下稱"擬上市集團")的委託及要求，對其附 屬公司"澳門尚禮坊精品一人有限公司" (下稱"澳門尚禮坊") 就以下課題作出本法律意見書；STA-LAWYERS Law Firm is a law firm established and operated in accordance with the laws of the Macao Special Administrative Region of the People's Republic of China (hereinafter referred to as "Macao"). At the request of GIFTS INTERNATIONAL HOLDINGS LIMITED (hereinafter referred to as the "Proposed Listing Group"), STA- LAWYERS Law Firm issues this legal opinion regarding its subsidiary " MACAU GIVE GIFT BOUTIQUE CO., LTD." (hereinafter referred to as "MGGB") on the following topics:

(1) 在中華人民共和國澳門特別行政區開展業務時，一般受那些主要的澳門法律法規所規範；以及 The main Macao laws and regulations that generally govern business operations in the Macao Special Administrative Region of the
People's Republic of China; and

(2) 就 GIFTS INTERNATIONAL HOLDINGS LIMITED 所提供中國政府最近的聲明 和監管行動條文及細則內容，是否可能對澳門尚禮坊在澳門開展業務、接受外國投資或在美國上市的能力產生澳門法律上的影響。Whether
the recent statements and regulatory actions issued by the Chinese government, as provided by GIFTS INTERNATIONAL HOLDINGS LIMITED, may
have legal implications under Macao law for MGGB's ability to conduct business, accept foreign investment, or list on U.S. and other
foreign exchanges.

本意見書所使用的簡稱、定義、目錄以及各部分的標題僅供參考；除非根據上下文應另作解釋，所有關於參見某部分的提示均指本意見書中的某一部分。The abbreviations, definitions, table of contents, and section titles used in this opinion are for reference only; unless otherwise interpreted in context, all references to specific sections refer to a part of this opinion.

I. 審閱的文件 Reviewed Documents

本所僅依據本法律意見書出具日現行有效的有關澳門法律發表法律意見。本所並未對澳門以外其他司法管轄區域的法律作出調查，也不對該等法律發表任何意見（不論明示或暗示）。本法律意見嚴格局限於本法律意見書中所載事項。Our law firm issues legal opinions based solely on the current valid laws of Macao as of the date of this legal opinion.

第2版, 共14版

We have not conducted any inquiries into the laws of jurisdictions outside Macao and do not express any opinions regarding those laws (whether express or implied). This legal opinion is strictly limited to the matters stated in this legal opinion.

為出具本法律意見書，本所僅審閱附件的文件、資料，以及澳門尚禮坊向本所作出之陳述、確認。To issue this legal opinion, we have only reviewed the attached documents, materials, and the statements and confirmations provided by MGGB.

II. 本意見書基於下述假設 This Opinion is Based on the Following Assumptions

1. 所有 澳門尚禮坊
提交給 本所 的文件、資料與資訊均是真實的，所有提交文件的影本與其原件均是一致的； All
documents, materials, and information submitted to us by MGGB are true, and all submitted copies of documents are consistent with the
originals;

2. 所有 澳門尚禮坊 提交給 本所
 的文件均由相關當事方合法授權、簽署和遞交； All documents submitted
to us by MGGB are legally authorized, signed, and submitted by the relevant parties;

3. 所有 澳門尚禮坊
提交給 本所 的文件上的簽字、印章均是真實的；及 All signatures and seals on documents
submitted to us by MGGB are authentic; and

4. 所有 澳門尚禮坊
對 本所 做出有關事實的闡述、聲明、保證 (無論是書面的還是口頭做出的) 均為真實、準確和可靠的。 All
statements, representations, and guarantees made by MGGB to us regarding facts (whether written or oral) are true, accurate, and reliable.

**III.** **特別聲明和保留** Special Statements and Reservations

1. 本法律意見書係根據本意見書出具日之前已經發生或存在的事實進行的。 This
legal opinion is based on facts that occurred or existed before the date of issuance of this opinion.

2. 本法律意見書所提供的法律意見，係基於出具本法律意見書時有效的澳門法律、法規及各政府部門的有關規定。 The
legal opinions provided in this legal opinion are based on the laws, regulations, and relevant provisions of various government departments
of Macau that are valid as of the date of issuance.

3. 本法律意見書的分析和判斷係基於委托事項所涉及的相關部門、人員所提供的和本所律師自行查閱的資料和信息，以及該資料和信息所反映的有關事實情況。 The
analysis and judgments in this legal opinion are based on information provided by relevant departments and
personnel involved in the entrusted matters, as well as information reviewed by our lawyers, along with the facts reflected in that information.

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4. 本法律意見書僅係對澳門尚禮坊的相關法律事項發表意見，並不針對會計、審計、資產評估等非法律專業事項發表意見。 This
legal opinion only expresses opinions on legal matters related to MGGB and does not comment on non-legal professional matters such as
accounting, auditing, or asset evaluation.

5. 本法律意見書僅作擬上市集團有意在美國美易所主板申請公開發行股票之用途。除此之外，非經本所和本所律師事先書面同意，本法律意見書或其內容，不得向任何他人提供或披露，不得被任何他人使用或依賴，擬上市集團不得為任何其它目的使用或倚賴本法律意見書或其內容。任何人不得在得到本所和本所律師事先書面同意前，複印或記錄本法律意見書。本法律意見書不構成對擬上市集團以外的任何人的法律意見。若有需要，可向相關專業人士查詢。 This legal opinion is intended solely for the purpose of the proposed listing group applying for a public offering of shares on the
main board of the U.S. Securities Exchange. Except with prior written consent from our law firm and our lawyers, this legal opinion or
its contents may not be provided or disclosed to any other person, nor may it be used or relied upon by any other person. The proposed
listing group may not use or rely on this legal opinion or its contents for any other purpose. No one may copy or record this legal opinion
without prior written consent from our law firm and our lawyers. This legal opinion does not constitute legal advice to anyone other than
the proposed listing group. If necessary, inquiries can be made to relevant professionals.

6. 本法律意見書僅以經查閱的文件 (經查閱的文件列表載於本報告之附件) 及直至本法律意見書出具日所適用之澳門法例為依據，本法律意見書內並沒有按照澳門以外的地方之法例的規定發表任何意見。與該等地方的法例有關的法律意見，若有需要，可向相關專業人士查詢。 This
legal opinion is based solely on the reviewed documents (a list of reviewed documents is attached to this report) and the applicable laws
of Macao as of the date of issuance. No opinions have been expressed based on the laws of places outside of Macao. For legal opinions
related to the laws of such places, inquiries can be made to relevant professionals if necessary.

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7. 本法律意見書正本壹份，副本若干份。本所律師依據中華人民共和國澳門特別行政區法律屬澳門律師公會合法註冊執業的律師，且具備必要的資質出具本法律意見書，本法律意見書經本所律師簽字並加蓋本所印章後生效。 This
legal opinion has one original copy and several duplicates. Our lawyers, who are legally registered practitioners of the Macao Lawyers
Association under the laws of the Macao Special Administrative Region of
the People's Republic of China and possess the necessary qualifications, issue this legal opinion, which becomes effective upon being
signed by our lawyers and affixed with our law firm's seal.

IV. 本意見書的結構 Structure of This Opinion

本意見書 分為 導言、正文和附件三個部分。導言部分主要介紹本意見書的範圍與宗旨、審閱的方法和方式、假設、法律依據、特別聲明；在意見書的正文部分，本所 將就具體問題逐項進行評論與分析，並給出相關的法律意見；本意見書的附件包括 本意見書所依據 澳門尚禮坊提供的設立公司的資料；以及 本所 取得的證明。This legal opinion is divided into three parts: Introduction, Main Text, and Attachments. The introduction mainly outlines the scope and purpose of this opinion, the methods and approaches of the review, assumptions, legal basis, and special statements. In the main text of the opinion, we will comment and analyze specific issues item by item and provide relevant legal opinions. The attachments of this legal opinion include the information provided by MGGB for the establishment of the company and the evidence obtained by our law firm.

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**<u>第二部分 正文</u>**

**Part Two: Main Text**

受限於澳門尚禮坊未向本所披露的任何事項，本所僅根據澳門商業及動產登記局於 2025 年 6 月 5 日發出的商業及動產登記證明及澳門財政局營業稅開業/更改申報表 (M/1)所載的內容，出具本澳門法律意見如下：Subject to any matters not disclosed by MGGB to our law firm, we hereby provide the following legal opinion based solely on the contents of the Commercial and Movable Property Registration Certificate (商業及動產登記證明) issued by the Macau Commercial and Movable Property Registry (澳門商業及動產登記局) on June 5, 2025, and the Business Tax Opening/Change Declaration Form (M/1) (營業稅開業/更改申報表) submitted to the Macau Financial Services Bureau (澳門財政局):

I. 公司簡介 Company Profile

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| | |
|:---|:---|
| &nbsp;&nbsp;中文名稱 Chinese Name： | &nbsp;&nbsp;澳門尚禮坊精品一人有限公司 |
| &nbsp;&nbsp;葡文名稱 Portuguese Name： | &nbsp;&nbsp;MACAU GIVE GIFT BOUTIQUE, SOCIEDADE UNIPESSOAL LDA. |
| &nbsp;&nbsp;英文名稱 English Name： | &nbsp;&nbsp;MACAU GIVE GIFT BOUTIQUE CO., LTD. |
| &nbsp;&nbsp; 商業及動產登記局登記編號 Registration Number in the Macau Commercial and Movable<br> Property Registry： | &nbsp;&nbsp;43433(SO) |
| &nbsp;&nbsp;公司住所 Registered Office： | &nbsp;&nbsp; 澳門涼水街 17-A 號成利大廈地下 E 座<br> Rua dos Curtidores 17-A, Edificio Seng Lei, Res-Do- Chao E, Macau. |
| &nbsp;&nbsp;所營事業 Business Activities： | &nbsp;&nbsp; 服裝、禮品與花的零售<br> Retail of clothing, gifts, and flowers. |
| &nbsp;&nbsp;設立日期 Establishment Date： | &nbsp;&nbsp;17/07/2012 |
| &nbsp;&nbsp;開業日期Commencement Date： | &nbsp;&nbsp;27/07/2012 |
| &nbsp;&nbsp;註冊資本 Registered Capital： | &nbsp;&nbsp;MOP$25,000.00 |

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現存股東及出資 Current Shareholders and Contributions：

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;股東名稱 Name of Shareholder | &nbsp;&nbsp; 出資額 (澳門幣)<br> Contribution Amount<br> (Macanese Patacas) | &nbsp;&nbsp; 出資比例<br> Contribution Ratio |
| &nbsp;&nbsp;黃毅超(WONG NGAI CHIU) | &nbsp;&nbsp;MOP$25,000.00 | &nbsp;&nbsp;100% |

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現存行政管理機關成員 Current Administrator：

行政管理機關成員名稱 Name of Administrator <u>任期 Term</u> <br> <u>黃毅超(WONG NGAI CHIU)</u> <u>無確定期限 No Fixed Term</u>

公司簽名方式：一名行政管理機關成員以公司名義作出

Company Signature Method: One member of the administrator acts on behalf of the company.

II. <u>澳門尚禮坊在澳門開展業務時，一般受那些主要的澳門法律法規所規範</u> <u>The Main Macau Laws and Regulations Governing the Operations of MGGB</u>

在澳門的法律體系中，規範私法的實體制度是由《澳門民法典》與《澳門商法典》作為根基。《澳門民法典》是規範一般的民事法律關係，包括一定的人身關係及財產關係。而《澳門商法典》則是規範商事法律關係，主要體現出一種特殊的財產性法律關係。In the legal system of Macao, the substantive regulations governing private law are based on the Macao Civil Code (澳門民法典) and the Macau Commercial Code (澳門商法典). The Macau Civil Code regulates general civil legal relationships, including certain

personal and property relationships. In contrast, the Macau Commercial Code governs commercial legal relationships, primarily reflecting a specific type of property-related legal relationship.

根據《澳門商法典》第 61 條規定，商業登記之作出，目的是公開商業企業主及商業企業的法律狀況，以保障受法律保護的交易的安全，當中有些屬強制性，另有些則屬任意性之登記。所有有關商業的登記行為，受《澳門商法登記法典》所規範。According to Article 61 of the Macau Commercial Code, the purpose of commercial registration is to publicly disclose the legal status of business owners and enterprises, ensuring the security of transactions protected by law. Some registrations are mandatory, while others are voluntary. All commercial registration activities are regulated by the Macau Commercial Registration Code (澳門商法登記法典).

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<u>其他與澳門尚禮坊經營業務相關的一般澳門法律法規</u> <u>Other general laws and</u> <u>regulations related to the business operations of the MGGB</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;第 15/77/M 號法律《營業稅規章》 | &nbsp;&nbsp;Law No. 15/77/M: "Business Tax Regulation" |
| &nbsp;&nbsp;第 21/78/M 號法律《所得補充稅規章》<br> （最新經第 21/2019 號法律修訂） | &nbsp;&nbsp;Law No. 21/78/M: "Supplementary Income Tax Regulation" (latest amended by Law No. 21/2019) |
| &nbsp;&nbsp;第 7/2003 號法律《對外貿易法》 | &nbsp;&nbsp;Law No. 7/2003: "Foreign Trade Law" |
| &nbsp;&nbsp;第 9/2021 號法律《消費者權益保護法》 | &nbsp;&nbsp;Law No. 9/2021: "Consumer Rights Protection Law" |
| &nbsp;&nbsp;第 17/2008 號行政法規《產品安全的一般<br> 制度》 | &nbsp;&nbsp;Administrative Regulation No. 17/2008: "General System for Product Safety" |
| &nbsp;&nbsp;第 97/99/M 號法令《工業產權法律制度》 | &nbsp;&nbsp;Decree-Law No. 97/99/M: "Legal System for Industrial Property" |
| &nbsp;&nbsp;第 43/99/M 號法令 《著作權及有關權利之制度》（最新經第 5/2012 號法律修訂） | &nbsp;&nbsp;Decree-Law No. 43/99/M: "Copyright and Related Rights System" (latest amended by Law No. 5/2012) |
| &nbsp;&nbsp;第 7/2008 號法律《勞動關係法》（最新經第 8/2020 號法律修訂） | &nbsp;&nbsp;Law No. 7/2008: "Labor Relations Law" (latest amended by Law No. 8/2020) |
| &nbsp;&nbsp;第 9/2003 號法律《勞動訴訟法典》 | &nbsp;&nbsp;Law No. 9/2003: "Labor Litigation Code" |
| &nbsp;&nbsp;第 40/95/M 號法令 (核准對工作意外及職業病所引致之損害之彌補之法律制度) | &nbsp;&nbsp;Decree-Law No. 40/95/M: "Legal System for Compensation for Damages Caused by Work Accidents and Occupational Diseases" |
| &nbsp;&nbsp;第 10/2015 號法律《勞動債權保障制度》 | &nbsp;&nbsp;Law No. 10/2015: "Labor Debt Protection System" |
| &nbsp;&nbsp;第 5/2020 號法律《僱員的最低工資》 | &nbsp;&nbsp;Law No. 5/2020: "Minimum Wage for Employees" |
| &nbsp;&nbsp;第 11/2009 號法律《打擊電腦犯罪法》（最<br> 新經第 4/2020 號法律修訂） | &nbsp;&nbsp;Law No. 11/2009: "Cybercrime Law" (latest amended by Law No. 4/2020) |
| &nbsp;&nbsp;第 8/2005 號法律《個人資料保護法》 | &nbsp;&nbsp;Law No. 8/2005: "Personal Data Protection Act" |
| &nbsp;&nbsp;第 2/2006 號法律《預防及遏止清洗黑錢<br> 犯罪》及第 3/2006 號法律《預防及遏止<br> 恐怖主義犯罪》(經第 3/2017 號法律修訂) | &nbsp;&nbsp;Law No. 2/2006: "Prevention and Suppression of Money Laundering" and Law No. 3/2006: "Prevention and Suppression of Terrorism" (amended by Law No. 3/2017) |

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III.<u>中國政府最近的聲明和監管行動條文及細則是否對上述澳門公司在澳門開展業 務、接受外國投資或在美國上市的能力產生澳門法律上的影響。Whether the Chinese government's recent statements and regulatory action provisions and details have any legal impact in Macau on the ability of the above-mentioned Macau companies to conduct business in Macau, accept foreign investment, or list on U.S. and other foreign exchanges.</u>

根據中華人民共和國憲法，全國人民代表大會特制定中華人民共和國澳門特別行政區基本法，規定澳門特別行政區實行的制度，以保障國家對澳門的基本方針政策的實施。 According to the Constitution of the People's Republic of China, the National People's Congress has enacted the Basic Law of the Macao Special Administrative Region to define the system that governs Macao and to ensure the implementation of national policies regarding Macao.

根據《澳門基本法》第111條及第136條的規定，澳門特別行政區實行自由貿易政策，可以在經濟、貿易、金融、航運、通訊、旅遊、文化、科技、體育等適當領域，以"中國澳門"的名義，獨立與世界各國、各地區及相關國際組織保持和發展關係，簽訂和履行相關協定。Under Articles 111 and 136 of the Basic Law of Macao, the Macao SAR implements a free trade policy, allowing it to independently maintain and develop relations with countries and regions around the world in appropriate fields such as economy, trade, finance, shipping, communications, tourism, culture, technology, and sports, under the name "Macao, China," and to sign and fulfill relevant agreements.

<u>有關中華人民共和國全國性法律在澳門特別行政區實施的一般情況</u><u>General Conditions for the Implementation of National Laws in the Macao Special Administrative Region</u>

根據《澳門基本法》第18條第2至第4款規定，中央人民政府有權將全國性法律適用於澳門特別行政區。全國性法律在澳門特別行政區的實施區分兩種情況：一種是平常狀態，一種是非平常狀態（戰爭狀態或緊急狀態）。在平常狀態下，全國性法律只有列於《澳門基本法》附件三的才能在澳門特別行政區實施。According to Article 18, paragraphs 2 to 4 of the Basic Law of Macao, the Central People's Government has the authority to apply national laws to the Macao SAR. The implementation of national laws in Macao is divided into two scenarios: one is normal circumstances, and the other is non- normal circumstances (such as wartime or emergencies). Under normal circumstances, only those national laws listed in Annex III of the Basic Law can be implemented in the Macao SAR.

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在全國性法律的範圍上，列入澳門基本法附件三<sup>1</sup>的全國性法律僅限於有關國防、外交和其他依照《澳門基本法》規定不屬於澳門特別行政區自治範圍的法規。換言之，如果是屬於澳門特別行政區自治範圍內的事務，則相關全國性法律不能在澳門特別行政區實施。The national laws included in Annex III of the Basic Law are limited to those concerning national defense, foreign affairs, and other matters that, according to the Basic Law, do not fall under the autonomous jurisdiction of the Macao SAR. In other words, if a matter falls within the scope of the Macao SAR's autonomy, relevant national laws cannot be implemented there.

在非平常狀態下，中央人民政府可直接發佈命令將有關全國性法律在特別行政區實施。這意味着，在非平常狀態下，全國性法律無須列入附件三即可在澳門特別行政區實施。 In non-normal circumstances, the Central People's Government may directly issue orders for the implementation of relevant national laws in the Special Administrative Region. This means that during non-normal circumstances, national laws can be implemented in the Macao SAR without needing to be listed in Annex III.

根據《澳門基本法》第 18 條第4款的規定，當澳門特別行政區內發生特別行政區政府無法控制的危及國家統一或安全的動亂時，全國人大常委會有權決定特別行政區進入緊急狀態，中央有權決定特別行政區進入緊急狀態，以便採取必要措施解決動亂。 According to Article 18, paragraph 4 of the Basic Law, if turmoil occurs in the Macao SAR that threatens national unity or security and is beyond the control of the Special Administrative Region Government, the Standing Committee of the National People's Congress has the authority to decide that the Special Administrative Region enters a state of emergency, and the Central Government has the right to determine the emergency state in order to take necessary measures to resolve the turmoil.

當然，在非平常狀態下全國性法律在特別行政區的實施要受到時間的限制，在非平常狀態下由中央人民政府發布命令在特別行政區實施的全國性法律，當非平常狀態結束，如果其沒有被列人附件三的全國性法律，則不能繼續在澳門特別行政區實施。Of course, the implementation of national laws in the Special Administrative Region during non-normal circumstances is subject to time limitations. If national laws are issued for implementation in the Special Administrative Region by the Central People's Government during a non-normal state, once that state ends, those laws cannot continue to be enforced in the Macao SAR unless they are listed in Annex III.

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| | |
|:---|:---|
| 1 | 澳門基本法》附件III 列出適用於澳門特別行政區的全國性法律為：一、《關於中華人民共和國國都、紀年、國歌、國旗的決議》二、《關於中華人民共和國國慶日的決議》三、《中華人民共和國國籍法》四、《中華人民共和國外交特權與豁免條例》五、 《中華人民共和國領事特權與豁免條例》六、《中華人民共和國國旗法》七、《中華人民共和國國徽法》八、《中華人民共和國領海及毗連區法》九、《中華人民共和國專屬經濟區和大陸架法》十、《中華人民共和國澳門特別行政區駐軍法》十一、《中華人民共和國外國中央銀行財產司法強制措施豁免法》十二、《中華人民共和國國歌法》The national laws applicable to the Macao Special Administrative Region listed in Annex III of the Basic Law of Macao are:1.Resolution on the Capital, Calendar, National Anthem, and National Flag of the People's Republic of China.2.Resolution on the National Day of the People's Republic of China.3.Nationality Law of the People's Republic of China.4.Regulations of the People's Republic of China Concerning Diplomatic Privileges and Immunities.5.Regulations of the People's Republic of China Concerning Consular Privileges and Immunities.6.Law on the National Flag of the People's Republic of China.7.Law on the National Emblem of the People's Republic of China. 8.Law of the People's Republic of China on the Territorial Sea and the Contiguous Zone.9. Law of the People's Republic of China on the Exclusive Economic Zone and Continental Shelf.10. Law of the People's Republic of China on the Garrisoning of the Macao Special Administrative Region.11.Law of the People's Republic of China on Judicial Immunity from Compulsory Measures concerning the Assets of Foreign Central Banks.12. Law on the National Anthem of the People's Republic of China |

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<u>中華人民共和國反壟斷制度的限制</u>

在澳門，根據第11/2009號法律《打擊電腦犯罪法》（經第4/2020號法律修訂）、以及 《澳門商法典》中關於"不正當競爭"的規定，以及第9/2021號《消費者權益保護法》中有關反壟斷的相關條款，這些法律對澳門的反壟斷實踐進行了規範。 In Macao, laws such as the Law No. 11/2009 on Combating Computer Crimes Law (打擊電腦犯罪法) (amended by Law No. 4/2020), the provisions on "unfair competition" in the Macao Commercial Code (澳門商法典), and the relevant anti-monopoly clauses in the Law No. 9/2021 on Consumer Rights Protection Law (消費者權益保護法) regulate anti-monopoly practices.

通常情況下，除非在特定情況下，違反第4/2020號法律的規定，才可能導致法院下令解散公司，或公共部門根據具體規定要求對公司進行司法清算。否則，這些反壟斷、及相關監管要求通常不會從根本上影響澳門尚禮坊在澳門開展業務、接受外資或在美國及其他外國交易所上市的能力。Generally, violations of the provisions of Law No. 4/2020 may lead to a court order for the dissolution of a company or a public sector requirement for judicial liquidation, but only under specific circumstances. Otherwise, these anti-monopoly and related regulatory requirements typically do not fundamentally impact the ability of MGGB to conduct business in Macao, accept foreign investment, or list on U.S. and other foreign exchanges.

 **IV.** 根據第4/2020號法律所修改第11/2009號法律《打擊電腦犯罪法》的第13條第1款及第3款第2項規定，若以公司名義或其利益實施該法所規定的犯罪，例如未經許可進入或干擾電腦系統、獲取或損毀數據、製造或提供犯罪工具、電腦偽造或電腦詐騙等犯罪行為，除公司須承擔相關刑事責任外，在同時符合第13條第7款所指之前提時，法院有權命令解散公司<sup>2</sup>。According to Article 13, paragraph 1 and paragraph 3, item 2 of the Law No. 11/2009 on Combating Computer Crimes Law , amended by Law No. 4/2020, if a crime stipulated in the Law is committed in the name of a company or in its interests, such as entering or interfering with a computer system without permission, obtaining or damaging data, manufacturing or providing criminal tools, computer forgery or computer fraud, etc., in addition to the company being subject to relevant criminal liability, the court has the authority to order the dissolution of the company if the conditions referred to in Paragraph 7 of Article 13 are met at the same time.

<sup>2</sup> https://bo.io.gov.mo/bo/i/2020/17/lei04_cn.asp

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V. <u>總結</u> <u>Conclusion</u>

中華人民共和國澳門特別行政區基本法規定了澳門特別行政區的制度，以保障國家對澳門的基本方針政策的實施。澳門特別行政區實行自由貿易政策，可以在適當領域以 "中國澳門"的名義與世界各國、各地保持和發展關係，簽訂和履行相關協定。The Basic Law of the Macao Special Administrative Region of the People's Republic of China outlines the system of the Macao SAR to ensure the implementation of national policies and principles regarding Macao. The Macao SAR practices a free trade policy, allowing it to maintain and develop relations with countries and regions around the world under the name "Macao, China," and to sign and fulfill relevant agreements.

中央人民政府有權將全國性法律適用於澳門特別行政區，在平常狀態下，只有列於附件三的全國性法律才能在澳門特別行政區實施。在非平常狀態下，中央人民政府可直接發佈命令將有關全國性法律在澳門特別行政區實施，但該法律在非平常狀態結束後，如果其沒有被列入附件三的全國性法律，則不能繼續在澳門特別行政區實施。The Central People's Government has the authority to apply national laws to the Macao SAR. Under normal circumstances, only those national laws listed in Annex III can be implemented in the Macao SAR. In non-normal circumstances, the Central People's Government may directly issue orders for the implementation of relevant national laws in the Macao SAR. However, once the non-normal state ends, any laws not included in Annex III cannot continue to be enforced in the Macao SAR.

在澳門，根據第 11/2009 號法律《打擊電腦犯罪法》（經第 4/2020 號法律修訂）、以及《澳門商法典》中關於"不正當競爭"的規定，以及第 9/2021 號《消費者權益保護法》中有關反壟斷的相關條款，這些法律對澳門的反壟斷實踐進行了規範。 In Macao, laws such as the Law No. 11/2009 on Combating Computer Crimes Law (amended by Law No. 4/2020), the provisions on "unfair competition" in the Macao Commercial Code, and the relevant anti-monopoly clauses in the Law No. 9/2021 on Consumer Rights Protection Law regulate anti-monopoly practices.

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通常情況下，除非在特定情況下，違反第4/2020號法律的規定，才可能導致法院下令解散公司，或公共部門根據具體規定要求對公司進行司法清算。否則，這些反壟斷、及相關監管要求通常不會從根本上影響澳門尚禮坊在澳門開展業務、接受外資或在美 國及其他外國交易所上市的能力。Generally, violations of the provisions of Law No. 4/2020 may lead to a court order for the dissolution of a company or a public sector requirement for judicial liquidation, but only under specific circumstances. Otherwise, these anti-monopoly and related regulatory requirements typically do not fundamentally impact the ability of MGGB to conduct business in Macao, accept foreign investment, or list on U.S. and other foreign exchanges.

根據第4/2020號法律所修改第11/2009號法律《打擊電腦犯罪法》的第13條第1款及第 3款第2項規定，若以公司名義或其利益實施該法所規定的犯罪，例如未經許可進入或干擾電腦系統、獲取或損毀數據、製造或提供犯罪工具、電腦偽造或電腦詐騙等犯罪行為，除公司須承擔相關刑事責任外，在同時符合第13條第7款所指之前提時，法院有權命令解散公司。According to Article 13, paragraph 1 and paragraph 3, item 2 of the<br> Law No. 11/2009 on Combating Computer Crimes Law , amended by Law No. 4/2020, if a crime stipulated in the Law is committed in the name of a company or in its interests, such as entering or interfering with a computer system without permission, obtaining or damaging data, manufacturing or providing criminal tools, computer forgery or computer fraud, etc., in addition to the company being subject to relevant criminal liability, the court has the authority to order the dissolution of the company if the conditions referred to in Paragraph 7 of Article 13 are met at the same time.

STA-Lawyers律師事務所律師 <br> Lawyer of STA-Lawyers

2025年6月6日，於澳門

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**<u>第三部分 附件</u>**

Part Three: Attachments

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| | |
|:---|:---|
| &nbsp;&nbsp;序號 <br> Serial Number | &nbsp;&nbsp;文件 <br> Documents |
| &nbsp;&nbsp;附件一 <br> Attachment 1 | &nbsp;&nbsp;由澳門商業及動產登記局於 2025 年 6 月 5 日發出澳門尚禮坊的商業登記證明 Commercial Registration Certificate for MGGB, issued by the MacauCommercial and Movable Property Registry on June 5 2025. |
| &nbsp;&nbsp;附件二 <br> Attachment 2 | &nbsp;&nbsp;澳門尚禮坊於 2012 年 7 月 27 日向財政局遞交之營業稅開業申報表 (M/1)表格副本 Copy of the Business Tax Opening/Change DeclarationForm (M/1) submitted by MGGB to the Financial Services Bureau on July 27, 2012. |
| &nbsp;&nbsp;附件三 <br> Attachment 3 | &nbsp;&nbsp;澳門尚禮坊於 2019 年 6 月 19 日向財政局遞交之開業/更改申報表 (M/1)表格副本 Copy of the Business Tax Opening/Change DeclarationForm (M/1) submitted by MGGB to the Financial Services Bureau onJune 19, 2019. |

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## Exhibit 10.1

**Exhibit 10.1**

**<u>DIRECTOR AGREEMENT</u>**

**THIS DIRECTOR AGREEMENT** (this "**Agreement**"), dated as of [\*], 2025, is by and between **Gifts International Holdings Limited**, a company incorporated under the laws of the British Virgin Islands (the "**Company**", together with its subsidiaries, the "**Group**"), and [\*], an individual (the "**Director**").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Appointment</u>.** The Director was appointed as director and chairman of the board of the Company (the "**Board**") on [\*], 2025. This Agreement serves to regulate the employment relationship between the Company and the Director from the closing date of the Company's initial public offering. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Director on [\*], 2025. The Company shall employ the Director and the Director shall diligently and faithfully serve the Company as a director and chairman of the board pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company (the "**Articles of Association**"), the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Term</u>.** The term of such appointment shall commence from the closing date of the Company's initial public offering and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "**Expiration Date**"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Compensation</u>.** Upon the closing date of the Company's initial public offering and during the term of this Agreement, the Director shall receive a monthly remuneration of HK$[\*] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "**Compensation**"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the closing date of the Company's initial public offering. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duties</u>.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as a director and chairman of the board of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or the Group; 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;(f) act in accordance with his powers and obligations as an director and chairman of the Board and use his best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, the British Virgin Islands, Hong Kong or elsewhere; (c) the Nasdaq Stock Market Rules; (d) amended and restated Articles of Association; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Director shall carry out his duties and exercise his powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Director to cease performing any of his duties or exercising any of his power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conflicts of Interest/Applicable Law</u>.** In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Corporate Opportunities</u>.** Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidentiality</u>.** The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company ("**Confidential Information**"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Code of Business Conduct and Ethics</u>.** The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of the Directors as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Expenses</u>.** Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Indemnity</u>.** The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto ("**Indemnification Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Withholdin</u>g.** The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Bindin</u>g <u>Effect</u>.** This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Recitals</u>.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Validity</u>.** The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Headings and Captions</u>.** The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Neutral Construction</u>.** Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Counterparts</u>.** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Miscellaneous</u>.** This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

 

*[Remainder of Page Intentionally Left Blank]*

 

**IN WITNESS WHEREOF**, the parties hereto have executed this Director Agreement as of the date first above written.

---

| | |
|:---|:---|
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: |  |
| Name: | [\*] |
| Title: | Director |
| **DIRECTOR** | **DIRECTOR** |
| By: |  |
| Name: | [\*] |

---

*[Signature Page to Director Agreement]*

<u>EXHIBIT A</u> 

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "**Agreement**"), dated as of [\*], 2025, is by and between **Gifts International Holdings Limited**, a company incorporated under the laws of the British Virgin Islands (the "**Company**") and [\*] (the "**Indemnitee**") and shall become effective on the closing date of the Company's initial public offering (the "**Effective Date**").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "**Board**") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "**Constituent Documents**"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in <u>Section 1</u> below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&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) "**Beneficial Owner**" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange 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;(b) "**Change in Control**" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company, representing 51% or more of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still 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 at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&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) "**Claim**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&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) "**Disinterested Director**" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&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) "**Expenses**" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, 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;(ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&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) "**Expense Advance**" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other party to the Claim giving rise to a claim for indemnification hereunder.

Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&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) "**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), the excise taxes pursuant to the Employee Retirement Income Security Act of 1974, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&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) "**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange 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;(k) "**Standard of Conduct Determination**" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Voting Securities**" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Notification and Defense of Claims**.

&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>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrent with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently and directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Determination of Right to Indemnification**.

&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>Mandatory Indemnification</u>; <u>Indemnification as a Witness.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "**Standard of Conduct Determination**") shall be made 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; 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;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&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>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&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>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(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;(f) <u>Presumptions and Defenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated 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) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&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) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; 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;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "**Other Indemnity Provisions**"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. 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 (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), assigns, 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, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

w

&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 to Indemnitee, to the email address set forth on the signature page hereto.

&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 to the Company:

**Gifts International Holdings Limited**

Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

Telephone: (852) 2736-6670

E-mail: [\*]

Notice of change of address shall be effective only when given 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

 

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: |  |
| Name: | [\*] |
| Title: | [\*] |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
| By: | <u> </u> |
| Name: | [\*] |
| Email: | [\*] |

---

*[Signature Page to Indemnification Agreement]*

## Exhibit 10.2

**Exhibit 10.2**

**<u>EXECUTIVE OFFICER AGREEMENT</u>**

**THIS EXECUTIVE OFFICER AGREEMENT** (this "**Agreement**"), dated as of [\*], 2025, is by and between **Gifts International Holdings Limited**, a company incorporated under the laws of the British Virgin Islands (the "**Company**", together with its subsidiaries, the "**Group**"), and [\*], an individual (the "**Executive Officer**").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Appointment</u>.** The Executive Officer was appointed as [chief executive officer/chief financial officer] on [\*], 2025. This Agreement serves to regulate the employment relationship between the Company and the Executive Officer from the closing date of the Company's initial public offering. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Executive Officer on [\*], 2025. The Company shall employ the Executive Officer and the Executive Officer shall diligently and faithfully serve the Company as the [chief executive officer/chief financial officer] pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company (the "**Articles of Association**"), the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Term</u>.** The term of such appointment shall commence from the closing date of the Company's initial public offering and shall continue until the Executive Officer's successor is duly elected or appointed and qualified or until the Executive Officer's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current Articles of Association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "**Expiration Date**"). In the event that the Executive Officer's successor has not been duly elected or appointed as of the Expiration Date, the Executive Officer agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Compensation</u>.** Upon the closing date of the Company's initial public offering and during the term of this Agreement, the Executive Officer shall receive a monthly remuneration of HK$[\*] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the appointment is terminated prior to the end of a calendar month, the Executive Officer shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "**Compensation**"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the closing date of the Company's initial public offering. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duties</u>.** The Executive Officer shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as the [chief executive officer/chief financial officer] of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or the Group; 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;(f) act in accordance with his powers and obligations as the [chief executive officer/chief financial officer] of the Company and use his best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, the British Virgin Islands, Hong Kong or elsewhere; (c) the Nasdaq Stock Market Rules; (d) amended and restated Articles of Association; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Executive Officer shall carry out his duties and exercise his powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Executive Officer to cease performing any of his duties or exercising any of his power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conflicts of Interest/Applicable Law</u>.** In the event that the Executive Officer has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Executive Officer is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Executive Officer shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Executive Officer acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Corporate Opportunities</u>.** Whenever the Executive Officer becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Executive Officer to make available to the Company, the Executive Officer shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidentiality</u>.** The Executive Officer agrees and acknowledges that, by reason of the nature of the Executive Officer's duties on the Board, the Executive Officer will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company ("**Confidential Information**"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Executive Officer has had access by reason of the Executive Officer's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Executive Officer or the Executive Officer's representatives; or (ii) is required to be disclosed by the Executive Officer due to governmental regulatory or judicial process. The Executive Officer agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Executive Officer acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Executive Officer by the Company or otherwise acquired or developed by the Executive Officer, shall at all times be the property of the Company. Upon termination of the Executive Officer's services hereunder, the Executive Officer shall return to the Company any such property or documents which are in the Executive Officer's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Executive Officer, generally known to the public. The obligations of the Executive Officer under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Executive Officer may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Code of Business Conduct and Ethics</u>.** The Executive Officer agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of executive officers of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Expenses</u>.** Upon submission of adequate documentation by the Executive Officer to the Company, the Executive Officer shall be reimbursed for all reasonable expenses incurred in connection with the Executive Officer's positions as a member of the Board and for services as a member of each committee of the Board to which the Executive Officer may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Indemnit</u>y.** The Company and the Executive Officer agree that indemnification with respect to the Executive Officer's service shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto ("**Indemnification Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Withholdin</u>g.** The Executive Officer agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Bindin</u>g <u>Effect</u>.** This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Recitals</u>.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Validity</u>.** The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Headin</u>g<u>s and Captions</u>.** The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Neutral Construction</u>.** Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Counterparts</u>.** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Miscellaneous</u>.** This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Executive Officer's service and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Executive Officer's service. The Executive Officer acknowledges that he/she has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

 

*[Remainder of Page Intentionally Left Blank]*

 

**IN WITNESS WHEREOF**, the parties hereto have executed this Executive Officer Agreement as of the date first above written.

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| | |
|:---|:---|
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: |  |
| Name: | [\*] |
| Title: | Director |

---

---

| | |
|:---|:---|
| **EXECUTIVE OFFICER** | **EXECUTIVE OFFICER** |
| By: |  |
| Name: | [\*] |

---

*[Signature Page to Executive Officer Agreement]*

<u>EXHIBIT A</u> 

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "**Agreement**"), dated as of [\*], 2025, is by and between **Gifts International Holdings Limited**, a company incorporated under the laws of the British Virgin Islands (the "**Company**") and [\*] (the "**Indemnitee**") and shall become effective on the closing date of the Company's initial public offering (the "**Effective Date**").

 **<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "**Board**") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "**Constituent Documents**"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in <u>Section 1</u> below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&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) "**Beneficial Owner**" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange 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;(b) "**Change in Control**" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still 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 at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&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) "**Claim**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&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) "**Disinterested Director**" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&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) "**Expenses**" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, 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;(ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&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) "**Expense Advance**" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other party to the Claim giving rise to a claim for indemnification hereunder.

Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&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) "**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), the excise taxes pursuant to the Employee Retirement Income Security Act of 1974, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&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) "**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange 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;(k) "**Standard of Conduct Determination**" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Voting Securities**" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Notification and Defense of Claims**.

&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>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrent with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently and directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Determination of Right to Indemnification**.

&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>Mandatory Indemnification</u>; <u>Indemnification as a Witness.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "**Standard of Conduct Determination**") shall be made 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; 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;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&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>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&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>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(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;(f) <u>Presumptions and Defenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated 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) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&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) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; 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;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "**Other Indemnity Provisions**"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. 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 (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), assigns, 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, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&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 to Indemnitee, to the email address set forth on the signature page hereto.

&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 to the Company:

---

| |
|:---|
| **Gifts International Holdings Limited** |
| Unit A&B, 7/F., Fuk Chiu Factory Building |
| No.20 Bute Street |
| Mongkok, Kowloon |
| Hong Kong |
| Telephone: (852) 2736-6670 |
| <u>E-mail: [\*]</u> |

---

Notice of change of address shall be effective only when given 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: |  |
| Name: | [\*] |
| Title: | [\*] |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
| By: |  |
| Name: | [\*] |
| Email: | [\*] |

---

*[Signature Page to Indemnification Agreement]*

## Exhibit 10.3

**Exhibit 10.3**

**<u>INDEPENDENT DIRECTOR AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR AGREEMENT** (this "**Agreement**"), dated as of [\*], 2025, is by and between **Gifts International Holdings Limited**, a company incorporated under the laws of the British Virgin Islands (the "**Company**"), and [\*], an individual (the "**Director**") and shall become effective on the closing date of the Company's initial public offering (the "**Effective Date**").

**<u>RECITALS</u>**

**WHEREAS**, the Company desires to appoint the Director to serve on the Company's board of directors (the "**Board**") and the Director desires to accept such appointment to serve on the Board; and

**WHEREAS**, the Director may be appointed to serve as a member or chair of one or more committees of the Board.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the foregoing and the Director's services to the Company as a member of the Board, as a member of such committees of the Board to which the Director may be appointed from time to time and as chair of one or more committees to which the Director may be appointed in such capacity from time to time, and intending to be legally bound hereby, the Company and the Director hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** The Company hereby appoints the Director, and the Director hereby accepts such appointment by the Company, for the purposes and upon the terms and conditions contained in this Agreement. The term of such appointment shall commence on the Effective Date and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current Memorandum and Articles of Association (the "**Articles of Association**"), as may be amended from time to time, or any applicable laws, rules, or regulations (the "**Expiration Date**"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Compensation</u>**. Upon the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of HK$[\*] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "**Compensation**"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Independence</u>.** The Director acknowledges that appointment to the Board is contingent upon the Board's determination that the Director is "independent" with respect to the Company, as such term is defined by [Section 303A of the NYSE Corporate Governance Rules/ Rule 5605 of the Nasdaq Stock Market's Listing Rules], and any other applicable rules, and that the Director may be removed from the Board in the event that the Director does not maintain such independence. The Director acknowledges and agrees that the acceptance, directly or indirectly, of any consulting, advisory, or other compensatory fee, other than for Board service, from the Company or any subsidiary thereof will impair the Director's independence, and the Director agrees not to accept any such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Duties</u>.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors, reviewing filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business matters as requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conflicts of Interest/Applicable Law</u>. In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&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>Corporate Opportunities</u>. Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&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>Confidentiality</u>. The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company ("**Confidential Information**"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&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>Code of Business Conduct and Ethics</u>. The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Ex</u><u>penses</u>**. Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Indemnit</u>y**. The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto ("**Indemnification Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Withholdin</u>g**. The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Bindin</u>g <u>Effect</u>**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Recitals</u>**. The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Validit</u>y**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Headin</u>g<u>s and Captions</u>**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Neutral Construction</u>**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Miscellaneous</u>**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

 

*[Remainder of Page Intentionally Left Blank]*

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Agreement as of the day and year first above written.

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| | |
|:---|:---|
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: |  |
| Name: | [\*] |
| Title: | Director |

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| | |
|:---|:---|
| **DIRECTOR** | **DIRECTOR** |
| By: |  |
| Name: | [\*] |

---

*[Signature Page to Independent Director Agreement]*

<u>EXHIBIT A</u> 

INDEMNIFICATION AGREEMENT

(Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "**Agreement**"), dated as of [\*], 2025, is by and between **Gifts International Holdings Limited**, a company incorporated under the laws of the British Virgin Islands (the "**Company**") and [\*] (the "**Indemnitee**") and shall become effective on the closing date of the Company's initial public offering (the "**Effective Date**").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "**Board**") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "**Constituent Documents**"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&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) "**Beneficial Owner**" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange 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;(b) "**Change in Control**" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still 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 at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&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) "**Claim**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&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) "**Disinterested Director**" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&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) "**Expenses**" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, 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;(ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&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) "**Expense Advance**" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other party to the Claim giving rise to a claim for indemnification hereunder.

Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&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) "**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), the excise taxes pursuant to the Employee Retirement Income Security Act of 1974, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&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) "**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange 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;(k) "**Standard of Conduct Determination**" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Voting Securities**" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Notification and Defense of Claims**.

&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>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrent with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently and directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

**7**. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Determination of Right to Indemnification**.

&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>Mandatory Indemnification</u>; <u>Indemnification as a Witness.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be 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;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "**Standard of Conduct Determination**") shall be made 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; 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;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&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>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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>Payment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&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>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(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;(f) <u>Presumptions and Defenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated 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) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&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) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; 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;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "**Other Indemnity Provisions**"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. 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 (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), assigns, 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, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&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 to Indemnitee, to the email address set forth on the signature page hereto.

&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 to the Company:

---

| |
|:---|
| **Gifts International Holdings Limited** |
| Unit A&B, 7/F., Fuk Chiu Factory Building |
| No.20 Bute Street |
| Mongkok, Kowloon |
| Hong Kong |
| Telephone: (852) 2736-6670 |
| E-mail: [\*] |

---

 ****

Notice of change of address shall be effective only when given 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

 

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: |  |
| Name: | [\*] |
| Title: | [\*] |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
| By: |  |
| Name: | [\*] |
| Email: | [\*] |

---

 

*[Signature Page to Indemnification Agreement]*

## Exhibit 10.4

**Exhibit 10.4**

**GIFTS INTERNATIONAL HOLDINGS LIMITED** 

**2025 SHARE INCENTIVE PLAN**

**ARTICLE 1<br> PURPOSE**

The purpose of this Gifts International Holdings Limited 2025 Share Incentive Plan (the "<u>Plan</u>") is to promote the success and enhance the value of Gifts International Holdings Limited (the "<u>Company</u>") by linking the personal interests of the members of the Board, Employees and Consultants who contribute to the success of the Company to those of Company shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company's shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees and Consultants upon whose judgment, interests and special efforts the successful conduct of the Company's operation is largely dependent.

**ARTICLE 2<br> DEFINITIONS AND CONSTRUCTION**

Wherever the following terms are used in the Plan, they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. "<u>Administrator</u>" shall mean the entity that conducts the general administration of the Plan as provided in Article 10. With reference to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 10.6, or as to which the Board has assumed, the term "Administrator" shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption of such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. "<u>Applicable Accounting Standards</u>" shall mean Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards, or such other accounting principles or standards as may apply to the Company's financial statements under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "<u>Applicable Laws</u>" shall mean (i) the laws of the British Virgin Islands as they relate to the Company and its Shares; (ii) the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted to residents; and (iii) the rules of any applicable securities exchange, national market system or automated quotation system on which the Shares are listed, quoted or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. "<u>Article</u>" shall mean an article of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. "<u>Articles of Association</u>" shall mean Company's Memorandum of Association and Articles of Association, as such may be restated and/or amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. "<u>Award</u>" shall mean an Option, an Employee Shares Option, a Restricted Share award, a Restricted Share Unit award, a Dividend Equivalents award, a Deferred Share award, a Share Payment award or a Share Appreciation Right, which may be awarded or granted under the Plan (collectively, "<u>Awards</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. "<u>Award Agreement</u>" shall mean any written notice, agreement, terms and conditions, contract or other instrument or document evidencing the grant of an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine consistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. "<u>Board</u>" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. "<u>Cause</u>" shall mean (unless otherwise expressly provided in the applicable Award Agreement or another applicable contract with the Holder that defines such term for purposes of determining the effect that a "for cause" termination has on the Holder's Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties or is incompetent in or (other than by reason of a Disability or analogous condition) incapable of performing those duties;

(b) has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information;

(c) has breached a fiduciary duty, or materially violated any other duty, law, rule, regulation or policy of the Service Recipient; or has been convicted of, or plead guilty or *nolo contendere* to, a felony or misdemeanor (other than minor traffic violations or similar offenses);

(d) has materially breached any of the provisions of any agreement with the Service Recipient;

(e) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Service Recipient; or

(f) has improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. "<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. "<u>Committee</u>" shall mean the Compensation Committee of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. "<u>Company</u>" shall mean Gifts International Holdings Limited, a company incorporated under the laws of the British Virgin Islands with limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. "<u>Consultant</u>" shall mean any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. "<u>Corporate Transaction</u>" shall mean any of the following transactions, provided, however, that the Committee shall determine under (f) and (g) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amalgamation, arrangement, consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company's voting securities immediately prior to such transaction own fifty percent (50%) or more of the surviving entity;

(b) the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities pursuant to a tender or exchange offer made directly to the Company's shareholders which a majority of the Incumbent Board (as defined below) who are not affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the individuals who, as of the Effective Date, are members of the Board (the "Incumbent Board"), cease for any reason to constitute at least fifty percent (50%) of the Board; provided, that if the election, or nomination for election by the Company's shareholders, of any new member of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new member of the Board shall be considered as a member of the Incumbent Board.

(d) the sale, transfer or other disposition of all or substantially all of the assets of the Company (other than to a Parent or Subsidiary);

(e) the completion of a voluntary or insolvent liquidation or dissolution of the Company;

(f) any reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a reverse takeover) in which the Company survives but (A) the Shares of the Company outstanding immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such transaction culminating in such takeover or scheme of arrangement, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or

(g) acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

(h) Notwithstanding anything in the foregoing to the contrary, with respect to compensation (A) that is subject to Section 409A of the Code and (B) for which a Corporate Transaction would accelerate the timing of payment thereunder, the term "Corporate Transaction" shall mean an event that is both (x) a Corporate Transaction (as defined above) and (y) a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as defined in Section 409A of the Code and authoritative guidance thereunder, but only to the extent necessary to comply with Section 409A of the Code as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. "<u>Deferred Share</u>" shall mean a right to receive Shares awarded under Section 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. "<u>Director</u>" shall mean a member of the Board, as constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. "<u>Disability</u>", unless otherwise defined in an Award Agreement, shall mean that the Holder qualifies to receive long-term disability payments under the Service Recipient's long-term disability insurance program, as it may be amended from time to time, to which the Holder provides services regardless of whether the Holder is covered by such policy. If the Service Recipient to which a Holder provides service does not have a long-term disability plan in place, "Disability" shall mean that the Holder is unable to carry out the responsibilities and functions of the position held by the Holder by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Holder will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. "<u>Dividend Equivalent</u>" shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded under Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. "<u>Effective Date</u>" shall have the meaning set forth in Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20. "<u>Eligible Individual</u>" shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Committee; provided, however, that Awards shall not be granted to Consultants or Non-Employee Directors who are resident of any country which pursuant to Applicable Laws does not allow grants to non-employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. "<u>Employee</u>" shall mean any person who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a Director's fee by a Service Recipient shall not be sufficient to constitute "employment" by the Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. "<u>Employee Shares Option</u>" shall mean a right to purchase Shares at a specified exercise price granted to an Employee of the Company under Article 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23. "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24. "<u>Fair Market Value</u>" shall mean, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Shares are listed on one or more established and regulated securities exchanges, national market systems or automated quotation system on which Shares are listed, quoted or traded, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported on the website maintained by such exchange or market system or such other source as the Committee deems reliable;

(b) If the Shares are not listed on an established securities exchange, notational market system or automated quotation system, but are regularly quoted by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or

(c) In the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company's business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company's business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. "<u>Holder</u>" shall mean a person who has been granted an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. "<u>Incentive Option</u>" shall mean an Option that is intended to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. "<u>Non-Employee Director</u>" shall mean a Director of the Company who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. "<u>Non-Qualified Option</u>" shall mean an Option that is not an Incentive Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. "<u>Option</u>" shall mean a right to purchase Shares at a specified exercise price, granted under Article 5. An Option shall be either a Non-Qualified Option or an Incentive Option; provided, however, that Incentive Options may only be granted to Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. "<u>Parent</u>" shall mean any entity whether domestic or foreign, in an unbroken chain of entities ending with the Company, if each of the entities other than the first entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. "<u>Plan</u>" shall mean this Gifts International Holdings Limited 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;2.32. "<u>Restricted Shares</u>" shall mean Shares awarded under Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. "<u>Restricted Share Units</u>" shall mean the right to receive Shares awarded under Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34. "<u>Rule 16b-3</u>" shall mean Rule 16b-3 promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35. "<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36. "<u>Service Recipient</u>" shall mean the Company, any Parent or Subsidiary of the Company to which an Eligible Individual provides services as an Employee, Consultant or as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37. "<u>Share</u>" shall mean a Class A Ordinary Share of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38. "<u>Share Appreciation Right</u>" shall mean a share appreciation right granted under Article 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39. "<u>Share Payment</u>" shall mean (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of a bonus, deferred compensation or other arrangement, awarded under Section 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40. "<u>Subsidiary</u>" shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41. "<u>Substitute Award</u>" shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in connection with a Corporate Transaction; provided, however, that in no event shall the term "Substitute Award" be construed to refer to an award made in connection with the cancellation and repricing of an Option or Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42. "<u>Termination of Service</u>" shall mean,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to a Consultant, the time when the engagement of a Holder as a Consultant to a Service Recipient is terminated for any reason, with or without Cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company or any Subsidiary.

(b) As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases to be a Director for any reason, with or without Cause, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to an Employee, the time when the employee-employer relationship between a Holder and the Service Recipient is terminated for any reason, with or without Cause, including, without limitation, a termination by resignation, discharge, death, Disability or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for Cause and all questions of whether particular leaves of absence constitute a Termination of Service; <u>provided</u>, <u>however</u>, that, with respect to Incentive Options and Awards subject to Section 409A of the Code, unless the Administrator otherwise provides in the terms of the Award Agreement or otherwise, a leave of absence, change in status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2) or 409A of the Code and the then applicable regulations and revenue rulings under said Sections. For purposes of the Plan and subject to the requirements of Section 409A of the Code, a Holder's employee-employer relationship or consultancy relations shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Holder ceases to remain a Subsidiary following any merger, sale of securities or other corporate transaction or event (including, without limitation, a spin-off).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43. "<u>Trading Date</u>" shall mean the closing of the first sale to the general public of the Shares pursuant to an effective registration statement under Applicable Laws, which results in the Shares being publicly traded on one or more established stock exchanges or national market systems.

**ARTICLE 3<br> SHARES SUBJECT TO THE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Number of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.1(b) and Section 12.1, the aggregate number of Shares which may be issued or transferred pursuant to Awards under the Plan is [●]<sup>1</sup> [Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for Non-Employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions and amounts of all such Non-Employee Director compensation in its discretion and pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with <u>Applicable Accounting Standards</u>) of Awards granted to a Non-Employee Director as compensation for services as a Non-Employee Director during any fiscal year of the Company may not exceed US$100,000, increased to US$250,000 in the fiscal year in which the Plan's effective date occurs or in the fiscal year of a non-employee Director's initial service as a non-employee Director.]

<sup>1</sup> **<u>Note to Draft</u>**: This number to represent fifteen percent (15%) of the number of fully-diluted Shares outstanding as of the date of the Company's initial public offering, or after the Company's initial public offering, to represent fifteen percent (15%) of the number of fully-diluted Shares outstanding as of December 31<sup>st</sup> of the preceding calendar year, as the case may be (the "<u>Initial Share Reserve</u>"), provided that after issuance of any and all such Initial Share Reserve, the then total number of issued Shares will not exceed the maximum number of authorized Shares in the authorized share capital of the Company at relevant time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that an Award terminates, expires, or lapses for any reason, or is settled in cash and not Shares, then any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Shares delivered by the Holder or withheld by the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Shares forfeited by the Holder or repurchased by the Company are again returned to the Company, these shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company, any Parent or any Subsidiary shall not be counted against Shares available for grant pursuant to the Plan; *provided*, that such assumed or substituted awards issued in connection with the assumption of, or in substitution for, any outstanding options intended to qualify as "incentive stock options" within the meaning of Section 422 of the Code shall be counted against the aggregate number of Shares available for Awards of Incentive Options under the Plan. Additionally, in the event that a company acquired by the Company, any Parent or any Subsidiary or with which the Company, any Parent or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Individuals prior to such acquisition or combination. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b), (i) no more than [●]<sup>2</sup> Shares may be issued pursuant to the exercise of Incentive Options and (ii) no Shares may again be optioned, granted or awarded if such action would cause an Incentive Option to fail to qualify as an incentive stock option under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Shares Distributed</u>. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market.

**ARTICLE 4<br> GRANTING OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Participation</u>. The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. No Eligible Individual shall have any right to be granted an Award pursuant to the Plan, and the granting of an Award in one year shall not be deemed the right to receive a grant of an Award in any subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Award Agreement</u>. Each Award shall be evidenced by an Award Agreement. Award Agreements evidencing Incentive Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Jurisdictions</u>. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in the jurisdictions in which the Service Recipients operate or have Eligible Individuals, or in order to comply with the requirements of any securities exchange, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries shall be covered by the Plan; (b) determine which Eligible Individuals are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals to comply with Applicable Laws; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as appendices); *provided, however*, that no such subplans and/or modifications shall increase the share limitations contained in Section 3.1; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any Applicable Laws including necessary local governmental regulatory exemptions or approvals or listing requirements of any such securities exchange. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Stand-Alone and Tandem Awards</u>. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

<sup>2</sup> **<u>Note to Draft</u>**: This number to represent three (3) times of the Initial Share Reserve.

**ARTICLE 5<br> OPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>General</u>. The Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however*, that no Option may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable exchange rule and Section 409A of the Code), a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting</u>. The period during which the right to exercise, in whole or in part, an Option vests in the Holder shall be set by the Administrator and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipient or any other criteria selected by the Administrator. At any time after grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Option vests. No portion of an Option which is unexercisable at a Holder's Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Time and Conditions of Exercise</u>. The Administrator shall determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting and that a partial exercise must be with respect to a minimum number of shares. The Administrator shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Partial Exercise</u>. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect to fractional shares and the Administrator may, in its discretion, require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Manner of Exercise</u>. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all Applicable Laws or regulations, and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that the Option shall be exercised pursuant to Section 9.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Option, or portion thereof, is exercised, in a manner permitted by Sections 9.1 and 9.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Term</u>. The term of any Option granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A or Section 422 of the Code and regulations and rulings thereunder, in its sole discretion, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Option relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Evidence of Grant</u>. All Options shall be evidenced by an Award Agreement between the Company and the Holder. The Award Agreement shall include such additional provisions as may be specified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Incentive Options</u>. Incentive Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company (which qualify as a parent or subsidiary corporation under Sections 424(e) and (f) of the Code respectively). Incentive Options may not be granted to Non-Employee Directors or Consultants. The terms of any Incentive Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of this Section 5.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expiration of Option</u>. An Incentive Option may not be exercised to any extent by anyone after the first to occur of the following events, unless otherwise approved by the Administrator in a separate resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Ten years from the date it is granted, unless an earlier time is set in the Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Three months after the Holder's Termination of Service as an Employee (save in the case of termination on account of Disability or death); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) One year after the date of the Holder's Termination of Service on account of disability or death. Upon the Holder's Disability or death, any Incentive Options exercisable at the Holder's Disability or death may be exercised by the Holder's legal representative or representatives, by the person or persons entitled to do so pursuant to the Holder's last will and testament, or, if the Holder fails to make testamentary disposition of such Incentive Option or dies intestate, by the person or persons entitled to receive the Incentive Option pursuant to the applicable laws of descent and distribution as determined under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Individual Dollar Limitation</u>. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Options are first exercisable by a Holder in any calendar year may not exceed US$100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Options are first exercisable by a Holder in excess of such limitation, the excess shall be considered Non-Qualified Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ten Percent Owners</u>. An Incentive Option shall be granted to any Eligible Individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer Restriction</u>. The Holder shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Option within (i) two years from the date of grant of such Incentive Option or (ii) one year after the transfer of such Shares to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expiration of Incentive Options</u>. No Award of an Incentive Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Right to Exercise</u>. During a Holder's lifetime, an Incentive Option may be exercised only by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Substitute Awards</u>. Notwithstanding the foregoing provisions of this Article 5 to the contrary, in the case of an Option that is a Substitute Award, the price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Substitution of Share Appreciation Rights</u>. The Administrator may provide in the Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option; *provided*, that such Share Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable.

**ARTICLE 6<br> AWARD OF RESTRICTED SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Award of Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Restricted Shares to Eligible Individuals, and shall determine the amount of, and the terms and conditions, including the restrictions applicable to each award of Restricted Shares, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Shares as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator shall establish the purchase price, if any, and form of payment for Restricted Shares; *provided, however*, that such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by Applicable Laws. In all cases, legal consideration shall be required for each issuance of Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Rights as Shareholders</u>. Subject to Section 6.4, upon issuance of Restricted Shares, the Holder shall have, unless otherwise provided by the Administrator, all the rights of a shareholder with respect to said shares, subject to the restrictions in his or her Award Agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; *provided, however*, that, (i) such dividends shall be withheld by the Company for the Holder's account and shall be subject to vesting and forfeiture to the same degree as the Restricted Shares to which such dividends relate and (ii) in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares shall be subject to the restrictions set forth in Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Restrictions</u>. All Restricted Shares (including any shares received by Holders thereof with respect to Restricted Shares as a result of share dividends, share splits or any other form of recapitalization) shall, in the terms of each individual Award Agreement, be subject to such restrictions and vesting requirements as the Administrator, in its sole discretion, shall provide. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without limitation, criteria based on the Holder's duration of employment, directorship or consultancy with the Service Recipient, or other criteria selected by the Administrator. By action taken after the Restricted Shares are issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Shares by removing any or all of the restrictions imposed by the terms of the Award Agreement. Restricted Shares may not be sold or encumbered until all restrictions are terminated or expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Repurchase or Forfeiture of Restricted Shares</u>. If no price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Holder's rights in unvested Restricted Shares then subject to restrictions shall lapse, and such Restricted Shares shall be surrendered to the Company and cancelled without consideration. If a purchase price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Company shall have the right to repurchase from the Holder the unvested Restricted Shares then subject to restrictions at a cash price per share equal to the price paid by the Holder for such Restricted Shares or such other amount as may be specified in the Award Agreement. The Administrator in its sole discretion may provide that in the event of certain events the Holder's rights in unvested Restricted Shares shall not lapse, such Restricted Shares shall vest and shall be non-forfeitable, and if applicable, the Company shall not have a right of repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Certificates for Restricted Shares</u>. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Administrator shall determine. Certificates or book entries evidencing Restricted Shares must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, in its sole discretion, retain physical possession of any share certificate until such time as all applicable restrictions lapse.

**ARTICLE 7<br> AWARD OF DIVIDEND EQUIVALENTS, DEFERRED SHARES, SHARE PAYMENTS, RESTRICTED SHARE UNITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Dividend Equivalents</u>. Dividend Equivalents may be granted by the Administrator based on dividends declared on the Shares subject to an Award, to be credited as of dividend payment dates during the period between the date an Award is granted to a Holder and the date such Award vests, is exercised, is distributed or expires, as determined by the Administrator. Dividend Equivalents shall be subject to vesting and forfeiture to the same degree as the Award to which such Dividend Equivalents relate. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Share Payments</u>. The Administrator is authorized to make Share Payments to any Eligible Individual. The number or value of Shares of any Share Payment shall be determined by the Administrator and may be based upon any other criteria, including service to the Service Recipients, determined by the Administrator. Share Payments may, but are not required, to be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Deferred Shares</u>. The Administrator is authorized to grant Deferred Shares to any Eligible Individual. The number of shares of Deferred Shares shall be determined by the Administrator and may be based on any specific criteria, including service to the Service Recipients, as the Administrator determines, in each case on a specified date or dates or over any period or periods determined by the Administrator. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or other conditions or criteria set by the Administrator. Unless otherwise provided by the Administrator, a Holder of Deferred Shares shall have no rights as a Company shareholder with respect to such Deferred Shares until such time as the Award has vested and the Shares underlying the Award has been issued to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Restricted Share Units</u>. The Administrator is authorized to grant Restricted Share Units to any Eligible Individual. The number and terms and conditions of Restricted Share Units shall be determined by the Administrator. The Administrator shall specify the date or dates on which the Restricted Share Units shall become fully vested and 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<br> AWARD OF SHARE APPRECIATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Grant of Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Share Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine consistent with the Plan. The term of any Share Appreciation Right granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Share Appreciation Right, and may extend the time period during which vested Share Appreciation Rights may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Share Appreciation Right relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Share Appreciation Right shall entitle the Holder (or other person entitled to exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Share Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the Share Appreciation Right from the Fair Market Value per share on the date of exercise of the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The exercise price per Share subject to a Share Appreciation Right shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however,* that no Share Appreciation Right may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable securities exchange rule), a downward adjustment of the exercise prices of Share Appreciation Rights mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an Share Appreciation Right that is a Substitute Award, the price per share of the Shares subject to such Share Appreciation Right may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the Shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Share Appreciation Right Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The period during which the right to exercise, in whole or in part, a Share Appreciation Right vests in the Holder shall be set by the Administrator and the Administrator may determine that a Share Appreciation Right may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipients, or any other criteria selected by the Administrator. At any time after grant of a Share Appreciation Right, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which a Share Appreciation Right vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No portion of a Share Appreciation Right which is unexercisable at Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Manner of Exercise</u>. All or a portion of an exercisable Share Appreciation Right shall be deemed exercised upon delivery of all of the following to the Administrator, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Share Appreciation Right, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Share Appreciation Right or such portion of the Share Appreciation Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Share Appreciation Right shall be exercised pursuant to this Section 8.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Share Appreciation Right, in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Share Appreciation Right, or portion thereof, is exercised, in a manner permitted by Section 9.1 and 9.2.

**ARTICLE 9<br> ADDITIONAL TERMS OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Payment</u>. The Administrator shall determine the methods by which payments by any Holder with respect to any Awards granted under the Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences under Applicable Accounting Standards, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) following the Trading Date, delivery of a notice that the Holder has placed a market sell order with a broker with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required, *provided*, that payment of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of legal consideration acceptable to the Administrator in its sole discretion. The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding any other provision of the Plan to the contrary, no Holder shall be permitted to make payment with respect to any Awards granted under the Plan to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Tax Withholding</u>. No Shares shall be delivered under the Plan to any Holder until such Holder has made arrangements acceptable to the Administrator for the satisfaction of any income, employment, social welfare or other tax withholding obligations under Applicable Laws. Each Service Recipient shall have the authority and the right to deduct or withhold, or require a Holder to remit to the applicable Service Recipient, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder's employment, social welfare or other tax obligations) required by Applicable Laws to be withheld with respect to any taxable event concerning a Holder arising as a result of the Plan. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement allow a Holder to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase up to the maximum expected aggregate amount of such liabilities based on the maximum statutory withholding rates for tax purposes that are applicable to such taxable income, provided that such withholding does not result in adverse tax or accounting consequences to the Company. The Administrator shall determine the Fair Market Value of the Shares, consistent with Applicable Laws, for tax withholding obligations due in connection with a broker-assisted cashless Option or Share Appreciation Right exercise involving the sale of shares to pay the Option or Share Appreciation Right exercise price or any tax withholding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Transferability of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in Section 9.3(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, as required under applicable domestic relations laws, unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Holder or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of Applicable Law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) During the lifetime of the Holder, only the Holder may exercise an Award (or any portion thereof) granted to him under the Plan, unless it has been disposed of pursuant to applicable domestic relations law. After the death of the Holder, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Holder's will or under the then Applicable Laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 9.3(a), the Administrator, in its sole discretion, may determine to permit a Holder to transfer an Award other than an Incentive Option to certain persons or entities related to the Holder, including but not limited to members of the Holder's family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Holder's family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Administrator may establish, including the following conditions: (i) an Award transferred shall not be assignable or transferable other than by will or the laws of descent and distribution; (ii) an Award transferred shall continue to be subject to all the terms and conditions of the Award as applicable to the original Holder (other than the ability to further transfer the Award); and (iii) the Holder and the permitted transferee shall execute any and all documents requested by the Administrator, including, without limitation documents to (A) confirm the status of the transferee as a permitted transferee, (B) satisfy any requirements for an exemption for the transfer under Applicable Laws and (C) evidence the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Section 9.3(a), a Holder may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Holder and to receive any distribution with respect to any Award upon the Holder's death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Holder, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Holder is married and resides in a community property jurisdiction, a designation of a person other than the Holder's spouse as his or her beneficiary with respect to more than 50% (or such other percentage as specified under Applicable Law) of the Holder's interest in the Award shall not be effective without the prior written or electronic consent of the Holder's spouse. If no beneficiary has been designated or survives the Holder, payment shall be made to the person entitled thereto pursuant to the Holder's will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time provided the change or revocation is filed with the Administrator prior to the Holder's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Conditions to Issuance of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance of such Shares is in compliance with all Applicable Laws and the Shares are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or Committee may require that a Holder make such reasonable covenants, agreements, and representations as the Board or Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Share certificates delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws. The Administrator may place legends on any Shares certificate or book entry to reference restrictions applicable to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator shall have the right to require any Holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, the Administrator or the transfer agent of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Forfeiture Provisions</u>. Pursuant to its general authority to determine the terms and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Award Agreement made under the Plan, or to require a Holder to agree by separate written instrument, that: (a)(i) any proceeds, gains or other economic benefit actually or constructively received by the Holder upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or (ii) the Holder at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as determined by the Administrator in its discretion, or (iii) the Holder incurs a Termination of Service for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Applicable Currency</u>. Unless otherwise required by Applicable Laws, or as determined in the discretion of the Administrator, all Awards shall be designated in U.S. dollars. A Holder may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken out of the jurisdiction in which the Holder resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in Hong Kong dollars or another foreign currency, as permitted by the Administrator, the amount payable will be determined by conversion from U.S. dollars at the exchange rate as selected by the Administrator on the date of exercise.

**ARTICLE 10<br> ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Administrator</u>. The Committee shall administer the Plan and, unless otherwise provided by the Board, shall consist of two or more members of the Board who have been appointed by the Board (or such greater number as may be required by Applicable Laws), each of whom shall be a "non-employee director" within the meaning of Rule 16b-3 or any successor rule of similar import and, to the extent required by an applicable securities exchange, an "independent director" within the meaning of such applicable securities exchange. Each Committee shall have such authority and be responsible for such functions as the Board has assigned to it in accordance with the Articles of Association. If no Committee has been appointed, the entire Board shall administer the Plan. Any reference to the Board in the Plan shall be construed as a reference to the Committee (if any) to whom the Board has assigned a particular function. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the Board or Committee may delegate its authority hereunder to the extent permitted by Section 10.6, except to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Duties and Powers of Committee</u>. It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and the Award Agreement, and to adopt such rules for the administration, interpretation and application of the Plan as are not inconsistent therewith, to interpret, amend or revoke any such rules and to amend any Award Agreement; *provided* that the rights or obligations of the Holder of the Award that is the subject of any such Award Agreement are not affected adversely by such amendment, unless the consent of the Holder is obtained or such amendment is otherwise permitted under Section 11.10. Any such grant or award under the Plan need not be the same with respect to each Holder. Any such interpretations and rules with respect to Incentive Options shall be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which under Applicable Laws are required to be determined in the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Action by the Committee</u>. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Service Recipient, the Company's independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Authority of Administrator</u>. Subject to any specific designation in the Plan and the requirements of Applicable Laws, the Administrator has the exclusive power, authority and sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate Eligible Individuals to receive Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Determine the type or types of Awards to be granted to each Eligible Individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the date of grant, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prescribe the form of each Award Agreement, which need not be identical for each Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Decide all other matters that must be determined in connection with an Award, including without limitation, cancel or redeem an outstanding Award (including but not limited to an outstanding Option with an exercise price exceeding the Fair Market Value of the underlying Shares), in exchange for cash, another Award or a combination of Awards, on terms and conditions the Administrator determines and communicates to the Holder of such outstanding Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan, including the establishment of any "blackout period";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Adjust the exercise price per Share subject to an Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Decisions Binding</u>. The Administrator's interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Delegation of Authority</u>. To the extent permitted by Applicable Laws, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Article 10; *provided, however*, that in no event shall an officer be delegated the authority to grant Awards to, or amend Awards held by officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 10.6 shall serve in such capacity at the pleasure of the Board and the Committee.

**ARTICLE 11<br> MISCELLANEOUS PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Effective Date</u>. The Plan has been adopted and approved by the Board. The Plan will be effective as of the date it is approved by the Company's shareholders (the "Effective Date"). The Plan will be deemed to be approved by the shareholders if it receives the affirmative vote of a majority (in excess of 50%) of the votes of the Shares entitled to vote and present at a meeting duly held in accordance with the applicable provisions of the Articles of Association. Awards may be granted or awarded prior to such shareholder approval, *provided*, that such Awards shall not be exercisable, shall not vest and the restrictions thereon shall not lapse and no Shares shall be issued pursuant thereto prior to the Effective Date, and *provided further*, that if such approval has not been obtained within twelve (12) months after adoption of the Plan by the Board, all Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Expiration Date</u>. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Amendment, Suspension or Termination of the Plan</u>. Except as otherwise provided in this Section 11.3, at any time and from time to time, the Administrator may amend, suspend or terminate the Plan; *provided, however*, that (a) to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 12), (ii) permits the Administrator to extend the term of the Plan or the exercise period for an Option or Share Appreciation Right beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements. Except as provided in the Plan or any Award Agreement, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, impair any rights or obligations under any Award theretofore granted or awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>No Shareholders Rights</u>. Except as otherwise provided herein, a Holder shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Holder becomes the record owner of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Paperless Administration</u>. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such an automated system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Effect of Plan upon Other Compensation Plans</u>. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for a Service Recipient. Nothing in the Plan shall be construed to limit the right of a Service Recipient: (a) to establish any other forms of incentives or compensation for Eligible Individuals, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Compliance with Laws</u>. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Laws (including but not limited to securities law and margin requirements), and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Titles and Headings, References to Sections of the Code or Exchange Act</u>. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Governing Law</u>. The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the British Virgin Islands without regard to conflicts of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <u>Section 409A</u>. To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the contrary, if a Holder is a "specified employee" as defined in Section 409A of the Code at the time of Termination of Service with respect to an Award, then solely to the extent necessary to avoid the imposition of any additional tax under Section 409A of the Code, the commencement of any payments or benefits under the Award shall be deferred until the date that is six (6) months plus one (1) day following the date of the Holder's Termination of Service or, if earlier, the Participant's death (or such other period as required to comply with Section 409A). The Company makes no representations or warranties as to an Award's tax treatment under Section 409A of the Code or otherwise. No Service Recipient will have any obligation under this Section 11.10 or otherwise to avoid the taxes, penalties or interest under Section 409A of the Code with respect to any Award and will have no liability to any Holder or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant "nonqualified deferred compensation" subject to taxes, penalties or interest under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>No Rights to Awards</u>. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>No Right to Employment or Services</u>. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Service Recipient to terminate any Holder's employment or services at any time, nor confer upon any Holder any right to continue in the employ or service of any Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 <u>Unfunded Status of Awards</u>. The Plan is intended to be an "unfunded" plan for incentive compensation. With respect to any payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Holder any rights that are greater than those of a general creditor of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 <u>Indemnification</u>. To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; *provided* he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Articles of Association, as a matter of Applicable Law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 <u>Relationship to other Benefits</u>. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of any Service Recipient except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 <u>Expenses</u>. The expenses of administering the Plan shall be borne by the Service Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 <u>Claw-back Provisions</u>. All Awards (including any proceeds, gains or other economic benefit the Holder actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back policy, including any claw-back policy adopted to comply with Applicable Laws (including without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 <u>Section 16 Compliance</u>. The provisions of this Plan are intended to ensure that no transaction under this Plan is subject to (and not exempt from) the short-swing recovery rules of Section 16(b) of the Exchange Act ("Section 16(b)"). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 <u>Subsidiary Employees</u>. In the case of a grant of an Award to any Employee of a Subsidiary of the Company, the Company may, if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the Employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of this Plan. All Shares underlying Awards that are forfeited or cancelled shall revert to the Company.

**ARTICLE 12<br> CHANGES IN CAPITAL STRUCTURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Adjustments</u>. In the event of any distribution, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, reorganization of the Company, including the Company becoming a subsidiary in a transaction not involving a Corporate Transaction, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the Shares or the share price of a Share, the Administrator shall make such proportionate and equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and substitutions of shares in a parent or surviving company); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per Share for any outstanding Awards under the Plan. The form and manner of any such adjustments shall be determined by the Administrator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Corporate Transactions</u>. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator, if a Corporate Transaction occurs, all outstanding Awards shall be converted, assumed, or replaced by a successor as provided in Section 12.3. To the extent a Holder's Awards are not converted, assumed, or replaced by a successor as provided in Section 12.3, such Awards shall vest and become fully exercisable and all forfeiture restrictions on such Awards shall lapse, unless otherwise provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator. Upon, or in anticipation of, a Corporate Transaction, the Administrator may in its sole discretion provide for (a) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Holder the right to exercise such Awards during a period of time as the Administrator shall determine, (b) either the cancellation of any Award for an amount of cash, property, or a combination thereof with an aggregate value equal to the amount that could have been attained upon the exercise of such Award or realization of the Holder's rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, (i) if as of such date the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Holder's rights, then such Award may be terminated by the Company without payment and (ii) in the case of a Corporate Transaction with respect to which holders of Shares receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Administrator that the value of an Option or Share Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Share Appreciation Right shall conclusively be deemed valid)), or (c) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and exercise prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Assumption of Awards — Corporate Transactions</u>. In the event of a Corporate Transaction, each Award may be assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise in an individual Award Agreement, an Award will be considered assumed if the Award either is (a) assumed by the successor entity or Parent thereof or replaced with a comparable award (as determined by the Administrator) with respect to capital shares (or equivalent) of the successor entity or Parent thereof or (b) replaced with a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, with any performance targets deemed achieved at the greater of target and actual performance (as such performance targets are determined by the Administrator immediately prior to the Corporate Transaction). If an Award is assumed in a Corporate Transaction, then such Award, the replacement award or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon termination of the Holder's employment or service with all Service Recipients within twelve (12) months of the Corporate Transaction without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Outstanding Awards — Other Changes</u>. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 12, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Administrator may consider appropriate to prevent dilution or enlargement of rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>No Other Rights</u>. Except as expressly provided in the Plan, no Holder shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Section 409A</u>. Notwithstanding anything in this Section 12 to the contrary: (i) any adjustments made pursuant to this Section 12 to Awards that constitute a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code, and (ii) any adjustments made pursuant to this Section 12 to Awards that do not constitute a "nonqualified deferred compensation plan" subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code.

**Gifts International Holdings Limited** 

**<u>Restricted Share Units Award Agreement</u>**

This Award Agreement is made and entered into by and between:

&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts International Holdings Limited (the "Company"), and

2. the individual named below (the "Participant").

**<u>DEFINITIONS</u>**:

All capitalized terms herein shall have the same meaning as set out in the Plan.

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| | |
|:---|:---|
| Participant: | [Name**]** |
| Plan: | Gifts International Holdings Limited 2025 Share Incentive Plan adopted on [\*], which is attached hereto and which forms and integral part of this Award Agreement. |
| Total Restricted Share Units (the "**RSUs**"): | [Total number of RSUs granted] |

---

This RSU Award Agreement is made pursuant to the terms of the Plan. Terms used in this Agreement which are defined in the Plan shall have the same meaning as set forth in the Plan.

1. **<u>Grant of RSUs</u>.** The Company hereby grants to Participant RSUs in a number equal to the Total RSUs listed above. Each RSU entitles the Participant, subject to the terms and conditions of the Plan and this Award Agreement, to receive one Class A Ordinary Shares of the Company, each with no par value or the lowest possible par value pursuant to statutory requirements.

2. **<u>Vesting of RSUs</u>**. The vesting period for the Total RSUs is on the date falling [ ] months from the date of the Listing.

"Listing" means the listing of Gifts International Holdings Limited on any Recognised Exchange.

"Recognised Exchange" means such securities exchange as Gifts International Holdings Limited may conduct its Listing on, including, without limitation, The Stock Exchange of Hong Kong Limited, New York Stock Exchange and National Association of Securities Dealers Automated Quotation Securities Market (NASDAQ).

3. **<u>Exercise and Participant actions</u>**. Unless terminated or cancelled in accordance with Paragraph 5 below, the RSUs will exercise as set out in the Plan. In connection with the exercise, the Participant shall do all such things and sign all such documents which are required in order for the Company to be able to deliver any shares or similar ownership units.

4. **<u>Code Section 409A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RSUs granted pursuant to this Award Agreement are intended to comply with or be exempt from Code Section 409A, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for any grants of RSUs hereunder if such action would result in the imposition of taxes under Code Section 409A. Notwithstanding anything in this Award Agreement to the contrary, if the grant of RSUs hereunder would result in the imposition of an additional tax under Code Section 409A, that grant of RSUs shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant's rights to RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Participant is identified by the Company as a "specified employee" within the meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Participant has a "separation from service" (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any grant of RSUs hereunder payable or settled on account of a separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Participant's separation from service, (2) the date of the Participant's death, or (3) such earlier date as complies with the requirements of Code Section 409A.

5. **<u>Termination, Participant on leave and death of Participant</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Termination of Employment. A "Leaver" is someone who leaves his or her position as an Employee, voluntarily or involuntarily, but for reasons other than due to a lawful termination by the employer for breach of contract by the Participant. This includes situations where a Participant ceases to be an Employee of the Company Group as the result of the employer no longer being a Group Company. For a Leaver, RSUs which have vested at the date the Participant sent or received his or her notice (or the Participant is otherwise put on notice), are kept and will be exercised pursuant to the Plan. Any RSUs which, at the time the Leaver sent or received his or her notice, have not vested will stand as cancelled without any further liability for any Group Company. For a Participant who is not a Leaver and who otherwise leaves his or her position as an Employee, all RSUs shall stand as cancelled on the date such Participant sent or received his or her notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cancellation. Notwithstanding anything to the contrary in this Paragraph 5, in the event that a Leaver either wilfully engages in a material breach of his or her ongoing obligations to employer, including obligations of confidentiality or non-solicitation, or publically disparages or otherwise brings a Group Company's name or reputation into disrepute, the Committee shall be entitled to cancel all vested RSUs granted to such Leaver. Cancellation of vested RSUs by the Committee pursuant to this Sub-paragraph 5(b) shall occur on written notice to the effected Leaver, which notice shall be given within sixty (60) days of a Group Company discovering the facts giving rise to such cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination due to death. In the event of the death of the Participant, those of the Participant's RSUs which are vested at the time of death shall continue in force and shall be exercised by the Participant's heir pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Leave period. For the avoidance of doubt, the rights granted to the Participant under this Plan shall be effective if the Participant is on a statutory leave of absence pursuant to the applicable legislation as may be in force from time to time. The rights granted to the Participant under this Plan shall also be effective if Participant's non-statutory personal leave of absence was less than three consecutive months and such leave was approved by the management of Participant's business unit in accordance with the Company's rules, regulations, policies and procedures (the "Approved Leave of Absence"). The rights granted to the Participant shall be cancelled as soon as the Approved Leave of Absence has exceeded three consecutive months.

6. **<u>Severability.</u>** In the event that any provision in this Award Agreement shall be invalid or unenforceable, such provision shall be severed from and such invalidity or unenforceability shall not be construed to have any effect on the remaining provisions of this Award Agreement. This Award Agreement shall be construed as to its fair meaning and not for or against either party.

7. **<u>Taxes</u>.** The Participant shall be fully liable for any and all tax liabilities imposed upon the Participant pursuant to an Award and any and all rights conferred to the Participant under an Award Agreement, including but not limited to, taxes imposed by the exercise and settlement of RSUs and delivery of shares or similar ownership units in the Company. The Company (or relevant Group Company) will pay applicable payroll tax, if any. The Company will declare any Award or delivery of shares or similar ownership units on the basis of an Award Agreement to the relevant tax authorities in accordance with applicable laws at all times.

8. **<u>Personal data</u>.** The Participant hereby agrees and consents to the Company and any Group Company collecting, using, disclosing and/or processing the Participant's personal data provided or received by the Company and/or any Group Company pursuant to this Award Agreement and the Plan for the purposes of (a) granting, issuing and/or repurchasing RSUs; (b) administering and facilitating any dividends and/or distributions that the Participant may be entitled to receive; (c) providing the Company's shareholders with information on the Company's RSU holders; and (d) any other purpose necessary for administering, facilitating and operating the RSU program under this Award Agreement and the Plan (collectively, the "Purposes"). The Participant also agrees and consents to the the transfer of Participant's personal data to companies within the Company Group or a third party administrator (whether inside or outside of Hong Kong) for the Purposes.

9. **<u>Securities Law regulations</u>.** The Company's Class A Ordinary Shares are listed on a stock exchange in the United States and the Company has registered with the U.S. Securities and Exchange Commission. There are certain laws, rules and regulations that apply to the subscription, sale and purchase of such an entity's securities, including but not limited to insider trading rules and notification obligations. Each Participant is obliged, and is personally responsible, to make him or her self familiar with such rules and to abide by the same.

Furthermore, the Company has adopted an Insider Trading Policy, which policy may be amended from time to time in the Company's sole discretion (the "Insider Trading Policy"). The Insider Trading Policy applies to all Company Group employees trading in the Company's securities. Each Participant is obliged, and is personally responsible, to make him or her self familiar with such the Insider Trading Policy and any other related Company rules and to abide by the same.

The Committee may adopt additional rules and procedures regarding the exercise of RSUs from time to time, provided that such rules and procedures are consistent with the provisions of this Plan or required by law. By executing this Award Agreement, Participant accepts and agrees to the Insider Trading Policy and the rules adopted by the Committee from time to time.

10. **<u>Assignability</u>.** Unless otherwise determined by the Committee or set forth in the Plan, no Award or any other benefit under this Award Agreement shall be assignable or otherwise transferable. Any attempted assignment of an Award or any other benefit under the Plan in violation of this Paragraph 10 shall be null and void.

11. **<u>Restrictions</u>.** No delivery of shares or similar ownership units shall be made unless the Company is satisfied based on the advice of its counsel that such delivery will be in compliance with applicable law.

12. **<u>Governing Law; Disputes</u>**. Any grant of RSUs and this Award Agreement shall be governed by and construed in accordance with laws of Hong Kong, without regard to its choice of law principles. Any dispute, controversy or claim arising out of, in connection with or relating to any Award of RSUs, the Award Agreement and the Plan shall be settled by arbitration in Hong Kong in accordance with the Arbitration Rules of the Hong Kong International Arbitration Centre Administered Arbitration Rules the time being in force, which rules are deemed to be incorporated by reference in this clause. The arbitrator may allocate all or part of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys' fees of the prevailing party. The award of the arbitration tribunal shall be final and binding. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.

13. **<u>Incorporation of Plan; Complete Agreement</u>.** This Award Agreement and the Plan constitutes the entire agreement between the parties with respect to its subject matter, and supersedes all other prior or contemporaneous agreements and understandings, whether oral or written.

SIGNED ON , 2025 BY AND BETWEEN:

---

| | |
|:---|:---|
|  | **Gifts International Holdings Limited** |
|  | BY: |
| **[Name of Participant]** | Name: |
|  | Title: |

---

## Exhibit 21.1

**Exhibit 21.1**

**<u>List of Subsidiaries</u>**

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| Give Gift Boutique (BVI) Limited | British Virgin Islands |
| Broaden Leisure Outlets Company Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the use in this Registration Statement of Gifts International Holdings Limited on Form F-1 of our report dated October 21, 2024, with respect to the combined financial statements of Gifts International Holdings Limited and Subsidiaries as of March 31, 2023 and 2024 and for each of the years in the two-year period ended March 31, 2024, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

---

| |
|:---|
| /s/ ARK Pro CPA & Co |
| ARK Pro CPA & Co |
| PCAOB ID: 3299 |
| Hong Kong, China |
| June 6, 2025 |

---

![](ex23-1_002.jpg)

## Exhibit 23.6

**Exhibit 23.6**

![](ex23-6_001.jpg)

![](ex23-6_002.jpg)

June 6, 2025

**Gifts International Holdings Limited**

7/F, Fuk Chiu Factory Building,

20 Bute Street, Mong Kok,

Kowloon, Hong Kong

**<u>Re: Gifts International Holdings Limited</u>**

Dear Sirs,

We understand that Gifts International Holdings Limited (the "Company") plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our research reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

Yours faithfully,

For and on behalf of

Migo Corporation Limited

---

| |
|:---|
| /s/Juliana Lai |
| Juliana Lai |
| Director of Project |

---

## Exhibit 99.1

**Exhibit 99.1**

**Adopted: June 6, 2025**

**GIFTS INTERNATIONAL HOLDINGS LIMITED**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**1.** **Introduction** 

The Board of Directors (the "**Board**") Gifts International Holdings Limited (the "**Company**") has adopted this code of ethics (this "**Code**"), which is applicable to all directors, officers, and employees (to the extent that employees are hired in the future) (each a "**person**" as used herein) of the Company, with the intent to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC** "), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules, and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "**Company**" mean Gifts International Holdings Limited, and include, in appropriate context, the Company's subsidiaries.

**2.** **Honest, Ethical and Fair Conduct** 

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit, dishonesty, and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests. Specifically, each person must:

● Observe all applicable governmental laws, rules, and regulations.

● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

● Deal fairly with the Company's customers, suppliers, competitors, and employees.

● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice with the Company's customers, suppliers and business partners, and any other companies or individuals with whom the Company does business or comes into contact.

● Protect the assets of the Company and ensure their proper use.

● Refrain from (i) taking for themselves corporate or business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position for personal gain, and (iii) competing with the Company.

● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his/her family or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:

Ø any significant ownership interest in any supplier or customer;

Ø any consulting or employment relationship with any customer, supplier, or competitor;

---

| | |
|:---|:---|
| ⮚ | any outside business activity that detracts from a person's ability to devote appropriate time and attention to his/her responsibilities with the Company; |

---

⮚ the receipt of any money, non-nominal gifts, or excessive entertainment from any entity with which the Company has current or prospective business dealings;

⮚ being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

⮚ selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

⮚ any other financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

---

| | |
|:---|:---|
| ⮚ | any other circumstance, event, relationship, or situation in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests of the Company as a whole. |

---

**3.** **Disclosure** 

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; and

● in relation to his/her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairman of the audit committee of the Board (the "**Audit Committee**") (or the Chairman of the Board if no Audit Committee exists) any information he/she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**4.** **Compliance** 

It is the Company's obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to accounting and auditing matters.

**5.** **Reporting and Accountability** 

The Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairman of the Board or Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

● Notify the Chairman promptly of any existing or potential violation of this Code.

● Not retaliate against any other person for reports of potential violations that are made in good faith. The Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code.

● The Board or Audit Committee, if one exists, will take all appropriate action to investigate any breaches reported to it.

● If the Audit Committee, if one exists, determines by majority decision that a breach has occurred, it will inform the Board.

● Upon being notified that a breach has occurred, the Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee, if one exists, and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions of employment.

**6.** **Waivers and Amendments** 

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 20-F or in a Current Report on Form 6-K filed with the SEC.

A "**waiver**" means the approval by the Board of a material departure from a provision of this Code. An "**implicit waiver**" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company. An "**amendment**" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**7.** **Insider Trading And Dissemination Of Inside Information** 

Each person shall comply with the Company's policy regarding insider trading and dissemination of inside information.

**8.** **Financial Statements and Other Records** 

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation. Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**9.** **Improper Influence on Conduct of Audits** 

No director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of our directors.

Types of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

● Offering or paying bribes or other financial incentives, including future employment or contracts for non-audit services;

● Providing an auditor with an inaccurate or misleading legal analysis;

● Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the Company's accounting;

● Seeking to have a partner removed from the audit engagement because the partner objects to the Company's accounting;

● Blackmailing; and

● Making physical threats.

**10.** **Anti-Corruption Laws** 

The Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act. To the extent prohibited by applicable law, directors, officers and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**11.** **Violations** 

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**12.** **Other Policies and Procedures** 

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**13.** **Confidentiality** 

Each person must not disclose confidential information regarding the Company, its investment adviser or their affiliates, unless such disclosure is authorized or required by law. Confidential information includes all non-public information that may be harmful to, or useful to the competitors of, the Company, its investment adviser or their affiliates. Also, all reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters will not be disclosed to anyone other than the Board, the Company's investment adviser and distributor (as applicable), and their respective counsel.

**14.** **Enquiries** 

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary.

## Exhibit 99.2

**Exhibit 99.2**

**Adopted: June 6, 2025**

**CHARTER OF THE AUDIT COMMITTEE**

**THE BOARD OF DIRECTORS**

**OF**

**GIFTS INTERNATIONAL HOLDINGS LIMITED**

**Purpose**

The purposes of the Audit Committee (the "**Audit Committee**") of the Board of Directors ("**Board**") of Gifts International Holdings Limited ("**Company**") are to assist the Board in monitoring: (1) the integrity of the annual and other financial statements of the Company, (2) the independent auditor's qualifications and independence, (3) the performance of the Company's independent auditor, and (4) the compliance by the Company with legal and regulatory requirements. The Audit Committee also shall review and approve all related-party transactions.

The Audit Committee shall prepare the report required by the rules of the Securities and Exchange Commission ("**Commission**") to be included in the Company's annual proxy statement.

**Committee Membership**

The Audit Committee shall consist of no fewer than three members of the Board, absent a temporary vacancy. The Audit Committee shall meet the "audit committee requirements" of the The Nasdaq Stock Market, LLC and the independence and experience requirements of Section 10A(m)(3) of the Securities Exchange Act of 1934 ("**Exchange Act**") and the rules and regulations of the Commission.

The members of the Audit Committee shall be appointed by the Board. Audit Committee members may be replaced by the Board. There shall be a Chairman of the Audit Committee which shall also be appointed by the Board. The Chairman of the Audit Committee shall be a member of the Audit Committee and, if present, shall preside at each meeting of the Audit Committee. He shall advise and counsel with the executives of the Company, and shall perform such other duties as may from time to time be assigned to him by the Audit Committee or the Board.

**Meetings**

The Audit Committee shall meet as often as it determines, but not less frequently than twice a year. The Audit Committee shall meet periodically with management and the independent auditor in separate executive sessions. The Audit Committee may request any officer or employee of the Company or the Company's outside counsel or independent auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

**Committee Authority and Responsibilities**

The Audit Committee shall have the sole authority to appoint or replace the independent auditor. The Audit Committee shall be directly responsible for determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditor shall report directly to the Audit Committee.

The Audit Committee shall pre-approve all auditing services and permitted non-audit services to be performed for the Company by its independent auditor, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Audit Committee prior to the completion of the audit). The Audit Committee may form and delegate authority to subcommittees of the Audit Committee consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting, or other advisors. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to (i) the independent auditor for the purpose of rendering or issuing an audit report and (ii) any advisors employed by the Audit Committee.

The Audit Committee shall make regular reports to the Board. The Audit Committee shall review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval. The Audit Committee annually shall review the Audit Committee's own performance.

The Audit Committee shall:

<u>Financial Statement and Disclosure Matters</u> 

1. Meet with the independent auditor prior to the audit to review the scope, planning, and staffing of the
audit.

2. Review and discuss with management and the independent auditor the annual audit report, the financial
statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations"
proposed to be included in the Company's Annual Report on Form 20-F, and recommend to the Board whether the audited financial statements
and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" should
be included in the Company's Annual Report on Form 20-F (or the annual report to shareholders if distributed prior to the filing
of the Form 20-F).

3. Review and discuss with management and the independent auditor the Company's annual financial statements
prior to the filing of its Form 20-F, including the results of the independent auditor's review of the annual financial statements.

4. Discuss with management and the independent auditor, as appropriate, significant financial reporting issues
and judgments made in connection with the preparation of the Company's financial statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any significant changes in the Company's selection or application of accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's critical accounting policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all alternative treatments of financial information within GAAP that have been discussed with management
and the ramifications of the use of such alternative accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any major issues as to the adequacy of the Company's internal controls and any special steps adopted
in light of material control deficiencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any material written communications between the independent auditor and management, such as any management
letter or schedule of unadjusted differences.

5. Discuss with management and independent auditor and, prior to issuance, review and approve the Company's
earnings releases, including the use of "pro forma" or "adjusted" non-GAAP information, and any financial information
and earnings guidance to be included in such releases and provided to analysts and rating agencies. Such discussion may be general and
include the types of information to be disclosed and the types of presentations to be made.

6. Discuss with management and the independent auditor the effect on the Company's financial statements
of (i) regulatory and accounting initiatives and (ii) off-balance sheet structures.

7. Review and discuss with management and the independent auditor the Company's major financial risk
exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and
risk management policies.

8. Discuss with the independent auditor the matters required to be discussed by Statement on Auditing Standards
No. 61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions
on the scope of activities or access to requested information, and any significant disagreements with management.

9. Review disclosures made to the Audit Committee by the Company's Chief Executive Officer and Chief
Financial Officer (or individuals performing similar functions) during their certification process for the Annual Reports and Interim
Reports (if necessary) about any significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting and any fraud involving management or other employees who have a significant role in the Company's internal
control over financial reporting.

<u>Oversi</u>g<u>ht of the Company's Relationship with the Independent Auditor</u>

10. At least annually, obtain and review a report from the independent auditor, consistent with the rules
of the Public Company Accounting Oversight Board, regarding (a) the independent auditor's internal quality-control procedures, (b)
any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation
by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the
firm, (c) any steps taken to deal with any such issues and (d) all relationships between the independent auditor and the Company. Evaluate
the qualifications, performance and independence of the independent auditor, including whether the auditor's quality controls are
adequate and the provision of permitted non-audit services is compatible with maintaining the auditor's independence, and taking
into account the opinions of management and the internal auditor. The Audit Committee shall present its conclusions with respect to the
independent auditor to the Board.

11. Verify the rotation of the lead (or coordinating) audit partner having primary responsibility for the
audit and the audit partner responsible for reviewing the audit as required by law. Consider whether, in order to assure continuing auditor
independence, it is appropriate to adopt a policy of rotating the independent auditing firm on a regular basis.

12. Oversee the Company's hiring of employees or former employees of the independent auditor who participated
in any capacity in the audit of the Company.

13. Be available to the independent auditor during the year for consultation purposes.

<u>Compliance Oversi</u>g<u>ht Responsibilities</u>

14. Obtain assurance from the independent auditor that Section 10A(b) of the Exchange Act has not been implicated.

15. Review and approve all related-party transactions.

16. Inquire and discuss with management the Company's compliance with applicable laws and regulations
and with the Company's Code of Ethics in effect at such time, if any, and, where applicable, recommend policies and procedures for
future compliance.

17. Establish procedures (which may be incorporated in the Company's Code of Ethics, in effect at such
time, if any) for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting
controls or reports which raise material issues regarding the Company's financial statements or accounting policies. Review requests
for waivers under the Code of Ethics sought with respect to any executive officer or director. Review annually with the Chairman of the
Board or outside counsel, as appropriate, the scope, implementation and effectiveness of the ethics and compliance program, and any significant
deviations by officers and employees from the Code of Ethics or other compliance policies, and other matters pertaining to the integrity
of management.

18. Discuss with management and the independent auditor any correspondence with regulators or governmental
agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

19. Discuss with the Company's General Counsel legal matters that may have a material impact on the
financial statements or the Company's compliance policies.

20. Review and approve all payments made to the Company's officers and directors or its or their affiliates.
Any payments made to members of the Audit Committee will be reviewed and approved by the Board, with the interested director or directors
abstaining from such review and approval.

**Limitation of Audit Committee's Role**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent auditor.

## Exhibit 99.3

**Exhibit 99.3**

**Adopted: June 6, 2025**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS** 

**OF**

**GIFTS INTERNATIONAL HOLDINGS LIMITED**

The responsibilities and powers of the Nominating and Corporate Governance Committee (the "**Nominating Committee**") of the Board of Directors ("**Board**") of Gifts International Holdings Limited (the "**Company**"), as delegated by the Board, are set forth in this charter. Whenever the Nominating Committee takes an action, it shall exercise its independent judgment on an informed basis that the action is in the best interests of the Company and its stockholders.

**Purpose**

As set forth herein, the Nominating Committee shall, among other things, discharge the responsibilities of the Board relating to the appropriate size, functioning, and needs of the Board, including but not limited to recruitment and retention of high quality Board members and committee composition and structure.

**Membership**

The Nominating Committee shall consist of at least two members of the Board as determined from time to time by the Board. Each member shall be "independent" in accordance with the listing standards of The Nasdaq Stock Market, LLC, as amended from time to time.

The Board shall elect the members of this Nominating Committee at the first Board meeting practicable following the annual meeting of stockholders and may make changes from time to time pursuant to the provisions below. Unless a chair is elected by the Board, the members of the Nominating Committee shall designate a chair by majority vote of the full Nominating Committee membership.

A Nominating Committee member may resign by delivering his or her written resignation to the chairman of the Board, or may be removed by majority vote of the Board by delivery to such member of written notice of removal, to take effect at a date specified therein, or upon delivery of such written notice to such member if no date is specified.

**Meeting and Committee Action**

The Nominating Committee shall meet at such times as it deems necessary to fulfill its responsibilities. Meetings of the Nominating Committee shall be called by the chairman of the Nominating Committee upon such notice as is provided for in the articles of association of the Company with respect to meetings of the Board. A majority of the members shall constitute a quorum. Actions of the Nominating Committee may be taken in person at a meeting or in writing without a meeting. Actions taken at a meeting, to be valid, shall require the approval of a majority of the members present and voting. Actions taken in writing, to be valid, shall be signed by all members of the Nominating Committee. The Nominating Committee shall report its minutes from each meeting to the Board.

The chairman of the Nominating Committee may establish such rules as may from time to time be necessary or appropriate for the conduct of the business of the Nominating Committee. At each meeting, the chairman shall appoint as secretary a person who may, but need not, be a member of the Nominating Committee. A certificate of the secretary of the Nominating Committee or minutes of a meeting of the Nominating Committee executed by the secretary setting forth the names of the members of the Nominating Committee present at the meeting or actions taken by the Nominating Committee at the meeting shall be sufficient evidence at all times as to the members of the Nominating Committee who were present, or such actions taken.

**Committee Authority and Responsibilities**

Developing the criteria and qualifications for membership on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;1. Recruiting, reviewing and nominating candidates for election to the Board or to fill vacancies on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;2. Reviewing candidates proposed by stockholders, and conducting appropriate inquiries into the background and qualifications of any
such candidates.

&nbsp;&nbsp;&nbsp;&nbsp;3. Establishing subcommittees for the purpose of evaluating special or unique matters.

&nbsp;&nbsp;&nbsp;&nbsp;4. Monitoring and making recommendations regarding committee functions, contributions, and composition.

&nbsp;&nbsp;&nbsp;&nbsp;5. Evaluating, on an annual basis, the Nominating Committee's performance.

&nbsp;&nbsp;&nbsp;&nbsp;6. Performing any other activities consistent with this Charter, the Company's by-laws and governing law, as the Committee or the
Board deems appropriate.

**Reporting**

The Nominating Committee shall prepare a statement each year concerning its compliance with this charter for inclusion in the Company's proxy statement.

**GIFTS INTERNATIONAL HOLDINGS LIMITED<br> Board of Director Candidate Guidelines**

The Nominating Committee (the "**Nominating Committee**") of the Board of Directors ("**Board**") of Gifts International Holdings Limited. (the "**Company**") will identify, evaluate, and recommend candidates to become members of the Board with the goal of creating a balance of knowledge and experience. Nominations to the Board may also be submitted to the Nominating Committee by the Company's stockholders in accordance with the Company's policy, a copy of which is attached hereto. Candidates will be reviewed in the context of current composition of the Board (including the diversity in background, experience, and viewpoints of the Board), the operating requirements of the Company, and the long-term interests of the Company's stockholders. In conducting this assessment, the Nominating Committee will consider and evaluate each director-candidate based upon its assessment of the following criteria:

● Whether the candidate is independent pursuant to the requirements of the Nasdaq Stock Market.

● Whether the candidate is accomplished in his or her field and has a reputation, both personal and professional, that is consistent with the image and reputation of the Company.

● Whether the candidate has the ability to read and understand basic financial statements.

● If a candidate satisfies the criteria for being an "audit committee financial expert" as defined by the Securities and Exchange Commission.

● Whether the candidate has relevant experience and expertise and would be able to provide insights and practical wisdom based upon that experience and expertise.

● Whether the candidate has knowledge of the Company and issues affecting the Company.

● Whether the candidate is committed to enhancing stockholder value.

● Whether the candidate fully understands, or has the capacity to fully understand, the legal responsibilities of a director and the governance processes of a public company.

● Whether the candidate is of high moral and ethical character and would be willing to apply sound, objective, and independent business judgment, and to assume broad fiduciary responsibility.

● Whether the candidate has, and would be willing to commit, the required hours necessary to discharge the duties of Board membership.

● Whether the candidate has any prohibitive interlocking relationships or conflicts of interest.

● Whether the candidate is able to develop a good working relationship with other Board members and contribute to the Board's working relationship with the senior management of the Company.

● Whether the candidate is able to suggest business opportunities to the Company.

**GIFTS INTERNATIONAL HOLDINGS LIMITED** 

**<br> Stockholder Recommendations for Directors**

Stockholders who wish to recommend to the Nominating Committee (the "**Nominating Committee**") of the Board of Directors ("**Board**") of Gifts International Holdings Limited (the "**Company**"), a candidate for election to the Board should send a written recommendation to Gifts International Holdings Limited, Unit A&B, 7/F., Fuk Chiu Factory Building, No.20 Bute Street, Mongkok, Kowloon, Hong Kong, Attention: Nominating Committee. The Corporate Secretary will promptly forward all such letters to the members of the Nominating Committee. Stockholders must follow certain procedures to recommend to the Nominating Committee candidates for election as directors. In general, in order to provide sufficient time to enable the Nominating Committee to evaluate candidates recommended by stockholders in connection with selecting candidates for nomination in connection with the Company's annual meeting of stockholders, the Corporate Secretary must receive the stockholder's recommendation no later than thirty (30) days after the end of the Company's fiscal year.

The recommendation must contain the following information about the candidate:

● Name;

● Age;

● Business and current residence addresses, as well as residence addresses for the past 20 years;

● Principal occupation or employment and employment history (name and address of employer and job title) for the past 10 years (or such shorter period as the candidate has been in the workforce);

● Educational background;

● Permission for the Company to conduct a background investigation, including the right to obtain education, employment, and credit information;

● The number of shares of common stock of the Company beneficially owned by the candidate;

● The information that would be required to be disclosed by the Company about the candidate under the rules of the Securities and Exchange Commission in a Proxy Statement soliciting proxies for the election of such candidate as a director (which currently includes information required by Items 401, 404 and 405 of Regulation S-K); and

● A signed consent of the nominee to serve as a director of the Company, if elected.

## Exhibit 99.4

**Exhibit 99.4**

**Adopted: June 6, 2025**

**CHARTER OF THE COMPENSATION COMMITTEE OF<br> THE BOARD OF DIRECTORS OF**

**GIFTS INTERNATIONAL HOLDINGS LIMITED**

**Purpose**

The Compensation Committee (the "**Committee**") is appointed by the Board of Directors (the "**Board**") of Gifts International Holdings Limited (the "**Company**") for the purposes of, among other things, (a) discharging the Board's responsibilities relating to the compensation of the Company's chief executive officer (the "**CEO**") and other executive officers of the Company, (b) administering or delegating the power to administer the Company's incentive compensation and equity-based compensation plans, and (c) if required by applicable rules and regulations, issuing a "Compensation Committee Report" to be included in the Company's annual report on Form 20-F or proxy statement, as applicable.

**Composition**

The Committee shall be comprised of two or more members (including a chairperson) of the Board, all of whom shall be "independent directors," as such term is defined in the rules and regulations of the Nasdaq Stock Market. At least two of the Committee members shall be "non-employee directors" as defined by Rule 16b-3 under the Securities Exchange Act of 1934 (the "**Exchange Act**"). The members of the Committee and the chairperson shall be selected not less frequently than annually by the Board and serve at the pleasure of the Board. A Committee member (including the chairperson) may be removed at any time, with or without cause, by the Board.

The Committee, by resolution approved by a majority of the Committee, may delegate any of its responsibilities to one or more subcommittees as the Committee may from time to time deem appropriate. If at any time the Committee includes a member who is not a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act, then a subcommittee comprised entirely of individuals who are "non-employee directors" may be formed by the Committee for the purpose of ratifying any grants of awards under any incentive or equity-based compensation plan for the purposes of complying with the exemption requirements of Rule 16b-3 of the Exchange Act; provided that any such grants shall not be contingent on such ratification.

**Meetings and Operations**

The Committee shall meet as often as necessary to enable it to fulfill its responsibilities. The Committee shall meet at the call of its chairperson or a majority of its members. The Committee may meet by telephone conference call or by any other means permitted by law. A majority of the members of the Committee shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of members present at a meeting at which a quorum is present. The Committee may act by unanimous written consent of all members in lieu of a meeting. The Committee shall determine its own rules and procedures, including designation of a chairperson pro tempore in the absence of the chairperson, and designation of a secretary. The secretary need not be a member of the Committee and shall attend Committee meetings and prepare minutes. The Secretary of the Company shall be the Secretary of the Committee unless the Committee designates otherwise. The Committee shall keep written minutes of its meetings, which shall be recorded or filed with the books and records of the Company. Any member of the Board shall be provided with copies of such Committee minutes if requested.

The Committee may ask members of management, employees, outside counsel, or others whose advice and counsel are relevant to the issues then being considered by the Committee to attend any meetings (or a portion thereof) and to provide such pertinent information as the Committee may request.

The chairperson of the Committee shall be responsible for leadership of the Committee, including preparing the agenda which shall be circulated to the members prior to the meeting date, presiding over Committee meetings, making Committee assignments, and reporting the Committee's actions to the Board. Following each of its meetings, the Committee shall deliver a report on the meeting to the Board, including a description of all actions taken by the Committee at the meeting.

If at any time during the exercise of his or her duties on behalf of the Committee, a Committee member has a direct conflict of interest with respect to an issue subject to determination or recommendation by the Committee, such Committee member shall abstain from participation, discussion, and resolution of the instant issue, and the remaining members of the Committee shall advise the Board of their recommendation on such issue. The Committee shall be able to make determinations and recommendations even if only one Committee member is free from conflicts of interest on a particular issue.

**Authority**

The Committee has the authority, to the extent it deems appropriate, to conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities and to retain one or more compensation consultants to assist in the evaluation of CEO or executive compensation or other matters. The Committee shall have the sole authority to retain and terminate any such consulting firm, and to approve the firm's fees and other retention terms. The Committee shall evaluate whether any compensation consultant retained or to be retained by it has any conflict of interest in accordance with Item 407(e)(3)(iv) of Regulation S-K. The Committee shall also have the authority, to the extent it deems necessary or appropriate, to retain legal counsel or other advisors. In retaining compensation consultants, outside counsel, and other advisors, the Committee must take into consideration factors specified in the Nasdaq listing rules. The Company will provide for appropriate funding, as determined by the Committee, for payment of any such investigations or studies and the compensation to any consulting firm, legal counsel, or other advisors retained by the Committee.

**Responsibilities**

In addition to such other duties as the Board may from time to time assign, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Establish, review, and approve the overall executive compensation
philosophy and policies of the Company, including the establishment, if deemed appropriate, of performance-based incentives that support
and reinforce the Company's long-term strategic goals, organizational objectives, and stockholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;2. Review and approve the Company's goals and objectives
relevant to the compensation of the CEO, annually evaluate the CEO's performance in light of those goals and objectives and, based
on this evaluation, determine the CEO's compensation level, including but not limited to, salary, bonus or bonus target levels,
long and short-term incentive and equity compensation, retirement plans, and deferred compensation plans as the Committee deems appropriate.
In determining the long-term incentive component of the CEO's compensation, the Committee shall consider, among other factors,
the Company's performance and relative stockholder return, the value of similar incentive awards to CEOs at comparable companies,
and the awards given to the Company's CEO in past years. The CEO shall not be present during voting and deliberations relating
to CEO compensation.

&nbsp;&nbsp;&nbsp;&nbsp;3. Determine the compensation of all other executive officers,
including but not limited to, salary, bonus or bonus target levels, long and short-term incentive and equity compensation, retirement
plans, and deferred compensation plans, as the Committee deems appropriate. Members of senior management may report on the performance
of the other executive officers of the Company and make compensation recommendations to the Committee, which will review and, as appropriate,
approve the compensation recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;4. Receive and evaluate performance target goals for the senior
officers and employees (other than executive officers) and review periodic reports from the CEO as to the performance and compensation
of such senior officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;5. Administer or delegate the power to administer the Company's
incentive and equity-based compensation plans, including the grant of stock options, restricted stock, and other equity awards under
such plans.

&nbsp;&nbsp;&nbsp;&nbsp;6. Review and make recommendations to the Board with respect
to the adoption of, and amendments to, incentive compensation and equity-based plans and approve for submission to the stockholders all
new equity compensation plans that must be approved by stockholders pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;7. Review and approve any annual or long-term cash bonus or
incentive plans in which the executive officers of the Company may participate.

&nbsp;&nbsp;&nbsp;&nbsp;8. Review and approve for the CEO and the other executive officers
of the Company any employment agreements, severance arrangements, and change in control agreements or provisions.

&nbsp;&nbsp;&nbsp;&nbsp;9. Review and discuss with the Company's management the
Compensation Discussion and Analysis set forth in Securities and Exchange Commission Regulation S-K, Item 402, if required, and, based
on such review and discussion, determine whether to recommend to the Board that the Compensation Discussion and Analysis be included
in the Company's annual report or proxy statement for the annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;10. Provide the Compensation Committee Report for the Company's
annual report or proxy statement for the annual meeting of stockholders, if required.

&nbsp;&nbsp;&nbsp;&nbsp;11. Conduct an annual performance evaluation of the Committee.
In conducting such review, the Committee shall evaluate and address all matters that the Committee considers relevant to its performance,
including at least the following: (a) the adequacy, appropriateness and quality of the information received from management or others;
(b) the manner in which the Committee's recommendations were discussed or debated; (c) whether the number and length of meetings
of the Committee were adequate for the Committee to complete its work in a thorough and thoughtful manner; and (d) whether this Charter
appropriately addresses the matters that are or should be within its scope.

&nbsp;&nbsp;&nbsp;&nbsp;12. Oversee shareholder communications relating to executive
compensation and review and make recommendations with respect to shareholder proposals related to compensation matters.

&nbsp;&nbsp;&nbsp;&nbsp;13. Undertake such other responsibilities or tasks as the Board
may delegate or assign to the Committee from time to time.

## Exhibit 99.5

**Exhibit 99.5**

June 6, 2025

**Gifts International Holdings Limited**

Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

Dear Sirs / Madams,

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 Gifts International Holdings Limited (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
| /s/ Wai Chun Chik | /s/ Wai Chun Chik |
| Name: | Wai Chun Chik |

---

June 6, 2025

**Gifts International Holdings Limited**

Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

Dear Sirs / Madams,

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 Gifts International Holdings Limited (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
| /s/ Cheuk Kwan Ng | /s/ Cheuk Kwan Ng |
| Name: | Cheuk Kwan Ng |

---

June 6, 2025

**Gifts International Holdings Limited**

Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

Dear Sirs / Madams,

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 Gifts International Holdings Limited (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
| /s/ Man Fai Kwan | /s/ Man Fai Kwan |
| Name: | Man Fai Kwan |

---

## Exhibit 99.6

**Exhibit 99.6**

**GIFTS INTERNATIONAL HOLDINGS LIMITED**

Unit A&B, 7/F., Fuk Chiu Factory Building

No.20 Bute Street

Mongkok, Kowloon

Hong Kong

June 6, 2024

**<u>VIA EDGAR</u>**

Division of Corporation Finance

Office of Trade & Services

U.S. Securities & Exchange Commission

100 F Street, NE

Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **Gifts International Holdings Limited**<br> **Registration Statement on Form F-1**  |
|  | **Representation under Item 8.A.4 of Form 20-F** |

---

Ladies and Gentlemen:

The undersigned, Gifts International Holdings Limited, a company incorporated under the laws of the British Virgin Islands (the "**Company**"), is submitting this letter via EDGAR to the Securities and Exchange Commission (the "**Commission**") in connection with the Company's filing of the above-referenced registration statement on Form F-1 (the "**Registration Statement**") relating to the Company's proposed initial public offering of its ordinary shares.

The Company has included in the Registration Statement its audited consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, as of March 31, 2023 and 2024 and for each of the two years ended March 31, 2022 and 2023, and unaudited interim condensed consolidated financial statements as of September 30, 2024 and for each of the six-month periods ended September 30, 2023 and 2024.

Item 8. A.4 of Form 20-F requires that in the case of a company's initial public offering, the audited financial statements shall be as of a date not older than 12 months at the time the document is filed. The Company is submitting this letter pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that "*[a] company may comply with only the 15-month requirement in this item if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship.*"

The Company hereby represents to the Commission that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the Company is not currently a public reporting company in any jurisdiction or marketplace;

2. the Company is not required by any jurisdiction outside the United States to comply with a requirement to issue financial statements for any reason 12 months after its year end;

&nbsp;&nbsp;&nbsp;&nbsp;3. full compliance with Item 8.A.4 of Form 20-F at present is impracticable and involves undue hardship for the Company;

4. the Company does not anticipate that its audited financial statements for the year ended March 31, 2025 will be available until end of July 31, 2025; and

5. in no event will the Company seek effectiveness of its registration statement on Form F-1 if its audited financial statements are older than 15 months at the time of the Company's initial public offering.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **GIFTS INTERNATIONAL HOLDINGS LIMITED** | **GIFTS INTERNATIONAL HOLDINGS LIMITED** |
| By: | /s/ *Ngai Chiu Wong* |
| Name: | Ngai Chiu Wong |
| Title: | Chief Executive Officer |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form F-1**

**Gifts International Holdings Limited**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Fee<br> Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered<sup>(1)</sup>** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | **Maximum<br> Aggregate<br> Offering<br> Price<sup>(1)</sup>** | **Fee<br> Rate** | **Amount of<br> Registration<br> Fee** | **Carry <br> Forward <br> Form <br> Type** | **Carry <br> Forward<br> File<br> Number** | **Carry <br> Forward<br> Initial <br> effective<br> date** | **Filing <br> Fee <br> Previously <br> Paid In <br> Connection <br> with Unsold <br> Securities <br> to be <br> Carried** <br> **Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be<br> Paid | Equity Class A Ordinary Shares with no par value<sup>(1)(2)</sup> | Rule 457(o) | 1725000 | $4 | $6900000 | 0.00015310 | $1056.39 |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $6900000 | 0.00015310 | $1056.39 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $1056.39 |  |  |  |  |

---

(1) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the "**Securities Act** "), as amended.

(2) Pursuant to Rule 416 under the Securities Act, as amended, there is also being registered hereby such indeterminate number of additional Class A Ordinary Shares of the Registrant as may be issued or issuable because of stock splits, stock dividends, stock distributions, and similar transactions.