# EDGAR Filing Document

**Accession Number:** 0002054947
**File Stem:** 0001213900-26-015797
**Filing Date:** 2026-2
**Character Count:** 1156768
**Document Hash:** 2f91edb7c2e8ae974ed1b5b228277e53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-015797.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001213900-26-015797

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 72

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** C&K Group Ltd
- **CENTRAL INDEX KEY:** 0002054947
- **STANDARD INDUSTRIAL CLASSIFICATION:** JEWELRY, PRECIOUS METAL [3911]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293437
- **FILM NUMBER:** 26628577

**BUSINESS ADDRESS:**
- **STREET 1:** FLAT 3309-11, 33/F, TOWER 5, THE GATEWAY
- **STREET 2:** NO. 15 CANTON ROAD, TSIM SHA TSUI
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 3700 3500

**MAIL ADDRESS:**
- **STREET 1:** FLAT 3309-11, 33/F, TOWER 5, THE GATEWAY
- **STREET 2:** NO. 15 CANTON ROAD, TSIM SHA TSUI
- **CITY:** KOWLOON
- **STATE:** K3
- **ZIP:** 00000

#### As filed with the U.S. Securities and Exchange Commission on February 12, 202 6 .

#### Registration No. 333- [•]

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

#### ––––––––––––––––––––––––––

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

#### ––––––––––––––––––––––––––

#### C&K GROUP LIMITED<br> (Exact name of registrant as specified in its charter)

#### ––––––––––––––––––––––––––

---

| | | |
|:---|:---|:---|
|  **British Virgin Islands** | **5094** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

---

**Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road<br>Tsim Sha Tsui, Kowloon, Hong Kong<br>Tel: +852 3700 3500<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> (800) 221-0102<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

#### ––––––––––––––––––––––––––

#### With a Copy to:

---

| | |
|:---|:---|
|  **Arila E. Zhou, Esq.** <br>**Anna J. Wang, Esq.** <br>**Robinson & Cole LLP** <br>**Chrysler East Building** <br>**666 Third Avenue, 20**<sup>th</sup> **floor** <br>**New York, NY 10017** <br>**Tel: (212) 451**-2908 | **Henry F. Schlueter, Esq.<br>Celia Velletri, Esq.<br>Schlueter & Associates, P.C.<br>5655 South Yosemite St., Suite 350<br>Greenwood Village,<br>CO 80111<br>Telephone: (303) 292 3883** |

---

#### ––––––––––––––––––––––––––
**Approximate date of commencement of proposed sale to the public:** Promptly after the effective date of this registration statement.

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

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

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

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

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

Emerging growth company ☒

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

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

------

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

#### EXPLANATORY NOTE
This Registration Statement contains two prospectuses, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public Offering Prospectus. A prospectus to be used for the public offering of 3,750,000 Class A ordinary shares of the Registrant and up to 562,500 Class A ordinary shares issuable subject to the underwriters' over-allotment option (the "Public Offering Prospectus") through the underwriters named on the cover page of the Public Offering Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resale Prospectus. A prospectus to be used for the resale by the selling shareholders set forth therein of 1,568,000 Class A ordinary shares of the Registrant (the "Resale Prospectus").

The Resale Prospectus is substantively identical to the Public Offering Prospectus, except for the following principal points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different outside and inside front covers and back covers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different Offering sections in the Prospectus Summary section beginning on page 17 and page Alt-1 respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different Use of Proceeds sections on page 52 and page Alt-2 respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a selling shareholder section is included in the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a selling shareholder Plan of Distribution is inserted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Legal Matters section in the Resale Prospectus on page Alt-5 deletes the reference to counsel for the underwriters.

The Registrant has included in this Registration Statement a set of alternate pages after the back cover page of the Public Offering Prospectus (the "Alternate Pages") to reflect the foregoing differences in the Resale Prospectus as compared to the Public Offering Prospectus. The Public Offering Prospectus will exclude the Alternate Pages and will be used for the public offering by the Registrant. The Resale Prospectus will be substantively identical to the Public Offering Prospectus except for the addition or substitution of the Alternate Pages and will be used for the resale offering by the selling shareholders.

------

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

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

---

| | |
|:---|:---|
|  **Preliminary Prospectus** | **SUBJECT TO COMPLETION, DATED FEBRUARY 12, 2026** |

---

![](tckgroup_logo.jpg)

#### C&K GROUP LIMITED

#### 3,750,000 CLASS A ORDINARY SHARES
This is a firm commitment initial public offering of 3,750,000 Class A ordinary shares of C&K Group Limited (the "Company" or "C&K Group", "we", "us"), no par value per share ("Class A Ordinary Shares"). The estimated initial public offering price for the Class A Ordinary Shares in the offering is expected to be between $4.00 and $5.00 per Class A Ordinary Share. The selling shareholders (as defined herein) are offering 1,568,000 Class A Ordinary Shares of C&K Group to be sold in the offering pursuant to the Resale Prospectus. We will not receive any proceeds from the sale of the Class A Ordinary Shares of C&K Group to be sold by the selling shareholders.

We will reserve the symbol "[•]" for purpose of listing our Class A Ordinary Shares on the [•]. This offering is contingent upon the final approval from [•] for our listing on [•]. There is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on [•]. Further, there can be no assurance that the offering will be closed and our Class A Ordinary Shares will be trading on the [•]. We will not proceed to consummate this offering if [•] denies our listing.

**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 19 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

We are a holding company incorporated in the British Virgin Islands ("BVI"). As a holding company with no material operations, our operations are conducted by our wholly-owned subsidiary, C&K Jewellery Limited ("C&K Jewellery"), in Hong Kong, a special administrative region of the People's Republic of China (the "PRC" or "mainland China"). This is an offering of the Class A Ordinary Shares of C&K Group Limited, the holding company incorporated in BVI, instead of shares of C&K Jewellery, our operating entity in Hong Kong. You may never directly hold any equity interest in our operating entity.

C&K Group's issued share capital is a dual-class structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Class A Ordinary Shares are the only class of ordinary shares being offered in this offering. Each of the Class A Ordinary Shares has one (1) vote per share, while each of the Class B Ordinary Shares has twenty (20) votes per share. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at the option of the holder thereof but Class A Ordinary Shares are not convertible into Class B Ordinary Shares.

Due to the disparate voting powers associated with our two classes of ordinary shares, upon completion of this offering, the largest shareholder of our company, Prosper Spring Group Limited, a company controlled by Ms. Cheng Ka Ki, our director, Chairman and Chief Executive Officer, as the owner of 8,039,000 Class A Ordinary Shares and 3,300,000 Class B Ordinary Shares, will beneficially own 86.3% of the total aggregate voting power, assuming that the underwriters do not exercise their over-allotment option. As such, Ms. Cheng Ka Ki will control matters subject to a vote by C&K Group's shareholders, and C&K Group will be a "controlled company" as defined under the applicable U.S. national securities exchange rules. As a "controlled company," C&K Group is permitted to elect not to comply with certain corporate governance requirements. Although C&K Group currently does not intend to rely on the "controlled company" exemption for at least one year after the initial public offering, it may elect to rely on this exemption in the future. If C&K Group relies on these exemptions in the future, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. See "Prospectus Summary — Implications of Being a Controlled Company" on page 16 for additional information.

We and our subsidiary are not based in mainland China and do not have operations in mainland China. We currently do not have or intend to set up any subsidiary in mainland China, and do not foresee the need to enter into any contractual arrangements with a variable interest entity ("VIE") to establish a VIE structure in mainland China. For the year ended September 30, 2025, we generated approximately 34.0%, 56.4% and 7.0% of our revenues from the

------

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

United States, Hong Kong and Japan, respectively. Pursuant to the Basic Law of the Hong Kong Special Administrative Region (the "Basic Law"), which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. The Basic Law expressly provides that the national laws of the PRC which may be listed in Annex III of the Basic Law shall be confined to those relating to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong. The basic policies of the PRC regarding Hong Kong as a special administrative region of the PRC are reflected in the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems".

However, in light of the PRC government's recent expansion of authority in Hong Kong, we may be subject to uncertainty about any future actions of the PRC government or authorities in Hong Kong, and it is possible that all the legal and operational risks associated with being based in and having operations in the PRC may also apply to operations in Hong Kong in the future. There is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong. The PRC government may intervene or influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers like ourselves. Such governmental actions, if and when they occur: (i) could significantly limit or completely hinder our ability to continue our operations; (ii) could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline or become worthless.

We are also aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland Chinese companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In addition, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to whether in the future we will be required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities. If we and our subsidiary (i) do not receive or maintain such permissions or approvals, should such approvals be required in the future by the PRC government, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we are required to obtain such permissions or approvals in the future, our operations and financial condition could be materially adversely affected, and our ability to offer securities to investors could be significantly limited or completely hindered and the securities currently being offered may substantially decline in value and become worthless. As advised by our PRC counsel, Commerce & Finance Law Offices, as of the date of this prospectus, on the basis that (i) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (ii) the Company currently does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China; (iii) the Company and its subsidiary do not have any business operations in mainland China; (iv) the main parts of our business activities are conducted in Hong Kong, not mainland China, and our main place of business is located in Hong Kong, not mainland China, and all our senior managers in charge of operation and management of the Company are permanent residents of Hong Kong and are not domiciled in mainland China and, (v) the Company and its subsidiary possess personal information of less than 1 million individuals in the PRC and do not possess any core data or important data of the PRC, or any information which affects or may affect national security of the PRC; (vii) neither the Company nor its subsidiary is recognized as an "operator of critical information infrastructure" by any PRC Authorities; (viii) neither the Company nor its subsidiary have been involved in any investigations initiated by the CAC, or received any inquiry, notice, warning, or sanction in such respect, we are not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities; specifically, we are currently not required to obtain any permission or approval from the China Securities Regulatory Commission (the "CSRC"), the Cyberspace Administration of China (the "CAC") or any other PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign investors. The laws and regulations of mainland China do not currently have any material impact on our business, financial condition or results of operations and we are currently not subject to the PRC government's direct influence or discretion over the manner in which we conduct our business activities outside of mainland China.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what potential impact such modified or new laws and regulations will have on C&K Group's daily business operation, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. If there is significant change to current

------

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

political arrangements between mainland China and Hong Kong, the PRC government intervenes or influences operations of companies operated in Hong Kong like us, or exerts more control through change of laws and regulations over offerings conducted overseas and/or foreign investment in issuers like us, it may result in a material change in our operations and/or the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risk Factors — Risks Related to Our Corporate Structure" beginning on page 29 and "Risk Factors — Risks Related to Doing Business in Hong Kong" beginning on page 32 of this prospectus for more information.

In addition, our Class A Ordinary Shares may be prohibited from trading on a national exchange or over-the-counter market under the Holding Foreign Companies Accountable Act (the "HFCA Act") if the Public Company Accounting Oversight Board (United States) (the "PCAOB") is unable to inspect our auditors for three consecutive years. Pursuant to the HFCA Act, the PCAOB issued a Determination Report on December 16, 2021 which found that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in: (i) mainland China of the PRC, and (ii) Hong Kong; and such report identified the specific registered public accounting firms which are subject to these determinations. On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and China's Ministry of Finance (the "PRC MOF") in respect of cooperation on the oversight of PCAOB-registered public accounting firms based in mainland China and Hong Kong. Pursuant to the Statement of Protocol, the PCAOB conducted inspections on select registered public accounting firms subject to the Determination Report in Hong Kong between September 2022 and November 2022. On December 15, 2022, the PCAOB board announced that it had completed the inspections, determined that it had complete access to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination Report. In addition, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which amended the HFCA Act, and on December 29, 2022, the Consolidated Appropriations Act, 2023 (the "CAA") was signed into law by President Biden. The CAA contained, among other things, an identical provision to the AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two. Our auditor, WWC, P.C., is headquartered in San Mateo, California, and has been inspected by the PCAOB on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the Determination Report as a firm subject to the PCAOB's determination. Notwithstanding the foregoing, in the event that, in the future, the PCAOB determines that it is not able to fully conduct inspections of our auditor for two consecutive years, or the PCAOB re-evaluates its determination as a result of any obstruction with the implementation of the Statement of Protocol in the future, trading of our securities on a national securities exchange or in the over-the counter market may be prohibited under the HFCA Act and our access to the U.S. capital markets may be limited or restricted.

The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and this offering — *Although the audit report included in this prospectus is prepared by U.S. auditors who are subject to PCAOB inspections on a regular basis, there is no guarantee that future audit reports will be prepared 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 may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the prohibition on trading.*" on page 39 and "*The recent joint statement by the SEC, proposed rule changes submitted by a U.S. national securities exchange, and an act passed by the U.S. Senate and the U.S. House of Representatives, all call for additional and more stringent criteria to be applied to emerging market companies. These developments could add uncertainties to our offering, business operations, share price and reputation*." on page 40 of this prospectus for more information.

C&K Group is permitted under the laws of BVI to provide funding to our subsidiary C&K Jewellery through loans or capital contributions without restrictions on the amount of the funds. There are no restrictions or limitation under the laws of BVI on C&K Group's ability to distribute earnings from its businesses, including subsidiary, to the U.S. investors. C&K Jewellery is permitted under the laws of Hong Kong to provide funding to C&K Group through dividend distribution without restrictions on the amount of the funds or restrictions on foreign exchange. As of the date of this prospectus and since our reorganization, (1) no cash transfers have occurred between C&K Group and C&K Jewellery, (2) C&K Jewellery has not made any dividend payment or distribution to C&K Group and, (3) neither C&K Group nor C&K Jewellery has made any dividends or distributions to its investors. However, on December 31, 2024, prior to our reorganization, C&K Jewellery declared total dividend of HKD3,144,443 (US$404,123) to its then

------

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

shareholders, which was paid in full as of February 14, 2025. See "Corporate History and Structure" of our combined financial statements included in this prospectus for additional details. Both C&K Group and C&K Jewellery currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Neither C&K Group or its subsidiary has any dividend payout policy, and each entity needs to comply with applicable law or regulations with respect to transfer of funds, dividends and distributions with other entities. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from C&K Jewellery. 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 our Hong Kong subsidiary C&K Jewellery. There are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HKD into foreign currencies and the remittance of currencies out of Hong Kong. See *"Dividend Policy"* on page 54 and "Risk Factors — Risks Related to Our Corporate Structure *— We may rely on dividends and other distributions on equity paid by our subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business*." on page 29 of this prospectus for more information.

We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. See "Risk Factors" and "Prospectus Summary — "Implications of Our Being an Emerging Growth Company" on pages 19 and 14, respectively.

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

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Public offering price<sup>(1)</sup> | $4.500 | $16875000 |
|  Underwriting discounts and commissions<sup>(2)</sup> | $0.315 | $1181250 |
|  Proceeds to us, before expenses<sup>(3)</sup> | $4.185 | $15693750 |

---

____________

(1) Initial public offering price per share is assumed as $4.50 per share, which is the midpoint of the range set forth on the cover page of this prospectus. The table above assumes that the underwriter does not exercise its over-allotment option. For more information, see "Underwriting" beginning on page 114 of this prospectus.

(2) An underwriting discount equal to 7% of the public offering price will be provided to the underwriters. We have agreed to reimburse the underwriters for certain expenses. This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering payable to the underwriters. See the section titled "Underwriting" beginning on page 114 of this prospectus for additional disclosure regarding underwriters compensation and offering expenses.

(3) We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) not to exceed $190,000, exclusive of the above discounts. For a detailed description of the compensation to be received by the underwriters, see "Underwriting" beginning on page 114 of this prospectus.

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 Class A Ordinary Shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing date of our initial public offering to purchase up to 15% of the total number of the Class A Ordinary Shares to be offered by us pursuant to this offering (excluding Class A Ordinary Shares subject to this option), solely for the purpose of covering over-allotments, if any, at the public offering price less the underwriting discounts. If the underwriters exercise the option in full, and assuming an offering price of $4.50 per Class A Ordinary Share, which is the midpoint of the range set forth on the cover page of this prospectus, the total gross proceeds to us, before underwriting discounts and expenses, will be $19,406,250.

The underwriters expect to deliver the shares to purchasers in the offering on or about [•], 2026.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

---

| | |
|:---|:---|
|  **Blue Diamond Securities of America LLC** | **Revere Securities LLC** |

---

Prospectus dated [•], 2026

------

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

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T99001) | 1 |
|  [SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA](#T99002) | 18 |
|  [RISK FACTORS](#T99003) | 19 |
|  [DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS](#T99004) | 48 |
|  [ENFORCEABILITY OF CIVIL LIABILITY](#T99005) | 50 |
|  [USE OF PROCEEDS](#T99006) | 52 |
|  [DETERMINATION OF OFFERING PRICE](#T99007) | 53 |
|  [DIVIDEND POLICY](#T99008) | 54 |
|  [CAPITALIZATION](#T99009) | 55 |
|  [DILUTION](#T99010) | 56 |
|  [CORPORATE HISTORY AND STRUCTURE](#T99011) | 57 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99012) | 58 |
|  [INDUSTRY](#T99013) | 71 |
|  [OUR BUSINESS](#T99014) | 73 |
|  [REGULATIONS](#T99015) | 82 |
|  [MANAGEMENT](#T99016) | 86 |
|  [COMPENSATION](#T99017) | 92 |
|  [PRINCIPAL SHAREHOLDERS](#T99018) | 93 |
|  [RELATED PARTY TRANSACTIONS](#T99019) | 95 |
|  [DESCRIPTION OF SHARE CAPITAL](#T99020) | 97 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T99021) | 106 |
|  [TAXATION](#T99022) | 108 |
|  [UNDERWRITING](#T99023) | 114 |
|  [LEGAL MATTERS](#T99024) | 120 |
|  [EXPERTS](#T99025) | 120 |
|  [INTERESTS OF NAMED EXPERTS AND COUNSEL](#T99026) | 120 |
|  [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#T99027) | 120 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T9999028) | 121 |
|  [INDEX TO FINANCIAL STATEMENTS](#T99029) | F-1 |

---

We and the underwriters have not authorized any person to give you any supplemental information or to make any representations for us. You should not rely upon any information about us that is not contained in this prospectus or in one of our public reports filed with the Securities and Exchange Commission ("SEC") and incorporated into this prospectus. Information contained in this prospectus or in our public reports may become stale. You should not assume that the information contained in this prospectus, any prospectus supplement or the documents incorporated by reference are accurate as of any date other than their respective dates, regardless of the time of delivery of this prospectus or of any sale of the shares. This prospectus is an offer to sell only the Class A Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. The information in this registration statement is not complete and is subject to change. No person should rely on the information contained in this document for any purpose other than participating in our proposed offering, and only prospectus dated hereof, is authorized by us to be used in connection with our proposed offering. The preliminary prospectus will only be distributed by us and no other person has been authorized by us to use this document to offer or sell any of our securities.

**Until [•], 2026 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

i

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

#### COMMONLY USED DEFINED TERMS
Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we", or "us" in this prospectus are to C&K Group Limited, a British Virgin Islands company and its subsidiary, unless the context otherwise indicates;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BVI Act" are to the BVI Business Companies Act (Law Revision 2020) (as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or the "PRC" are to the People's Republic of China, including the special administrative regions of Hong Kong and Macau for the purposes of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Company" or "C&K Group" are to C&K Group Limited, a BVI company;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "C&K Jewellery" are to C&K Jewellery Limited, a Hong Kong company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" refers to the Class A ordinary shares of C&K Group Limited, no par value per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" refers to the Class B ordinary shares of C&K Group Limited, no par value per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hong Kong" are to the Hong Kong Special Administrative Region of the People's Republic of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HKD" or "HK Dollar" are to the legal currency of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Memorandum and Articles of Association" refers to the memorandum and articles of association of C&K Group Limited (or "C&K Group," as defined above), filed with the Registry of Corporate Affairs of the BVI on January 28, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ordinary Shares" are to the Class A and Class B Ordinary Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. GAAP" are to generally accepted accounting principles in the United States.

ii

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

#### PUBLIC OFFERING PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Class A Ordinary Shares, discussed under "Risk Factors" before deciding whether to buy our Class A Ordinary Shares.*

#### Business Overview
C&K Group Limited ("C&K Group" or the "Company"), through its operating subsidiary, C&K Jewellery Limited ("C&K Jewellery), incorporated in Hong Kong on November 3, 2016, is principally engaged in the purchasing, designing and sales of loose pearls and finished jewelry products.

We believe our strategic location in Hong Kong positions us advantageously within the global pearl trading market. Hong Kong has established itself as a leading trading and distribution center for pearls and, in 2023, was the largest importer and the sixth largest exporter of pearls globally. We currently offer a selection of over 1,000 styles of pearls and finished jewelry products.

Our revenue was HKD66,839,374 and HKD70,814,654 (US$9,101,088) for the years ended September 30, 2024 and 2025, respectively. We recorded net income of HKD14,029,142 and HKD6,296,961 (US$809,285) for the years ended September 30, 2024 and 2025, respectively. We pride ourselves on operational excellence, which is reflected in our value-adding products and services. Our commitment to maintaining high standards of product quality has earned us a good reputation for high quality products among our customers and business partners.

#### Competitive Strengths
We attribute our success to the following key competitive strengths:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have established access to high-quality pearl suppliers and seasonal auctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have strong and stable vendor relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a strong and experienced management team with strong commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a quality control system, which allows us to deliver high quality products and maintain market reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We offer an online platform for customers to place purchase orders.

#### Growth Strategy
Our growth strategy includes increasing our market presence through geographical expansion, increasing our product diversification, and strengthening our brand recognition, through increased social media marketing, and strengthening our reputation in our existing markets. We intend to strengthen our market presence in the pearls and jewelry industry, by implementing the following business strategies and plans:

#### Diversify our product portfolio.
We intend to expand our existing pearls and jewelry product portfolio to offer a wider range of products to our customers, including new jewelry product collections based on lab-grown diamonds. Currently, we offer a selection of over 1,000 styles of pearls and finished jewelry products. We plan to introduce more products and new jewelry collections incorporating a wider variety of gemstones and precious metals into our sales channels in order to appeal to wider customer base. We believe we can leverage the expertise and experience we have gained from selling pearls and jewelry products to expand into other jewelry product markets in the future. We believe our established network of resourceful suppliers and diverse customer base allows us to diversify our product portfolio with fewer concerns about procurement and sales channels. We are committed to maintaining a diverse product portfolio and plan to introduce additional pearl and luxury jewelry products in the future.

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

#### Expand our market presence in the pearls and jewelry industry.
We are preparing to expand into new markets in Asia, particularly Thailand and Singapore, leveraging digital marketing and e-commerce platforms to reach a broader customer base. By utilizing our experience and expertise in providing high-quality products at competitive prices in our industry, we aim to offer a wide selection of products in these new markets. We believe this initiative will not only diversify our product offerings, but also strengthen our position in the pearls and jewelry market, catering to a broader geographic market and increased demand for our products.

#### Our Business Operations
The key markets that we serve are Hong Kong, the United States, Japan, Australia and Europe. We offer over 1,000 styles of pearls and finished jewelry products.

<u>Our Products and Services</u>

*Our Products*

Our products primarily consist of loose pearls and finished jewelry products. The Company's sales of loose pearls contributed 49.8% and 38.7% to our total revenues for the years ended September 30, 2024 and 2025, respectively. Sales of finished jewelry products contributed 50.2% and 61.3% to the Company's total revenues for the years ended September 30, 2024 and 2025, respectively.

Below are some of products we offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loose pearls, matched pairs, and pearl strands

![](timage_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Custom-designed pearl jewelry

![](timage_002.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gemstone and semi-precious stone jewelry

![](timage_003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pearl and diamond or gemstone jewelry sets

![](timage_004.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classic pearl strands in various jewelry styles, including necklaces, bracelets, rings, pendants, earrings, brooches, and clasps

![](timage_005.jpg)

*Our Services*

We offer tailor-made jewelry design services wherein we design and produce jewelry products based on customer specifications.

<u><u>Our Distribution Channels</u></u>

The Company's loose pearls and finished jewelry products are distributed through wholesale and retail channels. Our revenues generated through the wholesale channel represented 95.0% and 97.7% of total revenues for the years ended September 30, 2024 and 2025, respectively. Sales revenue generated through the retail channel represented 5.0% and 2.3% for the years ended September 30, 2024 and 2025, respectively.

![](tbarchart_001.jpg)

Revenue by distribution channel for the years ended September 30, 2024 and 2025

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

<u><u>Our Customers</u></u>

Our customers primarily consist of business-to-business ("B2B") customers, including wholesalers, jewelry manufacturers, independent designers and retail sellers located primarily in Hong Kong, the United States, Japan, Australia and the European Union. Currently, we have strategically decided to focus on B2B sales, which we believe is more suitable to our purchasing patterns, where we obtain discounts and lower prices for our bulk purchases and lot purchases. Additionally, we believe our focus on B2B sales will help create more stabilized recurring sales, improve efficiencies and foster our customer relationships. For the year ended September 30, 2024, our sales revenue from our customers in Hong Kong, the United States, Japan, China and Thailand was 31.5%, 44.0%, 21.0%, 1.7% and 0.9% of total revenues for the year, respectively. For the year ended September 30, 2025, our sales revenue from our customers in Hong Kong, the United States, Japan, China and Thailand was 56.4%, 34.0%, 7.0%, 0.4%, and 1.5% of total revenues for the year, respectively.

Revenue by customer location for the years ended September 30, 2024 and 2025

We have not entered into written agreements with any of our B2B or B2C customers. Because of the longstanding and well-established relationship with our customers, we do not impose any requirement for a minimum quantity of products to be purchased by any of our B2B customers. All of our sales in Hong Kong are outright sales whereby titles of goods pass to the B2B or B2C customer upon the delivery of products to the customer.

The following tables set forth information as to each customer that accounted for 10% or more of the sales of the Company for the fiscal years ended September 30, 2024 and 2025.

For the year ended September 30, 2024, there were three customers each generating over 10% of the Company's total revenue for the year, and they in aggregate accounted for approximately 73% of our total revenue for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 27468400 | 3535505 | 41% |
|  Customer B | 12731001 | 1638629 | 19% |
|  Customer D | 8514888 | 1095966 | 13% |
|  **Total** | 48714289 | 6270100 | 73% |

---

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

For the year ended September 30, 2025, there were three customers each generating over 10% of the Company's total revenue for the period, and they in aggregate accounted for approximately 79% of our total revenue for the period.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 22646558 | 2910532 | 32% |
|  Customer D | 21336040 | 2742104 | 30% |
|  Customer E | 11800000 | 1516534 | 17% |
|  **Total** | 55782598 | 7169170 | 79% |

---

Although the Company's sales were highly concentrated on our major customers in the fiscal years ended September 30, 2024 and 2025, we have been able to retain a longstanding and well-established relationship with our customers and we are confident in our ability to continue attracting new customers and adapting to evolving market conditions.

<u><u>Our Suppliers</u></u>

Our suppliers primarily consist of major pearl farmers and other manufacturers. The Company maintains long-term relationships with its suppliers to ensure high-quality production and efficient wholesale distribution of sourced materials. During the evaluation and selection of our suppliers, the Company considers various factors including, but not limited to, industry presence, reputation, cost, quality and on-time delivery capabilities. Further, we have close relationships with the major pearl farms located in Australia which allows the Company to receive private invitations to seasonal auctions for new pearl harvests that are exclusive to selected companies only. Our relationships with our suppliers provide us with access to supplier industry information which enables us keep abreast of the latest market prices and industry trends.

The Company's major pearls and jewelry materials suppliers are located in Hong Kong, the People's Republic of China and Japan. For the year ended September 30, 2024, our suppliers in Hong Kong, the People's Republic of China and Japan accounted for 85.2%, 10.6% and 4.2% of our total purchases for the year, respectively. For the year ended September 30, 2025, our suppliers in Hong Kong, the People's Republic of China and Japan accounted for 93.1%, 4.4% and 2.5% of our total purchases for the year, respectively.

Purchases by supplier location for the years ended September 30, 2024 and 2025

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

We have not entered into written agreements with any of our suppliers. Nevertheless, we believe we have long-term strong relationships with major pearl farmers and other suppliers that allow us access to steady supply of pearls and materials to satisfy our customers' demands. Our largest major supplier has operated in the jewelry industry in Hong Kong for over 30 years. Our second largest major supplier, located in Hong Kong, is a subsidiary of a German-based company principally engaged in the precious metals business and has operated in Hong Kong for over 45 years.

The following tables set forth information as to each supplier that accounted for 10% or more of the purchases of the Company for the fiscal years ended September 30, 2024 and 2025.

For the year ended September 30, 2024, two suppliers each accounted for over 10% of the Company's total purchases for the year, and they in aggregate accounted for approximately 61% of our total purchases for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11314746 | 1456340 | 34% |
|  Supplier B | 9025372 | 1161671 | 27% |
|  **Total** | 20340118 | 2618011 | 61% |

---

For the year ended September 30, 2025, three suppliers each accounted for over 10% of the Company's total purchases for the period, and they in aggregate accounted for approximately 58% of our total purchases for the period.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11577764 | 1487972 | 24% |
|  Supplier C | 8821538 | 1133743 | 18% |
|  Supplier D | 8057014 | 1035486 | 16% |
|  **Total** | 28456316 | 3657201 | 58% |

---

<u><u>Sales and Marketing</u></u>

Our sales and marketing initiatives include promoting our pearls and jewelry products using social media and participating in trade exhibitions in Hong Kong. Additionally, we promote our products and brand by participating in product design competitions in Hong Kong.

<u><u>Seasonality</u></u>

Our sales follow the traditional seasonal shopping patterns in Hong Kong, the United States, Japan and our other markets. A high proportion of our sales are typically recorded around holidays (e.g., Valentine's day, Mothers' day, and Christmas day) because of a concentration of promotional sales and other promotional events in the period surrounding these dates while our sales decrease during and summertime (e.g., summer vacation time in Europe). As a result, our revenue is usually higher in the first and fourth quarter of the year and usually lower during the third quarter of the year.

#### Competition
The pearl and jewelry industry is highly fragmented and competitive, with various market players competing for market share based on product quality, price and design. There is no single company that dominates the industry, and our competition comes from wholesalers, manufacturers, independent designers, and retailers in our markets. However, many of these companies leverage their access to local and international markets to source a wide range of materials as well as having more robust product design capabilities, thereby catering to different consumer preferences we are currently unable to satisfy. Despite the strong competition we face in our industry, we believe we are positioned to compete effectively by virtue of our well-established relationship with our customers, our presence in the pearls and jewelry industry, our quality control system, and our experienced and dedicated management team.

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

#### Intellectual Property
We regard our trademark, domain names, product designs, and similar intellectual property as critical to our success, and we rely on trademark law in Hong Kong, as well as confidentiality procedures and contractual provisions with our employees, contractors and others to protect our proprietary rights.

As of the date of this prospectus, we hold one trademark which is registered in three jurisdictions, including Hong Kong (registration number 305358763, registered on August 12, 2020; expires on August 11, 2030), Japan (registration number 6969380, registered on September 19, 2025; expires on September 18, 2035), and the United States (registration number 8,009,286, registered on November 4, 2025; expires on November 3, 2035).

As of the date of this prospectus, we do not hold patents for the jewelry products we design and develop for our customers. Our customers retain ownership of related patents for the design of these jewelry products.

We have registered the domain names of "*www.cnkjewellery.com*" and "*www.cnkjewel.com*".

#### Summary of Risk Factors
Investing in our Class A Ordinary Shares involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our Class A Ordinary Shares. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed in more detail in the section titled "Risk Factors" beginning on page 19 of this prospectus.

#### Risks Related to Our Business
Risks and uncertainties related to our business and industry include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A decline in discretionary consumer spending may adversely affect our industry, our operations, and ultimately our profitability. See more detailed discussion of this risk factor on page 19 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our jewelry products exported from Hong Kong to the United States may be subject to the additional tariffs recently imposed by the U.S. government on certain products imported from China (including Hong Kong), which could adversely affect our cost structure and results of operations. See more detailed discussion of this risk factor on page 19 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenues. See more detailed discussion of this risk factor on page 20 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on a limited number of suppliers. A loss of any of these suppliers could significantly negatively affect our business. See more detailed discussion of this risk factor on page 20 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face intense competition from other jewelry traders, and if we do not compete effectively, our results of operations and business prospects may be adversely affected. See more detailed discussion of this risk factor on page 22 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our reputation and brand recognition is crucial to our business. Any harm to our reputation or failure to enhance our brand recognition may materially and adversely affect our business, financial condition and results of operations. See more detailed discussion of this risk factor on page 23 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our principal shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders. See more detailed discussion of this risk factor on page 24 of this prospectus.

#### Risks Related to Acquisitions
We are also subject to risks and uncertainties related to our future acquisitions, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may have difficulty integrating acquisitions, which can reduce the benefits we receive from acquisitions.

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

#### Risks Related to Our Corporate Structure
We are also subject to risks and uncertainties related to our corporate structure, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market price of our Class A Ordinary Shares may be materially and adversely affected. See more detailed discussion of this risk factor on page 30 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer. See more detailed discussion of this risk factor on page 31 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with other public companies. See more detailed discussion of this risk factor on page 31 of this prospectus.

#### Risks Related to Doing Business in Hong Kong
All of our operations are in Hong Kong; therefore, we face risks and uncertainties relating to doing business in Hong Kong in general, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although we and our subsidiary are not based in mainland China and we have no operations in mainland China, the PRC government may intervene or influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers like ourselves. It may result in a material adverse change in C&K Jewellery's operations, significantly limit or completely hinder C&K Group's ability to offer or continue to offer securities to investors and cause the value of C&K Group's securities to significantly decline or become worthless, which would materially affect the interests of the investors. See more detailed discussion of this risk factor on page 32 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There remain some uncertainties as to whether we will be required to obtain approvals from Chinese authorities to list on the U.S. exchanges and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. See more detailed discussion of this risk factor on page 32 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 China. See more detailed discussion of this risk factor on page 36 of this prospectus.

#### Risks Related to Our Class A Ordinary Shares and This Offering
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 the sales of our Class A Ordinary Shares by the selling shareholders pursuant to the Resale Prospectus filed contemporaneously herewith, and if an active trading market does not develop you may not be able to resell our Class A Ordinary Shares at or above the price you paid, or at all. See more detailed discussion of this risk factor on page 39 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The applicable U.S. national securities exchange 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. See more detailed discussion of this risk factor on page 41 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Class A Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares. See more detailed discussion of this risk factor on page 42 of this prospectus.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not intend to pay dividends for the foreseeable future. See more detailed discussion of this risk factor on page 43 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The offering price of this underwritten public offering and resale offering could differ. See more detailed discussion of this risk factor on page 44 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The resale by the selling shareholders may cause the market price of our Class A Ordinary Shares to decline. See more detailed discussion of this risk factor on page 44 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain U.S. national securities exchange's corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares. See more detailed discussion of this risk factor on page 45 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of the [•], although we are exempt from certain corporate governance standards applicable to US issuers as a foreign private issuer, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them. See more detailed discussion of this risk factor on page 45 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. See more detailed discussion of this risk factor on page 46 of this prospectus.

#### Corporate History and Holding Company Structure
We are a holding company incorporated in the BVI on January 28, 2025 under the BVI Act with operations conducted by our wholly-owned subsidiary, C&K Jewellery, in Hong Kong, which was incorporated on November 3, 2016.

On February 17, 2025, C&K Jewellery underwent a reorganization (the "Reorganization"). On January 28, 2025, then-existing shareholders of C&K Jewellery (80% owned by Splendid Wealth Investments Limited and 20% owned by New Jumbo Global Limited) entered into a sale and purchase agreement (the "SPA") for the transfer of all of their shares of C&K Jewellery to eleven individuals, who on the same day entered into a share exchange agreement (the "SEA") with C&K Group and C&K Jewellery, pursuant to which the eleven individuals transferred all of their rights in the shares in C&K Jewellery (pursuant to and under the SPA) to C&K Group in exchange for 100% shares in C&K Group on a pro rata basis. The share transfers and issuances contemplated by the SPA and SEA were effectuated on February 17, 2025. Following the completion of the contemplated transactions under the SPA and SEA, C&K Group became the 100% parent company of C&K Jewellery. The majority of C&K Jewellery's shares remain to be held by the same beneficial owners before and after the Reorganization.

The following diagram illustrates our corporate legal structure.

![](tflowchart_001.jpg)

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

#### Permission Required from the PRC Authorities for This Offering
As advised by our PRC counsel, Commerce & Finance Law Offices, as of the date of this prospectus, on the basis that (i) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (ii) the Company currently does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China; (iii) the main parts of our business activities are conducted in Hong Kong, not mainland China, and our main place of business is located in Hong Kong, not mainland China, and all our senior managers in charge of operation and management of the Company are permanent residents of Hong Kong and are not domiciled in mainland China; (iv) the Company and its subsidiary possess personal information of less than 1 million individuals in the PRC and do not possess any core data or important data of the PRC, or any information which affects or may affect national security of the PRC; (v) neither the Company nor its subsidiary is recognized as an "operator of critical information infrastructure" by any PRC authorities; and (vi) neither the Company nor its subsidiary have been involved in any investigations initiated by the CAC, or received any inquiry, notice, warning, or sanction in such respect, we are not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities; specifically, we are currently not required to obtain any permission or approval from the CSRC, the CAC or any other PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign investors. The laws and regulations of mainland China do not currently have any material impact on our business, financial condition or results of operations and we are currently not subject to the PRC government's direct influence or discretion over the manner in which we conduct our business activities outside of the mainland China.

Nevertheless, we are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland Chinese companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what potential impact such modified or new laws and regulations will have on C&K Group's daily business operations, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. If there is significant change to current political arrangements between mainland China and Hong Kong, the PRC government intervenes or influences operations of companies operated in Hong Kong like us, or exerts more control through change of laws and regulations over offerings conducted overseas and/or foreign investment in issuers like us, it may result in a material change in our operations and/or the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risk Factors — Risks Related to Our Corporate Structure" beginning on page 29 and "Risk Factors — Risks Related to Doing Business in Hong Kong" beginning on page 32 of this prospectus for more information.

#### Transfers of Cash To and From Our Subsidiary
C&K Group is permitted under the laws of British Virgin Islands to provide funding to our subsidiary in Hong Kong through loans or capital contributions without restrictions on the amount of the funds. There are no restrictions or limitation on C&K Group's ability to distribute earnings from its businesses, including subsidiary, to the U.S. investors.

Our equity structure is a direct holding structure, that is, the overseas entity to be listed in the U.S., C&K Group holds 100% of shares of C&K Jewellery, our Hong Kong operating entity. Cash is transferred through our organization in the following manner: (i) funds may be transferred from C&K Group, the holding company incorporated in the British Virgin Islands to C&K Jewellery in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by C&K Jewellery to C&K Group. C&K Jewellery is permitted under the laws of Hong Kong to provide funding to C&K Group through dividend distribution without restrictions on the amount of the funds or restrictions on foreign exchange. If C&K Group intends to distribute dividends to its shareholders, it will depend on payment of dividends from C&K Jewellery in accordance with the laws and regulations of Hong Kong, and the dividends will be distributed by C&K Group to all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong

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

in respect of dividends paid by us. If C&K Jewellery incurs debt on its own in the future, the instruments governing such debt may restrict C&K Jewellery's ability to pay dividends, make distribution or transfer funds to C&K Group. As of the date of this prospectus, our subsidiary has not made any dividends or distributions to C&K Group. As of the date of this prospectus, we do not have any U.S. investors, so no dividends or distributions have been made to any U.S. investors. Both C&K Group and C&K Jewellery currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. 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.

Within our direct holding structure, the cross-border transfer of funds within our corporate group is legal and compliant with the laws and regulations of the British Virgin Islands and Hong Kong. In the future, cash proceeds from overseas financing activities, including this offering, can be directly transferred to subordinate operating entity C&K Jewellery via capital contribution or shareholder loans, as the case may be.

In the reporting periods presented in this prospectus, no cash and other asset transfers have occurred among the Company and its subsidiary.

Currently, all of our operations are in Hong Kong. We do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a VIE structure with any entity in mainland China. Since 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, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". The laws and regulations of mainland China do not currently have any material impact on transfer of cash from C&K Group to C&K Jewellery or from C&K Jewellery to C&K Group and the investors in the U.S.

Subject to the BVI Act and our Memorandum and Articles of Association, our board of directors may authorize 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.

See "Dividend Policy" on page 54 and "Risk Factors — Risks Related to Our Corporate Structure *— We may rely on dividends and other distributions on equity paid by our subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business*." on page 29 of this prospectus for more information.

#### Capital Structure
Under our Memorandum and Articles of Association, we are authorized to issue a maximum of 440,000,000 Class A Ordinary Shares, with no par value per share, and 60,000,000 Class B Ordinary Shares, with no par value per share. Each Class A Ordinary Share entitles its holder to one vote with respect to any matters submitted to the shareholders for a vote whereas each Class B Ordinary Share entitles its holder to twenty votes with respect to any matters submitted to the shareholders for a vote. Holders of Class A Ordinary Shares and Class B Ordinary Shares vote together as a single class on all matters presented to our shareholders for their vote approval. Class B Ordinary Shares are convertible, at the option of the holder, at any time after issue and without the payment of any additional sum, into such number of Class A Ordinary Shares, as may be issued at the conversion rate of 1:1. Class A Ordinary Shares are not convertible into Class B Ordinary Shares at any time.

#### Our Corporate Information
Our principal executive offices are located at Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong, and our telephone number is +852 3700 3500. Our registered office in the British Virgin Islands is at Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands. We maintain websites at: *www.cnkjewellery.com* and *www.cnkjewel.com*.

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

#### Recent Regulatory Development in PRC
We and our subsidiary are not based in mainland China and do not have operations in mainland China. We currently do not have or intend to set up any subsidiary in mainland China, or do not foresee the need to enter into any contractual arrangements with a VIE to establish a VIE structure in mainland China. Our main place of business is located in Hong Kong and all our senior managers in charge of operation and management of the Company are permanent residents of Hong Kong. Pursuant to the Basic Law, which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. The Basic Law expressly provides that the national laws of the PRC which may be listed in Annex III of the Basic Law shall be confined to those relating to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong. The basic policies of the PRC regarding Hong Kong as a special administrative region of the PRC are reflected in the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems".

However, in light of the PRC government's recent expansion of authority in Hong Kong, we may be subject to uncertainty about any future actions of the PRC government or authorities in Hong Kong, and it is possible that all the legal and operational risks associated with being based in and having operations in the PRC may also apply to operations in Hong Kong in the future. There is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong. The PRC government may intervene or influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers like ourselves. Such governmental actions, if and when occur: (i) could significantly limit or completely hinder our ability to continue our operations; (ii) could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

We are also aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland-China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, 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 the Opinions on Strictly and Lawfully Cracking Down Illegal Securities Activities to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over mainland-China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 28, 2021, the CAC and other PRC authorities promulgated the Cybersecurity Review Measures, which took effect on February 15, 2022. In addition, the Cybersecurity Law, which was adopted by the Standing Committee of the National People's Congress on November 7, 2016 and came into force on June 1, 2017, and the Cybersecurity Review Measures, or the "Review Measures", provide that personal information and important data collected and generated by a critical information infrastructure operator in the course of its operations in mainland China must be stored in mainland China, and if a critical information infrastructure operator purchases internet products and services that affect or may affect national security, it should be subject to national security review by the CAC together with competent departments of the State Council. In addition, for critical information infrastructure operators, or the "CIIOs", that purchase network-related products and services, the CIIOs shall declare any network-related product or service that affects or may affect national security to the Office of Cybersecurity Review of the CAC for cybersecurity review. Due to the lack of further interpretations, the exact scope of what constitutes a "CIIO" remains unclear. Further, the PRC government authorities may have wide discretion in the interpretation and enforcement of these laws. In addition, the Review Measures stipulates that any online platform operators holding more than one million users/users' individual information shall be subject to cybersecurity review before listing abroad. As of the date of this prospectus, we have not received any notice from any authorities identifying us as a CIIO or requiring us to undertake a cybersecurity review by the CAC. Further, as of the date of this prospectus, we have not been subject to any penalties, fines, suspensions, investigations from any competent authorities for violation of the regulations or policies that have been issued by the CAC.

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

On June 10, 2021, the Standing Committee of the National People's Congress promulgated the Data Security Law which took effect on September 1, 2021. The Data Security Law requires that data shall not be collected by theft or other illegal means, and it also provides for a data classification and hierarchical protection system. The data classification and hierarchical protection system protects data according to its importance in economic and social development, and the damages it may cause to national security, public interests, or the legitimate rights and interests of individuals and organizations if the data is falsified, damaged, disclosed, illegally obtained or illegally used, which protection system is expected to be built by the state for data security in the near future. On November 14, 2021, the CAC published the Regulations on the Data Security Administration Draft, or the "Data Security Regulations Draft", to solicit public opinion and comments. Under the Data Security Regulations Draft, an overseas initial public offering to be conducted by a data processor processing the personal information of more than one million individuals shall apply for a cybersecurity review. Data processor means an individual or organization that independently makes decisions on the purpose and manner of processing in data processing activities, and data processing activities refers to activities such as the collection, retention, use, processing, transmission, provision, disclosure, or deletion of data. Our Hong Kong subsidiary, C&K Jewellery may collect and store certain data (including certain personal information) from our customers for the "Know Your Customers" purpose, who may be PRC individuals. We do not currently expect the Review Measures to have an impact on our business, operations or this offering as we do not believe that C&K Jewellery is deemed to be a "CIIO" or a "data processor" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S., because (i) C&K Jewellery is incorporated and operating in Hong Kong without any subsidiary or VIE structure in mainland China and the Review Measures remains unclear whether it shall be applied to a Hong Kong company; (ii) as of the date of this prospectus, C&K Jewellery did not collect or store any personal information of individual customers of mainland China; and (iii) as of the date of this prospectus, C&K Jewellery has not been informed by any PRC governmental authority of any requirement that it file for a cybersecurity review.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on C&K Jewellery's daily business operations, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. To the knowledge of the management, C&K Jewellery is not required to obtain regulatory approval for this offering of our Class A Ordinary Shares to foreign investors from the PRC authorities, or to pass cybersecurity review of CAC. However, if there is significant change to current political arrangements between mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and C&K Jewellery is required to obtain such approval in the future, and C&K Jewellery does not receive or maintain the approvals or is denied permission from the PRC authorities, we will not be able to list our Class A Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of the investors and cause significant depreciation of the price of our Class A Ordinary Shares. See "Risk Factors — Risks Related to Our Corporate Structure *— There remain some uncertainties as to whether we will be required to obtain approval from Chinese authorities to list on U.S. exchanges in the future, and if required, we cannot assure you that we will be able to obtain such approval.*" On page 32 of this prospectus.

#### Implications of Our Being an "Emerging Growth Company"
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain an attestation and report from our independent registered accounting firm on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not be required to conduct an evaluation of our internal control over financial reporting for two years.

We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, herein referred to as the Securities Act, or such earlier time that we no longer meet the definition of an emerging growth company.

We will remain an emerging growth company until the earliest of: (i) the last day of the first fiscal year in which our annual gross revenue exceeds $1.235 billion; (ii) the last day of the fiscal year during which the fifth anniversary of the date of this offering occurs; (iii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, herein referred to as the Exchange Act, which 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; or (iv) the date on which we have issued more than $1.00 billion in non-convertible debt securities during any three-year period.

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

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

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

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

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

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

#### Implications of Being a Foreign Private Issuer
We are incorporated in the BVI and more than 50% of our outstanding voting securities are not directly or indirectly held by residents of the United States. Therefore, we are a "foreign private issuer," as defined in Rule 405 under the Securities Act and Rule 3b-4(c) under the Exchange Act. As a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to provide as many Exchange Act reports or provide periodic and current reports as frequently, as a domestic public company;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

In addition, as a foreign private issuer, we are permitted to rely on home country practice to be exempted from certain corporate governance requirements under applicable U.S. national securities exchange rules. Although we currently do not intend to rely on home country practice with respect to our corporate governance after the completion of this offering, if we choose to follow the British Virgin Islands' practice in the future, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

#### Implications of Being a Controlled Company
After the completion of this offering, and as long as Ms. Cheng Ka Ki beneficially owns at least 50% of the voting power of our Company, we are a "controlled company" as defined under applicable U.S. national securities exchange rules.

As long as C&K Group is a controlled company under that definition, C&K Group is permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that a majority of C&K Group's board of directors must be independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that the compensation of C&K Group's chief executive officer must be determined or recommended solely by independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that C&K Group's director nominees must be selected or recommended solely by independent directors.

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

Although we currently do not intend to rely on the "controlled company" exemption, we may elect to rely on this exemption in the future. If C&K Group elects to rely on the "controlled company" exemption, a majority of the members of its board of directors might not be independent directors and its nominating and corporate governance and compensation committees might not consist entirely of independent directors. See "Risk Factor *— As a "controlled company" under the rules of the [•], C&K Group may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on C&K Group's public shareholders.*"

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

#### THE OFFERING

---

| | |
|:---|:---|
|  **Ordinary Shares offered by us** | 3,750,000 Class A Ordinary Shares |
|  **Price per Ordinary Share** | Between $4.00 and $5.00 per Class A Ordinary Share |
|  **Over-Allotment Option** | We have granted to the underwriters a 45-day option to purchase from us up to an additional 15% of the Class A Ordinary Shares sold in this offering, solely to cover over-allotments, if any, at the initial public offering price less the underwriting discounts. |
|  **Ordinary Shares outstanding prior to completion of this offering** | <br>16,000,000 Class A Ordinary Shares and 3,300,000 Class B Ordinary Shares |
|  **Ordinary Shares outstanding immediately after this offering** | <br>19,750,000 Class A Ordinary Shares, assuming that the underwriters does not exercise its over-allotment option, and 3,300,000 Class B Ordinary Shares |
|  **Transfer Agent** | Transhare Corporation, with its offices located at Bayside Center 1, 17755 North US Highway 19, Suite #140, Clearwater, FL 33764. |
|  **Listing** | We will apply to have our Class A Ordinary Shares listed on the [•]. |
|  **[•] symbol** | "[•]" |
|  **Use of proceeds** | We intend to use the proceeds from this offering for (i) brand promotion and marketing, (ii) recruitment of experienced personnel, (iii) strategic investments and acquisitions, and (iv) general working capital. See "Use of Proceeds" on page 52 of this prospectus for more information. |
|  **Lock-up** | We and all of our directors and officers and certain shareholders (5% or more shareholders) have agreed with the Underwriters, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Class A Ordinary Shares or securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares for a period of six (6) months from the date of consummation of this offering. See "Shares Eligible for Future Sale" on page 106 and "Underwriting" beginning on page 114 of this prospectus for more information. |
|  **Risk factors** | The Class A Ordinary Shares offered hereby involve a high degree of risk. You should read "Risk Factors," beginning on page 19 of this prospectus for a discussion of factors to consider before deciding to invest in our Class A Ordinary Shares. |

---

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

#### SUMMARY CONSOLIDATED FINANCIAL AND OPERATING DATA
The following tables summarize our consolidated financial data for the periods and as of the dates indicated. The summary consolidated statements of income for the years ended September 30, 2024 and 2025 and the summary consolidated balance sheets as of September 30, 2024 and 2025 have been derived from our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future. The following summary consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements included elsewhere in this prospectus.

#### Selected Statements of Operations Information:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Total revenues | 66839374 | 70814654 | 9101088 |
|  Total merchandise costs | 38620481 | 52964987 | 6807051 |
|  Total operating expenses | 13795078 | 11241627 | 1444772 |
|  Income from operations | 14423815 | 6608040 | 849265 |
|  Total interest income and other income, net | 2140611 | 531396 | 68295 |
|  Income before income tax provision | 16564426 | 7139436 | 917560 |
|  Provision for income taxes | 2535284 | 842475 | 108275 |
|  Net income | $14029142 | $6296961 | $809285 |
|  Basic and diluted earnings per share | $0.88 | $0.33 | $0.04 |

---

#### Selected Balance Sheet Information:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **Summary Consolidated Balance Sheet Data** |  |  |  |
|  Cash and cash equivalents | $55584053 | $6345803 | $815562 |
|  Total current assets | 74681595 | 35043207 | 4503748 |
|  Total non-current assets | 9972708 | 11662669 | 1498883 |
|  Total assets | 84654303 | 46705876 | 6002631 |
|  Total current liabilities | 62337776 | 23689190 | 3044531 |
|  Total non-current liabilities | 5068962 | 2616603 | 336285 |
|  Total liabilities | 67406738 | 26305793 | 3380816 |
|  Total shareholders' equity | $17247565 | $20400083 | $2621815 |

---

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

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

#### Risks Related to Our Business

#### Our revenues, operating income and cash flows are likely to fluctuate.
We experience fluctuations in our revenues and cost structure and the resulting operating income and cash flows and expect that this will continue to occur in the future. We may experience fluctuations in our annual and quarterly financial results, including revenues, operating income and earnings per share, for reasons that may include: (i) the timing of revenue recognition under U.S. GAAP; (ii) the utilization of revenue-generating professionals, including the ability to adjust staffing levels up or down to accommodate needs of the our business needs; (iii) the geographic locations of our customers or the locations where our products are sold; (iv) the length of billing and collection cycles and changes in amounts that may become uncollectible; (v) changes in the frequency and complexity of government regulatory and enforcement activities; (vi) fluctuations in the exchange rates of various currencies against the U.S. dollar; and (vii) economic factors beyond our control.

Our results are subject to seasonal and other similar factors. While we assess our annual guidance at the end of each quarter and update such guidance when we think it is appropriate, unanticipated future volatility can cause actual results to vary significantly from our guidance, even where that guidance reflects a range of possible results and has been updated to take account of partial-year results.

#### A decline in discretionary consumer spending may adversely affect our industry, our operations, and ultimately our profitability.
Luxury products, such as fine jewelry, are discretionary purchases for consumers. Any reduction in consumer discretionary spending or disposable income may affect the jewelry industry more significantly than other industries. Many economic factors outside of our control could affect consumer discretionary spending, including the financial markets, consumer credit availability, prevailing interest rates, energy costs, employment levels, salary levels, and tax rates. Any reduction in discretionary consumer spending could materially adversely affect our business and financial condition.

***Our jewelry products exported from Hong Kong to the United States may be subject to the additional tariffs recently imposed by the U.S. government on certain products imported from China (including Hong Kong), which could adversely affect our cost structure and results of operations.***

Recently, U.S. president, Donald J. Trump, announced that the U.S. would impose additional tariffs on imports from China (including Hong Kong) which would result in an effective tariff rate of 145% on Chinese imports starting April 9, 2025. The additional tariffs imposed by the U.S. government on certain products imported from China (including Hong Kong) may negatively impact our cost structure. Our major pearls and jewelry materials suppliers are located in Hong Kong, China and Japan and we generated approximately 44% and 34% of our revenues from the United States in the year ended September 30, 2024 and 2025, respectively.

We are currently evaluating the impact of the recently imposed additional tariffs as a whole. If our jewelry products are deemed subject to the additional tariffs as a result of our using raw materials sourced from China and Hong Kong in the manufacturing of our products (our products are manufactured by third parties), our cost structure and profitability may be materially and negatively affected. Additionally, if our customers in the U.S. are required to pay additional tariffs on our jewelry products, demand for our jewelry products in the U.S. could decline, negatively affecting our sales and revenue.

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

Additionally, there is no guarantee that the trade relations between the U.S. and China will remain stable in the future. Any deterioration in the relationship between the U.S. and China could further increase our costs of exporting our products to the U.S., which could have an adverse effect on our business, financial condition and results of operations.

Finally, the evolving regulatory landscape and potential for further tariff adjustments or trade restrictions create uncertainty. Compliance with tariff-related regulations, including classification and valuation requirements, may increase operational complexity and costs. Any escalation in trade tensions or additional tariffs could further disrupt our supply chain, limit our access to materials, and negatively impact our ability to meet customer demand, posing significant risks to our business.

#### We have a substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenues.
We derive a significant portion of our revenues from a few major customers. For the year ended September 30, 2024, three major third-party customers accounted for 41.1% (a jewelry trading company based in the United States), 19.0% (a jewelry dealer based in Japan) and 12.7% (a jewelry dealer based in Hong Kong), respectively, of the Company's total revenues. For the year ended September 30, 2025, three major third-party customers, accounted for 32.0% (a jewelry trading company based in the United States), 30.1% (a jewelry dealer based in Hong Kong) and 16.7% (a jewelry trading company based in the Hong Kong), respectively, of the Company's total revenues. We have not entered into written agreements with any of our major customers. For each transaction, the customer submits an order inquiry or purchase order to us which specifies order quantity, unit price, product code, and product materials and we issue an invoice to the customer for the payment.

Inherent risks exist whenever a large percentage of total revenues are concentrated with a limited number of customers. It is not possible for us to predict the future level of demand for our products that will be generated by these customers in the marketplace. If any of these customers experience declining or delayed sales due to market, economic or competitive conditions, we could be pressured to reduce our prices or these customers could decrease the purchase quantity of our products, which could have an adverse effect on our margins and financial position, and could negatively affect our revenues and results of operations. If any of our largest customers terminates the purchase of our products, such termination would materially negatively affect our revenues, results of operations and financial condition.

#### We are exposed to the credit risks of our customers.
Our financial position and profitability are dependent on our customers' creditworthiness. Thus, we are exposed to our customers' credit risks. There is no assurance that we will not encounter doubtful or bad debts in the future. Due to economic conditions in Hong Kong, in particular the risk of monetary and fiscal policies to address inflation, businesses in Hong Kong are generally conserving cash or operating under increased financial and credit stress. As a result, we could experience slower payments from our customers, an increase in accounts receivable aging and/or an increase in bad debts. If we were to experience any unexpected delay or difficulty in collections from our customers, our cash flows and financial results would be adversely affected.

#### We rely on a limited number of suppliers. A loss of any of these suppliers could significantly negatively affect our business.
We rely on a limited number of suppliers. For the year ended September 30, 2024, two suppliers accounted for 33.7% (a Hong Kong subsidiary of a German-based family enterprise principally engaging in precious metal business) and 26.8% (a supplier in the jewelry industry based in Hong Kong), respectively, of the Company's total purchases. For the year ended September 30, 2025, three suppliers, accounted for 24.0% (a Hong Kong subsidiary of a German-based family enterprise principally engaging in precious metal business), 18.0% (a supplier in the jewelry industry based in Hong Kong), and 16.0% (a supplier in the jewelry industry based in Hong Kong), respectively, of the Company's total purchases. We have not entered into written agreements with any of our major suppliers. For each transaction, we submit to the supplier a purchase order which specifies order quantity, price and item code and the supplier issues an invoice to us for the payment.

This reliance on a limited number of suppliers increases our risks, since we do not currently have proven reliable replacement suppliers to these key suppliers. If we experience a significant increase in demand for our products, or if we need to replace an existing supplier, we may not be able to replace an existing supplier on acceptable terms, which may undermine our ability to deliver products to our customers in a timely manner. Identifying and approving

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

suitable replacement suppliers could be an extensive process that requires us to become satisfied with their quality control, responsiveness and service, financial stability, regulatory compliance, and labor and other ethical practices. Accordingly, a loss of any significant supplier would have an adverse effect on our business, financial condition and results of operations. In addition, our suppliers may face supply chain risks and constraints of their own, which may impact the availability and pricing of our products as well as our gross margins.

#### Inadequate or inaccurate external and internal information, including budget and planning data, could lead to inaccurate financial forecasts and inappropriate financial decisions.
Our financial forecasts are dependent on estimates and assumptions regarding budget and planning data, market growth, foreign exchange rates and our ability to generate sufficient cash flow to reinvest in the business, fund internal growth, and meet our debt obligations. Our financial projections are based on historical experience and on various other assumptions that our management believes to be reasonable under the circumstances and at the time they are made. However, if our external and internal information is inadequate, our actual results may differ materially from our forecasts and cause us to make inappropriate financial decisions. Any material variation between our financial forecasts and our actual results may also adversely affect our future profitability, stock price and stockholder confidence.

***Because the jewelry industry in general is affected by fluctuations in the prices of pearls, and other precious and semi-precious stones, and precious metals, we could experience increased operating costs that could affect our profit margins.***

The availability and prices of pearls, other precious and semi-precious stones, and precious metals may be influenced by various factors in exporting countries and inflation. Shortages of these materials or sharp changes in their prices could have a material adverse effect on our results of operations or financial condition. A significant change in prices of pearls, other precious and semi-precious stones, and precious metals could adversely affect our business or reduce operating margins and impact consumer demand if retail prices increased significantly, even though we historically transfer any increases in the purchase of raw materials to our consumers.

#### There is no publicly available standard market price index or other reliable reference for pearls.
The pearl market lacks a publicly available standard price index or other reliable price reference, which creates significant price uncertainty for pearls. Without a reliable benchmark, prices for pearls may fluctuate unpredictably, complicating the Company's forecasting, budgeting and financial planning. This price volatility can adversely affect our operations and profitability.

Further, the absence of a standard price index or other reliable price reference limits the Company's ability to use financial instruments to hedge against price risks. Our inability to mitigate our exposure to price risks may lead to increased volatility in our earnings, which could have an adverse effect on our profit margins and results of operations.

***Because we depend on our ability to identify and respond to fashion trends, if we misjudge these trends, our ability to maintain and gain market share will be affected.***

The jewelry industry is subject to rapidly changing fashion trends and shifting consumer demands. Accordingly, our success may depend on the priority that our customers place on fashion and our ability to anticipate, identify, and capitalize upon emerging fashion trends. If we misjudge fashion trends or are unable to adjust our products in a timely manner, our net sales may decline or fail to meet expectations and any excess inventory may be sold at lower prices.

#### We are exposed to risks relating to the commercial real estate rental market, including unpredictable and potentially high rental costs.
We lease properties for our office in Hong Kong. For the years ended September 30, 2024 and 2025, our total property rental costs, which included the lease charges and variable rental payments in respect of the leased properties, amounted to approximately HKD2,617,584 and HKD2,562,822 (US$329,373), respectively, 3.9% and 3.6% of our revenue during the respective periods. Our considerable leased properties expose us to risks relating to the Hong Kong commercial real estate market, including but not limited to, unpredictable and potentially increasing rental costs, which could reduce our cash available for other purposes.

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

Our operating leases have initial terms ranging from two to three years. If the lease agreement for any of our leased properties is not renewed, or is not renewable at a reasonable rate, we would have to, among other things, relocate our offices which would subject us to relocation and other related costs and reduce our cash available for other purposes, which could have a material adverse effect on our business.

#### Our business may face risks of customers' default on payment.
If our customers experience or are exposed to potential financial distress, face complex challenges, are involved in litigation or regulatory proceedings, or face foreclosure of collateral or liquidation of assets, such customers may not have sufficient funds to continue operations or to pay for our products.

***We face intense competition from other jewelry traders, and if we do not compete effectively, our results of operations and business prospects may be adversely affected.***

The jewelry industry is highly competitive. We compete primarily on the basis of our product quality, comprehensive customer services, and brand recognition. Our competitors may compete with us in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide products that are similar to, or more attractive to customers than, ours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide products we do not offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer more aggressive discounts to gain market share and to promote their businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adapt at a faster rate to changes in market conditions and customer demands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market, promote and provide their products more effectively.

Although we do not compete against other jewelry traders solely based on prices, if our competitors offer their products at lower prices, we may be forced to provide more aggressive discounts to our customers. Reduction in our product prices without a commensurate increase in sales would lower our profitability. Some of our competitors may have greater financial resources or a larger customer base than we do, and if we fail to compete effectively, our market position, business prospects and results of operations would be adversely affected.

#### We may not manage our growth effectively, and our profitability may suffer.
We experience fluctuations in growth of our business, including periods of rapid or declining growth. Periods of rapid expansion may strain our management team or human resources and information systems. To manage growth successfully, we may need to add qualified managers and employees and periodically update our operating, financial and other systems, as well as our internal procedures and controls. We also must effectively motivate, train and manage our staff. If we fail to add or retain qualified managers and employees when needed, estimate costs, or manage our growth effectively, our business, financial results and financial condition may suffer.

We cannot assure that we can successfully manage growth and continue being profitable as we grow. In periods of declining growth, underutilized employees may result in expenses and costs being a greater percentage of revenues. In such situations, we will have to weigh the benefits of decreasing our workforce or limiting our product offerings and saving costs against the detriment that we could experience from losing valued professionals and their industry expertise.

#### Introduction of new jewelry products may subject us to additional risks.
From time to time, we may offer new products. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new jewelry products, we may invest significant time and resources. Initial timetables for the introduction and development of new jewelry products may not be achieved and profitability targets may not prove feasible. External factors, such as compliance with regulations, competition and shifting market preferences, may also impact the successful implementation of a jewelry product. Our personnel and technology systems may fail to adapt to the changes attributable to the introduction of new jewelry products or we may fail to effectively integrate new jewelry products to our existing product offerings and we may lack experience in managing new jewelry products. In addition, we may be unable to proceed with our operations as planned or compete effectively due to different competitive landscapes. Even if we expand our businesses into new jurisdictions or areas, the expansion may not yield intended profitable results.

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

Furthermore, any new jewelry products could have a significant impact on the effectiveness of our internal control system. Failure to successfully manage these risks in the development and introduction of new jewelry products could have a material adverse effect on our business, results of operations and financial condition.

***Our reputation and brand recognition is crucial to our business. Any harm to our reputation or failure to enhance our brand recognition may materially and adversely affect our business, financial condition and results of operations.***

Our reputation and brand recognition, which depends on earning and maintaining the trust and confidence of our current or potential customers, is critical to our business. Our reputation and brand is vulnerable to many threats that can be difficult or impossible to control, and costly or impossible to remediate. Regulatory inquiries or investigations, lawsuits initiated by customers or other third parties, employee misconduct, perceptions of conflicts of interest and rumors, among other things, could substantially damage our reputation, even if they are baseless or satisfactorily addressed. Moreover, any negative media publicity about our industry in general or product quality problems in the industry, including our competitors' products, may also negatively impact our reputation and brand. If we are unable to maintain a good reputation or further enhance our brand recognition, our ability to attract and retain customers and key employees could be harmed and, as a result, our business and revenues would be materially and adversely affected.

***We may not be able to maintain growth, and if we fail to manage our growth effectively, our business may be materially and adversely affected.***

We anticipate continuing growth in the foreseeable future. However, we cannot assure you that we will maintain our growth. Our growth has placed, and will continue to place, a significant strain on our management, personnel, systems and resources. To accommodate our growth, we will need to implement a variety of new and upgraded operational and systems procedures and controls, including the improvement of our accounting and other internal management systems. We also will need to recruit, train, manage and motivate employees and manage our business relationships with an increasing number of customers. Moreover, as we introduce new products or enter into new markets, we may face unfamiliar market and operational risks and challenges which we may fail to successfully address. We may be unable to manage our growth effectively, which could have a material adverse effect on our business.

#### Our limited operating history may not provide an adequate basis to judge our future prospects and results of operations.
Our limited operating history makes the prediction of future results of operations difficult, and therefore, past results of operations achieved by us should not be taken as indicative of the rate of growth, if any, that can be expected in the future. As a result, you should consider our future prospects in light of the risks and uncertainties experienced by young companies in a rapidly evolving and increasingly competitive market in Hong Kong.

#### We may suffer from potential third-party infringement of the Company's jewelry designs.
We cannot make assurances that the steps we have taken to protect the Company's jewelry designs from infringement by third parties will be adequate to deter misappropriation of proprietary information or that we will be able to detect unauthorized use and take appropriate steps to enforce our intellectual property rights in the Company's jewelry designs.

#### We may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.
We cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate trademarks, copyrights, know-how or other intellectual property rights held by third parties. We may be, from time to time in the future, subject to legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be third-party trademarks, copyrights, know-how or other intellectual property rights that are infringed by our products or other aspects of our business without our awareness. Holders of such intellectual property rights may seek to enforce such rights against us in Hong Kong, the United States or other jurisdictions. If any third-party infringement claims are brought against us, we may be forced to divert some resources from our business and operations to defend against these claims, regardless of their merits.

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

Additionally, the application and interpretation of Hong Kong's intellectual property rights laws and the procedures and standards for granting trademarks, copyrights, know-how or other intellectual property rights in Hong Kong are still evolving and are uncertain, and we cannot ensure that Hong Kong courts or regulatory authorities would agree with our analysis. If we were found to be in violation of the intellectual property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and operating results may be materially and adversely affected.

#### Compromise of confidential or proprietary information could damage our reputation, harm our businesses and adversely impact our financial results.
Our own confidential and proprietary information and that of our customers could be compromised, whether intentionally or unintentionally, by our employees, consultants or vendors. A compromise of the security of our information technology systems leading to theft or misuse of our own or our customers' proprietary or confidential information, or the public disclosure or use of such information by others, could result in losses, third-party claims against us and reputational harm, including the loss of customers. The theft or compromise of our or our customers' information could negatively impact our reputation, financial results and prospects. In addition, if our reputation is damaged due to a data security breach, our ability to attract new customers may be impaired or we may be subjected to damages or penalties, which could negatively impact our businesses, financial results or financial condition.

#### Increases in labor costs in Hong Kong may adversely affect our business and results of operations.
The economy in Hong Kong has experienced increases in inflation and labor costs in recent years. As a result, average wages in Hong Kong are expected to continue to increase. In addition, we are required by Hong Kong laws and regulations to maintain various statutory employee benefits, including mandatory provident fund scheme and work-related injury insurance, to provide statutorily required paid sick leave, annual leave and maternity leave, and pay severance payments or long service payments. The relevant government agencies may examine whether an employer has complied with such requirements, and those employers who fail to comply commit a criminal offence and may be subject to fines and/or imprisonment. We expect that our labor costs, including wages and employee benefits, will continue to increase. Unless we are able to control our labor costs or pass on these increased labor costs to our customers by increasing the prices for our products, our financial condition and operating results may be adversely affected.

#### Our business insurance coverage may be inadequate to cover risks related to our business and operations.
While we maintain certain insurance for our business including, but not limited to, jewelers' block insurance, business interruption insurance and public liability insurance, there is no assurance that our insurance coverage will be adequate to cover potential losses. Under applicable laws and regulations in the relevant jurisdictions such as Hong Kong and the United States, we are not required to, and we do not, maintain certain insurance in relation to our business operations, such as data security insurance, or liability insurance against liabilities arising from litigation or other aspects of our business. Our current insurance policies may not protect us against such losses and liabilities.

Although we believe that our business insurance coverage is in line with industry practice in Hong Kong and other relevant jurisdictions, if any of the incidents mentioned above occur and we have insufficient insurance to cover the liabilities associated with such incidents, it could have a material adverse effect on our financial condition, results of operations and business prospects.

#### Our principal shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders
Cheng, Ka Ki ("Ms. Cheng") is currently the beneficial owner of 8,039,000 Class A Ordinary Shares and 3,300,000 Class B Ordinary Shares, which represent 58.8% of our outstanding shares or 90.3% of the total aggregate voting power. Ms. Cheng will own approximately 86.3% of the total voting power of C&K Group's issued and outstanding share capital immediately following this offering, assuming that the underwriters do not exercise their over-allotment option. Ms. Cheng will be able to exert significant voting influence over our business, including decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors and other significant corporate actions. These actions may be taken even if they are opposed by our other shareholders, including those who purchased Class A Ordinary Shares in our initial public offering. Moreover, this

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

concentration of ownership may discourage, delay or prevent a change in control of our Company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our Company and might reduce the price of our Class A Ordinary Shares.

#### We face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
We are vulnerable to natural disasters and other calamities. Fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks or similar events may negatively impact the supply of pearls and other precious gemstones as well as adversely affect our ability to provide our products. In addition, our results of operations could be adversely affected to the extent that any health epidemic/pandemic (such as the coronavirus (COVID-19) pandemic) harms the Hong Kong economy in general. A prolonged outbreak of any illnesses or other adverse public health developments in Hong Kong or elsewhere in the world could have a material adverse effect on our business operations. Such outbreaks could severely disrupt our operations and adversely affect our business, financial condition and results of operations. Our headquarters is located in Hong Kong, where our management and employees currently reside. Consequently, if any natural disasters, health epidemics or other public safety concerns were to affect Hong Kong or cause travel restriction in or out of Hong Kong or its surrounding areas, our operation may experience material disruptions, which may materially and adversely affect our business, financial condition and results of operations. On February 24, 2022, the Russian Federation launched an invasion of Ukraine that has had an immediate impact on the global economy resulting in higher energy prices and higher prices for certain raw materials and goods and services which in turn is contributing to higher inflation in the United States and other countries across the globe with significant disruption to financial markets. We do not have any operation or business in Russia or Ukraine; however, we may potentially be indirectly adversely impacted by any significant disruption it has caused and may continue to escalate. Any one or more of these events may impede our operations and product delivery efforts and adversely affect our sales results, or even for a prolonged period of time, which could materially and adversely affect our business, financial condition, and results of operations.

***Our business operations were materially and adversely affected by the outbreak of the coronavirus (COVID-19) and there can be no assurance that our business operations will not continue to be materially and adversely affected by the continuous effect of the COVID-19 pandemic in the future.***

An outbreak of respiratory illness caused by the novel coronavirus, commonly referred to as "COVID-19" emerged in late 2019 and spread globally, which the World Health Organization labeled as a pandemic on March 11, 2020.

Between 2020 and 2022, during the COVID-19 pandemic, our business operations and results of operations were significantly negatively impacted by COVID-19 restrictions, including the suspension of trade shows which we rely on for sales to business-to-consumer, or B2C, customers and product promotion opportunities which facilitate our exposure to new B2B customers.

The disruption to the Company which may be caused by future outbreaks of contagious diseases is uncertain; however, a recurrence of an outbreak of certain contagious diseases, such as COVID-19, may result in a material adverse impact on the Company's financial position, business operations and cash flows. Possible areas that may be affected include, but are not limited to, disruption to the Company's customers and revenue, labor workforce, unavailability of products and supplies used in operations, and the decline in value of assets held by the Company, including property and equipment.

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

Our business is subject to regulation by various governmental agencies in Hong Kong, including agencies responsible for monitoring and enforcing compliance with various legal obligations, such as privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and

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

regulations. In certain jurisdictions, these regulatory requirements may be more stringent than in Hong Kong. These laws and regulations impose added costs on our business. Noncompliance with applicable regulations or requirements could subject us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investigations, enforcement actions, and sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mandatory changes to our network and products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits, fines, and damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil and criminal penalties or injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claims for damages by our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• termination of contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain, maintain or renew certain licenses, approvals, permits, registrations or filings necessary to conduct our operations.

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

Any reviews by regulatory agencies or legislatures may result in substantial regulatory fines, changes to our business practices, and other penalties, which could negatively affect our business and results of operations. Changes in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause us to change our business practices. These factors could negatively affect our business and results of operations in material ways.

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

***Changes in general economic conditions, monetary or geopolitical disruptions, capital markets, merger and acquisition activity, and legal or regulatory requirements, especially in the countries and regions where our customers are located, as well as other factors beyond our control, could reduce demand for our products, in which case our revenues and profitability could decline.***

Different factors outside of our control could affect demand for our products. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in U.S., Hong Kong, Japan and/or global economies, including economic downturns or recessions and the strength and rate of any general economic recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of leverage incurred by countries or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merger and acquisition activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• frequency and complexity of significant commercial litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overexpansion by businesses causing financial difficulties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business and management crises, including the occurrence of alleged fraudulent or illegal activities and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new and complex laws and regulations, repeals of existing laws and regulations or changes of enforcement of laws, rules and regulations, including antitrust/competition reviews of proposed merger and acquisition transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other economic, geographic or political factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business conditions.

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

We are not able to predict the positive or negative effects that future events or changes to the U.S., Hong Kong, Japan or global economies will have on our business. Fluctuations, changes and disruptions in financial, credit, merger and acquisition and other markets, political instability and general business factors could impact various business segments' operations and could affect such operations differently. Changes to factors described above, as well as other events, including by way of example, contractions of regional economies, or the economy of a particular country, trade restrictions, monetary systems, banking, real estate and retail or other industries; debt or credit difficulties or defaults by businesses or countries; new, repeals of or changes to laws and regulations, including changes to the bankruptcy and competition laws of the U.S., Hong Kong, Japan or other countries and regions; tort reform; banking reform; a decline in the implementation or adoption of new laws or regulation, or in government enforcement, litigation or monetary damages or remedies that are sought; or political instability may have adverse effects on our business or product offerings.

***If we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and resolve the matter, which could harm our business operations, share price and reputation and could result in a loss of your investment in our Class A Ordinary Shares, especially if such matter cannot be addressed and resolved favorably.***

Recently, U.S. public companies that have substantially all of their operations in China, including Hong Kong, have been the subject of intense scrutiny, criticism and negative publicity by investors, financial commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered around financial and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result of the scrutiny, criticism and negative publicity, the publicly traded stock of many U.S.-listed Chinese companies has sharply decreased in value and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism and negative publicity will have on our Company, our business and our stock price. Although all of our operations are based in Hong Kong, if we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or defend our company. This situation will be costly and time consuming and distract our management from growing our company.

#### We may be required to recognize impairment charges for our long-lived assets and other intangible assets, which could materially affect our financial results.
We assess our long-lived assets and other intangible assets as and when required by U.S. GAAP to determine whether they are impaired and, if they are, to record appropriate impairment charges. Factors we consider include significant underperformance relative to expected historical or projected future operating results and significant negative industry or economic trends. It is possible that we may be required to record significant impairment charges in the future. Such charges have had and could have an adverse impact on our results of operations.

#### Our success depends on our key management personnel, and our business may be harmed if we lose their services.
Our success depends on the ability and contribution of our key management personnel. Ms. Cheng, our Chief Executive Officer, has approximately 7 years of experience in the jewelry industry. Ms. Kong, our Director, has over 10 years of experience in the pearls and jewelry business. Ms. Wong, our General Manager of Sales, has over 12 years of experience in sales and marketing of pearls and jewelry. See "Management" on page 86 of this prospectus for details.

Our key management personnel possess extensive knowledge of the industry. Since the founding of our Company, our management team has built up a good reputation and established amicable business relationships with our customers and suppliers. In the event that any of our key management personnel resigns or terminates their employment agreement, we may be unable to recruit eligible new management personnel with comparable industry experience and knowledge in a timely manner or at all. Any failure to attract, retain or motivate these key management personnel may affect our business relationships with our customers and suppliers, and hence affect our results of operations and financial performance.

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

#### Our future success depends upon, in large part, our continuing ability to attract and retain qualified personnel.
If we grow and implement our business plan, we will need to add managerial talent to support our business plan. There is no guarantee that we will be successful in adding such managerial talent. These professionals are regularly recruited by other companies and may choose to change companies. Given our relatively small size compared to some of our competitors, the performance of our business may be more adversely affected than our competitors would be if we lose well-performing employees and are unable to attract new ones.

#### Headcount reductions to manage costs during periods of reduced demand for our products could have negative impacts on our business over the longer term.
During periods of reduced demand for our products, or in response to unfavorable changes in market or industry conditions, we may seek to align our cost structure more closely with our revenues and increase our utilization rates by reducing headcount and eliminating or consolidating underused locations in affected business segments. Following such actions, in response to subsequent increases in demand for our products, including as a result of favorable changes in market or industry conditions, we may need to hire, train and integrate additional qualified and skilled personnel and may be unable to do so to meet our needs or our customers' demands on a timely basis. If we are unable to manage staffing levels on a timely basis in light of changing opportunities or conditions, our ability to accept business opportunities, take advantage of positive market and industry developments, and realize future growth could be negatively affected, which could negatively impact our revenues and profitability. In addition, while increased utilization resulting from headcount reductions may enhance our profitability in the near term, it could negatively affect our business over the longer term by limiting the time our personnel have to seek out new customers.

#### Risks Related to Acquisitions
We will consider future strategic or opportunistic acquisitions. In those cases, some or all of the following risks could be applicable.

#### We may have difficulty integrating acquisitions, which can reduce the benefits we receive from acquisitions.
The process of managing and integrating acquisitions into our existing operations may result in unforeseen operating difficulties and may require significant financial, operational and managerial resources that would otherwise be available for the operation, development and organic expansion of our existing operations. To the extent that we misjudge our ability to properly manage and integrate acquisitions, we may have difficulty achieving our operating, strategic and financial objectives.

Acquisitions also may involve a number of special financial, business and operational risks, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating diverse corporate cultures and management styles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disparate policies and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer relationship issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased utilization during the integration process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of key existing or acquired personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased costs to improve or coordinate managerial, operational, financial and administrative systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dilutive issuances of equity securities, including convertible debt securities, to finance acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the assumption of legal liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future earn-out payments or other price adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential future write-offs relating to the impairment of goodwill or other acquired intangible assets or the revaluation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulty or inability to collect receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undisclosed liabilities.

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

In addition to the integration challenges mentioned above, our acquisitions of non-Hong Kong companies offer distinct integration challenges relating to foreign laws and governmental regulations, including tax and employee benefit laws, and other factors relating to operating in countries other than Hong Kong.

Asset transactions may require us to seek third-party consents to the assignment of contracts to us or a subsidiary. All third-parties may not consent to assignments. In certain cases, the consent of customers cannot be solicited until after the acquisition has closed. There is no assurance that customers of the acquired entity will agree to novate or assign their contracts to us.

We may also hire groups of selected personnel from another company and we may enter into arrangements with the former employers of those personnel regarding limitations on their work until any time restrictions pass. In such circumstances, there is no assurance that we will enter into mutually agreeable arrangements with any former employer, and the utilization of such personnel may be limited, and our financial results could be negatively affected until their restrictions end. We could also face litigation risks from group hires.

#### An acquisition may not be accretive in the near term or at all.
Competitive market conditions may require us to pay a price that represents a higher multiple of revenues or profits for an acquisition. As a result of these competitive dynamics, cost of the acquisition or other factors, certain acquisitions may not be accretive to our overall financial results at the time of the acquisition or at all.

***We may have a different system of governance and management from a company we acquire or its parent, which could cause personnel who join us from an acquired company to leave us.***

Our governance and management policies and practices will not mirror the policies and practices of an acquired company or its parent. In some cases, different management practices and policies may lead to workplace dissatisfaction on the part of personnel who join our Company. Some personnel may choose not to join our Company or leave after joining us. Existing personnel may leave us as well. The loss of key personnel may harm our business and financial results and cause us not to realize the anticipated benefits of the acquisition.

***Due to fluctuations in our share price, acquisition candidates may be reluctant to accept our Class A Ordinary Shares as purchase price consideration, use of our shares as purchase price consideration may be dilutive or the owners of certain companies we seek to acquire may insist on stock price guarantees.***

We may structure an acquisition to pay a portion of the purchase price in our Class A Ordinary Shares. The number of shares issued as consideration is typically based on an average closing price per Class A Ordinary Share for a number of days prior to the closing of such acquisition. Stock market volatility, generally, or stock price volatility, specifically, may result in acquisition candidates being reluctant to accept our shares as consideration. In such cases, we may have to issue more shares if stock constitutes part of the consideration, offer stock price guarantees, pay the entire purchase price in cash or negotiate an alternative price structure. The result may be an increase in the cost of an acquisition. There is no assurance that an acquisition candidate will not negotiate stock price guarantees with respect to a future acquisition, which may increase the cost of such acquisition.

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

We are a holding company incorporated in the British Virgin Islands, and we may rely on dividends and other distributions on equity paid by our subsidiary for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If our subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

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

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. See "*Taxation — Hong Kong Profits Taxation" on page* 113 *of this prospectus*. Any limitation on the ability of our Hong Kong subsidiary 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.

***If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market price of our Class A Ordinary Shares may be materially and adversely affected.***

Prior to this offering, we were a private company with limited accounting personnel and other resources to address our Company's internal controls and procedures. Our management has not performed 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. Effective internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed to prevent fraud.

Our failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of the Class A Ordinary Shares.

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

The Public Company Accounting Oversight Board, or PCAOB, has defined a material weakness as "a deficiency, or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim statements will not be prevented or detected on a timely basis". In connection with the audits of our consolidated financial statements as of September 30, 2024 and 2025, 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 above mentioned periods. The material weakness identified related to i) inadequate segregation of duties for certain key functions due to limited staff and resources; ii) a lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures; and iii) a lack of independent directors and an audit committee to establish formal risk assessment process and internal control framework. 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 up the key roles in the operations; ii) setting up a financial and system control framework with formal documentation of polices and controls in place; and iii) appointing independent directors, establishing an audit committee and strengthening corporate governance. However, we cannot assure you that all these measures will be sufficient to remediate our material weaknesses in time, or at all, and additional material weaknesses or significant deficiencies may be identified in the future.

If we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. Generally speaking, if we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our

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

financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations and lead to a decline in the trading price of our Class A Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities laws and subject us to potential delisting from the [•] to regulatory investigations and to civil or criminal sanctions.

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

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

***We are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with other public companies*.***

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act. 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. We have 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, we, 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 our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and our share price may be more volatile.

#### We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."
Upon consummation of this offering and the sales of our Class A Ordinary Shares by the selling shareholders pursuant to the Resale Prospectus filed contemporaneously herewith, we will incur significant legal, accounting and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) 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 $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 $700 million as of the prior June 30<sup>th</sup>, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-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 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

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

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 initial public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we are required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We expect to incur 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.

#### Risks Related to Doing Business in Hong Kong
***Although we and our subsidiary are not based in mainland China and we have no operations in mainland China, the PRC government may intervene or influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers like ourselves. It may result in a material adverse change in C&K Jewellery's operations, significantly limit or completely hinder C&K Group's ability to offer or continue to offer securities to investors and cause the value of C&K Group's securities to significantly decline or become worthless, which would materially affect the interests of the investors.***

We and our subsidiary are not based in mainland China and do not have operations in mainland China. We currently do not have or intend to set up any subsidiary in mainland China, or do not foresee the need to enter into any contractual arrangements with a VIE to establish a VIE structure in mainland China. Our main place of business is located in Hong Kong and all our senior managers in charge of operation and management of the Company are permanent residents of Hong Kong. Pursuant to the Basic Law, which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. The Basic Law expressly provides that the national laws of the PRC which may be listed in Annex III of the Basic Law shall be confined to those relating to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong. The basic policies of the PRC regarding Hong Kong as a special administrative region of the PRC are reflected in the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems".

However, in light of the PRC government's recent expansion of authority in Hong Kong, we may be subject to uncertainty about any future actions of the PRC government or authorities in Hong Kong, and it is possible that all the legal and operational risks associated with being based in and having operations in the PRC may also apply to operations in Hong Kong in the future. There is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong. The PRC government may intervene or influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers like ourselves. Such governmental actions, if and when they occur: (i) could significantly limit or completely hinder our ability to continue our operations; (ii) could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline or become worthless.

***There remain some uncertainties as to whether we will be required to obtain approvals from Chinese authorities to list on the U.S. exchanges and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval.***

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors (the "M&A Rules"), adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled by PRC companies or individuals to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange.

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

We are also aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland-China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over mainland-China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 28, 2021, the CAC and other PRC authorities promulgated the Cybersecurity Review Measures, which took effect on February 15, 2022. In addition, the Cybersecurity Law, which was adopted by the Standing Committee of the National People's Congress on November 7, 2016 and came into force on June 1, 2017, and the Cybersecurity Review Measures, or the "Review Measures", provide that personal information and important data collected and generated by a critical information infrastructure operator in the course of its operations in mainland China must be stored in mainland China, and if a critical information infrastructure operator purchases internet products and services that affect or may affect national security, it should be subject to national security review by the CAC together with competent departments of the State Council. In addition, for critical information infrastructure operators, or the "CIIOs", that purchase network-related products and services, the CIIOs shall declare any network-related product or service that affects or may affect national security to the Office of Cybersecurity Review of the CAC for cybersecurity review. Due to the lack of further interpretations, the exact scope of what constitutes a "CIIO" remains unclear. Further, the PRC government authorities may have wide discretion in the interpretation and enforcement of these laws. In addition, the Review Measures stipulates that any online platform operators holding more than one million users/users' individual information shall be subject to cybersecurity review before listing abroad. As of the date of this prospectus, we have not received any notice from any authorities identifying us as a CIIO or requiring us to undertake a cybersecurity review by the CAC. Further, as of the date of this prospectus, we have not been subject to any penalties, fines, suspensions, investigations from any competent authorities for violation of the regulations or policies that have been issued by the CAC.

On June 10, 2021, the Standing Committee of the National People's Congress promulgated the Data Security Law, which took effect on September 1, 2021. The Data Security Law requires that data shall not be collected by theft or other illegal means, and it also provides for a data classification and hierarchical protection system. The data classification and hierarchical protection system protects data according to its importance in economic and social development, and the damages it may cause to national security, public interests, or the legitimate rights and interests of individuals and organizations if the data is falsified, damaged, disclosed, illegally obtained or illegally used, which protection system is expected to be built by the state for data security in the near future. On November 14, 2021, CAC published the Regulations on the Data Security Administration Draft, or the "Data Security Regulations Draft", to solicit public opinion and comments. Under the Data Security Regulations Draft, an overseas initial public offering to be conducted by a data processor processing the personal information of more than one million individuals shall apply for a cybersecurity review. Data processor means an individual or organization that independently makes decisions on the purpose and manner of processing in data processing activities, and data processing activities refers to activities such as the collection, retention, use, processing, transmission, provision, disclosure, or deletion of data. Currently we do not expect the Review Measures to have an impact on the business and operations of our Hong Kong subsidiary, C&K Jewellery, or this offering, because (i) C&K Jewellery is incorporated and operating in Hong Kong without any subsidiary or VIE structure in mainland China, and it is unclear whether the Review Measures shall be applied to a Hong Kong company; (ii) as of the date of this prospectus, C&K Jewellery has not collected or stored personal information of any individual customers of mainland China; and (iii) as of the date of this prospectus, C&K Jewellery has not been informed by any PRC governmental authority of any requirement that it file for a cybersecurity review for the offering. Based on laws and regulations currently in effect in the PRC as of the date of this prospectus, we believe C&K Jewellery is not required to pass the cybersecurity review of the CAC in order to list our Class A Ordinary Shares in the U.S.

On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Administrative Measures"), which took effect on March 31, 2023. Compared to the Draft Filing Measures, the Trial Administrative Measures further clarified and emphasized that the comprehensive determination of the "indirect overseas offering and listing by PRC domestic companies" shall comply with the principle of "substance over form" and particularly, an issuer will be required to go through the

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

filing procedures under the Trial Administrative Measures if the following criteria are met at the same time: a) 50% or more of the issuer's operating revenue, total profits, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year are accounted for by PRC domestic companies, and b) the main parts of the issuer's business activities are conducted in mainland China, or its main places of business are located in mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in mainland China. Furthermore, the Trial Administrative Measures and its supporting guidelines provide a negative list of types of issuers banned from listing overseas, the issuers' obligation to comply with national security measures and the personal data protection laws, and certain other matters such as the requirements that an issuer (i) file with the CSRC within three business days after it submits an application for initial public offering to the competent overseas regulator and (ii) file subsequent reports with the CSRC on material events, including change of control and voluntary or forced delisting, after its overseas offering and listing.

As the Trial Administrative Measures are newly issued, there remains uncertainty as to how it will be interpreted or implemented. Therefore, we cannot assure you that when the Company is subject to such filing requirements, we will be able to get clearance from the CSRC in a timely manner, or at all, even though we believe that none of the situations that would clearly prohibit overseas listing and offering applies to us. Based on laws and regulations currently in effect in the PRC as of the date of this prospectus, we believe C&K Jewellery is not required to obtain regulatory approval from the CSRC or go through the filing procedures under the Trial Administrative Measures before our Class A Ordinary Shares can be listed or offered in the U.S because a) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, and b) none of the Company's business activities are conducted in mainland China, and the Company's main places of business are not located in mainland China, and the senior managers in charge of the Company's business operation and management are not mostly Chinese citizens or domiciled in mainland China.

Since these proposed rules, 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. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer the Class A Ordinary Shares, cause significant disruption to our business operations, severely damage our reputation, materially and adversely affect our financial condition and results of operations, and cause the Class A Ordinary Shares to significantly decline in value or become worthless.

As advised by our PRC counsel, Commerce & Finance Law Offices, as of the date of this prospectus, on the basis that (i) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (ii) the Company currently does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China; (iii) the Company and its subsidiary do not have any business operations in mainland China; (iv) the main parts of our business activities are conducted in Hong Kong, not mainland China, and our main place of business is located in Hong Kong, not mainland China, (v) all of our shareholders and senior managers in charge of operations and management of the Company are not PRC citizens and are not domiciled in mainland China;, (vi) the Company and its subsidiary possess personal information of less than 1 million individuals in the PRC and do not possess any core data or important data of the PRC, or any information which affects or may affect national security of the PRC; (vii) neither the Company nor its subsidiary is recognized as an "operator of critical information infrastructure" by any PRC authorities; and (viii) neither the Company nor its subsidiary has been involved in any investigations initiated by the CAC, or received any inquiry, notice, warning, or sanction in such respect, we are not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities; specifically, we are currently not required to obtain any permission or approval from the CSRC, the CAC or any other PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign investors. However, if (i) we and our subsidiary do not receive or maintain such approval, should the approval be required in the future by the PRC government, (ii) we and our subsidiary inadvertently conclude that such approval is not required, or (iii) applicable laws, regulations, or interpretations change and we are required to obtain such approval in the future, our operations and financial condition could be materially adversely affected, and our ability to offer securities to investors could be significantly limited or completely hindered and the securities currently being offered may substantially decline in value and become worthless.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what potential

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

impact such modified or new laws and regulations will have on C&K Group's daily business operations, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. If there is significant change to current political arrangements between mainland China and Hong Kong, the PRC government intervenes or influences operations of companies operated in Hong Kong like us, or exerts more control through change of laws and regulations over offerings conducted overseas and/or foreign investment in issuers like us, it may result in a material change in our operations and/or the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless.

***All of C&K Jewellery's operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the PRC 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 PRC government may also intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may also occur quickly with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.***

C&K Group is a holding company, and we conduct our operations in Hong Kong through C&K Jewellery, our wholly-owned subsidiary, formed in Hong Kong. All of our operations are located in Hong Kong. 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 offerings that are conducted overseas and/or foreign investment in mainland-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 PRC government to which we are subject may change rapidly and with little advance notice to us or our shareholders. As a result, the application, interpretation, and enforcement of new and existing laws and regulations in the PRC 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require significant management time and attention; and/or

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

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

The PRC government may intervene or influence our operations at any time or may exert control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Class A Ordinary Shares. For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between C&K Group, the holding company, and C&K Jewellery,

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

the wholly-owned operating subsidiary in Hong Kong. However, the PRC government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to 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 outside of Hong Kong and may affect our ability to receive funds from C&K Jewellery. 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 products, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering it worthless.

#### It may be difficult for overseas shareholders and / or regulators to conduct investigations or collect evidence within China.
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 Unities States may not be efficient in the absence of mutual and practical cooperation mechanisms. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. In addition, entities or individuals are prohibited from providing documents and information in connection with any securities business activities to any organizations and/or persons abroad without the prior consent of the securities regulatory authority of the State Council and the competent departments of the State Council. Article 26 of the Trial Administrative Measures, or Article 26, sets out that where an overseas securities regulatory agency intends to conduct investigation and evidence collection regarding overseas offering and listing activities by a domestic company, and request assistance of the CSRC under relevant cross-border securities regulatory cooperation mechanisms, the CSRC may provide necessary assistance in accordance with law. Any domestic entity or individual providing documents and materials requested by an overseas securities regulatory agency out of investigative or evidence collection purposes shall not provide such information without prior approval from the CSRC and competent authorities under the State Council. In addition, Article 11 of the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises, or Article 11, which was jointly issued by the CSRC, the Ministry of Finance, the State Secrecy Administration and the State Archives Bureau on February 24, 2023 and came into effect on March 31, 2023, specifies that, (a) where the overseas securities regulator and the relevant competent authorities request to conduct inspections or investigations to collect evidence from a domestic enterprise and the domestic securities firms and securities service agencies providing corresponding services regarding the overseas offering and listing activities of the domestic enterprise, the inspection or investigation shall be carried out under the cross-border regulatory cooperation mechanism, and the CSRC or the relevant authorities shall provide the requisite assistance pursuant to the bilateral and multilateral cooperation mechanism, and (b) relevant domestic companies, securities firms and securities service agencies shall obtain the consent of the CSRC or the relevant administrative authorities prior to cooperating in the inspection or investigation carried out by the overseas securities regulator or relevant administrative authorities or providing documents and materials for cooperating in the inspection or investigation. While detailed interpretation of or implementation rules under Article 177, Article 26 and Article 11 have yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your interests.

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

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

Our principal business operation is conducted in Hong Kong. The Securities and Futures Commission of Hong Kong (the "SFC") is a signatory to the International Organization of Securities Commissions Multilateral Memorandum of Understanding, which provides for mutual investigatory and other assistance and exchange of information between securities regulators around the world, including the SEC. This is also reflected in section 186 of the Securities and Futures Ordinance (Chapter 571 of Laws of Hong Kong) (the "SFO"), which empowers the SFC to exercise its investigatory powers to obtain information and documents requested by non-Hong Kong regulators, as well as 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 such may be sought by U.S. regulators. 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 Hong Kong, U.S. regulators may not be able to carry out such investigation or evidence collection directly in Hong Kong. The inability for US regulators to directly conduct investigations or evidence collection activities in Hong Kong may increase difficulties faced by you in protecting your interests.

***You may incur additional costs and procedural obstacles in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in the prospectus based on Hong Kong laws.***

Currently, all of our operations are conducted outside the United States, and all of our assets are located outside the United States. All of our directors and officers are Hong Kong nationals or residents and a substantial portion of their assets are located in Hong Kong and/or outside the United States. You may incur additional costs and procedural obstacles 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. For more information regarding the relevant laws of the British Virgin Islands and Hong Kong, see "Enforceability of Civil Liabilities" beginning on page 50 of this prospectus.

***The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Hong Kong subsidiary.***

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

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

The PRC government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Class A Ordinary Shares. Additionally, the governmental and regulatory interference could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

#### There are political risks associated with conducting business in Hong Kong.
Our operations are principally based in Hong Kong. Accordingly, our business operations and financial condition will be affected by the political and legal developments 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 adversely affect our business operations. 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, namely, 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 a substantial part of our operations is based in Hong Kong, any change of such political arrangements may pose an immediate threat to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial position.

If the PRC attempts to alter its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong Kong's common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. 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 preemption 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.

The Hong Kong protests that began in 2019 were protests in Hong Kong (the "Hong Kong Protests") triggered by the introduction of the Fugitive Offenders amendment bill by the Hong Kong government. If enacted, the bill would have allowed the extradition of criminal fugitives who are wanted in territories with which Hong Kong does not currently have extradition agreements, including mainland China. This led to concerns that the bill would subject Hong Kong residents and visitors to the jurisdiction and legal system of mainland China, thereby undermining the region's autonomy and people's civil liberties. Various sectors of the Hong Kong economy have been adversely affected as the Hong Kong Protests turned increasingly violent. Most notably, the airline, retail, and real estate sectors have seen their sales decline.

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 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 President Trump signed an executive order and the 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.

Our revenue is susceptible to the ongoing incidents or factors which affect the stability of the social, economic and political conditions in Hong Kong. Any drastic events may adversely affect our business operations. Such adverse events may include changes in economic conditions and regulatory environment, social and/or political conditions, civil disturbance or disobedience, as well as significant natural disasters. Given the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our business operations, which could in turn

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

adversely and materially affect our business, results of operations and financial condition. It is difficult to predict the full impact of the HKAA on Hong Kong and companies with operations in Hong Kong like us. Furthermore, legislative or administrative actions in respect of China-U.S. relations could cause investor uncertainty for affected issuers, including us, and the market price of our Class A Ordinary Shares could be adversely affected.

#### We may be affected by the currency peg system in Hong Kong.
Since 1983, Hong Kong dollars have been pegged to the U.S. dollars at the rate of approximately HKD7.80 to US$1.00. We cannot assure you that this policy 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.

#### Risks Related to Our Class A Ordinary Shares and This Offering
***There has been no public market for our Class A Ordinary Shares prior to this offering and the sales of our Class A Ordinary Shares by the selling shareholders pursuant to the Resale Prospectus filed contemporaneously herewith, and if an active trading market does not develop you may not be able to resell our Class A Ordinary Shares at or above the price you paid, or at all.***

Prior to this offering and the sales of our Class A Ordinary Shares by the selling shareholders pursuant to the Resale Prospectus filed contemporaneously herewith, there has been no public market for our Class A Ordinary Shares. We will apply for our Class A Ordinary Shares to be listed on the [•]. There is no guarantee that our application will be approved by the [•]. If an active trading market for our Class A Ordinary Shares does not develop after this offering and the sales of our Class A Ordinary Shares by the selling shareholders pursuant to the Resale Prospectus filed contemporaneously herewith, the market price and liquidity of our Class A Ordinary Shares will be materially adversely affected. You may not be able to sell any Class A Ordinary Shares that you purchase in the offering at or above the public offering price. Accordingly, investors should be prepared to face a complete loss of their investment.

***Although the audit report included in this prospectus is prepared by U.S. auditors who are subject to PCAOB inspections on a regular basis, there is no guarantee that future audit reports will be prepared 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 Holding Foreign Companies Accountable Act ("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 may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the prohibition on trading.***

As an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB, our auditors, WWC, P.C. is required under the laws of the United States to undergo regular inspections by the PCAOB to assess its compliance with the laws of the United States and professional standards. WWC. P.C. is subject to PCAOB inspections on a regular basis, and we have no operations in mainland China. However, if there is significant change to current political arrangements between mainland China and Hong Kong, companies operated in Hong Kong like us may face similar regulatory risks as those operated in mainland China and we cannot assure you that our current auditor's work will continue to be able to be inspected by the PCAOB.

As part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges ("EQUITABLE") Act prescribes increased disclosure requirements for these issuers and, beginning in 2025, the delisting from U.S. national securities exchanges of issuers included on the SEC's list for three consecutive years, thus reducing the time period for triggering the prohibition on trading. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets. On May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of

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

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 of the HFCA Act. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year (as defined in the interim final rules) under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which amended the HFCA Act, and on December 29, 2022, the Consolidated Appropriations Act, 2023 (the "CAA") was signed into law by President Biden. The CAA contained, among other things, an identical provision to the AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two. Pursuant to the AHFCAA, our securities may be prohibited from trading on the [•] or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result in our Class A Ordinary Shares being delisted. On September 22, 2021, the PCAOB adopted a final rule implementing the AHFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the AHFCAA, whether the Board is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations Under the HFCA Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the AHFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the AHFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the SEC announced that the PCAOB designated mainland China and Hong Kong as the jurisdictions where the PCAOB is not allowed to conduct full and complete audit inspections as mandated under the HFCA Act. On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the PRC Ministry of Finance ("MOF") in respect of cooperation on the oversight of PCAOB-registered public accounting firms based in mainland China and Hong Kong. Pursuant to the Statement of Protocol, the PCAOB conducted inspections on select registered public accounting firms subject to the Determination Report in Hong Kong between September 2022 and November 2022. On December 15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete access to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination Report. As a result of the announcement, any companies audited by registered public accounting firms headquartered in mainland China and Hong Kong would not face immediate threat of trading prohibitions at this time. However, if any regulatory change or step taken by PRC regulators in the future precludes the PCAOB from accessing auditing papers of registered public accounting firms in mainland China and Hong Kong, or the PCAOB re-evaluates its determination as a result of any obstruction with the implementation of the Statement of Protocol in the future, then the companies audited by those registered public accounting firms may be subject to a trading prohibition on U.S. markets pursuant to the HFCA Act.

Our current auditor is based in the United States, and has been inspected by the PCAOB on a regular basis. However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our current auditor because of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause trading in our securities to be prohibited under the HFCA Act, and ultimately result in a determination by a securities exchange to delist our securities. Delisting of our Class A Ordinary Shares would force holders of our Class A Ordinary Shares to sell their Class A Ordinary Shares. The market price of our Class A Ordinary Shares could be adversely affected as a result of anticipated negative impacts of these executive or legislative actions upon, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance.

The SEC is assessing how to implement other requirements of the AHFCAA, including the listing and trading prohibition requirements described above. Future developments in respect 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.

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

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

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

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

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

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

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

***The applicable U.S. national securities exchange 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.***

U.S. national securities exchanges have broad discretionary authority over the initial and continued listing of securities on such exchanges and such exchanges may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on such exchanges inadvisable or unwarranted in the opinion of such exchanges, even though the securities meet all enumerated criteria for initial or continued listing on such exchanges. In addition, U.S. national securities exchanges have used their discretion to deny initial or continued listing or to apply additional and more stringent criteria in certain 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, and

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

such exchange 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 our listed securities following the consummation of the offering. Therefore, we may be subject to the additional and more stringent criteria of a U.S. national securities exchange for our initial and continued listing, which might cause delay or even denial of our listing application.

***Our Class A Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.***

When our Class A Ordinary Shares are approved by the [•] and begin trading on the [•], our Class A Ordinary Shares may be "thinly-traded", meaning that the number of persons interested in purchasing our Class A Ordinary Shares at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors, including the fact that we are relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume, and that even if we came to the attention of such persons, they tend to be risk-averse and might be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. A broad or active public trading market for our Class A Ordinary Shares may not develop or be sustained.

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

The initial public offering price for our Class A Ordinary Shares may vary from the market price of our Class A Ordinary Shares following our initial public offering. The financial markets in the United States and other countries have experienced significant price and volume fluctuations in the last few years. If you purchase our Class A Ordinary Shares in our initial public offering, you may not be able to resell those shares at or above the initial public offering price. We cannot assure you that the initial public offering price of our Class A Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our shares that have occurred from time to time prior to our initial public offering. The market price for our Class A Ordinary Shares may be volatile and subject to wide fluctuations due to factors such as:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity, studies or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of acquisitions, strategic business relationships, joint ventures or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addition or departure of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations of exchange rates between the Hong Kong dollar and the U.S. dollar; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic or political conditions in Hong Kong, the PRC and greater Asia region.

In addition, the securities market has from time to time experienced significant price and volume fluctuations that are not related to the operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of our Class A Ordinary Shares.

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

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

 ***Our authorized share capital is divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary Shares are entitled to one vote per share, while holders of our Class B Ordinary Shares are entitled to 20 votes per share. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof, while Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. We will issue Class A Ordinary Shares in this offering.***

 ***Upon the completion of this offering, our Chief Executive Officer, Ms. Cheng Ka Ki will beneficially own all of our then issued and outstanding Class B Ordinary Shares. These Class B Ordinary Shares will constitute approximately 14.32% of our total issued and outstanding share capital immediately after the completion of this offering and approximately 77.0% of the aggregate voting power of our total issued and outstanding share capital immediately after the completion of this offering, in each case assuming that the underwriters do not exercise their over***-allotment ***option. As a result of the dual class share structure and the concentration of ownership, holders of our Class B Ordinary Shares will have considerable influence over corporate matters requiring shareholder approval, such as election of directors, amendment of organizational documents including our Memorandum and Articles of Association, and approval of significant corporate transactions. Such holders of our Class B Ordinary Shares may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may also discourage, delay or prevent a change in control of our Company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our Company and may reduce the price of our Class A Ordinary Shares. Our dual class structure will have antitakeover effects which will limit your ability to influence corporate matters and limit the possibility of a change of control transaction even when most holders of Class A Ordinary Shares may consider that transaction to be in their best interest.***

#### You will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares purchased.
The initial public offering price of our Class A Ordinary Shares is substantially higher than the (pro forma) net tangible book value per share of our Class A Ordinary Shares. Consequently, when you purchase our Class A Ordinary Shares in the offering and upon completion of the offering, you will incur immediate dilution of $3.81 per share, assuming an initial public offering price of $4.50, which is the midpoint of the price range as set forth on the cover page of this prospectus. See "Dilution" on page 56 of this prospectus.

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

Sales of substantial amounts of our Class A Ordinary Shares in the public market after this offering and the sales of our Class A Ordinary Shares by the selling shareholders pursuant to the Resale Prospectus filed contemporaneously herewith, or the perception that these sales could occur, could cause the market price of our Class A Ordinary Shares to decline. An aggregate of 16,000,000 Class A Ordinary Shares are outstanding before the consummation of this offering and 19,750,000 Class A Ordinary Shares will be outstanding immediately after the consummation of this offering assuming that the underwriter does not exercise its over-allotment option. Sales of these shares into the market could cause the market price of our Class A Ordinary Shares to decline.

#### We do not intend to pay dividends for the foreseeable future.
We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. 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)

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

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

#### The offering price of the underwritten public offering and resale offering could differ.
The offering price of our Class A Ordinary Shares in the initial public offering has been determined by negotiations between us and the underwriter. The offering price in the initial public offering bears no relationship to our assets, earnings or book value, or any other objective standard of value. The selling shareholders may sell the resale shares at prevailing market prices or privately negotiated prices after close of the offering and listing of the Class A Ordinary Shares on [•]. Therefore, the offering prices of the initial public offering and resale offering could differ. As a result, the purchasers in the resale offering could pay more or less than the offering price in the public offering.

#### The Resale by the Selling Shareholders may cause the market price of our Class A Ordinary Shares to decline.
The resale of our Class A Ordinary Shares by the selling shareholders, as well as the issuance of our Class A Ordinary Shares in this offering could result in resales of our Class A Ordinary Shares by our current shareholders concerned about the potential dilution of their holdings. In addition, the resale by the selling shareholders after expiration of the lock-up period could have the effect of depressing the market price for our Class A Ordinary Shares.

#### Volatility in the price of our Class A Ordinary Shares 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 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. Securities litigation could result in substantial costs and liabilities and could divert management's attention and resources.

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

We are a company incorporated under the laws of the British Virgin Islands. Our corporate affairs are governed by our Memorandum and Articles of Association, the BVI Act 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 law 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 common law of England, the decisions of whose courts are of persuasive authority, but are not binding, 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 law are not 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. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the British Virgin Islands. In addition, British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

Certain corporate governance practices in the British Virgin Islands, where our holding company was incorporated, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. We can rely on home country practice with respect to our corporate governance after we complete this offering. If we choose to follow the British Virgin Islands' practice in the future, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering *— As a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain U.S. national securities exchange's corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.*" on page 45 of this prospectus.

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

As a result of all of the above, public shareholders may have more difficulties in protecting their interests in the face of actions taken by our management, or members of our board of directors, than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the BVI Act and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital — Differences in Corporate Law." Beginning on page 101 of this prospectus.

***As a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain U.S. national securities exchange's corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.***

We are exempted from certain corporate governance requirements of the [•] listing rules by virtue of being a foreign private issuer. We are required to provide a brief description of the significant differences between our corporate governance practices and the corporate governance practices required to be followed by domestic U.S. companies listed on the [•]. The standards applicable to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a majority of the board be independent (although all of the members of the audit committee must be independent under the Exchange Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have regularly scheduled executive sessions with only independent directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have executive sessions of solely independent directors each year.

Although we currently do not intend to rely on these exemptions with respect to our corporate governance after the completion of this offering, if we choose to follow the British Virgin Islands' practice in the future, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

***As a "controlled company" under the rules of the [•], C&K Group may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on C&K Group's public shareholders.***

Following this offering, our Chief Executive Officer, Ms. Cheng Ka Ki, will beneficially own an aggregate 86.3% voting power of the Company, given the effect of 1 vote for each Class A Ordinary Share and 20 votes for each Class B Ordinary Share, which will allow Ms. Cheng Ka Ki to determine all matters requiring approval by shareholders. Under the [•] listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to phase in its compliance with the independent committee requirements. Although we do not intend to rely on the "controlled company" exemptions under the [•] listing rules even if we are deemed a "controlled company," we may elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, 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. Accordingly, if we rely on the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of [•].

***If we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of the [•], although we are exempt from certain corporate governance standards applicable to US issuers as a foreign private issuer, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We will seek to have our securities approved for listing on the [•] upon consummation of this offering. We cannot assure you that we will be able to meet those initial listing requirements at that time. Even if our securities are listed on the [•], we cannot assure you that our securities will continue to be listed on the [•].

In addition, following this offering, in order to maintain our listing on the [•], we will be required to comply with certain rules of the [•], including those regarding minimum stockholders' equity, minimum share price and certain corporate governance requirements. Even if we initially meet the listing requirements and other applicable rules of the [•], we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the [•] criteria for maintaining our listing, our securities could be subject to delisting.

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

If the [•] does not list our securities, or subsequently delists our securities from trading, we could face significant consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability for market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity with respect to our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our Class A Ordinary Shares are a "penny stock," which will require brokers trading in our Class A Ordinary Share 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;• limited amount of news and analyst coverage; and

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

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

Our business is conducted in Hong Kong, our books and records are maintained in Hong Kong dollars, which is the currency of Hong Kong, and the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in United States dollars. The value of the Hong Kong dollar against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes in 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. Further, although our Class A Ordinary Shares offered by this prospectus are denominated in United States dollars, we will need to convert the net proceeds we receive into Hong Kong dollars in order to use the funds for our business. Changes in the conversion rate between the United States dollar and the Hong Kong dollar will affect that amount of proceeds we will have available for our business.

***We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.***

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.

In addition, if the trading volumes of our Class A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. 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. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional Class A Ordinary Shares or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the Class A Ordinary Shares they hold or may not be able to sell their Class A Ordinary Shares at all.

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

#### We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
Our management will have broad discretion in the application of the net proceeds, including for any of the purposes described in the section entitled "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. The failure by our management to apply these funds effectively could harm our business.

#### 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 Class A Ordinary Shares under Rule 144 after completion of this offering. Because these shareholders have paid a lower price per Class A 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. Under Rule 144, before our pre-IPO shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Class A Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this offering.

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

A non-U.S. corporation will be a PFIC for any taxable year if either (1) at least 75% of its gross income for such year consists of certain types of "passive" income; or (2) at least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income, or the asset test. Based on our current and expected income and assets (taking into account the expected cash proceeds and our anticipated market capitalization following this offering), we do not presently expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would not successfully challenge our position. Fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference to the market price of our Class A Ordinary Shares. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. If we were to be or become a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, certain adverse U.S. federal income tax consequences could apply to such U.S. Holder and such U.S. Holder may be subject to additional reporting requirements. For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were or are determined to be a PFIC, *see "Taxation — Passive Foreign Investment Company." Beginning on page 110 of this prospectus.*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to procure the applicable regulatory licenses in the relevant jurisdictions that we operate in;

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

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

&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." Beginning on page 19 of this prospectus. 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.

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

#### Industry Data and Forecasts
This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The pearls and jewelry industry in Hong Kong and greater Asia, 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 rapidly changing nature of pearls and jewelry industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our industry. 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.

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

#### ENFORCEABILITY OF CIVIL LIABILITIES
We are incorporated in the British Virgin Islands to take advantage of certain benefits associated with being a British Virgin Islands business company, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political and economic stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an effective judicial system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a favorable tax system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of exchange controls or currency restrictions; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the British Virgin Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and

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

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

All of our assets are located in Hong Kong. In addition, all of our directors and officers are Chinese nationals either with right of abode in Hong Kong or residents of Hong Kong. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Cogency Global Inc. as our agent to receive service of process upon whom process may be served in any action brought against us under the securities laws of the United States.

Ogier, our British Virgin Islands counsel, and Tian Yuan Law Firm LLP, our Hong Kong counsel, have advised us that there is uncertainty as to whether the courts of the BVI or 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 the British Virgin Islands or 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.

There is uncertainty with regard to British Virgin Islands law as to whether a judgment obtained from the United States courts under civil liability provisions of the securities laws will be determined by the courts of the British Virgin Islands as penal or punitive in nature. If such a determination is made, the courts of the British Virgin Islands are also unlikely to recognize or enforce the judgment against a British Virgin Islands company. Because the courts of the British Virgin Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain whether they would be enforceable in the British Virgin Islands. Ogier has advised us that although there is no statutory enforcement in the British Virgin Islands of judgments obtained in the federal or state courts of the United States, in certain circumstances a judgment obtained in such jurisdiction may be recognized and enforced in the courts of the British Virgin Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the High Court of the British Virgin Islands, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is given by a foreign court of competent jurisdiction and such foreign court had proper jurisdiction over the parties subject to such judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is final;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the BVI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not in respect of taxes, a fine, a penalty or similar fiscal or revenue obligations of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not obtained in a fraudulent manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the British Virgin Islands.

In appropriate circumstances, a BVI Court may give effect in the BVI to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

Tian Yuan Law Firm LLP has advised us that foreign judgments of United States courts will not be directly enforced in Hong Kong as there are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor. As a result, subject to the conditions with regard to enforcement of judgments of United States courts being met, including but not limited to the above, a foreign judgment of the United States 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 could be enforceable in Hong Kong.

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

#### USE OF PROCEEDS
C&K Group estimates that it will receive net proceeds of $14,664,346 from this offering, after deducting the estimated underwriting discounts and commissions and the estimated offering expenses payable by C&K Group and based upon an assumed initial public offering price of $4.50 per Class A Ordinary Share, which is the midpoint of the price range as set forth on the cover page of this prospectus.

C&K Group plans to use the net proceeds we receive from this offering for the following purposes:

---

| | |
|:---|:---|
|  **Use of Proceeds** | **Percentage of <br>the net <br>proceeds** |
|  Brand promotion and marketing | 10% |
|  Recruitment of experienced personnel | 10% |
|  Strategic investments and acquisition | 40% |
|  General working capital | 40% |

---

The foregoing represents C&K Group's current intentions based upon its present plans and business conditions to use and allocate the net proceeds of this offering. C&K Group's management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. To the extent that the net proceeds C&K Group receives from this offering are not immediately used for the above purposes, C&K Group intends to invest its net proceeds in short-term, interest-bearing bank deposits or debt instruments.

<u><u>Brand promotion and marketing</u></u>

After becoming a public company, C&K Group aims to further promote the Company's branding, profile and professional capability in order to achieve strong reputation and reliable image. We believe enhancing the trust of our existing/potential customers is the key success factor in our industry in the long run. In addition, we plan to conduct feasibility studies on expanding our business in the U.S., Europe and other Asia markets.

<u><u>Recruitment of experienced</u> <u>personnel</u></u>

Human resources is crucial in our industry, and recruitment of experienced personnel continues to be one of our on-going top priorities during our day-to-day operations. Thus, we plan to recruit additional experienced staff, including administrative, executive and accounting personnel, marketing and sales personnel as well as designers with solid industry backgrounds who can support the expansion of our business, and R&D personnel necessary to support development of new product lines.

<u><u>Strategic investments and acquisitions</u></u>

C&K Group plans to allocate 40% of the net proceeds from the offering for strategic investments in, or acquisitions of, complementary businesses, products or services. C&K Group does not currently have any immediate plans or commitments for any such acquisitions or investments.

<u><u>General working capital</u></u>

C&K Group aims to use 40% of net proceeds from the offering for general working capital needs in our daily operations. This can serve as a buffer to deal with the fluctuating economic environment and concurrently provide a stable financial backup for our daily operational use.

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

#### DETERMINATION OF OFFERING PRICE
Since our Class A Ordinary Shares are not listed or quoted on any exchange or quotation system, the offering price of our Class A Ordinary Shares was determined by us and the underwriter and is based on an assessment of our financial condition and prospects, comparable companies with similar sizes and businesses currently traded on U.S. capital markets, and the general condition of the securities market. It does not necessarily bear any relationship to our book value, assets, past operating results, financial condition or any other established criteria of value. Although our Class A Ordinary Shares are not listed on a public exchange, we intend to obtain a listing on the [•] concurrently with the closing of the offering.

The offering price stated on the cover page of this prospectus should not be considered an indication of the actual value of the Class A Ordinary Shares. That price is subject to change as a result of market conditions and other factors, including the depth and liquidity of the market for the Class A Ordinary Shares, investor perception of us and general economic and market conditions, and we cannot assure you that the Class A Ordinary Shares can be resold at or above the public offering price.

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

#### DIVIDEND POLICY
Subject to the BVI Act and our Memorandum and Articles of Association, our board of directors may authorize 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.

We have not declared or paid any cash dividends on our capital shares.

We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. 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.

If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Hong Kong subsidiary, C&K Jewellery.

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

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. See "Taxation — Hong Kong Profits Taxation." on page 113 of this prospectus.

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

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

&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 the Class A Ordinary Shares by us in this offering at the assumed initial public offering price of $4.50 per Class A Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us.

You should read this table together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations." Beginning on page 58 of this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Actual** | **Actual** | **Adjusted<sup>(1)</sup>** |
|  | **HKD** | **US$** | **US$** |
|  **Shareholders' equity:** |  |  |  |
|  Class A Ordinary Shares, no par value, 440,000,000 shares authorized; 16,000,000 shares issued and outstanding | 10346 | 1327 | 14665673 |
|  Class B Ordinary Shares, no par value, 60,000,000 shares authorized; 3,300,000 shares issued and outstanding | 2134 | 273 | 273 |
|  Additional paid-in capital | 87520 | 11252 | 11252 |
|  Retained earnings | 20300083 | 2608963 | 2608963 |
|  **Total shareholders' equity** | 20400083 | 2621815 | 17286161 |

---

____________

(1) The number of Class A Ordinary Shares to be outstanding after the offering is based on 19,750,000, which is the sum of 16,000,000 shares outstanding on September 30, 2025 and 3,750,000 shares sold in this offering, assumes no exercise by the underwriters of their option to purchase up to an additional 562,500 Class A Ordinary Shares to cover over-allotments, if any.

(2) Each $1.00 increase (decrease) in the assumed initial public offering price of $4.50 per ordinary share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) the pro forma as adjusted amount of total capitalization by $3.45 million, assuming that the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. An increase (decrease) of 1.0 million in the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the pro forma as adjusted amount of total capitalization by $4.14 million, assuming no change in the assumed initial public offering price per Class A ordinary share as set forth on the cover page of this prospectus.

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

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

Our net tangible book value as of September 30, 2025 was approximately $1,336,000, or $0.07 per Class A Ordinary Share. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting the as adjusted net tangible book value per Class A Ordinary Share from the initial public offering price per Class A Ordinary Share and after deducting the estimated commissions to the underwriter and the estimated offering expenses payable by us.

After giving further effect to our sale of 3,750,000 Class A Ordinary Shares in this offering at the assumed public offering price of $4.50 per Class A Ordinary Share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of September 30, 2025 is $16,000,000, or $0.69 per Class A Ordinary Share. This represents an immediate increase in as adjusted net tangible book value per Class A Ordinary Share of $0.62 to our existing stockholders and an immediate dilution in as adjusted net tangible book value per Class A Ordinary Share of $3.81 to new investors purchasing Class A Ordinary Shares in this offering.

The following table illustrates this dilution on a per Class A Ordinary Share basis to new investors at the assumed public offering price per Class A Ordinary Share of $4.50:

---

| | |
|:---|:---|
|  Assumed initial public offering price per Class A Ordinary Share | $4.50 |
|  Net tangible book value per Class A Ordinary Share as of September 30, 2025 | $0.07 |
|  Increase in pro forma as adjusted net tangible book value per Class A Ordinary Share attributable to new investors purchasing Class A Ordinary Shares in this offering | $0.62 |
|  Pro forma as adjusted net tangible book value per Class A Ordinary Share after this offering | $0.69 |
|  Dilution per Class A Ordinary Share to new investors in this offering | $3.81 |

---

Each $1.0 increase (decrease) in the assumed initial public offering price of $4.50 per Class A Ordinary Shares, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the adjusted net tangible book value by $0.15 and increase (decrease) dilution to new investors by $0.85 per share, after giving effect to the offering assuming no change to the number of our Class A Ordinary Shares offered by us as set forth on the cover page of this prospectus, and after deducting estimated expenses payable by us.

If the underwriters exercise in full their option to purchase additional Class A Ordinary Shares in this offering, the as adjusted net tangible book value after the offering would be $0.78 per share, the increase in net tangible book value to existing shareholders would be $0.71 per share, and the dilution to new investors would be $3.72 per share, in each case assuming an initial public offering price of $4.50 per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

To the extent that we issue additional Class A Ordinary Shares in the future, there will be further dilution to new investors participating in this offering.

The following table summarizes, on an as-adjusted basis as of September 30, 2025, the differences between existing shareholders and the new investors, the total consideration paid and the average price per Class A Ordinary Share before deducting the estimated commissions to the underwriter and the estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A Ordinary Shares <br>purchased** | **<br>Class A Ordinary Shares <br>purchased** | **Total <br>consideration** | **Total <br>consideration** | **Average <br>price per <br>ordinary <br>share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average <br>price per <br>ordinary <br>share** |
|  Existing shareholders | 16000000 | 81.01% | $— | 0.00% | $0.0 |
|  New investors | 3750000 | 18.99% | $16875000 | 100.00% | $4.5 |
|  Total | 19750000 | 100.0% | $16875000 | 100.00% | $0.9 |

---

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

#### CORPORATE HISTORY AND STRUCTURE

#### Our Corporate History
C&K Jewellery is an operating company incorporated in Hong Kong on November 3, 2016. On January 28, 2025, C&K Group was incorporated in the BVI. On February 17, 2025, C&K Jewellery underwent a reorganization (the "Reorganization"). On January 28, 2025, then-existing shareholders of C&K Jewellery (80% owned by Splendid Wealth Investments Limited and 20% owned by New Jumbo Global Limited) entered into a sale and purchase agreement (the "SPA") for the transfer of all of their shares of C&K Jewellery to eleven individuals, who on the same day entered into a share exchange agreement (the "SEA") with C&K Group and C&K Jewellery, pursuant to which the eleven individuals transferred all of their rights in the shares in C&K Jewellery (pursuant to and under the SPA) to C&K Group in exchange for 100% shares in C&K Group on a pro rata basis. The share transfers and issuances contemplated by the SPA and SEA were effectuated on February 17, 2025. Following the completion of the contemplated transactions under the SPA and SEA, C&K Group became the 100% parent company of C&K Jewellery.

#### Corporate Structure
The following diagram illustrates our corporate structure as of the date of this prospectus:

![](tflowchart_001.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Background** | **Ownership** | **Principal activities** |
|  C&K Group Limited ("C&K Group") | • A BVI company <br> • Incorporated on January 28, 2025. |  | Investment holding |
|  C&K Jewellery Limited ("C&K Jewellery) | • A Hong Kong company <br> • Incorporated on November 3, 2016. | 100% owned by C&K Group | Sales of pearls and jewelry products |

---

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

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

#### Overview
We are a jewelry and pearls trading company specializing in the purchasing, designing, sales of both loose pearls and finished jewelry products. We maintain long-term relationships with our suppliers and manufacturers to ensure high-quality jewelry product production and efficient product distribution. While we primarily focus on trading jewelry through wholesale and retail channels, we also offer a selection of finished jewelry products designed in-house. We offer a variety of pearl-types, including, but not limited to, South Sea pearls, Tahitian pearls, Freshwater pearls, and Akoya pearls sourced from regions such as Australia, Indonesia, the Philippines, Tahiti, mainland China, and Japan. Our designs feature pearls as the main theme, and we continuously develop new collections that includes other gemstones and diamond to provide customers with a broader selection. Our extensive collection of finished jewelry includes pearl and diamond/gemstone sets, classic pearl strands, and a variety of styles such as necklaces, bracelets, rings, pendants, earrings, brooches, and clasps.

#### Our Business Model
We are a company based in Hong Kong primarily engaged in sourcing and selling a wide range of jewelry products, which can be broadly classified into two major categories: (i) loose pearls; and (ii) finished jewelry products. Our collection of finished jewelry products includes pearl and diamond or gemstone sets, classic pearl strands in various jewelry styles including necklaces, bracelets, rings, pendants, earrings, brooches, and clasps, offered at competitive prices without compromising on quality.

The following discussion and analysis of our financial condition and operating results are based on the financial data extracted from our audited consolidated financial statements for the years ended September 30, 2024 and 2025 included in this prospectus.

Our revenue was HKD66,839,374 and HKD70,814,654 (US$9,101,088) for the years ended September 30, 2024 and 2025, respectively. We recorded net income of HKD14,029,142 and HKD6,296,961 (US$809,285) for the years ended September 30, 2024 and 2025, respectively. Our growth strategy includes increasing our market presence through geographical expansion, increasing our product diversification, strengthening our brand recognition through increased social media marketing, and strengthening our reputation in our existing markets.

#### Key Factors that Affect Our Results of Operations
Our results of operations have been and will continue to be affected by a number of factors, including, but not limited to, those set out below:

#### Competition from other sellers in the market
The jewelry sourcing market is relatively fragmented and competitive. We primarily compete with other material sourcing teams in the industry. We compete based on our product quality, established vendor relationships and our experienced management team. Our current and future competitors may have longer operating histories, larger and more established customer bases, better manufacturer relationships, better supply chain capabilities, or greater financial, technical, or marketing resources than we do. Competitors may leverage their experience and resources to compete with us in a variety of ways, including investing more heavily in sales and marketing, adopting more

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

aggressive pricing strategies, and expanding their product offerings through acquisitions. There can be no assurance that we will be able to compete successfully against current or future competitors, and such competition may have a material adverse impact on our business, financial condition, and results of operation.

#### Competition and economic uncertainty while scaling customer relationships and trust
The pearls and finished jewelry industry is highly competitive with many companies offering similar products. Maintaining strong customer relationships and keeping customer default rates low is crucial for retaining business but can be difficult to do at scale. Economic uncertainty makes forecasting customer cash flows an inexact science. Adding new customers also presents risks as their creditworthiness and payment histories must be thoroughly evaluated. Younger companies may struggle to gain brand recognition and trust compared to larger, more established players.

#### Our ability to retain existing customers and attract new customers
Our success depends on our ability to maintain good relationships with our existing customers and increase sales to them over time, as a significant amount of our net revenue for the years ended September 30, 2024 and 2025 was generated from sales to a limited number of existing customers. If we are unable to satisfy our existing customers' needs in terms of product quality or service level, our business transactions with our customers may decline, and our operating results and financial conditions would be materially adversely impacted.

#### Our ability to manage costs of raw materials or transportation
Changes in the costs of raw materials or transportation indirectly affect our cost structure. Any increase in production costs may be passed on to us, but we may not be able to pass on all or any part of those increased costs to our customers, which may have a material adverse effect on our financial performance. We do not have long-term contracts with third-party contract manufacturers and raw material vendors. We usually negotiate and secure a competitive price with our vendors and agree on the raw materials pricing concurrently with our acceptance of each customer order, but in some cases a short time gap may be inevitable. Where market forces drive up raw material costs, we may from time to time fail to negotiate price terms that are advantageous to us and hence put pressure on our profit margin.

#### A downturn in general economic conditions
Majority of our revenue in the years ended September 30, 2024 and 2025 was derived from sales to our customers in Hong Kong, U.S., Japan and mainland China, with ongoing business expansion strategies into the European Union, Australia and other Asia markets. In recent years, global economic indicators have shown mixed signs, and the future growth of our targeted countries and regions' economies are subject to many factors beyond our control. A downturn in the economy of our targeted countries and regions could adversely impact consumer purchases of discretionary items such as jewelry products. Factors that could affect consumers' willingness to make such discretionary purchases include general business conditions, levels of employment, interest rates and tax rates, the availability of consumer credit, and consumer confidence in future economic conditions. In the event of an economic downturn in our targeted countries and regions, we could experience lower than expected net sales, which could force us to delay or slow our growth strategy and could have a material adverse effect on our business, financial condition, profitability, and cash flow.

#### Economic, political and social conditions in mainland China and Hong Kong, as well as its government policies, laws and regulations
Our key operations are in Hong Kong. However, due to the long arm provisions under the current laws and regulations of mainland China, the PRC 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 C&K Group's Class A Ordinary Shares. Accordingly, our business, prospects, financial condition, and results of operations may be influenced to a significant degree by the political, economic, and social conditions in the PRC generally and by the continued economic growth in mainland China as a whole. Accordingly, our results of operations and prospects are, to a significant degree, subject to economic, political, and legal developments in the PRC.

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

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, namely, 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 operations are 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.

#### Results of Operations

#### For the Fiscal Year Ended September 30, 2024, compared to Fiscal Year Ended September 30, 2025
The following table sets forth a summary of our consolidated results of operations for the periods indicated, both in absolute amount and as a percentage of our total revenues for the periods indicated.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended September 30,** | **For the Fiscal Years Ended September 30,** | **For the Fiscal Years Ended September 30,** | **For the Fiscal Years Ended September 30,** | **For the Fiscal Years Ended September 30,** | **Fluctuation** | **Fluctuation** |
|  | **2024** | | **2025** | **2025** | | **Fluctuation** | **Fluctuation** |
|  | **HKD** | **%** | **HKD** | **US$** | **%** | **HKD** | **%** |
|  **REVENUE FROM SALES OF PRODUCTS** | **66839374** | **100**% | **70814654** | **9101088** | **100**% | **3975280** | 6% |
|  **OPERATING EXPENSES:** |  |  |  |  |  |  |  |
|  Merchandise costs | (38620481) | (58)% | (52964987) | (6807051) | (75)% | (14344506) | 37% |
|  Selling and marketing expenses | (321920) | (0.5)% | (140207) | (18019) | (0.2)% | 181713 | (37)% |
|  General and administrative expenses | (13374653) | (20)% | (11291859) | (1451228) | (16)% | 2082794 | (16)% |
|  Bad debt reversals/(expenses) | (98505) | (0.1)% | 190439 | 24475 | (0.3)% | 288944 | (293)% |
|  **INCOME FROM OPERATIONS** | **14423815** | **22**% | **6608040** | **849265** | 9% | **(7815775**) | **(54**)% |
|  Interest income, net | 1935943 | 3% | 144257 | 18540 | 0.2% | (1791686) | (93)% |
|  Interest expense |  | 0% | (58333) | (7497) | (0.1)% | (58333) | N/A |
|  Gain/(Loss) from foreign currency translation | (304771) | (0.5)% | 191062 | 24555 | 0.3% | 495833 | (163)% |
|  Other income | 509439 | 1% | 254410 | 32697 | 0.4% | (255029) | (50)% |
|  **INCOME BEFORE INCOME TAX PROVISION** | **16564426** | **25**% | **7139436** | **917560** | 10% | **(9424990**) | **(57**)% |
|  Provision for income taxes | (2535284) | (4)% | (842475) | (108275) | (1)% | (33094) | (67)% |
|  **NET INCOME AND COMPREHENSIVE INCOME** | **14029142** | **21**% | **6296961** | **809285** | **9**% | **(1176594**) | **(55**)% |

---

#### Revenue
Our revenue is primarily generated from the sales of loose pearls and finished jewelry products, contributing 49.8% and 50.2% of total revenue, respectively, for the year ended September 30, 2024. In the fiscal year ended September 30, 2025, sales of loose pearls and finished jewelry products accounted for 38.7% and 61.3% of total revenue, respectively.

Total revenue increased by HKD3,975,280, or 6%, for the fiscal year ended September 30, 2025, compared to the fiscal year ended September 30, 2024. This increase was primarily driven by an increase in revenue from third-party jewelry sales, related-party jewelry sales and related-party pearl sales, which rose by HKD4,272,535, HKD5,617,288 and HKD6,182,712, respectively, or 13%, 100% and 100%, respectively. However, revenue from third-party pearl sales decreased by HKD12,097,255, or 36%, compared to the prior year. As a result, total revenue for the fiscal year ended September 30, 2025, increased overall.

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

#### Merchandise costs
Our merchandise costs are primarily generated from the sales of inventories and the impairment loss in inventories. Total merchandise costs increased by HKD14,344,506, or 37%, for the fiscal year ended September 30, 2025, compared to the fiscal year ended September 30, 2024. This increase was primarily driven by an increase in sales volume. The impairment loss in inventories decreased to HKD455,126 (US$58,493) for the fiscal year ended September 30, 2025 from HKD3,177,100 for the fiscal year ended September 30, 2024, mainly due to decrease in slow-moving inventories.

#### General and administrative expenses
For the years ended September 30, 2024 and 2025, our general and administrative expenses consisted of staff costs, commission expenses, provision for expected credit losses, and legal and professional fees. The following table sets forth a breakdown of our general and administrative expenses for the years ended September 30, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Salaries and welfare expenses | 4737243 | 3339557 | 429199 |
|  Rental expenses | 2617584 | 2562822 | 329373 |
|  Depreciation | 137785 | 84429 | 10851 |
|  Amortization | 33942 | 29321 | 3768 |
|  Audit fee | 2393790 | 2124564 | 273049 |
|  Others\* | 3454309 | 3151166 | 404988 |
|  Total | 13374653 | 11291859 | 1451228 |

---

#### Salaries and welfare expenses
Our salaries and welfare expenses decreased by 30% to HKD3,339,557 (US$429,199) for the fiscal year ended September 30, 2025 from HKD4,737,243 for the fiscal year ended September 30, 2024, mainly due to a decrease in headcount and salaries.

#### Rental expenses
Our rental expenses decreased by 2% to HKD2,562,822 (US$329,373) for the fiscal year ended September 30, 2025 from HKD2,617,584 for the fiscal year ended September 30, 2024 mainly due to a decrease in monthly rental expense charges.

#### Depreciation
Our depreciation decreased by 39% to HKD84,430 (US$10,851) for the fiscal year ended September 30, 2025 from HKD137,785 for the fiscal year ended September 30, 2024, primarily due to more assets being fully depreciated.

#### Amortization
Our amortization decreased by 14% to HKD29,321 (US$3,768) for the fiscal year ended September 30, 2025 from HKD33,942 for the fiscal year ended September 30, 2024, primarily due to more assets being fully depreciated.

#### Audit Fee
Our audit fee expenses decreased by 11% to HKD2,124,564 (US$273,049) for the fiscal year ended September 30, 2025 from HKD2,393,790 for the fiscal year ended September 30, 2024, primarily due to audit fees in relation to decrease in the auditor's expenses incurred for the preparation of our initial public offering.

#### Others
Our other general and administrative expenses primarily consist of general, and administrative expenses that are not individually material to the Company's financial position, including but not limited to, trade exhibition fees, entertainment fees, travelling expenses, utilities, and administrative expenses. Our other general and administrative

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

expenses increased to HKD3,151,165 (US$404,988) for the fiscal year ended September 30, 2025, from HKD3,454,309 for the fiscal year ended September 30, 2024 due primarily to increases in trade exhibition fees, entertainment fees and travelling expenses from increased business development activities.

#### Income from operations
Our overall income from operations decreased by 54%, resulting from income from operations of HKD14,423,815 for the fiscal year ended September 30, 2024, compared to income from operations of HKD6,608,040 (US$849,265) for the fiscal year ended September 30, 2025. This decrease was primarily due to the decrease in gross profit.

We had no tax obligation arising from other jurisdictions during the fiscal years ended September 30, 2024 and 2025. During the fiscal years ended September 30, 2024 and 2025, we had no material dispute or unresolved tax issues with the relevant tax authorities.

#### Provision for income taxes
Our provision for income tax expenses amounted to HKD2,535,284 for the fiscal year ended September 30, 2024 and amounted to HKD842,475 (US$108,275) for the fiscal year ended September 30, 2025. We are subject only to Hong Kong corporate tax regime. Hong Kong's corporate tax rate is 16.5% for taxable income earned in Hong Kong.

#### Net income
Our net income decreased by 55%, resulting from a net income of HKD14,029,142 for the fiscal year ended September 30, 2024, compared to a net income of HKD6,296,961 (US$809,285) for the fiscal year ended September 30, 2025.

#### LIQUIDITY AND CAPITAL RESOURCES
The following table sets forth a breakdown of our current assets and current liabilities as of the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>September 30, <br>2024** | **As of <br>September 30,** | **As of <br>September 30,** |
|  | **As of <br>September 30, <br>2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 55584053 | 6345803 | 815562 |
| &nbsp;&nbsp;&nbsp; Accounts receivables, net | 7995298 | 21276683 | 2734476 |
| &nbsp;&nbsp;&nbsp; Inventories, net | 10449510 | 6360933 | 817506 |
| &nbsp;&nbsp;&nbsp; Taxes receivable |  | 162482 | 20882 |
| &nbsp;&nbsp;&nbsp; Prepayments | 508669 | 893283 | 114805 |
| &nbsp;&nbsp;&nbsp; Amount due from related party | 77730 |  |  |
| &nbsp;&nbsp;&nbsp; Other current assets | 66335 | 4023 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CURRENT ASSETS** | **74681595** | **35043207** | **4503748** |
|  **CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | 4436346 | 4644977 | 596972 |
| &nbsp;&nbsp;&nbsp; Short-term borrowings |  | 15000000 | 1927798 |
| &nbsp;&nbsp;&nbsp; Operating lease obligation, current | 2388281 | 2452359 | 315177 |
| &nbsp;&nbsp;&nbsp; Taxes payable | 3488809 |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 2393790 | 1337000 | 171831 |
| &nbsp;&nbsp;&nbsp; Amount due to related party | 48903919 |  |  |
| &nbsp;&nbsp;&nbsp; Other payable | 726631 | 254854 | 32753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CURRENT LIABILITIES** | **62337776** | **23689190** | **3044531** |
|  **NET CURRENT ASSET** | **12343819** | **11354017** | **1459217** |

---

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

**Cash and cash equivalents**

Cash and cash equivalents decreased by 88.6% to HKD6,345,803 (US$815,562) for the year ended September 30, 2025, from HKD55,584,053 for the year ended September 30, 2024, which was primarily driven by the repayment of HKD48,903,919 received from Splendid Wealth Investments Limited, a related party, during the fiscal year ended September 30, 2025.

#### Accounts receivables, net
Accounts receivables represented receivables from our customers arising from our sales. We generally grant our customers a credit period ranging from 30 to 120 days, depending on their reputation, transaction history and the products purchased. Our accounts receivables, net, increased by 166% to HKD21,276,683 (US$2,734,476) for the year ended September 30, 2025 from HKD7,995,298 for the year ended September 30, 2024, which was primarily driven by an increase in number of orders.

Our provision for doubtful accounts decreased by 89.0% to HKD23,488 (US$3,019) as of September 30, 2025, from HKD213,927 as of September 30, 2024. This decrease was primarily driven by recovery of balances with provision.

Our management regularly reviews outstanding accounts and recognizes an allowance for expected credit losses. When collection of the original invoice amounts is no longer probable, we will either partially or fully write-off the balance against the allowance for expected credit losses. In establishing the required allowance for expected credit losses, management considers historical collection experience, aging of the receivables, the economic environment, industry trend analysis, and the credit history and financial conditions of the customers. Our management reviews our receivables on a regular basis to determine if the bad debt allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written-off against the allowance for expected credit losses after all means of collection have been exhausted and the likelihood of collection is not probable.

#### Inventories, net
Our inventories, net, balance decreased by 39.1% from HKD10,449,510 as of September 30, 2024 to HKD 6,360,933 (US$817,506) as of September 30, 2025. The sales volume, outweighed the purchases volume, leading to decrease in inventories, net. In addition, impairment loss in inventories of HKD455,126 (US$58,493) also contributed to the decrease in inventories, net.

#### Prepayments
Prepayments increased by 75.6% to HKD893,283 (US$114,805) for the year ended September 30, 2025, from HKD508,669 for the year ended September 30, 2024, which was primarily driven by increased prepayments to a landlord and suppliers.

#### Amount due from related party
Our amount due from related party reflects payments made on behalf of related parties by the Company. As of September 30, 2025, the amount due from related party decreased significantly by 100%, declining from HKD77,730 as of September 30, 2024, to nil. This decrease was primarily attributable to repayments from New Jumbo Global Limited, a related party, during the year.

#### Long-term deposits
Long-term deposits increased by 0.3% to HKD1,589,079 (US$204,228) for the year ended September 30, 2025, from HKD1,584,218 for the year ended September 30, 2024, which was primarily driven by deposit to a service provider.

#### Right-of -use assets — operating lease
Right-of-use assets — operating lease decreased by 32.0% to HKD5,068,962 (US$651,462) for the year ended September 30, 2025, from HKD7,457,243 for the year ended September 30, 2024, which was primarily driven by the amortization in the current year.

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

#### Accounts payable
Our accounts payable increased by 4.7% to HKD4,644,977 (US$596,972) as of September 30, 2025, from HKD4,436,346 as of September 30, 2024. The increase in our accounts payable was attributable to purchases near year end.

#### Short-term borrowings
Our short-term borrowings increased to HKD15,000,000 (US$1,927,798) as of September 30, 2025, from nil as of September 30, 2024. The increase in our short-term borrowings was attributable to new borrowings made in during year.

#### Operating lease obligation, current
The operating lease obligation primarily relates to our office in Hong Kong. As of September 30, 2025, our operating lease obligation increased by 2.7% to HKD2,452,359 (US$307,400) from HKD2,388,281 as of September 30, 2024, this was primarily driven by decrease in imputed interests.

#### Taxes payable
Our taxes payable decreased by 100% to nil as of September 30, 2025, from HKD3,488,809 as of September 30, 2024. This decrease was due to payments of HKD4,291,911 offset by the current tax expenses of HKD640,620 in the current year.

#### Accrued expenses
Our accrued expenses decreased to HKD1,337,000 (US$171,831) as of September 30, 2025 from HKD2,393,790 as of September 30, 2024, principally due to the settlement to auditor's expenses during the fiscal year.

#### Amounts due to related parties
The amounts due to related parties decreased by 100% to nil as of September 30, 2025, from HKD48,903,919 as of September 30, 2024. This decrease was primarily related to the settlement to Splendid Wealth Investments Limited, a related party, during the fiscal year ended September 30, 2025.

#### Other payables
Other payables decreased by 64.9% to HKD254,854 (US$32,753) as of September 30, 2025, from HKD726,631 as of September 30, 2024. The decrease in other payables was attributable to the repayment made during the year.

#### Cash Flows
Our use of cash is primarily related to operating activities and deferred initial public offering costs. We have historically financed our operations primarily through the cash flow generated from our operations.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Cash at the beginning of the period | 22218410 | 55584053 | 7143653 |
|  Net cash provided by (used in) operating activities | 23869315 | (8046487) | (1034132) |
|  Net cash used in investing activities | (785628) | (62629) | (8049) |
|  Net cash provided by (used in) financing activities | 10512456 | (41301850) | (5308106) |
|  Effect of foreign exchange on cash, cash equivalents and restricted cash | (230500) | 172716 | 22196 |
|  Cash at the end of the period | 55584053 | 6345803 | 815562 |

---

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

#### Net cash provided by (used in) operating activities
Our cash inflow from operating activities was principally from receipts from sales. Our cash outflow used in operating activities was principally for payment of purchases of manufactured goods, staff costs and other operating expenses.

For the fiscal year ended September 30, 2024, net cash provided by operating activities of HKD23,869,315 primarily resulted from our net income of HKD14,029,142, as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of depreciation of property and equipment of HKD137,785, amortization of intangible assets of HKD33,942, and reversal of inventory write-down of HKD3,177,100.

For the fiscal year ended September 30, 2025, net cash used in operating activities of HKD8,046,487 (US$1,034,133) primarily resulted from change in operating activities including increase in accounts receivables of HKD13,058,754 (US$1,678,309) and decrease in taxes payables by HKD3,488,809 (US$448,381), offset by our net income of HKD6,296,961 (US$809,285), as adjusted for non-cash items. Adjustments for non-cash items consisted of depreciation of property and equipment of HKD84,429 (US$10,851), amortization of intangible assets of HKD29,321 (US$3,768), and impairment loss in inventories of HKD455,126 (US$58,493).

#### Net cash used in investing activities
For the fiscal year ended September 30, 2024, net cash used in investing activities was HKD785,628, which were funds primarily used in the payment of rental deposit.

For the fiscal year ended September 30, 2025, net cash used in investing activities was HKD62,629 (US$8,049), which were primarily driven by the purchase of plant and equipment.

#### Net cash provided by (used in) financing activities
For the fiscal year ended September 30, 2024, net cash provided by financing activities was HKD10,528,616, which was primarily related to the advances received from a related party for the working capital purpose.

For the fiscal year ended September 30, 2025, net cash used in financing activities was HKD41,301,850 (US$5,308,106), which was primarily related to repayments to related parties.

#### Capital Expenditures
We did not incur any significant capital expenditures for the fiscal years ended September 30, 2024 and September 30, 2025.

#### Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements, including arrangements that would affect our liquidity, capital resources, market risk support, and credit risk support or other benefits.

#### Quantitative and Qualitative Disclosure About Market Risk

#### Credit risk
Our assets that are potentially subject to a significant concentration of credit risk primarily consist of cash and accounts receivable.

We believe that there is no significant credit risk associated with cash in Hong Kong, which were held by reputable financial institutions. As of September 30, 2024, our cash balance of HKD55,584,053 was maintained at a major reputable bank. As of September 30, 2025, our cash balance of HKD6,345,803 (approximately $815,562) was maintained at a major reputable bank.

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

We have designed credit policies with an objective to minimize their exposure to credit risk. Our accounts receivable is short term in nature and the associated risk is minimal. We conduct credit evaluations on our customers and generally do not require collateral or other security from such customers. We periodically evaluate the creditworthiness of the existing customers in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific customers.

We are also exposed to risk from accounts receivable. These assets are subject to credit evaluations. An allowance, where applicable, would make up for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

Our credit risk is also controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through regularly evaluating the collectability of financial assets, based on a combination of factors such as credit worthiness, past transaction history, current economic industry trends and changes in payment patterns. We identify credit risk collectively based on industry and customer type. In measuring the credit risk of our sales to our customers, we mainly reflect the "probability of default" by the customer on its contractual obligations and consider the current financial position of the customer and the current and likely future exposures to the customer.

#### Interest rate risk
In respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by us, such as cash deposits, at the end of the reporting period, we are not exposed to significant interest rate risk as the interest rates are not expected to change significantly.

#### Inflation Risk
Inflationary factors, such as increases in personnel and overhead costs, could impair our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenue if the revenues do not increase with such increased costs.

#### Liquidity Risk
We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. To manage liquidity risk, the Company monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Company's operations and mitigate the effects of fluctuations in cash flows.

#### Foreign Exchange Risk
Our reporting currency and functional currency is HKD. However, we also conduct transactions in currencies other than the HKD. All of our assets are denominated in HKD. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may be affected by fluctuations in the exchange rates between the HKD and other currencies. For example, if the HKD appreciates relative to the other currencies in which we generate revenues, we will have lower reported revenues as expressed in HKD terms. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.

#### Concentration of Risks
Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with financial institutions with high-credit ratings and quality.

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

Accounts receivable primarily comprise of amounts receivables from our customers. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these customers. The Company establishes a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific customers and other information.

Concentration of customers

For the year ended September 30, 2024, there were three customers each generating over 10% of the Company's total revenue for the year, and they in aggregate accounted for approximately 73% of our total revenue for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 27468400 | 3535505 | 41% |
|  Customer B | 12731001 | 1638629 | 19% |
|  Customer C | 8514888 | 1095966 | 13% |
|  **Total** | 48714289 | 6270100 | 73% |

---

For the year ended September 30, 2025, there were three customers, including Customer E which was a related party as disclosed in note 13, each generating over 10% of the Company's total revenue for the year, and they in aggregate accounted for approximately 79% of our total revenue for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 22646558 | 2910532 | 32% |
|  Customer D | 21336040 | 2742104 | 30% |
|  Customer E | 11800000 | 1516534 | 17% |
|  **Total** | 55782598 | 7169170 | 79% |

---

As of September 30, 2024, a major customer accounted for 91% of the Company's gross accounts receivables.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 7504072 | 965862 | 91% |

---

As of September 30, 2025, two major customers accounted for 49% and 42% of the Company's gross accounts receivables, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 10506776 | 1350329 | 49% |
|  Customer D | 8948912 | 1150113 | 42% |
|  **Total** | 19455688 | 2500442 | 91% |

---

Concentration of suppliers

For the year ended September 30, 2024, two suppliers accounted for 34% and 27% of our total purchases, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11314746 | 1456340 | 34% |
|  Supplier B | 9025372 | 1161671 | 27% |
|  **Total** | 20340118 | 2618011 | 61% |

---

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

For the year ended September 30, 2025, three suppliers accounted for 24%, 18% and 16% of our total purchases, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11577764 | 1487972 | 24% |
|  Supplier C | 8821538 | 1133743 | 18% |
|  Supplier D | 8057014 | 1035486 | 16% |
|  **Total** | 28456316 | 3657201 | 58% |

---

As of September 30, 2024, three suppliers accounted for 35%, 32% and 14% of the total balance of accounts payable, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier B | 1560000 | 200790 | 35% |
|  Supplier E | 1429380 | 183978 | 32% |
|  Supplier F | 608815 | 78362 | 14% |
|  **Total** | 3598195 | 463130 | 81% |

---

As of September 30, 2025, a supplier accounted for 75% of the total balance of accounts payable.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** |  |
|  Supplier C | 3498467 | 449622 | 75% |

---

#### Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These consolidated financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. The most significant estimates and assumptions include allowance for expected credit losses of accounts receivables.

We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed in this annual report reflect the more significant judgments and estimates used in preparation of our consolidated financial statements.

We are an "emerging growth company" as defined under the federal securities laws and, as such, will be subject to reduced public company reporting requirements. Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act. As a result of our election, our financial statements may not be comparable to those of companies that comply with public company effective dates.

When reading our consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. Our critical accounting policies and practices include the

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

following: (i) revenue recognition; and (ii) allowance for doubtful accounts. See "Note 2 — Summary of Significant Accounting Policies" to our consolidated financial statements for the disclosure of these accounting policies. We believe the following accounting estimates involve the most significant judgments used in the preparation of our financial statements.

<u><u>Accounts receivables and allowance for expected credit losses</u></u>

Accounts receivables are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts overdue 30 days.

The Company make estimates of expected credit and collectability trends for the allowance for credit losses and allowance for unbilled receivables based upon our assessment of various factors, including historical experience, the age of the accounts receivables balances, credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect our ability to collect from customers. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income (loss). Actual amounts received may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. Allowance for expected credit losses accounts was HKD213,927 and HKD23,488 (US$3,019) as of September 30, 2024 and 2025, respectively.

#### Recently Issued Accounting Pronouncements
A list of recently issued accounting pronouncements that are relevant to us is included in Note 2 "Summary of Significant Accounting Policies — Recent Accounting Pronouncements" of our consolidated financial statements.

**C&K Group's lack of effective internal controls over financial reporting may affect its ability to accurately report its financial results or prevent fraud, which may affect the market for and price of C&K Group's Class A Ordinary Shares.**

To implement Section 404 of the Sarbanes-Oxley Act of 2002, the SEC adopted rules requiring public companies to include a report of management on the company's internal control over financial reporting. Prior to filing the registration statement of which this prospectus is a part, C&K Group was a private company with limited accounting personnel and other resources for addressing C&K Group's internal control over financial reporting. C&K Group's management has not completed an assessment of the effectiveness of C&K Group's internal control over financial reporting and its independent registered public accounting firm has not conducted an audit of C&K Group's internal control over financial reporting. However, in connection with the audits of C&K Group's consolidated financial statements as of September 30, 2024 and 2025, C&K Group and its independent registered public accounting firm identified material weaknesses in C&K Group's internal control over financial reporting as well as other control deficiencies for the above mentioned periods. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of C&K Group's annual or interim financial statements will not be prevented or detected on a timely basis. The material weakness identified related to i) inadequate segregation of duties for certain key functions due to limited staff and resources; ii) a lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures; and iii) a lack of independent directors and an audit committee to establish formal risk assessment process and internal control framework.

C&K Group intends to implement measures designed to improve its internal control over financial reporting to address the underlying causes of these material weaknesses, including i) hiring more qualified staff to fill up the key roles in the operations; ii) setting up a financial and system control framework with formal documentation of polices and controls in place; and iii) appointing independent directors, establishing an audit committee and strengthening corporate governance.

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

C&K Group will be subject to the requirement that it maintain internal controls and that management perform periodic evaluation of the effectiveness of the internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, C&K Group's business, financial condition, results of operations and prospects, as well as the market for and trading price of C&K Group's Class A Ordinary Shares, may be materially and adversely affected if C&K Group does not have effective internal controls. Before the initial public offering of the Company, C&K Group was a private company with limited resources. As a result, C&K Group may not discover any problems in a timely manner and current and potential shareholders could lose confidence in C&K Group's financial reporting, which would harm C&K Group's business and the trading price of C&K Group's Class A Ordinary Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing C&K Group's Class A Ordinary Shares and may make it more difficult for C&K Group to raise funds in a debt or equity financing.

Additional material weaknesses or significant deficiencies may be identified in the future. If C&K Group identifies such issues or if C&K Group is unable to produce accurate and timely financial statements, its stock price may decline and it may be unable to maintain compliance with the applicable U.S. national securities exchange rules.

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

#### INDUSTRY
<u>***<u>Overview of Pearls</u>***</u>

Pearls are the result of a biological process that occurs within a living mollusk such as an oyster, mussel or clam. Pearls form when a tiny foreign object enters a mollusk and the mollusk covers the object with nacre to protect itself. Layers of nacre cover the foreign object and thus form a pearl. According to Brainy Insights and Stellar Market Research, pearls come in various shapes, sizes, and colors. They range from the classic white Akoya pearls to exotic Tahitian black pearls. The production of pearl jewelry involves both natural and cultured processes. Pearls have a long history of different uses and are one of the major types of materials for jewelry products. According to Stellar Market Research, pearl jewelry covers a variety of products inclusive of necklaces, earrings, bracelets, rings, pendants in different shapes, sizes and colors. According to Brainy Insights, pearl jewelry symbolizes purity, elegance, and sophistication. Pearls are often worn for formal occasions like weddings and anniversaries, and for everyday wear. Moreover, pearls have cultural significance and are often associated with wealth, royalty, and spirituality in many societies worldwide. Pearl jewelry is versatile, durable, and carries intrinsic value. Pearl jewelry complements various fashion styles, from casual to formal attires. (Sources: (i) *https://www.thebrainyinsights.com/report/pearl*-jewelry-market-14174, and (ii) *https://www.stellarmr.com/report/Pearl*-Jewelry-Market*/1882*).

<u>***<u>Types of Pearls</u>***</u>

Natural pearls form when an irritant enters a living mollusk and triggers the mollusk's secretion of nacre, leading to pearl formation over time. Cultured pearls are cultivated with human intervention and through controlled farming methods, where a nucleus is inserted into the mollusk to stimulate pearl formation. Most pearls cultivated for commercial use are cultured pearls that are grown and prepared in pearl farms. In pearl farming, oysters and mussels are nucleated and/or grafted and then cultivated for 2 to 5 years for pearls to grow and develop.

Pearls are mainly categorized into two types based on their production environment or geographical location of cultivation: saltwater pearls and freshwater pearls. Saltwater pearls include South Sea pearls, Tahitian pearls and the Japanese-originated Akoya pearls that are cultivated in ocean waters, such as a lagoon, or the open sea. South Sea pearls are grown in Australia, Indonesia and the Philippines, whereas Tahitian pearls are grown in French Polynesian and the Pacific Islands. Freshwater pearls are farmed and cultivated in freshwater areas such as lakes, rivers and reservoirs. Freshwater pearls are mainly grown in the PRC, Japan and the United States.

<u>***<u>The Global Market</u>***</u>

According to Stellar Market Research, the pearl jewelry industry contributes to the economic development of pearl producing regions and supports the livelihood of oyster farming communities. Further, the North America region dominated the global pearl jewelry market in 2023 and is expected to continue maintaining a high market share during the forecasted period from 2024 to 2030.

Additionally, according to IMARC Group, the global pearl jewelry market size was approximately US$13.2 billion in 2024 and is expected to reach US$34.6 billion by 2033; growing at a compound annual growth rate ("CAGR") of 10.73% from 2025 to 2033. (Source: *https://www.imarcgroup.com/pearl*-jewelry-market).

#### Future Market Development
According to IMARC Group, primary drivers of the global pearl jewelry market are expected to include the rising demand for pearl jewelry to add a sense of sophistication and refinement to any outfit and the growing number of financially independent individuals who spend on luxury products in order to enhance their fashion statement. (Source: *https://www.imarcgroup.com/pearl*-jewelry-market). Further, according to Business Research Insights, increasing disposable incomes and expansion of the middle class in emerging markets are expected to result in a higher demand for luxury jewelry. (Source: *https://www.businessresearchinsights.com/market*-reports*/natural*-and-cultured-pearls-market-116468).

Additionally, increasing environmental consciousness has resulted in consumers being more concerned with the safety of pearl products, environmentally friendly sourcing of pearls, and production of pearl jewelry. As ecofriendly jewelry products become the latest trend, cultured pearls produced using an environmentally friendly production process coupled with high quality and trendy finished jewelry products are gaining popularity.

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

Custom-made and unique pearl products are also highly desirable. Natural and cultured pearls market is the growing trend towards the individualization of products, including jewels. Consumers have a higher desire for unique personalities and differentiation in jewelries which in return drives the need for custom-made design of pearl jewelry. The above is due to the fact that this trend challenges designers and retailers to come up with new and unique designs to meet the consumers demands, hence improving their satisfaction levels. Therefore, the target market of a service model designed for efficiency, convenience, and minimal customer effort (i.e., one-touch services) can be considered a promising segment for expanding and creating a competitive advantage. (Source: *https://www.businessresearchinsights.com/market*-reports*/natural*-and-cultured-pearls-market-116468).

#### Key Market Drivers and Opportunities
Below is a list of major factors that we believe are key market drivers and opportunities for the industry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advertising and promotions through social media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rapid technological advances enabling automatic sorting, laser cutting, grading, shaping of pearls and enhancing the efficiency of jewelry production process; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change of lifestyle pattern and fashion trends that drive customers to demand for unique design of jewelry

#### Key Market Restraints
We believe the following are major factors that restraint the development of the industry in the near future:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excessive and intensive harvesting of oysters for pearl cultivation can lead to a disruption to the marine ecosystems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of chemicals and antibiotics to maintain oyster health can pollute surrounding waters and harm marine life

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

#### OUR BUSINESS
*"The Company", "we", or "us" in this Business section refers to C&K Group Limited and its subsidiary, unless the context otherwise indicates.*

#### Business Overview
C&K Group Limited ("C&K Group" or the "Company"), through its operating subsidiary, C&K Jewellery Limited ("C&K Jewellery), incorporated in Hong Kong on November 3, 2016, is principally engaged in the purchasing, designing and sales of loose pearls and finished jewelry products.

We primarily focus on selling pearls and jewelry and also offer a selection of finished jewelry products designed in-house. Although our in-house designed products predominantly feature pearls, we continually develop new jewelry collections that do not feature pearls in order to provide our customers a broader selection of jewelry products.

As a dealer in loose pearls and finished jewelry products, we believe we have built a reputation for sourcing and supplying high-quality pearls, including, but not limited to, South Sea pearls, Tahitian pearls, Akoya pearls, and Freshwater pearls and these pearls originate from regions such as Australia, Indonesia, the Philippines, Tahiti, mainland China, and Japan. We purchase pearls in bulk directly from auctions and pearl farms principally located in Australia. We also collaborate with third-party manufacturers to produce other fine jewelry which enables us to cater to custom orders and retailers. We believe our approach enables us to maintain cost efficiencies with access to high-quality pearls purchased from pearl farms or auctions.

We believe our strategic location in Hong Kong positions us advantageously within the global pearl trading market. Hong Kong has established itself as a leading trading and distribution center for pearls and, in 2023, was the largest importer and the sixth largest exporter of pearls globally. We currently offer a selection of over 1,000 styles of pearls and finished jewelry products.

Our revenue was HKD66,839,374 and HKD70,814,654 (US$9,101,088) for the years ended September 30, 2024 and 2025, respectively. We recorded net income of HKD14,029,142 and HKD6,296,961 (US$809,285) for the years ended September 30, 2024 and 2025, respectively. We pride ourselves on operational excellence, which is reflected in our value-adding products and services. Our commitment to maintaining high standards of product quality has earned us a good reputation for high quality products among our customers and business partners.

#### Competitive Strengths
We attribute our success to the following key competitive strengths:

#### We have established access to high-quality pearl suppliers and seasonal auctions.
We have accumulated over 8 years of experience in selling pearls and jewelry products and we have established long-term relationships with quality suppliers. Our bulk purchasing capabilities strengthen our relationships with our suppliers and ensures us favorable pricing and access to raw materials. This capability allows us to meet the diverse demands of our customers, offering them access to pearls and jewelry products at reasonable prices and with high quality. By consistently providing high quality products, along with competitive pricing, we have established a good reputation for customer satisfaction. Our ability to meet the specific needs of our customers fosters loyalty and repeat business, which are critical components of our plan for sustainable growth.

#### We have strong and stable vendor relationships.
Since the commencement of our business, we have developed and maintained strong and stable relationships with our suppliers in Hong Kong and internationally. In the pearl and jewelry industry, many suppliers impose strict allocation limits that require supply of only a limited number of materials per order. Our extensive and established connections and international supplier-network enables us to procure from diverse suppliers, we can procure materials from multiple suppliers internationally, which we believe ensures our ability to offer premium quality products and to timely satisfy our customers' general or unique demands, which in turn allows us to flexibly manage our inventory, and provides a strong ability to retain our customers.

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

#### We have a strong and experienced management team with strong commitment.
We believe the industry knowledge, market experience, and business connection of our management in the pearl and jewelry industry serves as a strong pillar for our success and future development. Ms. Cheng, Ka Ki, our Chief Executive Officer and Director, has 7 years of experience in the pearl and jewelry industry and possesses in-depth knowledge of the industry and an insightful understanding of the preferences of our customers in the pearl and jewelry market. Certain other members of our management have on average, over 10 years of experience in the pearl and jewelry industry.

#### We have a quality control system, which allows us to deliver high quality products and maintain market reputation.
We have a quality control process that ensures rigorous inspection of the quality of our pearls. We believe this ensures that we consistently maintain high standards for the pearls and jewelry products we sell. This commitment to quality assurance builds and maintains customer trust, which may further enhance our reputation in the market. Our purchasing team maintains close communications with our customers on their product requests and follows strict quality control standards in purchasing materials. For instance, for our metal quality control, we establish weight buffers in collaboration with our suppliers to ensure consistency in metal material; for our gemstone quality control, we ensure adherence to an international grading system for the cut, size, weight, clarity, and color of the gemstones we purchase in order to align with our customers' product quality requirements; for pearl quality control, we adhere to strict product quality requirements regarding the shape, size, color, types and spotted surface of the pearls we purchase.

#### We offer an online platform for customers to place purchase orders.
We believe our online platform gives us a competitive edge. We offer our customers an online platform which is continually updated with new designs and new styles of our products available for sale and our customers can place their orders on our online platform, and pay for their orders using the secured third-party payment system we provide on our online platform. Additionally, we offer our customers after-sales services (repair and re-stranding of pearl and other finished jewelry).

#### Growth Strategy
Our growth strategy includes increasing our market presence through geographical expansion, increasing our product diversification, and strengthening our brand recognition, through increased social media marketing, and strengthening our reputation in our existing markets. We intend to strengthen our market presence in the pearls and jewelry industry, by implementing the following business strategies and plans:

#### Diversify our product portfolio.
We intend to expand our existing pearls and jewelry product portfolio to offer a wider range of products to our customers, including new jewelry product collections based on lab-grown diamonds. Currently, we offer a selection of over 1,000 styles of pearls and finished jewelry products. We plan to introduce more products and new jewelry collections incorporating a wider variety of gemstones and precious metals into our sales channels in order to appeal to wider customer base. We believe we can leverage the expertise and experience we have gained from selling pearls and jewelry products to expand into other jewelry product markets in the future. We believe our established network of resourceful suppliers and diverse customer base allows us to diversify our product portfolio with fewer concerns about procurement and sales channels. We are committed to maintaining a diverse product portfolio and plan to introduce additional pearl and luxury jewelry products in the future.

#### Expand our market presence in the pearls and jewelry industry.
We are preparing to expand into new markets in Asia, particularly Thailand and Singapore, leveraging digital marketing and e-commerce platforms to reach a broader customer base. By utilizing our experience and expertise in providing high-quality products at competitive prices in our industry, we aim to offer a wide selection of products in these new markets. We believe this initiative will not only diversify our product offerings, but also strengthen our position in the pearls and jewelry market, catering to a broader geographic market and increased demand for our products.

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

#### Our Business Operations
The key markets that we serve are Hong Kong, the United States, Japan, Australia and Europe. We offer over 1,000 styles of pearls and finished jewelry products.

<u><u>Our Products and Services</u></u>

*Our Products*

Our products primarily consist of loose pearls and finished jewelry products. The Company's sales of loose pearls contributed 49.8% and 38.7% to our total revenues for the years ended September 30, 2024 and 2025, respectively. Sales of finished jewelry products contributed 50.2% and 61.3% to the Company's total revenues for the years ended September 30, 2024 and 2025, respectively.

Below are some of products we offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loose pearls, matched pairs, and pearl strands

![](timage_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Custom-designed pearl jewelry

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gemstone and semi-precious stone jewelry

![](timage_003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pearl and diamond or gemstone jewelry sets

![](timage_004.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classic pearl strands in various jewelry styles, including necklaces, bracelets, rings, pendants, earrings, brooches, and clasps

*Our Services*

We offer tailor-made jewelry design services wherein we design and produce jewelry products based on customer specifications.

<u><u>Our Distribution Channels</u></u>

The Company's loose pearls and finished jewelry products are distributed through wholesale and retail channels. Our revenues generated through the wholesale channel represented 95.0%, and 97.7% of total revenues for the years ended September 30, 2024 and 2025, respectively. Sales revenue generated through the retail channel represented 5.0%, and 2.3% for the years ended September 30, 2024 and 2025, respectively.

![](tbarchart_001.jpg)

Revenue by distribution channel for the years ended September 30, 2024 and 2025

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

<u><u>Our Customers</u></u>

Our customers primarily consist of business-to-business ("B2B") customers, including wholesalers, jewelry manufacturers, independent designers and retail sellers located primarily in Hong Kong, the United States, Japan, Australia and the European Union. Currently, we have strategically decided to focus on B2B sales, which we believe is more suitable to our purchasing patterns, where we obtain discounts and lower prices for our bulk purchases and lot purchases. Additionally, we believe our focus on B2B sales will help create more stabilized recurring sales, improve efficiencies and foster our customer relationships. For the year ended September 30, 2024, our sales revenue from our customers in Hong Kong, the United States, Japan, China and Thailand was 31.5%, 44.0%, 21.0%, 1.7% and 0.9% of total revenues for the year, respectively. For the year ended September 30, 2025, our sales revenue from our customers in Hong Kong, the United States, Japan, China and Thailand was 56.4%, 34.0%, 7.0%, 0.4%, and 1.5% of total revenues for the year, respectively.

![](tbarchart_002.jpg)

Revenue by customer location for the years ended September 30, 2024 and 2025

We have not entered into written agreements with any of our B2B or B2C customers. Because of the longstanding and well-established relationship with our customers, we do not impose any requirement for a minimum quantity of products to be purchased by any of our B2B customers. All of our sales in Hong Kong are outright sales whereby titles of goods pass to the B2B or B2C customer upon the delivery of products to the customer.

The following tables set forth information as to each customer that accounted for 10% or more of the sales of the Company for the fiscal years ended September 30, 2024 and 2025.

For the year ended September 30, 2024, there were three customers each generating over 10% of the Company's total revenue for the year, and they in aggregate accounted for approximately 73% of our total revenue for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 27468400 | 3535505 | 41% |
|  Customer B | 12731001 | 1638629 | 19% |
|  Customer D | 8514888 | 1095966 | 13% |
|  **Total** | 48714289 | 6270100 | 73% |

---

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

For the year ended September 30, 2025, there were three customers each generating over 10% of the Company's total revenue for the year, and they in aggregate accounted for approximately 79% of our total revenue for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 22646558 | 2910532 | 32% |
|  Customer D | 21336040 | 2742104 | 30% |
|  Customer E | 11800000 | 1516534 | 17% |
|  **Total** | 55782598 | 7169170 | 79% |

---

Although the Company's sales were highly concentrated on our major customers in the fiscal years ended September 30, 2024 and 2025, we have been able to retain a longstanding and well-established relationship with our customers and we are confident in our ability to continue attracting new customers and adapting to evolving market conditions.

<u><u>Our Suppliers</u></u>

Our suppliers primarily consist of major pearl farmers and other manufacturers. The Company maintains long-term relationships with its suppliers to ensure high-quality production and efficient wholesale distribution of sourced materials. During the evaluation and selection of our suppliers, the Company considers various factors including, but not limited to, industry presence, reputation, cost, quality and on-time delivery capabilities. Further, we have close relationships with the major pearl farms located in Australia which allows the Company to receive private invitations to seasonal auctions for new pearl harvests that are exclusive to selected companies only. Our relationships with our suppliers provide us with access to supplier industry information which enables us keep abreast of the latest market prices and industry trends.

The Company's major pearls and jewelry materials suppliers are located in Hong Kong, the People's Republic of China and Japan. For the year ended September 30, 2024, our suppliers in Hong Kong, the People's Republic of China and Japan accounted for 85.2%, 10.6% and 4.2% of our total purchases for the year, respectively. For the year ended September 30, 2025, our suppliers in Hong Kong, the People's Republic of China and Japan accounted for 93.1%, 4.4% and 2.5% of our total purchases for the year, respectively.

![](tbarchart_003.jpg)

Purchases by supplier location for the years ended September 30, 2024 and 2025

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

We have not entered into written agreements with any of our suppliers. Nevertheless, we believe we have long-term strong relationships with major pearl farmers and other suppliers that allow us access to steady supply of pearls and materials to satisfy our customers' demands. Our largest major supplier has operated in the jewelry industry in Hong Kong for over 30 years. Our second largest major supplier, located in Hong Kong, is a subsidiary of a German-based company principally engaged in the precious metals business and has operated in Hong Kong for over 45 years.

The following tables set forth information as to each supplier that accounted for 10% or more of the purchases of the Company for the fiscal years ended September 30, 2024 and 2025.

For the year ended September 30, 2024, two suppliers each accounted for over 10% of the Company's total purchases for the year, and they in aggregate accounted for approximately 61% of our total purchases for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11314746 | 1456340 | 34% |
|  Supplier B | 9025372 | 1161671 | 27% |
|  **Total** | 20340118 | 2618011 | 61% |

---

For the year ended September 30, 2025, three suppliers each accounted for over 10% of the Company's total purchases for the period, and they in aggregate accounted for approximately 58% of our total purchases for the period.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11577764 | 1487972 | 24% |
|  Supplier C | 8821538 | 1133743 | 18% |
|  Supplier D | 8057014 | 1035486 | 16% |
|  **Total** | 28456316 | 3657201 | 58% |

---

<u><u>Sales and Marketing</u></u>

Our sales and marketing initiatives include promoting our pearls and jewelry products using social media and participating in trade exhibitions in Hong Kong. Additionally, we promote our products and brand by participating in product design competitions in Hong Kong.

<u><u>Seasonality</u></u>

Our sales follow the traditional seasonal shopping patterns in Hong Kong, the United States, Japan and our other markets. A high proportion of our sales are typically recorded around holidays (e.g., Valentine's day, Mothers' day, and Christmas day) because of a concentration of promotional sales and other promotional events in the period surrounding these dates while our sales decrease during and summertime (e.g., summer vacation time in Europe). As a result, our revenue is usually higher in the first and fourth quarter of the year and usually lower during the third quarter of the year.

#### Competition
The pearl and jewelry industry is highly fragmented and competitive, with various market players competing for market share based on product quality, price and design. There is no single company that dominates the industry, and our competition comes from wholesalers, manufacturers, independent designers, and retailers in our markets. However, many of these companies leverage their access to local and international markets to source a wide range of materials as well as having more robust product design capabilities, thereby catering to different consumer preferences we are currently unable to satisfy. Despite the strong competition we face in our industry, we believe we are positioned to compete effectively by virtue of our well-established relationship with our customers, our presence in the pearls and jewelry industry, our quality control system, and our experienced and dedicated management team.

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

#### Intellectual Property
We regard our trademark, domain names, product designs, and similar intellectual property as critical to our success, and we rely on trademark law in Hong Kong, as well as confidentiality procedures and contractual provisions with our employees, contractors and others to protect our proprietary rights.

As of the date of this prospectus, we hold one trademark which is registered in three jurisdictions, including Hong Kong (registration number 305358763, registered on August 12, 2020; expires on August 11, 2030), Japan (registration number 6969380, registered on September 19, 2025; expires on September 18, 2035), and the United States (registration number 8,009,286, registered on November 4, 2025; expires on November 3, 2035).

As of the date of this prospectus, we do not hold patents for the jewelry products we design and develop for our customers. Our customers retain ownership of related patents for the design of these jewelry products.

We have registered the domain names of "*www.cnkjewellery.com*" and "*www.cnkjewel.com*".

#### Corporation Information
Our principal executive offices are located at Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong, and our telephone number is +852 3700 3500. We maintain websites at: *www.cnkjewellery.com* and *www.cnkjewel.com*.

#### Employees
As of the date of this prospectus, we have 8 employees.

No employees are represented by a labor union, and we believe that we have good relations with our employees.

#### Facilities
C&K Jewellery leased an aggregate of 4,742 square feet of property from an unrelated third party pursuant to the terms of a lease agreement. The duration of the current lease is for 3 years, from October 15, 2024 until October 14, 2027.

The operating lease expenses amounted to HKD2,729,384 and HKD2,675,122 (US$343,806) for the years ended September 30, 2024 and 2025, respectively.

We believe our facilities are sufficient for our business operations.

#### Legal Proceedings
We are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

#### Governmental Regulations
Our operations are subject to numerous laws of Hong Kong and regulations in a number of areas including, but not limited to, areas of dealing in precious metals and stones, labor and employment, immigration, advertising, e-commerce, tax, import and export requirements, data privacy requirements, anti-competition, and environmental, health, and safety. We have implemented policies and procedures designed to help comply with applicable laws and regulations. We strive to stay up to date on any new laws or regulations that affect the Company or our customers in order to provide pearls and jewelry products that comply with such laws and regulations.

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

#### REGULATIONS

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

#### Companies Ordinance (Cap. 622), or the CO
The Companies Ordinance (Chapter 622 of the Laws of Hong Kong), is an ordinance enacted for, amongst other things, formation, operation and regulation of companies in Hong Kong. As stipulated under the CO, companies must file an annual return with the Companies Registry and are required to prepare annual financial statements in accordance with specified accounting standards. According to Part 6 of the CO, a company may only make a distribution out of profits available for distribution, meaning its accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital.

#### Personal Data (Privacy) Ordinance (Cap. 486) of Hong Kong), or the PDPO
The PDPO imposes a statutory duty on data users to comply with the requirements of the six data protection principles (the "Data Protection Principles") contained in Schedule 1 to the PDPO. The PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case may be, is required or permitted under the PDPO. The six Data Protection Principles are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principle 1 — purpose and manner of collection of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principle 2 — accuracy and duration of retention of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principle 3 — use of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principle 4 — security of personal data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principle 5 — information to be generally available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principle 6 — access to personal data.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the right to request correction of any data they consider to be inaccurate.

The PDPO criminalizes, including but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance with a data access request and the unauthorized disclosure of the right to request correction of any data they consider to be inaccurate.

#### Employment Ordinance (Chapter 57 of the Laws of Hong Kong), or the EO
The Employment Ordinance (Chapter 57 of the Laws of Hong Kong), is an ordinance enacted for, amongst other things, the employment relationships between the employers and the employees, the entitlements of the employees and the regulation of the general conditions of employment and employment agencies. Under the EO, an employee is generally entitled to, amongst other things, notice of termination of his or her employment contract; payment in lieu of notice; maternity protection in the case of a pregnant employee; not less than one rest day in every period of seven days; severance payments or long service payments; sickness allowance; statutory holidays or alternative holidays; and paid annual leave of up to 14 days depending on the period of employment.

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

#### Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong), or the ECO
The Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong), is an ordinance enacted for the purpose of providing for the payment of compensation to employees injured in the course of employment. As stipulated by the ECO, no employer shall employ any employee in any employment unless there is in force in relation to such employee a policy of insurance issued by an insurer for an amount not less than the applicable amount specified in the Fourth Schedule of the ECO in respect of the liability of the employer. According to the Fourth Schedule of the ECO, the insured amount shall be not less than HKD100,000,000 (approximately US$12,900,000) per event if a company has no more than 200 employees. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction to a fine and imprisonment. An employer who has taken out an insurance policy under the ECO is required to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed.

#### Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong), or the MPFSO
The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong), is an ordinance enacted for the purposes of providing for the establishment of non-governmental mandatory provident fund ("MPF") schemes, or the MPF Schemes, to accrue MPF benefits for members of the workforce when they retire. The MPFSO requires every employer of an employee of 18 years of age or above but under 65 years of age to take all practical steps to ensure the employee becomes a member of a registered MPF Scheme. Subject to the minimum and maximum relevant income levels, it is mandatory for both employers and their employees to contribute 5% of the employee's relevant income to the MPF Scheme. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction to a fine and imprisonment.

#### Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)
Under the Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong), which is an ordinance enacted to govern the taxation system in Hong Kong, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than one month before such individual ceases to be employed in Hong Kong.

#### Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong)
The Anti-Money Laundering and Counter-Terrorist Financing Ordinance ("AMLO") (Chapter 615 of the Laws of Hong Kong), among other things, provides the regulation of dealings in precious metals and stones and the registration of dealers in precious metals and stones.

To enhance the regulatory regime for combating money laundering and terrorist financing in fulfilment of Hong Kong's obligations under the Financial Action Task Force, the AMLO has been amended to introduce a registration regime for dealers in precious metals and stones for commencement on April 1, 2023. The Customs and Excise Department would take charge of the regime to enforce the registration requirements and supervise the anti-money laundering and counter-terrorist financing ("AML/CTF") conduct of registrants.

There are two categories of registration with the Commissioner of Customs and Excise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any dealer who intends to engage in non-cash transaction(s) with total value at or above HKD120,000 in the course of business is required to register as a Category A registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any dealer who is seeking to engage in cash transactions with total value at or above HKD120,000 and non-cash transactions with total value at or above HKD120,000 ("Specified Cash Transaction") in the course of business is required to register as a Category B registrant.

A Category A registrant is not allowed to conduct any Specified Cash Transaction and is not required by any local laws or regulations to identify and verify the identities of its cash-settling customers whereas a Category B registrant is subject to AML/CTF supervision.

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

To facilitate existing dealers migration to the aforesaid registration regime, precious metals and stones dealers who have been in operation before commencement of the aforesaid registration regime are allowed to apply for registration within 9 months ("Relevant Period") after commencement of the aforesaid registration regime (i.e. from April 1, 2023 to December 31, 2023). Any person, who would like to start up a precious metals and stones business after commencement of the regime and plan to carry out specified transactions and/or specified cash transactions, is required to register before carrying out any specified transactions and/or specified cash transactions.

After the Relevant Period, any existing dealer that continues to deal in precious metals and stones in cash and/or non-cash transactions that exceed HKD120,000 annually without proper registration under the aforesaid registration regime will be liable on conviction up to a maximum fine of HKD100,000 and imprisonment for six months.

As of the date of this prospectus, C&K Jewellery has been registered as a Category B Registrant with a valid certificate of registration.

#### Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong)
The Drug Trafficking (Recovery of Proceeds) Ordinance, or the DTROP, contains provisions for the investigation of assets suspected to be derived from drug trafficking activities, the freezing of assets on arrest and the confiscation of the proceeds from drug trafficking activities. It is an offence under the DTROP if a person deals with any property knowing, or having reasonable grounds to believe, it to be the proceeds from drug trafficking. The DTROP requires a person to report to an authorized officer if he/she knows or suspects that any property (directly or indirectly) is the proceeds from drug trafficking or is intended to be used or was used in connection with drug trafficking, and failure to make such disclosure constitutes an offence under the DTROP.

#### Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong)
The Organized and Serious Crimes Ordinance, or the OSCO, empowers officers of the Hong Kong Police Force and the Hong Kong Customs and Excise Department to investigate organized crime and triad activities, and it gives the Hong Kong courts jurisdiction to confiscate the proceeds from organized and serious crimes, to issue restraint orders and charging orders in relation to the property of defendants of specified offences. The OSCO extends the money laundering offence to cover the proceeds of all indictable offences in addition to drug trafficking.

#### United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong)
The United Nations (Anti-Terrorism Measures) Ordinance, or the UNATMO, provides that it is a criminal offence to: (i) provide or collect funds (by any means, directly or indirectly) with the intention or knowledge that the funds will be used to commit, in whole or in part, one or more terrorist acts; or (ii) make any funds or financial (or related) services available, directly or indirectly, to or for the benefit of a person knowing that, or being reckless as to whether, such person is a terrorist or terrorist associate. The UNATMO also requires a person to report his knowledge or suspicion of terrorist property to an authorized officer, and failure to make such disclosure constitutes an offence under the UNATMO.

#### Regulations Related to the British Virgin Islands

#### Regulations related to the British Virgin Islands Data Protection Act, 2021
The Data Protection Act, 2021 (the "BVI DPA") came into force in the British Virgin Islands on 9 July 2021. The DPA establishes a framework of rights and duties designed to safeguard individuals' personal data, balanced against the need of public authorities, businesses and organizations to collect and use personal data for lawful purposes. The BVI DPA is centered around seven data protection principles (the General Principle, the Notice and Choice Principle, the Disclosure Principle, the Security Principle, the Retention Principle, the Data Protection Principle and the Access Principle) which require among other things that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must not be processed without consent unless specific conditions are met and must not be transferred outside the British Virgin Islands, unless there is proof of adequate data protection safeguards or consent from the data subject;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where consent has been given to processing of personal data, the data subject may at any time withdraw his or her consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a data controller must inform a data subject of specific matters, for instance the purposes for which it is being collected and further processed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must not be disclosed for any purpose other than the purpose for which it was to be disclosed at the time of collection or a purpose directly related thereto or to any party other than a third party of a class previously notified to the data subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a data controller shall, when processing personal data, take practical steps to protect personal data from loss, misuse, modification, unauthorized or accidental access or disclosure, alteration or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must not be kept for longer than is necessary for the purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal data must be accurate, complete, not misleading and kept up to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a data subject must be given access to his or her own personal data and be able to correct that data where it is inaccurate, incomplete, misleading or not up to date, except where a request for such access or correction is refused under the BVI DPA.

The BVI DPA imposes specific obligations on data controllers, including the duty to (i) apply the data protection principles; and (ii) respond in a timely fashion to requests from data subjects in relation to their personal data.

The Information Commissioner is the regulator responsible for the proper functioning and enforcement of the BVI DPA. Offences under the BVI DPA include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• processing sensitive personal data in contravention of the BVI DPA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• willfully obstructing the Information Commissioner or an authorized officer in the conduct of his or her duties and functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• willfully disclosing personal information in contravention of the BVI DPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• collecting, storing or disposing of personal information in a manner that contravenes the BVI DPA.

Offences committed under the BVI DPA may result in fines (up to US$500,000 in certain cases) or imprisonment. Further, a data subject who suffers damage or distress as a result of their data being processed in contravention of the BVI DPA may institute civil proceedings in the British Virgin Islands courts.

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

#### MANAGEMENT
Set forth below is information concerning our directors, director nominees, executive officers and other key employees.

The following individuals are director nominees and members of the Board and management of the Company.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Cheng, Ka Ki | 34 | Chief Executive Officer, Chairman and Director |
|  Leung, Wing Hong | 34 | Chief Financial Officer |
|  Wong, Man Yin Vanessa | 37 | General Manager of Sales |
|  Kong, Ka Yin | 38 | Director |
|  Yuen, Ka Lok, Ernest | 62 | Independent Director Nominee |
|  Chung, Chi Kit | 36 | Independent Director Nominee |
|  Chan, Leo | 45 | Independent Director Nominee |

---

The following is a brief biography of each of our executive officers and directors:

**Cheng, Ka Ki, *Chief Executive Officer and Director.*** Ms. Cheng has been serving as the Chief Executive Officer and Chairman of the Board of the Company since March 1, 2025 and has been serving as a Director of the Company since January 28, 2025. Ms. Cheng has served as a director of C&K Jewellery since September 2, 2020. Ms. Cheng also has been serving as a director of China Skyline Development Ltd, a private company with no current business operations in Hong Kong, since September 29, 2015. Ms. Cheng has seven years of experience in jewelry sector and she is currently responsible for overall management of the Company, formulating business strategies and providing leadership of operations. Ms. Cheng actively participated in different jewelry industry associations and she has served as a Vice President of the Hong Kong Pearl Association since 2020, Vice President of the Tahitian Pearl Association Hong Kong since 2024, and Vice President of the Shenzhen Pearl Industry Association since 2020. In 2024, Ms. Cheng received the 5<sup>th</sup> Golden Bauhinia Women Entrepreneur Award from the Golden Bauhinia Women Entrepreneur Association in Hong Kong. Ms. Cheng has also received awards in different jewelry design competitions, including the: (i) 2016 China (international) Pearl Jewellery Design Merit Award, (ii) Merit Award in open group II in the 2022 JMA International Jewelry Design Competition, (iii) Merit Award in open group in the 2024 in the 25<sup>th</sup> Hong Kong Jewellery Design Competition, and (iv) Tahitian Pearl Special Award in open group in the 2024 JMA International Jewelry Design Competition. Ms. Cheng earned a Master of Science degree in Corporate Governance and Directorship from Hong Kong Baptist University in 2015, and a Bachelor of Science degree in Financial and Business Economics from Royal Holloway, University of London in 2014.

**Leung, Wing Hong, *Chief Financial Officer.*** Mr. Leung Wing Hong has been serving as the Chief Financial Officer of the Company since March 1, 2025. Mr. Leung is currently responsible for the overall financial management, corporate finance and financial reporting for the Company. From February 2023 to April 2025, Mr. Leung served as a Senior Finance Manager of China Metro-Rural Holdings Limited in Hong Kong. Mr. Leung has also been serving as a Senior Deputy Financial Controller of China Skyline Development Limited in Hong Kong since May 2025. Prior to joining C&K Group, Mr. Leung worked as Senior Associate at Pricewaterhouse Coopers Ltd., an international professional accounting firm in Hong Kong, for auditing duties from December 2017 to October 2022. Mr. Leung graduated from City University of Hong Kong with a bachelor's degree in Business Administration in June 2014. He is also a member of the Hong Kong Institute of Certified Public Accountants, a certified Financial Risk Manager, and a Chartered Financial Analyst (CFA) charterholder.

**Wong, Man Yin Vanessa, *General Manager of Sales.*** Ms. Wong Man Yin Vanessa has been serving as the General Manager of Sales of the Company since March 1, 2025. Ms. Wong has also been serving as the General Manager of Sales of C&K Jewellery since October 2024. Ms. Wong previously served as the Deputy General Manager of C&K Jewellery from January 2020 to September 2024. Ms. Wong is responsible for the formation of sales and marketing strategies of C&K Jewellery's pearl and jewelry products and is involved in the implementation of those strategies. Ms. Wong has over 12 years of experience in selling and marketing of pearls and jewelry. She graduated from the University of Bath with a Bachelor of Science in Economics in June 2010. She completed the Gemological Institute of America (GIA) Graduate Diamonds program in Hong Kong in December 2013.

**Kong, Ka Yin, *Director.*** Ms. Kong Ka Yin has been a director of the Company since January 28, 2025. Ms. Kong has also been serving as Manager of C&K Jewellery since April 3, 2018. Ms. Kong assists in the formulation of purchasing and product pricing of the Company's pearl products and is responsible for the implementation of

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

those strategies. Ms. Kong has over 10 years of experience in the pearls and jewelry business. Her extensive industry knowledge and strategic approach contribute to effective cost management and supplier relationships. Ms. Kong received a Bachelor Degree in Social Sciences from the Edinburgh Napier University in Edinburgh, Scotland in 2024.

**Yuen, Ka Lok, Ernest, *Independent Director Nominee.*** Mr. Yuen Ka Lok, Ernest will be an independent non-executive director of the Company immediately upon listing of the Company's Class A Ordinary Shares on [•]. Mr. Yuen has been a solicitor and a partner of Messer. Yuen & Partners since 1997. Mr. Yuen previously served as non-executive director of Eggriculture Foods Limited (HKEX:8609) from August 15, 2018 to January 15, 2025. He also previously served as independent non-executive director of China Metro-Rural Holdings Limited, a Dutch Caribbean Securities exchange listed company (DCSX: CMRH) from September 1, 2010 to December 31, 2023. He has more than 25 years of experience in litigation and commercial legal work in Hong Kong. He received his Bachelor Degree in Commerce from University of Toronto in Canada in 1985, and a Bachelor of Laws Degree from China University of Political Science and Law in 1999. Mr. Yuen is a member of the Law Society of Hong Kong.

**Chung, Chi Kit, *Independent Director Nominee.*** Mr. Chung will be an independent non-executive director of the Company immediately upon listing of the Company's Class A Ordinary Shares on [•]. Mr. Chung has been serving as the Chief Executive Officer and Executive Director of Eagle Nice (International) Holdings Ltd ("Eagle Nice") (HKEX:2368) since September 2024 and December 2020, respectively. He also previously served as Deputy Chief Executive Officer of Eagle Nice from August 2022 to August 2024. Mr. Chung joined Eagle Nice in April 2015 as Special Assistant to the Chairman and served in this role until February 2016, before serving as Director of Business Operations from March 2016 to July 2022. In his various leadership roles at Eagle Nice, Mr. Chung was involved with developing and executing the Eagle Nice's business planning and development strategies, and contributed to Eagle Nice's business growth and operations. Prior to joining Eagle Nice, Mr. Chung served as Chief Executive Officer of Vignette du Vin, a wine distribution company in Hong Kong, from 2013 to 2015. He holds a bachelor's degree in Accounting and Finance from Nottingham Trent University, which he obtained in 2011. He earned a master's degree in Marketing from Royal Holloway, University of London in 2012, and a Master's degree in International Business from Hult International Business School in 2013.

**Chan, Leo, *Independent Director Nominee.*** Mr. Chan will be an independent non-executive director of the Company immediately upon listing of the Company's Class A Ordinary Shares on [•]. Mr. Leo Chan has over 20 years of experience in accounting, auditing and financial management. Mr. Chan has been serving as the Chief Accountant of China South City Holdings Limited, a Hong Kong company engaged in property development and integrated logistics and trade centres, in China since February 2015. He previously worked as a financial controller of Kaisa Group Holdings Ltd. in Hong Kong from June 2010 to February 2015. He previously worked as an Associate and Manager for PricewaterhouseCoopers Ltd from August 21, 2006 to June 2, 2010. Mr. Chan graduated from the City University of Hong Kong with a Bachelor of Business Administration (Honours) degree in Finance in 2004. He earned a Bachelor of Science degree with First Class Honours in Applied Accounting from Oxford Brookes University in the United Kingdom in 2006. He earned a Master of Science degree in Professional Accountancy from the University of London in 2018. Mr. Chan is a fellow member of the Association of Chartered Certified Accountants and a member of the Hong Kong Institute of Certified Public Accountants. He also holds the professional title of the Chartered Secretary and Chartered Governance Professional of the Hong Kong Chartered Governance Institute.

#### Family Relationships
None of the directors or executive officers have a family relationship as defined in Item 401 of Regulation S-K.

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

#### Board of Directors
Our board of directors will consist of five directors upon closing of this offering. Our board of directors has determined that our three independent director nominees, Yuen Ka Lok, Ernest, Chung Chi Kit and Leo Chan satisfy the "independence" requirements of Rule [•] of the applicable listing rules of the [•] and Rule 10A-3 under the Exchange Act.

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

#### Duties of Directors
Under British Virgin Islands law, our directors owe fiduciary duties both at common law and under statute, including a statutory duty to act honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, our directors also have a duty to exercise the care, diligence and skills that a reasonable director would exercise in comparable circumstances, taking into account without limitation the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to the company acting in a manner that contravenes our Memorandum and Articles of Association or the BVI Act. See "Description of Share Capital — Differences in Corporate Law", beginning on page 101 of this prospectus, for additional information on our directors' fiduciary duties under British Virgin Islands law. In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles of Association. We have the right to seek damages if a duty owed by our directors is breached.

The functions and powers of our board of directors include, among others:

&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 the company and mortgaging the property of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing checks, promissory notes and other negotiable instruments on behalf of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining or registering a register of relevant charges of the company.

#### Terms of Directors
Each of our directors holds office for the term, if any, fixed by the resolution of shareholders or resolution of directors appointing him/her, or until his/her earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his/her earlier death, resignation or removal.

#### Qualification
There is currently no shareholding qualification for directors.

#### Insider Participation Concerning Executive Compensation
Our Board of Directors, which will consist of five members upon the effectiveness of the registration statement of which this prospectus is a part, is making all determinations regarding executive officer compensation from the time the Company first entered into employment agreements with executive officers up until the time where the three independent directors will be installed.

#### Committees of the Board of Directors
*Audit Committee.* Our audit committee will consist of Yuen, Ka Lok, Ernest, Chung, Chi Kit and Chan, Leo. Chan, Leo will be the chairman of our audit committee. We have determined that Yuen, Ka Lok, Ernest, Chung, Chi Kit and Chan, Leo will satisfy the "independence" requirements of Section [•] of the applicable U.S. stock exchange listing rules and Rule 10A-3 under the Exchange Act. Our board also has determined that Chan, Leo qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication within the meaning of the applicable U.S. national securities exchange rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

&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;

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

&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 Yuen, Ka Lok, Ernest, Chung, Chi Kit, and Chan, Leo. Chung, Chi Kit will be the chairman of our compensation committee. 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 to the board with respect to the total compensation package for our most senior executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving reviewing and recommending to the board with respect to the compensation of our directors; and overseeing the total compensation package for our executives other than the most senior executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any long-term incentive compensation or equity plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person's independence from management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of Yuen, Ka Lok, Ernest, Chung, Chi Kit, and Chan, Leo. Yuen, Ka Lok, Ernest will be the chairperson of our nominating and corporate governance committee. 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;• identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending to our board the directors to serve as members of committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and

&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.

#### Employment Agreements and Indemnification Agreements
We have entered into employment agreements with each of our executive officers. Pursuant to these employment agreements, each of our executive officers is employed for a specified time period. We may terminate employment for cause, at any time, for certain acts of the executive officer, such as willful failure by the executive officer to comply with his/her material obligations, or the executive officer's commission of any act of fraud or gross negligence in the course of his/her employment. We may also terminate an executive officer's employment without cause upon thirty-day advance written notice.

Each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and for twelve months following the last date of employment. Specifically, each executive officer has agreed not to (i) engage in, or otherwise directly or indirectly being employed by or acting as a

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

consultant or lender to, or being a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting the executive officer's name to be used in connection with the activities of, any other business or organization which competes, directly or indirectly, with us; (ii) solicit or seek to solicit from any customer doing business with us during the term; or (iii) otherwise interfere with the business or accounts of us. The following is a summary of material terms of our executive officers' employment agreements. For complete terms, please see the respective employment agreements attached as exhibits to this registration statement

*Cheng, Ka Ki Employment Agreement*

On March 1, 2025, we entered into an executive employment agreement with Ms. Cheng Ka Ki as Chief Executive Officer, Chairman and Director which filed as Exhibit 10.1 to this registration statement. Pursuant to the employment agreement, the term of the employment commenced on March 1, 2025 and shall end on March 1, 2027, unless terminated earlier pursuant to the terms of the employment agreement. Upon expiration of this initial term of employment, the employment shall be automatically extended for successive 12-month periods unless terminated earlier pursuant to the terms of the employment agreement. Ms. Cheng shall receive annual cash compensation of HKD 650,000. The executive's salary, remuneration and benefits shall be reviewed by the board (or its designated compensation committee) and/or the management of the Company in accordance with the relevant policies adopted by the Company from time to time. We may terminate the employment for cause, at any time, by summary notice in writing with immediate effect without payment in lieu of notice, for certain acts of the executive, including but not limited to: (i) commission of any act of fraud or gross negligence in the course of her employment; (ii) willful material misrepresentation at any time by the executive to the board; (iii) the willful failure or refusal to comply with any of the executive's material obligations or to comply with a reasonable and lawful instruction of the board; or (iv) engagement by the executive in any misconduct or the commission by the executive of any act that is materially injurious or detrimental to the substantial interest of the Company and/or its subsidiaries and affiliated entities, as determined by the board. The executive has agreed, throughout the term of her employment and at all times thereafter, that the executive shall keep in strict confidence and not to use all non-public information relating to the know-how, technology, business, financial condition and other aspects of the Company. In addition, the executive has agreed to be bound by non-competition and non-solicitation restrictions during the term of his employment and for twelve (12) months following termination of her employment.

*Leung, Wing Hong Employment Agreement*

On March 1, 2025, we entered into an executive employment agreement with Mr. Leung, Wing Hong as Chief Financial Officer which is filed as Exhibit 10.2 to this registration statement. Pursuant to the employment agreement, the term of the employment commenced on March 1, 2025 and shall end on March 1, 2027, unless terminated earlier pursuant to the terms of the employment agreement. Upon expiration of this initial term of employment, the employment shall be automatically extended for successive 12-month periods unless terminated earlier pursuant to the terms of the employment agreement. Mr. Leung shall receive annual cash compensation of HKD 260,000. The executive's salary, remuneration and benefits shall be reviewed by the board (or its designated compensation committee) and/or the management of the Company in accordance with the relevant policies adopted by the Company from time to time. We may terminate the employment for cause, at any time, by summary notice in writing with immediate effect without payment in lieu of notice, for certain acts of the executive, including but not limited to: (i) commission of any act of fraud or gross negligence in the course of his employment; (ii) willful material misrepresentation at any time by the executive to the board; (iii) the willful failure or refusal to comply with any of the executive's material obligations or to comply with a reasonable and lawful instruction of the board; or (iv) engagement by the executive in any misconduct or the commission by the executive of any act that is materially injurious or detrimental to the substantial interest of the Company and/or its subsidiaries and affiliated entities, as determined by the board. The executive has agreed, throughout the term of his employment and at all times thereafter, that the executive shall keep in strict confidence and not to use all non-public information relating to the know-how, technology, business, financial condition and other aspects of the Company. In addition, the executive has agreed to be bound by non-competition and non-solicitation restrictions during the term of his employment and for twelve (12) months following termination of his employment.

*Wong, Man Yin Vanessa Employment Agreement*

On March 1, 2025, we entered into an executive employment agreement with Ms. Wong, Man Yin Vanessa as General Manager of Sales which is filed as Exhibit 10.3 to this registration statement. Pursuant to the employment agreement, the term of the employment commenced on March 1, 2025 and shall end on March 1, 2027, unless terminated earlier pursuant to the terms of the employment agreement. Upon expiration of this initial term of employment, the

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

employment shall be automatically extended for successive 12-month periods unless terminated earlier pursuant to the terms of the employment agreement. Ms. Wong shall receive annual cash compensation of HKD 481,000. The executive's salary, remuneration and benefits shall be reviewed by the board (or its designated compensation committee) and/or the management of the Company in accordance with the relevant policies adopted by the Company from time to time. We may terminate the employment for cause, at any time, by summary notice in writing with immediate effect without payment in lieu of notice, for certain acts of the executive, including but not limited to: (i) commission of any act of fraud or gross negligence in the course of her employment; (ii) willful material misrepresentation at any time by the executive to the board; (iii) the willful failure or refusal to comply with any of the executive's material obligations or to comply with a reasonable and lawful instruction of the board; or (iv) engagement by the executive in any misconduct or the commission by the executive of any act that is materially injurious or detrimental to the substantial interest of the Company and/or its subsidiaries and affiliated entities, as determined by the board. The executive has agreed, throughout the term of her employment and at all times thereafter, that the executive shall keep in strict confidence and not to use all non-public information relating to the know-how, technology, business, financial condition and other aspects of the Company. In addition, the executive has agreed to be bound by non-competition and non-solicitation restrictions during the term of his employment and for twelve (12) months following termination of her employment.

Except as disclosed above, the Company has not entered into any employment agreements with its officers.

The following is a summary of material terms of our directors' employment agreements. For complete terms, please see the respective employment agreements attached as exhibits to this registration statement

*Kong, Ka Yin Employment Agreement*

On March 1, 2025, we entered into an executive employment agreement with Ms. Kong, Ka Yin as Director which is filed as Exhibit 10.4 to this registration statement. Pursuant to the employment agreement, the term of the employment commenced on March 1, 2025 and shall end on March 1, 2027, unless terminated earlier pursuant to the terms of the employment agreement. Upon expiration of this initial term of employment, the employment shall be automatically extended for successive 12-month periods unless terminated earlier pursuant to the terms of the employment agreement. Ms. Kong shall receive annual cash compensation of HKD 455,000. The executive's salary, remuneration and benefits shall be reviewed by the board (or its designated compensation committee) and/or the management of the Company in accordance with the relevant policies adopted by the Company from time to time. We may terminate the employment for cause, at any time, by summary notice in writing with immediate effect without payment in lieu of notice, for certain acts of the executive, including but not limited to: (i) commission of any act of fraud or gross negligence in the course of her employment; (ii) willful material misrepresentation at any time by the executive to the board; (iii) the willful failure or refusal to comply with any of the executive's material obligations or to comply with a reasonable and lawful instruction of the board; or (iv) engagement by the executive in any misconduct or the commission by the executive of any act that is materially injurious or detrimental to the substantial interest of the Company and/or its subsidiaries and affiliated entities, as determined by the board. The executive has agreed, throughout the term of her employment and at all times thereafter, that the executive shall keep in strict confidence and not to use all non-public information relating to the know-how, technology, business, financial condition and other aspects of the Company. In addition, the executive has agreed to be bound by non-competition and non-solicitation restrictions during the term of his employment and for twelve (12) months following termination of her employment.

Except as disclosed above, the Company has not entered into any employment agreements with its directors.

We have entered into indemnification agreements with each of our directors and executive officers, the form of which is filed as Exhibit 10.5 to this Registration Statement. 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.

#### Corporate Governance
The business and affairs of the company are managed under the direction of our Board. We have conducted Board meetings regularly since inception. Each of our directors has attended all meetings either in person, via telephone conference, or through written consent for special meetings. In addition to the contact information in this prospectus, the Board has adopted procedures for communication with the officers and directors as the date hereof. Each shareholder will be given specific information on how he/she can direct communications to the officers and directors of the Company at our annual shareholders' meetings. All communications from shareholders are relayed to the members of the Board.

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

#### COMPENSATION

#### Compensation of Executive Officers
For the year ended September 30, 2025, we paid an aggregate of HKD815,009 (US$104,745) in aggregate compensation to our executive officers.\*

____________

\* As a foreign private issuer that furnishes information pursuant to Item 6.B of Form 20-F, the Company is not required to disclose compensation on an individual basis because such disclosure is not required by the Company's home jurisdiction and is not otherwise publicly disclosed by the Company.

#### Compensation of Directors
For the fiscal year ended September 30, 2025, we paid an aggregate of HKD895,000 (US$115,025) in aggregate compensation to our directors.\*

____________

\* As a foreign private issuer that furnishes information pursuant to Item 6.B of Form 20-F, the Company is not required to disclose compensation on an individual basis because such disclosure is not required by the Company's home jurisdiction and is not otherwise publicly disclosed by the Company.

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

#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our Class A Ordinary Shares as of the date of this prospectus, and as adjusted to reflect the sale of the Class A Ordinary Share offered in this offering for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors, director nominees and executive officers who beneficially own our Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to own beneficially more than 5.0% of our Class A Ordinary Shares.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially owned by them. Percentage of beneficial ownership of each listed person prior to this offering is based on 16,000,000 Class A Ordinary Shares and 3,300,000 Class B Ordinary Shares outstanding as of the date of this prospectus. Percentage of beneficial ownership of each listed person after this offering includes Ordinary Shares outstanding immediately after the completion of this offering.

The number and percentage of Ordinary Shares beneficially owned after the offering are based on 19,750,000 Class A Ordinary Shares outstanding following the sale of 3,750,000 Class A Ordinary Shares in the offering (assuming no exercise by the underwriters of their over-allotment option to purchase additional Class A Ordinary Shares) and 3,300,000 Class B Ordinary Shares outstanding. Information with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of 5% or more of either our Class A Ordinary Shares or Class B Ordinary Shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Class A Ordinary Shares and/or Class B Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Class A Ordinary Shares and Class B Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person. As of the date of this prospectus, we have 12 shareholders of record, none of which are located in the United States.

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name of Beneficial <br>Owner** | **Beneficial Ownership Prior to the Offering** | **Beneficial Ownership Prior to the Offering** | **Beneficial Ownership Prior to the Offering** | **Beneficial Ownership Prior to the Offering** | **Beneficial Ownership Prior to the Offering** | **Beneficial Ownership Prior to the Offering** | **Beneficial Ownership Prior to the Offering** | **Beneficial Ownership After the Offering** | **Beneficial Ownership After the Offering** | **Beneficial Ownership After the Offering** | **Beneficial Ownership After the Offering** | **Beneficial Ownership After the Offering** | **Beneficial Ownership After the Offering** | **Beneficial Ownership After the Offering** |
|  **Name of Beneficial <br>Owner** | **<br>Class A <br>Ordinary Shares** | **<br>Class A <br>Ordinary Shares** | **<br>Class B <br>Ordinary Shares** | **<br>Class B <br>Ordinary Shares** | **Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Aggregate <br>Voting <br>Power\*\*** | **<br>Class A <br>Ordinary Shares** | **<br>Class A <br>Ordinary Shares** | **<br>Class B <br>Ordinary Shares** | **<br>Class B <br>Ordinary Shares** | **Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Aggregate <br>Voting <br>Power\*\*** |
|  **Name of Beneficial <br>Owner** | **Number** | **% of <br>Beneficial <br>ownership** | **Number** | **% of <br>Beneficial <br>ownership** | **Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Aggregate <br>Voting <br>Power\*\*** | **Number** | **% of <br>Beneficial <br>ownership** | **Number** | **% of <br>Beneficial <br>ownership** | **Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Total <br>Ordinary <br>Shares on an <br>As-Converted <br>Basis\*** | **% of <br>Aggregate <br>Voting <br>Power\*\*** |
|  **Directors and Executive Officers**<sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Cheng, Ka Ki<sup>(2)</sup> | 8039000 | 50.2% | 3300000 | 100% | 11339000 | 58.8% | 90.3% | 8039000 | 40.7% | 3300000 | 100% | 11339000 | 49.2% | 86.3% |
|  Leung, Wing Hong |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Wong, Man Yin Vanessa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Kong, Ka Yin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Yuen, Ka Lok, Ernest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Chung, Chi Kit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Chan, Leo |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Directors and executive officers as a group** | 8039000 | 50.2% | 3300000 | 100% | 11339000 | 58.8% | 90.3% | 8039000 | 40.7% | 3300000 | 100% | 11339000 | 49.2% | 86.3% |
|  **5% of Greater Shareholders:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Prosper Spring Group Limited<sup>(2)</sup> | 8039000 | 50.2% | 3300000 | 100% | 11339000 | 58.8% | 90.3% | 8039000 | 40.7% | 3300000 | 100% | 11339000 | 49.2% | 86.3% |

---

____________

\* Our Class B Ordinary Shares are convertible at any time by the holder thereof into Class A Ordinary Shares on a one-for-one basis.

\*\* For each person or group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our Class A and Class B Ordinary Shares as a single class. Each holder of Class B Ordinary Shares is entitled to twenty (20) votes per share, subject to certain conditions, and each holder of our Class A Ordinary Shares is entitled to one (1) vote per share on all matters submitted to them for a vote. Our Class A Ordinary Shares and Class B Ordinary Shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

(1) Unless otherwise indicated, the business address of each of the individuals is Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon.

(2) Includes 8,039,000 Class A Ordinary Shares and 3,300,000 Class B Ordinary Shares owned through Prosper Spring Group Limited, a BVI company of which Ms. Cheng Ka Ki is the sole owner and a director. Ms. Cheng Ka Ki has the voting, dispositive or investment powers over such Ordinary Shares. The address of Prosper Spring Group Limited is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

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

#### RELATED PARTY TRANSACTIONS
**Related parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.**

**Set forth below are the related party transactions that the Company has entered into during the past three fiscal years and up to the date of this prospectus.**

#### Material Transactions with Related Parties
The following is a summary of related party's balances as of September 30, 2023, 2024 and 2025:

Ms. Cheng Ka Ki, is a director and Chief Executive Officer of the Company.

<u><u>Amount due from a related party</u></u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **As of September 30,** | **As of September 30,** |
|  **Name of related party** | **Relationship** | **Nature of transactions** | **2023** | **2024** | **2025** | **2025** |
|  |  |  | **HKD** | **HKD** | **HKD** | **US$** |
|  New Jumbo Global Limited | Ms. Cheng Ka Ki is a director | Payments made by the Company on behalf of New Jumbo Global Limited ("New Jumbo") for New Jumbo's operations. The balances were settled by January 3, 2025. | $61570 | $77730 | $— | $— |
|  Total |  |  | $61570 | $77730 | $— | $— |

---

<u><u>Amounts due to related parties</u></u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **As of September 30,** | **As of September 30,** |
|  **Name of related party** | **Relationship** | **Nature of transactions** | **2023** | **2024** | **2025** | **2025** |
|  |  |  | **HKD** | **HKD** | **HKD** | **US$** |
|  Ms. Cheng Ka Ki | Chief Executive Officer and Director of the Company | Payments made on behalf of the Company for the Company's operations. The balances were settled by April 11, 2025. | $455224 | $— | $— | $— |
|  Splendid Wealth Investments Limited | Ms. Cheng Ka Ki is a director | Advances made to the Company for working capital purposes. The balance was interest-free, unsecured and repayable on demand. The balances were settled by January 2, 2025. | $37920079 | $48903919 | $— | $— |
|  Total |  |  | $38375303 | $48903919 | $118322 | $15209 |

---

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

<u>Sales of products to a related party</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **For the years ended <br>September 30,** | **For the years ended <br>September 30,** |
|  **Name of related party** | **Relationship** | **Nature of transactions** | **2023** | **2024** | **2025** | **2025** |
|  |  |  | **HKD** | **HKD** | **HKD** | **US$** |
|  Asia Pacific Jewellery Group Limited | Controlled by an immediate family member of a director of the Company until March 26, 2025 | Sales of finished jewelry products and loose pearls | $— | $— | $11800000 | $1516534 |
|  Total |  |  | $— | $— | $11800000 | $1516534 |

---

<u><u>Purchase of products from a related party</u></u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | **For the years ended <br>September 30,** | **For the years ended <br>September 30,** |
|  **Name of related party** | **Relationship** | **Nature of transactions** | **2023** | **2024** | **2025** | **2025** |
|  |  |  | **HKD** | **HKD** | **HKD** | **US$** |
|  Asia Pacific Jewellery Group Limited | Controlled by an immediate family member of a director of the Company until March 26, 2025 | Purchase of jewelry materials and pearls | $— | $— | $3132135 | $402542 |
|  Total |  |  | $— | $— | $3132135 | $402542 |

---

#### Employment Agreements
*See "MANAGEMENT — Employment Agreements and Indemnification Agreements."*

#### Policies and Procedures for Related Party Transactions
Our board of directors will establish an audit committee upon the effectiveness of the registration statement of which this prospectus forms a part, which will be tasked with review and approval of all related party transactions.

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

#### DESCRIPTION OF SHARE CAPITAL
We were incorporated as a BVI business company under the laws of the British Virgin Islands on January 28, 2025. As of the date of this prospectus, we are authorized to issue a maximum of 440,000,000 Class A Ordinary Shares, with no par value per share, and 60,000,000 Class B Ordinary Shares, with no par value per share.

As of the date of this prospectus, there were 16,000,000 Class A Ordinary Shares and 3,300,000 Class B Ordinary Shares issued and outstanding.

The following are summaries of the material provisions of our Memorandum and Articles of Association and the BVI Act, insofar as they relate to the material terms of our Class A Ordinary Shares. The forms of our Memorandum and Articles of Association are filed as exhibits to the registration statement of which this prospectus forms a part.

#### Ordinary Shares

#### Class A Ordinary Shares
Each Class A Ordinary Share in the Company confers upon the shareholder the right to one (1) vote per share at a meeting of the shareholders of the Company or on any resolution of shareholders. Holders of our Class A Ordinary Share will vote together with holders of our Class B Ordinary Share as a single class on all matters presented to our shareholders for their vote approval.

Each Class A Ordinary Share in the Company confers upon the shareholder the right to an equal share in any dividend paid by the Company.

Each Class A Ordinary Share in the Company confers upon the shareholder the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

Class A Ordinary Shares are not convertible into Class B Ordinary Shares at any time.

All of our issued Class A Ordinary Shares are fully paid and non-assessable. Certificates representing the Class A Ordinary Shares are issued in registered form. Our shareholders who are non-residents of the BVI may freely hold and vote their Class A Ordinary Shares.

At the completion of this offering, there will be 19,750,000 Class A Ordinary Shares issued and outstanding, assuming no exercise by the underwriters of their over-allotment option to purchase additional Class A Ordinary Shares.

#### Class B Ordinary Shares
Each Class B Ordinary Share in the Company confers upon the shareholder the right to twenty (20) votes at a meeting of the shareholders of the Company or on any resolution of shareholders. Holders of our Class B Ordinary Share will vote together with holders of our Class A Ordinary Share as a single class on all matters presented to our shareholders for their vote approval.

Each Class B Ordinary Share in the Company confers upon the shareholder the right to an equal share in any dividend paid by the Company.

Each Class B Ordinary Share in the Company confers upon the shareholder the right to an equal share in the distribution of the surplus assets of the Company on its liquidation.

Each Class B Ordinary Share shall be converted at the option of the holder, at any time after issue and without the payment of any additional sum, into such number of Class A Ordinary Shares, as may be issued at the conversion rate of 1:1 basis from Class B Ordinary Shares to Class A Ordinary Shares ("Conversion Rate"), of fully paid Class A Ordinary Shares calculated at the Conversion Rate. Any and all taxes and stamp, issue and registration duties (if any) arising on conversion shall be borne by the holder of Class B Ordinary Shares requesting conversion. Any future issuances of Class B Ordinary Shares may be dilutive to holders of Class A Ordinary Shares.

At the completion of this offering, there will be 3,300,000 Class B Ordinary Shares issued and outstanding.

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

#### Listing
We will apply to list our Class A Ordinary Shares on the [•] under the symbol "[•]". We cannot guarantee that we will be successful in listing on [•]; however, we will not complete this offering unless we receive approval letter for our listing.

#### Transfer Agent and Registrar
The transfer agent and registrar for the Class A Ordinary Shares is Transhare Corporation.

#### Dividends
The holders of our Class A Ordinary Shares are entitled to such dividends as may be declared by our board of directors subject to the BVI Act. Our Memorandum and Articles of Association provide that our directors may, by resolution of directors, authorize 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 satisfy its debts as they fall due in the ordinary course of business.

#### Voting Rights
Pursuant to our Memorandum and Articles of Association, at each general meeting of our Company, on a poll, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) shall have one (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share which such shareholder holds. The holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions of the shareholders. At any general meeting, 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. There are no prohibitions to cumulative voting under the laws of the BVI, but our Memorandum and Articles of Association do not provide for cumulative voting.

#### Meetings of shareholders
Any of our directors may convene a meeting of shareholders at any time and in any manner and place the director considers necessary or desirable. The director convening a meeting must not give less than seven clear calendar days' notice of the meeting to those shareholders whose names appear as shareholders in the register of shareholders on the date of the notice and are entitled to vote at the meeting, and the other directors. Our board of directors must convene a meeting of shareholders upon the written request of shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which the meeting is requested. A meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 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 shareholder at the meeting shall constitute waiver in relation to all the shares which that shareholder holds.

The quorum for 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% of the votes of the shares (or class or series of shares) entitled to vote on the resolutions to be considered at the meeting. A quorum may comprise a single shareholder or proxy. If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of the shareholders, will be dissolved. In any other case, it will 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 entitle to vote on the matter to be considered by the meeting, those present will constitute a quorum but otherwise the meeting will be dissolved or stand further adjourned at the discretion of the chairman of the board or, if different, the chairman of the meeting.

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

#### Meetings of directors
Our business and affairs are managed by our board of directors, who will make decisions by voting on resolutions of directors. Our directors are free to meet at such times and in such manner and places within or outside the BVI as the directors determine to be necessary or desirable. A director must be given not less than 3 calendar days' notice of a meeting of directors. At any meeting of directors, a quorum will be present if not less than one half of the total number of directors is present, unless there are only 2 directors in which case the quorum is 2. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by all directors. A person other than an individual which is a shareholder may by a resolution of its directors or other governing body authorize any individual it thinks fit to act as its representative at any meeting of shareholders. The duly authorized representative shall be entitled to exercise the same powers on behalf of the person which he represents as that person could exercise if it were an individual.

#### Protection of Minority Shareholders
In certain limited circumstances, a shareholder has the right to seek various remedies against the company in the event the directors are in breach of their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the company, the courts of the BVI may, on application of a shareholder or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles. Furthermore, pursuant to section 184I(1) of the BVI Act a shareholder of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any 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 courts of the BVI for an order which, inter alia, can require the company or any other person to pay compensation to the shareholders.

If we are deemed insolvent for the purposes of the Insolvency Act (i.e., (1) it fails to comply with the requirements of a statutory demand that has not been set aside under section 157 of the Insolvency Act; (2) the execution or other process issued on a judgment, decree or order of a BVI Court in favor of a creditor of the company is returned wholly or partly unsatisfied; or (3) either the value of the company's liabilities exceeds its assets, or the company is unable to pay its debts as they fall due), there are very limited circumstances where prior payments made to shareholders or other parties may be deemed to be a "voidable transaction" for the purposes of the Insolvency Act. A voidable transaction would include, for these purposes, payments made as "unfair preferences" or "transactions at an undervalue." A liquidator appointed over an insolvent company who considers that a particular transaction or payment is a voidable transaction under the Insolvency Act could apply to the BVI Courts for an order setting aside that payment or transaction in whole or in part.

#### Unclaimed Dividend
A dividend that remains unclaimed for a period of three years after it became due for payment may be forfeited, by resolutions of directors, to, and shall cease to remain owing by, the company.

#### Pre-emptive Rights
There are no pre-emptive rights applicable to the issue by us of new Class A Ordinary Shares under either BVI law or our Memorandum and Articles of Association.

#### Transfer of Class A Ordinary Shares
Subject to the restrictions in our Memorandum and Articles of Association, the lock-up agreements with the representative of the underwriters described in "Shares Eligible for Future Sale — Lock-Up Agreements" and applicable securities laws, any of our shareholders may transfer all or any of his or her Class A 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 not resolve to refuse or delay the transfer of any Class A Ordinary Share unless the shareholder has failed to pay an amount due in respect of it.

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

#### Forfeiture of Ordinary Shares
Our Company's shares that are not fully paid on issue are subject to the forfeiture provisions set forth in our Articles of Association. For this purpose, shares of our Company issued for a promissory note or a contract for future services are deemed to be not fully paid.

If a shareholder fails to pay any call the directors may give to such shareholder not less than 14 days' written notice requiring payment and specifying the amount unpaid including any interest which may have accrued, any expenses which have been incurred by us due to that person's default and the place where payment is to be made. The written notice shall also contain a warning that if the notice is not complied with, the shares in respect of which the call is made will be liable to be forfeited.

If such notice is not complied with, the directors may, before the payment required by the notice has been received, resolve that any share the subject of that notice be forfeited (which forfeiture shall include all dividends or other monies payable in respect of the forfeited share and not paid before such forfeiture).

A forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the directors think fit.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, and that member shall be discharged from any further obligation to the Company.

#### Redemption and Purchase of Ordinary Shares
We may purchase, redeem or otherwise acquire and hold our own Ordinary Shares save that we may not purchase, redeem or otherwise acquire our own Ordinary Shares without the consent of the shareholders whose Ordinary Shares are to be purchased, redeemed or otherwise acquired unless we are permitted or required by the BVI Act or any other provision in the Memorandum or Articles to purchase, redeem or otherwise acquire the Ordinary Shares without such consent.

#### Inspection of Books and Records
Under the BVI Act, holders of our Class A Ordinary Shares are entitled, upon giving written notice to us, to inspect (i) our Memorandum and Articles of Association, as amended and restated from time to time; (ii) the register of members, (iii) the register of directors and (iv) minutes of meetings and resolutions of members, 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.

#### Issuance of Ordinary Shares
Subject to the BVI Act and to our Memorandum and Articles of Association, shares in our Company may be issued, and options to acquire shares in our Company granted, at such times, to such persons, for such consideration and on such terms as the directors may determine.

#### Directors
Under the Memorandum and Articles of Association, we are required to have a minimum of one director and the maximum number of directors shall be unlimited. For as long as our Class A Ordinary Shares are listed or quoted on any Designated Stock Exchange (as defined in the Articles of Association), the board of directors shall include at least such number of independent directors as applicable law, rules or regulations of the Designated Stock Exchange require as determined by the directors.

A director may be appointed by ordinary resolution or by the directors for such term as the shareholders or the directors determine. Any appointment may be to fill a vacancy or as an additional director.

The directors or, if our Class A Ordinary Shares (or depository receipts therefor) are listed or quoted on any Designated Stock Exchange and if required by the rules of such 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.

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

Under our Memorandum and Articles of Association, there is no shareholding qualification required for directors.

Pursuant to our Memorandum and Articles of Association, each of our directors holds office for the term, if any, fixed by the resolution of shareholders or resolution of directors appointing him/her, or until his/her earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his/her earlier death, resignation or removal.

A director may be removed from office with or without cause by, a resolution of shareholders passed at a meeting of the 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 a least seventy-five per cent (75%) of the shareholders of the Company entitled to vote; or a resolution of directors.

A director may at any time resign from office by giving us notice in writing. Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is received by us.

A director shall resign forthwith as a director of the Company if he is, or becomes, disqualified from acting as a director under the BVI Act.

Each of the compensation committee and the nominating and corporate governance committee shall consist of at least three directors and the majority of the committee members shall be independent within the meaning of the applicable U.S. national securities exchange corporate governance rules. The audit committee shall consist of at least three directors, all of whom shall be independent within the meaning of the applicable U.S. national securities exchange corporate governance rules and will meet the criteria for independence set forth in Rule 10A-3 or Rule 10C-1 of the Exchange Act.

#### Liquidation Rights
As permitted by BVI Act and our Memorandum and Articles of Association, the Company may be voluntarily liquidated under Part XII of the BVI Act, by a resolution of directors or a resolution of shareholders 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 by resolution of directors and resolution of shareholders. On a liquidation, on winding up or other return of assets of the Company to shareholders (other than on conversion, redemption or purchase of Ordinary Shares), assets available for distribution among the holders of Ordinary Shares shall be distributed among the holders of the Ordinary Shares on a pro rata basis.

#### Differences in Corporate Law
The BVI Act and the laws of the BVI affecting BVI companies like us and our shareholders differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the BVI applicable to us and, for illustrative purposes only, the Delaware General Corporation Law (the "DGCL"), which governs companies incorporated in the state of Delaware.

#### Mergers and Similar Arrangements
Under the BVI Act, two or more companies, each a "constituent Company", may merge or consolidate in accordance with Section 170 of the BVI Act. 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 or proposed transaction is (i) between the director and the company and (ii) the transaction or proposed transaction is or is to be entered into in the ordinary course of the company's business and on usual terms and conditions.

Notwithstanding the above, a transaction entered into by the company is not voidable if (a) the material facts of the interest of the director in the transaction are known by the shareholders entitled to vote at a meeting of shareholders and the transaction is approved or ratified by a resolution of shareholders; or (b) the company received fair value for the transaction.

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

Shareholders not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any provision that, if proposed as an amendment to the Memorandum or Articles, would entitle them to vote as a class or series on the proposed amendment. 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. 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 shares pursuant to 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 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 who gave written objection within 20 days immediately following the date of the shareholders' approval. 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 BVI Act 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 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 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 30 days to agree upon the price. If the company and a shareholder fail to agree on the price within the 30 days, then the company and the shareholder shall, within 20 days immediately following the expiration of the 30-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.

Under Delaware law each corporation's board of directors must approve a merger agreement. The merger agreement must state, among other terms, the terms of the merger and method of carrying out the merger. This agreement must then be approved by the majority vote of the outstanding stock entitled to vote at an annual or special meeting of each corporation, and no class vote is required unless provided in the certificate of incorporation.

Delaware permits an agreement of merger to contain a provision allowing the agreement to be terminated by the board of directors of either corporation, notwithstanding approval of the agreement by the stockholders of all or any of the corporations (1) at any time prior to the filing of the agreement with the Secretary of State or (2) after filing if the agreement contains a post-filing effective time and an appropriate filing is made with the Secretary of State to terminate the agreement before the effective time. In lieu of filing an agreement of merger, the surviving corporation may file a certificate of merger, executed in accordance with Section 103 of the DGCL. The surviving corporation is also permitted to amend and restate its certification of incorporation in its entirety. The agreement of merger may also provide that it may be amended by the board of directors of either corporation prior to the time that the agreement filed with the Secretary of State becomes effective, even after approval by stockholders, so long as any amendment made after such approval does not adversely affect the rights of the stockholders of either corporation and does not change any term in the certificate of incorporation of the surviving corporation. If the agreement is amended after filing but before becoming effective, an appropriate amendment must be filed with the Secretary of State. If the surviving corporation is not a Delaware corporation, it must consent to service of process for enforcement of any obligation of the corporation arising as a result of the merger; such obligations include any suit by a stockholder of the disappearing Delaware corporation to enforce appraisal rights under Delaware law.

If a proposed merger or consolidation for which appraisal rights are provided is to be submitted for approval at a shareholder meeting, the subject company must give notice of the availability of appraisal rights to its shareholders at least 20 days prior to the meeting.

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

A dissenting shareholder who desires to exercise appraisal rights must (a) not vote in favor of the merger or consolidation; and (b) continuously hold the shares of record from the date of making the demand through the effective date of the applicable merger or consolidation. Further, the dissenting shareholder must deliver a written demand for appraisal to the company before the vote is taken. The Delaware Court of Chancery will determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the court will take into account "all relevant factors." Unless the Delaware Court of Chancery in its discretion determines otherwise, interest from the effective date of the merger through the date of payment of the judgment will be compounded quarterly and accrue at 5% over the Federal Reserve discount rate.

#### Indemnification of Directors and Officers
BVI 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 provision providing indemnification may be held by the BVI courts to be contrary to public policy (e.g. for purporting to provide indemnification against civil fraud or the consequences of committing a crime).

Under our Memorandum and Articles of Association, we may 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 of, or in any other capacity is or was acting for, another company 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 DGCL for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been advised 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 BVI law, the directors owe the company certain statutory and fiduciary duties including, among others, a duty to act honestly, in good faith, for a proper purpose and with a view to what the directors believe to be in the best interests of the company. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken. In exercising the powers of a director, the directors ensure neither they nor the company acts in a manner which contravenes the BVI Act or our Memorandum and Articles of Association, as amended and restated from time to time. A shareholder has the right to seek damages for breaches of duties owed to us by our directors.

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances.

Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he 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.

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

However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

#### Shareholder action by Written Consent
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. Pursuant to our Memorandum and Articles of Association, an action that may be taken by the shareholders of our Company at a meeting may also be taken by a resolution of shareholders of our Company consented to in writing, without the need for any notice, but if any resolution of shareholders of our Company is adopted otherwise than by the unanimous written consent of all shareholders of our Company, a copy of such resolution shall forthwith be sent to all shareholders of our Company not consenting to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more shareholders of our Company. 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 shareholders of our Company have consented to the resolution by signed counterparts. Under the DGCL, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation.

#### Shareholder Proposals
BVI and our Memorandum and Articles of Association provide that shareholders holding 30% or more of the voting rights entitled to vote on any matter for which a meeting is to be requested may request that the directors shall requisition a shareholder's meeting. Under the DGCL, 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.

As a BVI company, we are not obliged by law to call shareholders' annual general meetings, but our Memorandum and Articles of Association do permit the directors to 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. The location of any shareholders' meeting can be determined by the board of directors and can be held anywhere in the world.

#### Cumulative Voting
There are no prohibitions in relation to cumulative voting under the laws of the BVI but our Memorandum and Articles of Association do not provide for cumulative voting. Under the DGCL, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. 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 our Memorandum and Articles of Association, a director of our Company may be removed from office, with or without cause, by a resolution of shareholders of our Company passed at a meeting of shareholders of our Company called for the purposes of removing the director of for purposes including the removal of the director or by written resolution passed by at least 75 percent of the votes of the shareholders of our Company entitled to vote, or by a resolution of directors of our Company. Under the DGCL, 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.

#### Transactions with Interested Shareholders
The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested

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

shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or more of the target's outstanding voting shares 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 public corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

#### Dissolution; Winding Up
Under our Memorandum and Articles of Association, we may appoint a voluntary liquidator by a resolution of the shareholders of our Company or by resolution of directors of our Company. 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.

#### 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 BVI law and our Memorandum and Articles of Association, if at any time our shares are divided into different classes of shares, the rights attached to any class of shares of the Company 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 of the issued shares of that class.

#### Amendment of Governing Documents
As permitted by BVI law, our Memorandum and Articles of Association may be amended with a resolution of our shareholders or, subject to certain exceptions, by resolutions of directors. An amendment is effective from the date it is registered at the Registry of Corporate Affairs in the BVI. 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.

#### Anti-Money Laundering — BVI
In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases, the directors may be satisfied that no further information is required since an exception applies under the Anti-Money Laundering Regulations (as revised) of the BVI, as amended and revised from time to time or any other applicable law. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

If any person resident in the BVI knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or suspicion came to their attention in the course of their business the person will be required to report his belief or suspicion to the Financial Investigation Agency of the BVI, pursuant to the Proceeds of Criminal Conduct Act 1997 (as amended). Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

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

#### SHARES ELIGIBLE FOR FUTURE SALE
Before this offering, there has not been a public market for our Class A Ordinary Shares, including our Class A Ordinary Shares, and while we have applied for approval to have our Class A Ordinary Shares listed on the [•], we cannot assure you that a liquid trading market for the Class A Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of Class A Ordinary Shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Class A Ordinary Shares to fall or impair our ability to raise equity capital in the future.

Upon completion of this offering and assuming the issuance of 3,750,000 Class A Ordinary Shares offered hereby and exclusion of the exercise of underwriter's over-allotment options, we will have an aggregate of 19,750,000 Class A Ordinary Shares outstanding. Of that amount, 3,750,000 Class A Ordinary Shares will be publicly held by investors participating in this offering, and 16,000,000 Class A Ordinary Shares will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

In addition to the 3,750,000 Class A Ordinary Shares to be issued and sold by us in this offering, this registration statement also includes a resale prospectus covering the resale of 1,568,000 Class A Ordinary Shares by certain of our existing shareholders (which are included in the 16,000,000 Class A Ordinary Shares held by our existing shareholders immediately following this offering). These 1,568,000 Class A Ordinary Shares will be freely tradeable without restriction under the Securities Act immediately upon the effectiveness of this registration statement and the listing of our Class A Ordinary Shares on the [•], subject to the conditions described in the resale prospectus included herein.

The Class A Ordinary Shares sold in this offering will be freely transferable by persons other than our affiliates in the United States without restriction or further registration under the Securities Act. The Class A Ordinary Shares purchased by one of our affiliates may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

All of our Class A Ordinary Shares and Class B Ordinary Shares that will be outstanding upon the completion of this offering, other than those Class A Ordinary Shares sold in this offering are "restricted securities", as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which are summarized below.

#### Lock-Up Agreements
Our directors, executive officers and holders of 5% or more of our Class A Ordinary Shares have agreed, subject to limited exceptions, not to 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 dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of six months after the date of first public sale of the Company's securities in this offering, without the prior written consent of the underwriters. See "Underwriting".

#### Rule 144
All of our Class A Ordinary Shares outstanding prior to this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 promulgated under the Securities Act.

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

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Class A Ordinary Shares then outstanding, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the Class A Ordinary Shares on the [•] during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants, or advisors who purchases our Class A Ordinary Shares and any securities convertible into Class A Ordinary Shares from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those Class A Ordinary Shares and Class A Ordinary Shares underlying the convertible securities in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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

#### TAXATION

#### Material U.S. Federal Income Tax Consequences Applicable to U.S. Holders of Our Class A Ordinary Shares
The following sets forth the material U.S. federal income tax consequences related to an investment in our Class A Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Class A Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to an investment in our Class A Ordinary Shares or U.S. tax laws, other than certain U.S. federal income tax laws, such as the tax consequences under state, local and other tax laws of the United States and non U.S. (foreign) tax laws.

The following brief description applies only to U.S. Holders (defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Class A Ordinary Shares and you are, 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) organized 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 whose income 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 United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership holding our Class A Ordinary Shares are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

WE URGE POTENTIAL PURCHASERS OF OUR CLASS A ORDINARY SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARES.

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates;

&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 our Class A Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% (by vote or value) or more of our voting shares (including by reason of owning our Class A Ordinary Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares through partnerships or other pass-through entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events, hip-hop, and marketing industries investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beneficiaries of a trust holding our Class A Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A Ordinary Shares through a trust.

All of whom may be subject to tax rules that differ significantly from those discussed below.

The discussion set forth below is addressed only to U.S. Holders that purchase Class A Ordinary Shares in this offering. Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, non-U.S. (foreign) and other tax consequences to them of the purchase, ownership and disposition of our Class A Ordinary Shares.

#### Taxation of Dividends and Other Distributions on Our Class A Ordinary Shares
Subject to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the BVI, clause (1) above can be satisfied only if the Class A Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the [•]. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible

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

for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Class A Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Class A Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

#### Taxation of Dispositions of Class A Ordinary Shares
Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Class A Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Class A Ordinary Shares for more than one year, you may be eligible for reduced tax rates on long term capital gains. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes.

#### Information Reporting and Backup Withholding
Dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. 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.

Certain U.S. Holders are required to report information relating to our Class A Ordinary Shares, subject to certain exceptions (including an exception for Class A Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete U.S. Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Class A Ordinary Shares. In addition, certain U.S. Holders may be required to file U.S. Internal Revenue Service Form 926 to report a contribution of property (including cash) to a foreign corporation. Failure to report the information could result in substantial penalties. The foregoing description of reporting requirements is not exhaustive, and you should consult your own tax advisor regarding your obligation to file Form 8938, Form 926, or other applicable forms with the U.S. Internal Revenue Service as a result of an investment in our Class A Ordinary Shares.

#### Passive Foreign Investment Company ("PFIC")
Based on our current and anticipated operations and the composition of our assets, we were not a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the taxable year ended March 31, 2023 and the taxable year ended March 31, 2024. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our taxable year ending March 31, 2025 or for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed a PFIC, which could have adverse U.S. federal income tax consequences for U.S. taxpayers who

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

are shareholders. We will make this determination following the end of any particular tax year. PFIC status is a factual determination for each taxable year which cannot be made until the close of the taxable year. A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the U.S. Internal Revenue Code, for any taxable year if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of its gross income is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").

We will be treated as owning our proportionate share of the assets and earning our proportionate share of income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock.

We must make a separate determination each year as to whether we are a PFIC, however, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Class A Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Class A Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Class A Ordinary Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold Class A Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Class A Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, however, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Class A Ordinary Shares.

If we are a PFIC for any taxable year during which you hold Class A Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Class A Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Class A Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each other year will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year, and

&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 on the tax attributable to each prior taxable year, other than a pre-PFIC year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Class A Ordinary Shares cannot be treated as capital, even if you hold the Class A Ordinary Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for the Class A Ordinary Shares, you will include in income each year an amount equal to the excess, if any, of the fair market value

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

of the Class A Ordinary Shares as of the close of your taxable year over your adjusted basis in such Class A Ordinary Shares. You are allowed a deduction for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close of the taxable year. However, deductions are allowable only to the extent of any net mark-to-market gains on the Class A Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to the deductible portion of any mark-to-market loss on the Class A Ordinary Shares, as well as to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A Ordinary Shares. Your basis in the Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "— Taxation of Dividends and Other Distributions on our Class A Ordinary Shares" generally would not apply.

The mark-to-market election is available only for "marketable stock", which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the [•]. If the Class A Ordinary Shares are regularly traded on the [•] and if you are a holder of Class A Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. However, the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. Therefore, you should not expect to be eligible to make this election.

If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Class A Ordinary Shares, then such Class A Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Class A Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Class A Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Class A Ordinary Shares for tax purposes.

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Class A Ordinary Shares when inherited from a decedent that was previously a holder of our Class A Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Class A Ordinary Shares, or a mark-to-market election and ownership of those Class A Ordinary Shares are inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Class A Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead will receive a carryover basis in those Class A Ordinary Shares.

If you hold our Class A Ordinary Shares in any year in which we are classified as a PFIC, you will be required to file IRS Form 8621 and to provide certain annual information regarding our Class A Ordinary Shares, including regarding distributions received on such Class A Ordinary Shares and any gain realized on the disposition of the Class A Ordinary Shares. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.

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

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Class A Ordinary Shares and the elections discussed above.

<u>**<u>Hong Kong Profits Taxation</u>**</u>

Our subsidiary, C&K Jewellery, is a Hong Kong entity subject to the two-tier profit tax rates system according to Hong Kong tax rules and regulations**.**

The two-tier profits tax rates system was introduced under the Inland Revenue (Amendment)(No.3) Ordinance 2018 (the "Ordinance") of Hong Kong became effective for the assessment year 2018/2019. Under the two-tier profit tax rates regime, the profits tax rate for the first HKD 2 million of assessable profits of a corporation will be subject to the lowered tax rate, 8.25% while the remaining assessable profits will be subject to the legacy tax rate, 16.5%. The Ordinance only allows one entity within a group of "connected entities" is eligible for the two-tier tax rate benefit. An entity is a connected entity of another entity if (1) one of them has control over the other; (2) both of them are under the control (more than 50% of the issued share capital) of the same entity; (3) in the case of the first entity being a natural person carrying on a sole proprietorship business-the other entity is the same person carrying on another sole proprietorship business. Under the Ordinance, it is an entity's election to nominate an entity that will be subject to the two-tier profits tax rate on its Profits Tax Return. The election is irrevocable.

C&K Jewellery elected the two-tier profits tax rate for its tax years of 2023/2024 and 2024/2025.

Under Hong Kong tax laws, our Hong Kong subsidiary is exempted from Hong Kong income tax on its foreign-derived income. In addition, payments of dividends from our Hong Kong subsidiary to us are not subject to any withholding tax in Hong Kong. See "Dividend Policy" on page 54 of this prospectus for further details on our dividend policy.

<u>**<u>British Virgin Islands Taxation</u>**</u>

The Company and all distributions, interest and other amounts paid by the Company to persons who are not tax resident in the British Virgin Islands will not be subject to any income, withholding or capital gains taxes in the British Virgin Islands, with respect to the Class A Ordinary Shares in the Company owned by them and dividends received on such shares, nor will they be subject to any estate or inheritance taxes in the British Virgin Islands.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not tax resident in the British Virgin Islands with respect to any shares, debt obligations or other securities of the Company.

Except to the extent that we have any interest in real property in the British Virgin Islands, 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 British Virgin Islands.

There are currently no withholding taxes or exchange control regulations in the British Virgin Islands applicable to the Company or its shareholders.

#### British Virgin Islands Economic Substance Legislation
The British Virgin Islands, together with several other non-European Union jurisdictions, has introduced legislation aimed at addressing concerns raised by the Council of the European Union (the "EU") as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the "ES Act") came into force in the British Virgin Islands introducing certain economic substance requirements for in-scope British Virgin Islands entities which are engaged in certain "relevant activities".

Although it is presently anticipated that the ES Act will have little material impact on the Company or its operations, as the legislation is relatively new and remains subject to further clarification and interpretation, it is not currently possible to ascertain the precise impact of these legislative changes on the Company.

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

#### UNDERWRITING
We will enter into an underwriting agreement with Blue Diamond Securities of America LLC (the "Representative"), to act as the representative of the underwriters named below. Subject to the terms and conditions of the underwriting agreement, the underwriters named below have agreed to purchase, and we have agreed to sell to them, the number of our Class A Ordinary Shares at the initial public offering price, less the underwriting discounts, as set forth on the cover page of this prospectus and as indicated below:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Class A <br>Ordinary <br>Shares** |
|  Blue Diamond Securities of America LLC |  |
|  Revere Securities LLC |  |
|  **Total** | 3750000 |

---

The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Class A Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares offered by this prospectus if any such shares are taken.

The underwriters will offer the Class A Ordinary Shares to the public at the initial public offering price set forth on the cover page of this prospectus. After this offering, the initial public offering price, concession and reallowance to dealers may be reduced by the underwriters. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The Class A Ordinary Shares are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

#### Over-Allotment Option
We have granted to the underwriters an option, exercisable no later than 45 calendar days after the closing date of our initial public offering, to purchase up to 15% additional Class A Ordinary Shares (an amount equal to 15% of the shares sold in the offering) at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option only to cover over-allotments, if any, made in connection with this offering. To the extent the option is exercised, and the conditions of the underwriting agreement are satisfied, we will be obligated to sell to the underwriters, and the underwriters will be obligated to purchase, these additional Class A Ordinary Shares. The underwriters will offer these additional Class A Ordinary Shares on the same terms as those on which the other Class A Ordinary Shares are being offered hereby.

#### Discounts and Expenses
The following table shows the price per Class A Ordinary Shares and total initial public offering price, underwriting discounts, and proceeds before expenses to us.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total<br> without<br> exercise of the<br> over-allotment<br> option** | **Total<br> with full<br> exercise of the<br> over-allotment<br> option** |
|  Initial public offering price<sup>(1)</sup> | $| $| $|
|  Underwriting discounts to be paid by us (7.0%)<sup>(2)</sup> | $| $| $|
|  Proceeds to us, before expenses | $| $| $|

---

____________

(1) Initial public offering price per share is assumed as $___ per share, which is the midpoint of the range set forth on the cover page of this prospectus.

(2) We have agreed to pay to the underwriters discounts of 7.0% of the public offering price.

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

We will also pay to the underwriters, by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to 1.0% of the gross proceeds received by us from the sale of the Class A Ordinary Shares.

In addition, we have agreed to reimburse the underwriters up to a maximum of $190,000 for out-of-pocket accountable expenses (including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals), provided that any expense over $2,000 shall require prior written or email approval of the Company, regardless of whether this offering occurs.

We have also agreed to pay advisory fees to Revere Securities LLC ("Revere") in connection with this offering in the amount of $50,000, which was paid upon engagement of Revere.

#### Indemnification
We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Lock-Up Agreements
We have agreed, for a period of three (3) months from the closing of this offering, not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this offering, any of our Ordinary Shares or securities that are substantially similar to our Ordinary Shares, including but not limited to any options or warrants to purchase our Ordinary Shares, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our Ordinary Shares or any such substantially similar securities (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), without the prior written consent of the Representative.

Our officers, directors and shareholders owning at least 5% of our outstanding Class A Ordinary Shares have agreed, subject to certain exceptions, to a six (6) month lock-up period from the closing of this offering, with respect to the Ordinary Shares that they beneficially own, including the issuance of shares upon the exercise of convertible securities and options that may be currently outstanding or which may be issued.

#### Right of First Refusal
For a period of 12 months from the completion of this offering, we have granted Revere the right of first refusal to perform investment banking services to the Company on an exclusive basis in the matters below occurring in the United States of America. For these purposes, investment banking services shall include, (a) acting as lead or joint-lead manager for any underwritten public offering; and (b) acting as lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities of the Company.

#### Listing
We will apply to list our Class A Ordinary Shares on the [•] under the symbol "[•]". We make no representation that such application will be approved or that our Class A Ordinary Shares will trade on such market either now or at any time in the future. However, we will not complete this offering unless we are so listed.

#### Electronic Offer, Sale and Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any

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

other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Passive Market Making
Any underwriter who is a qualified market maker on the applicable U.S. national securities exchange may engage in passive market making transactions on the applicable U.S. national securities exchange, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

#### Pricing of this Offering
Prior to this offering and the sales of our Class A Ordinary Shares by the selling shareholders pursuant to the Resale Prospectus filed contemporaneously herewith, there has been no public market for our Class A Ordinary Shares. The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our Class A Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of our company.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Selling Restrictions
Other than in the United States, no action may be taken, and no action has been taken, by us or the underwriters that would permit a public offering of the Class A Ordinary Shares offered by, or the possession, circulation or distribution of, 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.

In addition to the offering of the Class A Ordinary Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Class A Ordinary Shares in certain countries.

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

#### Stamp Taxes
If you purchase Class A Ordinary Shares offered by this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the initial public offering price listed on the cover page of this prospectus.

#### Price Stabilization, Short Positions and Penalty Bids
Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. The underwriters may engage in over-allotment sales, if applicable, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on [•] or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

#### Notice to Prospective Investors in Hong Kong
The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. Please note that (i) our shares may not be offered or sold in Hong Kong, by means of this prospectus or any document other than to "professional investors" within the meaning of Part I of Schedule 1 of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong) (CO) or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or document relating to our shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the SFO and any rules made thereunder.

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

#### Notice to Prospective Investors in the People's Republic of China
This prospectus may not be circulated or distributed in the PRC and the shares may not be offered or sold and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

#### Notice to Prospective Investors in Taiwan, the Republic of China
The Ordinary Shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan, the Republic of China, pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial Supervisory Commission of Taiwan.

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

#### EXPENSES RELATING TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts, that we expect to incur in connection with this offering. With the exception of the SEC registration fee and the [•] listing fee, all amounts are estimates.

---

| | |
|:---|:---|
|  | **USD** |
|  Securities and Exchange Commission Registration Fee | $2961 |
|  [•] Listing Fee | $50000 |
|  FINRA Filing Fee | $3401 |
|  Legal Fees and Expenses | $483537 |
|  Underwriter Expenses | $247500 |
|  Printing and Engraving Expenses | $24000 |
|  Transfer Agent Expenses | $2400 |
|  Investor Relations | $44000 |
|  Miscellaneous Expenses | $4125 |
|  Total Expenses | $861924 |

---

These expenses will be borne by us.

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

#### LEGAL MATTERS
The validity of the Class A Ordinary Shares offered in this offering and certain other legal matters as to BVI law will be passed upon for us by Ogier as to BVI law. The legal matters as to United States Federal and New York State law will be passed upon for us by Robinson & Cole LLP. The underwriters are being represented by Schlueter & Associates, P.C. with respect to legal matters of United States federal and New York State law. Legal matters as to Hong Kong laws will be passed upon for us by Tian Yuan Law Firm LLP. Legal matters as to PRC laws will be passed upon for us by Commerce & Finance Law Offices.

#### EXPERTS
The consolidated financial statements for the years ended September 30, 2024 and 2025 included in this prospectus have been so included in reliance on the report of WWC, P.C., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of WWC, P.C. is located at 2010 Pioneer Court, San Mateo, California 94403.

#### INTERESTS OF NAMED EXPERTS AND COUNSEL
No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the Class A Ordinary Shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant. Nor was any such person connected with the registrant as a promoter, managing or principal Underwriter, voting trustee, director, officer, or employee.

#### DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to our directors, officers or persons controlling us, we have been advised that it is the SEC's opinion that such indemnification is against public policy as expressed in such act and is, therefore, unenforceable.

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

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed a registration statement on Form F-1, including relevant exhibits, with the SEC under the Securities Act with respect to the Class A Ordinary Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules for further information with respect to us and our Class A Ordinary Shares.

No dealer, salesperson, or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other information requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC.

As a foreign private issuer, we will be exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders 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. All information filed with the SEC can be obtained over the internet at the SEC's website at *www.sec.gov.*

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

#### C&K GROUP LIMITED

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm (WWC, P.C., PCAOB ID 1171)](#T2400) | F-2 |
|  [Consolidated Balance Sheets as of September 30, 2024 and 2025](#T2401) | F-3 |
|  [Consolidated Statements of Income for the Years Ended September 30, 2024 and 2025](#T2402) | F-4 |
|  [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended September 30, 2024 and 2025](#T2403) | F-5 |
|  [Consolidated Statements of Cash Flows for the Years Ended September 30, 2024 and 2025](#T2404) | F-6 |
|  [Notes to Consolidated Financial Statements](#T2405) | F-7 |

---

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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<u> To: </u>   <u> The Board of Directors and Shareholders of </u> <br>     <u> C&K Group Limited </u>

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of C&K Group Limited and its subsidiary (collectively the "Company") as of September 30, 2024 and 2025, and the related consolidated statements of income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended September 30, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2025, and the results of its operations and its cash flows for each of the years in the two-year period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of our internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ WWC, P.C.<br>WWC, P.C.<br>Certified Public Accountants<br>PCAOB ID No. 1171

We have served as the Company's auditor since 2024<br>San Mateo, California<br>February 12, 2026

![](twwc_footer.jpg)

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

#### C&K GROUP LIMITED<br>CONSOLIDATED BALANCE SHEETS

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **ASSETS** |  |  |  |
|  **CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 55584053 | 6345803 | 815562 |
| &nbsp;&nbsp;&nbsp; Accounts receivables, net | 7995298 | 21276683 | 2734476 |
| &nbsp;&nbsp;&nbsp; Inventories, net | 10449510 | 6360933 | 817506 |
| &nbsp;&nbsp;&nbsp; Taxes receivable |  | 162482 | 20882 |
| &nbsp;&nbsp;&nbsp; Prepayments | 508669 | 893283 | 114805 |
| &nbsp;&nbsp;&nbsp; Amount due from related party | 77730 |  |  |
| &nbsp;&nbsp;&nbsp; Other current assets | 66335 | 4023 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CURRENT ASSETS** | 74681595 | 35043207 | 4503748 |
|  **NON-CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 98395 | 71734 | 9219 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 29748 | 427 | 55 |
| &nbsp;&nbsp;&nbsp; Long-term deposits | 1584218 | 1589079 | 204228 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets – operating lease | 7457243 | 5068962 | 651462 |
| &nbsp;&nbsp;&nbsp; Deferred initial public offering costs |  | 4331218 | 556647 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 803104 | 601249 | 77272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL NON-CURRENT ASSETS** | 9972708 | 11662669 | 1498883 |
|  **TOTAL ASSETS** | **84654303** | **46705876** | **6002631** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
|  **CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | 4436346 | 4644977 | 596972 |
| &nbsp;&nbsp;&nbsp; Short-term borrowings |  | 15000000 | 1927798 |
| &nbsp;&nbsp;&nbsp; Operating lease obligation, current | 2388281 | 2452359 | 315177 |
| &nbsp;&nbsp;&nbsp; Taxes payable | 3488809 |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 2393790 | 1337000 | 171831 |
| &nbsp;&nbsp;&nbsp; Amounts due to related parties | 48903919 |  |  |
| &nbsp;&nbsp;&nbsp; Other payables | 726631 | 254854 | 32753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CURRENT LIABILITIES** | **62337776** | **23689190** | **3044531** |
|  **NON-CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease obligation, net of current portion | 5068962 | 2616603 | 336285 |
|  **TOTAL NON-CURRENT LIABILITIES** | 5068962 | 2616603 | 336285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES** | **67406738** | **26305793** | **3380816** |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A Ordinary Shares, no par value, 440,000,000 shares authorized; 12,700,000 shares issued and outstanding as of September 30, 2024 and 16,000,000 shares issued and outstanding as of September 30, 2025, respectively<sup>(1)</sup> | 10346 | 10346 | 1327 |
| &nbsp;&nbsp;&nbsp; Class B Ordinary Shares, no par value, 60,000,000 shares authorized; 3,300,000 shares issued and outstanding as of September 30, 2024 and 2025, respectively<sup>(1)</sup> | 2134 | 2134 | 273 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 87520 | 87520 | 11252 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 17147565 | 20300083 | 2608963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHAREHOLDERS' EQUITY** | 17247565 | 20400083 | 2621815 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **84654303** | **46705876** | **6002631** |

---

____________

(1) Shares and per share data are presented on a retroactive basis to reflect the ordinary shares reorganization in note 1.

The accompanying notes are an integral part of these consolidated financial statements.

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

#### C&K GROUP LIMITED<br>CONSOLIDATED STATEMENTS OF INCOME

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **REVENUE & COSTS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Third-party sales of products | 66839374 | 59014654 | 7584554 |
| &nbsp;&nbsp;&nbsp; Related-party sales of products |  | 11800000 | 1516534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sales of products | 66839374 | 70814654 | 9101088 |
| &nbsp;&nbsp;&nbsp; Third-party merchandise costs | (38620481) | (43310578) | (5566268) |
| &nbsp;&nbsp;&nbsp; Related-party merchandise costs |  | (9654409) | (1240783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total merchandise costs | (38620481) | (52964987) | (6807051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 28218893 | 17849667 | 2294037 |
|  **OPERATING EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | (321920) | (140207) | (18019) |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (13374653) | (11291859) | (1451228) |
| &nbsp;&nbsp;&nbsp; Bad debt (expenses)/reversals | (98505) | 190439 | 24475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | (13795078) | (11241627) | (1444772) |
|  **INCOME FROM OPERATIONS** | 14423815 | 6608040 | 849265 |
|  **OTHER INCOME (EXPENSE)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 1935943 | 144257 | 18540 |
| &nbsp;&nbsp;&nbsp; Interest expense |  | (58333) | (7497) |
| &nbsp;&nbsp;&nbsp; (Loss)/ Gain from foreign currency translation | (304771) | 191062 | 24555 |
| &nbsp;&nbsp;&nbsp; Other income | 509439 | 254410 | 32697 |
|  INCOME BEFORE INCOME TAX PROVISION | 16564426 | 7139436 | 917560 |
|  PROVISION FOR INCOME TAXES | (2535284) | (842475) | (108275) |
|  **NET INCOME** | **14029142** | **6296961** | **809285** |
|  **WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted<sup>(1)</sup> | 19300000 | 19300000 | 19300000 |
|  EARNINGS PER SHARE |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | 0.73 | 0.33 | 0.04 |

---

____________

(1) Shares and per share data are presented on a retroactive basis to reflect the ordinary shares reorganization in note 1.

The accompanying notes are an integral part of these consolidated financial statements.

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

#### C&K GROUP LIMITED<br>CONSOLIDATED 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** | **Additional <br>paid-in <br>capital** | **Retained<br>earnings** | **Total <br>Shareholders' <br>Equity** |
|  | **No. of <br>Shares<sup>(1)</sup>** | **Amount** | **No. of <br>Shares<sup>(1)</sup>** | **Amount** | **Additional <br>paid-in <br>capital** | **Retained<br>earnings** | **Total <br>Shareholders' <br>Equity** |
|  |  | **HKD** |  | **HKD** |  | **HKD** | **HKD** |
|  BALANCE, September 30, 2023 | 16000000 | 10346 | 3300000 | 2134 | 87520 | 3118423 | 3218423 |
|  Net income |  |  |  |  |  | 14029142 | 14029142 |
|  BALANCE, September 30, 2024 | 16000000 | 10346 | 3300000 | 2134 | 87520 | 17147565 | 17247565 |
|  Dividends paid |  |  |  |  |  | (3144443) | (3144443) |
|  Net income |  |  |  |  |  | 6296961 | 6296961 |
|  BALANCE, September 30, 2025 | 16000000 | 10346 | 3300000 | 2134 | 87520 | 20300083 | 20400083 |
|  BALANCE, September 30, 2025 (US$) | 16000000 | 1327 | 3300000 | 273 | 11252 | 2608963 | 2621815 |

---

____________

(1) Shares and per share data are presented on a retroactive basis to reflect the ordinary shares reorganization in note 1.

The accompanying notes are an integral part of these consolidated financial statements.

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

#### C&K GROUP LIMITED<br>CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net income | 14029142 | 6296961 | 809285 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of property and equipment | 137785 | 84429 | 10851 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 33942 | 29321 | 3768 |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use assets | 2543263 | 2388281 | 306941 |
| &nbsp;&nbsp;&nbsp; Bad debt expenses/(reversals) | 98505 | (190439) | (24475) |
| &nbsp;&nbsp;&nbsp; Impairment loss in inventories | 3177100 | 455126 | 58493 |
| &nbsp;&nbsp;&nbsp; Loss/(Gain) from unrealized foreign currency translation | 350379 | (195695) | (25151) |
| &nbsp;&nbsp;&nbsp; Deferred income tax | (137842) | 201855 | 25942 |
|  Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivables | 7214970 | (13058754) | (1678309) |
| &nbsp;&nbsp;&nbsp; Inventories | 1819157 | 3633451 | 466971 |
| &nbsp;&nbsp;&nbsp; Taxes receivable |  | (162482) | (20882) |
| &nbsp;&nbsp;&nbsp; Prepayments | (75039) | (384614) | (49431) |
| &nbsp;&nbsp;&nbsp; Short-term deposits | 550000 |  |  |
| &nbsp;&nbsp;&nbsp; Other current assets | (24093) | 62312 | 8008 |
| &nbsp;&nbsp;&nbsp; Accounts payable | (6156936) | 208628 | 26813 |
| &nbsp;&nbsp;&nbsp; Taxes payables | 2653318 | (3488809) | (448381) |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 2340790 | (1056790) | (135818) |
| &nbsp;&nbsp;&nbsp; Operating lease obligation | (2543263) | (2388281) | (306941) |
| &nbsp;&nbsp;&nbsp; Other payables | (2141863) | (480987) | (61816) |
|  Net cash provided by/(used in) operating activities | 23869315 | (8046487) | (1034132) |
|  **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of plant and equipment | (9487) | (57768) | (7424) |
| &nbsp;&nbsp;&nbsp; Change in long-term deposits | (776141) | (4861) | (625) |
|  Net cash (used in)/provided by investing activities | (785628) | (62629) | (8049) |
|  **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from related parties | 11750152 | 591140 | 75973 |
| &nbsp;&nbsp;&nbsp; Repayment to related parties | (1237696) | (49417329) | (6351107) |
| &nbsp;&nbsp;&nbsp; Dividends paid |  | (3144443) | (404123) |
| &nbsp;&nbsp;&nbsp; Deferred initial public offering costs |  | (4331218) | (556647) |
| &nbsp;&nbsp;&nbsp; Short-term borrowings |  | 15000000 | 1927798 |
|  Net cash provided by/(used in) financing activities | 10512456 | (41301850) | (5308106) |
|  **Change in cash** | 33596143 | (49410966) | (6350287) |
|  **Effect of foreign exchange on cash** | (230500) | 172716 | 22196 |
|  **Cash and cash equivalents at the beginning of the year** | 22218410 | 55584053 | 7143653 |
|  **Cash and cash equivalents at the end of the year** | 55584053 | 6345803 | 815562 |
|  **Supplementary cash flow information** |  |  |  |
|  Cash paid for income tax | 19808 | 4291911 | 551596 |
|  Cash paid for interest expense |  | 25000 | 3213 |
|  **Non-cash investing and financing activities** |  |  |  |
|  Operating lease right-of-use assets obtained in exchange for operating lease obligation | 7358917 |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### C&K GROUP LIMITED <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1 — NATURE OF BUSINESS AND ORGANIZATION
C&K Group Limited (the "Company" or "C&K Group") is a holding company incorporated on January 28, 2025 under British Virgin Islands ("BVI") law. The Company has no substantial operations other than holding all of the outstanding share capital of C&K Jewellery Limited ("C&K Jewellery"), a Hong Kong company incorporated on November 3, 2016. The Company, through C&K Jewellery, is engaged in the purchasing, designing and sales of loose pearls and finished jewelry products. The Company's headquarter is located in Hong Kong, China. All of the Company's business activities are carried out by C&K Jewellery.

On February 17, 2025, the Company completed a reorganization of C&K Jewellery under common control of its then existing shareholders, who collectively owned all of the equity interests of C&K Group prior to the reorganization. Therefore, the reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification ("ASC") 805-50-25. C&K Group and C&K Jewellery are under common control which results in the consolidation of C&K Jewellery at carrying value. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of C&K Group.

The consolidated financial statements reflect the activities of each of the following entities:

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Background** | **Ownership** | **Principal activities** |
|  C&K Group Limited (the "Company" or "C&K Group") | • A BVI company<br> • Incorporated on January 28, 2025 |  | Investment holding |
|  C&K Jewellery Limited ("C&K Jewellery") | • A Hong Kong company<br> • Incorporated on November 3, 2016 | 100% owned by C&K Group | Engaged in general trading and trading of jewelry |

---

As part of the reorganization, on January 28, 2025, Splendid Wealth Investments Limited and New Jumbo Global Limited entered into a sale and purchase agreement for the transfer of all of their shares of C&K Jewellery to eleven individuals, who on the same day entered into a share exchange agreement with C&K Group and C&K Jewellery, pursuant to which the eleven individuals transferred all of their rights in the shares in C&K Jewellery (pursuant to and under the aforesaid sale and purchase agreement) to C&K Group in exchange for 100% shares in C&K Group on a pro rata basis. The share transfers and issuances contemplated by the aforesaid sale and purchase agreement and share exchange agreement were effectuated on February 17, 2025.

On July 15, 2025, the Company completed the remaining equity restructuring transaction involving Prosper Spring Group Limited, a company wholly owned by Ms. Cheng Ka Ki, the Company's Chief Executive Officer and the sole holder of the Company's Class B ordinary shares at that time.

In connection with this restructuring, the Company repurchased 3,300,000 Class B ordinary shares from Prosper Spring Group Limited for nominal consideration of US$0.01 and immediately thereafter issued 3,300,000 Class A ordinary shares and 3,300,000 Class B ordinary shares, both of no par value, to Prosper Spring Group Limited for nominal consideration of US$0.02, in a private transaction. Accordingly, the reorganization was completed on July 15, 2025.

This transaction did not result in any material cash inflow to the Company.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices
<u><u>Basis of presentation</u></u>

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

<u><u>Principles of consolidation</u></u>

The consolidated financial statements include the financial statements of the Company and its subsidiary. All inter-company transactions have been eliminated upon consolidation.

<u><u>Use of estimates</u></u>

In preparing the consolidated financial statements in conformity with U.S. GAAP, the management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. These estimates are based on information available as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the assessment of the allowance for expected credit losses, useful lives of property and equipment and right-of-use assets, the realizability of deferred income tax assets and liabilities, and accrual of contingencies, provision for inventory write-down, uncertain income tax positions, and implicit interest rate of operating leases. Actual results could differ from those estimates.

<u><u>Risks and uncertainties</u></u>

Economic and political risks

The Company's operations are mainly conducted in Hong Kong. Accordingly, the Company's business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in Hong Kong.

The Company's operations in Hong Kong are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic, and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in Hong Kong, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

U.S. Tariff and Global Trade Impact

U.S. tariff policies, including measures previously implemented under the Trump administration, have increased the cost of imported goods sold to U.S. customers. Such tariffs may reduce the price competitiveness of non-U.S. suppliers, alter purchasing behavior among U.S. customers, and place downward pressure on exporters' margins when increased costs cannot be fully passed through. In addition, tariff measures may disrupt global supply chains, increase compliance and logistics costs, and introduce uncertainty into cross-border trade relationships.

While the Company did not experience a material impact from newly imposed U.S. tariffs during the year ended September 30, 2025, future changes in U.S. trade policy, including the imposition or reintroduction of tariffs, could adversely affect market conditions, demand from U.S. customers, and, in turn, the Company's results of operations and liquidity.

Liquidity Risk

The Company is also exposed to liquidity risk which is the risk that we are unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to other financial institutions and related parties to obtain short-term funding to meet the liquidity shortage.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
Inflation Risk

Management monitors changes in price levels. Historically inflation has not materially impacted the Company's audited consolidated financial statements; however, significant increases in the price of raw materials and labor that cannot be fully passed on to the Company's customers could adversely impact the Company's results of operations.

<u><u>Foreign currency translation</u></u>

The Company uses Hong Kong dollars ("HKD") as its reporting currency. The functional currency of the Company and its subsidiary which is incorporated in Hong Kong, is HKD, which is its respective local currency based on the criteria of ASC 830, "Foreign Currency Matters".

In the consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the consolidated statements of income (loss) during the year in which they occur.

<u><u>Convenience translation</u></u>

Translations of amounts in the consolidated balance sheets, consolidated statements of income (loss) and consolidated statements of cash flows from HKD into US$ as of and for the year ended September 30, 2025 are solely for the convenience of the reader and were calculated at the noon buying rate of US$1 = HKD7.7809, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the HKD amounts could have been, or could be, converted, realized or settled into US$ at such rate or at any other rate.

<u><u>Fair value measurement</u></u>

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.

The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.

As of September 30, 2024 and 2025, the carrying values of current assets and current liabilities approximated their fair values reported in the consolidated balance sheets due to the short-term maturities.

<u><u>Cash and cash equivalents</u></u>

Cash and cash equivalents mainly represent cash on hand, cash in the bank and demand deposits placed with financial institutions, which have original maturities of less than three months and are unrestricted as to withdrawal or use. As of September 30, 2024, and 2025, the Company had HKD55,584,053 and HKD6,345,803 (US$815,562) in cash, respectively. The Company maintains all its bank accounts in Hong Kong.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
As of September 30, 2024, the insurance coverage of each financial institution in Hong Kong was HKD500,000. and it has been increased to HKD800,000 with effect from October 1, 2024. As of September 30, 2024 and 2025, all deposits at the financial institution incorporated in Hong Kong were covered by the insurance, respectively.

<u><u>Accounts receivables and allowance for expected credit losses</u></u>

Accounts receivables are recorded and carried at the original invoiced amount less an allowance for any potential uncollectible amounts overdue.

The Company make estimates of expected credit and collectability trends for the allowance for credit losses and allowance for unbilled receivables based upon our assessment of various factors, including historical experience, the age of the accounts receivables balances, credit quality of our customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect our ability to collect from customers. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income. Actual amounts received may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. Allowance for expected credit losses accounts was HKD213,927 and HKD23,488 (US$3,019) as of September 30, 2024 and 2025, respectively.

<u><u>Inventories, net</u></u>

Inventories, net are measured at the lower of cost and net realizable value. The cost of inventories is calculated using the first-in-first-out formula, and includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. The cost of inventories includes an appropriate share of production overhead calculated based on normal operating capacity.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The inventory is written down to the net realizable value when the net realizable value is lower than the cost.

The Company records adjustments to its inventories for estimated obsolescence or reductions in net realizable value, measured as the difference between the cost of the inventories and their estimated net realizable value. At the time of loss recognition, the Company assesses whether any impairment of inventories exists at year end. Subsequent changes in facts and circumstances do not result in the restoration or increase of the newly established cost basis.

For the years ended September 30, 2024 and 2025, the Company recognized the impairment loss in inventories of HKD3,177,100, and HKD455,126 (US$58,493), respectively.

<u><u>Prepayments</u></u>

Prepayments mainly consist of prepayments to jewelry manufacturers' association and events participation fee. Management reviews its prepayments on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. As of September 30, 2024 and 2025, no allowance was deemed necessary.

<u><u>Deposits</u></u>

Deposits paid by the Company represent amounts paid in advance for utility, rental or other contractual obligations. These amounts are refundable and bear no interest. As of September 30, 2024 and 2025, no allowance was deemed necessary.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
<u><u>Property and equipment, net</u></u>

Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Useful Life** |
|  Office equipment | 5 years |
|  Office furniture and fixtures | 5 years |
|  Leasehold improvements | lesser of lease term or expected useful life |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u><u>Intangible assets, net</u></u>

The Company's intangible assets consist primarily of purchased software licenses. Intangible assets with finite useful lives are recorded at cost and amortized on a straight-line basis over their estimated useful lives, which are 5 years.

The Company reviews the carrying value of its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indicators are present, the Company performs a recoverability test in accordance with ASC 360-10 and recognizes an impairment loss if the asset's carrying amount exceeds its fair value.

<u><u>Impairment for</u> <u>long-lived</u> <u>assets</u></u>

Long-lived assets, including intangible assets, property and equipment is reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of September 30, 2024 and 2025, no impairment of long-lived assets was recognized.

<u><u>Accounts payable</u></u>

Accounts payable are obligations to pay for pearls, jewelry materials, or services that have been acquired in the ordinary course of business.

<u><u>Operating leases</u></u>

The Company is a lessee of non-cancellable operating leases. The Company determines if an arrangement is a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. All leases of the Company are currently classified as operating leases. The Company accounts operating lease under FASB Accounting Standards Codification ("ASC") 842, Leases, and recognizes operating lease right-of-use ("ROU") assets, and operating lease liabilities on the balance sheets for its operating leases accordingly.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
ROU assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term.

When determining the lease term, at lease commencement date, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The interest rate used to determine the present value of future lease payments is the Company's incremental rate based on the information available at the lease commencement date.

ASC 842 provides practical expedients for an entity's ongoing accounting. The Company elected to apply the short-term lease exception for leases with a lease term of 12 months or less at commencement. Accordingly, ROU assets and operating lease liabilities do not include leases with a lease term of 12 months or less.

The Company evaluates the impairment of its ROU assets consistently with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the assets from the expected undiscounted future cash flows of the related operations. For the years ended September 30, 2024 and 2025, the Company did not recognize any impairment loss against its ROU assets.

<u><u>Deferred initial public offering costs</u></u>

Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, and the SEC filing and print related costs. As of September 30, 2025, the Company did not conclude its IPO. As of September 30, 2024 and 2025, the Company had recorded deferred IPO costs of nil and HKD4,331,218 (US$556,647), respectively.

<u><u>Revenue Recognition</u></u>

Revenue from contracts with customers is recognized using the five-step model defined by ASC Topic 606 requires the Company to (1) identify its contracts with customers, (2) identify its performance obligations under those contracts, (3) determine the transaction prices of those contracts, (4) allocate the transaction prices to its performance obligations in those contracts and (5) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services.

Under ASC 606, revenue is recognized when control of promised goods or services is transferred to the Company's customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. Control is the ability to direct the use of and obtain substantially all of the remaining benefits from the specified goods and services.

The Company currently generates its revenue through trading of jewelry. Currently, the Company sells its products through both business-to-business ("B2B") and business-to-consumer ("B2C").

For B2B sales, revenue recognition occurs upon delivery to the customer's location or as specified in the contract terms. When sales are made under Free On Board ("FOB") destination terms, revenue is recognized when the product is delivered to and received by the customer, as control is deemed to be transferred at that point. Given that the customers have no right to return the goods received, once the goods are received by the customers, the Company has fulfilled its performance obligation, and revenue is recognized accordingly. Any requests of sales return and refund is considered individually by the Company. Payment terms are determined individually based on each customer's agreement, with typical payment terms set forth in the invoice are ranged from 30 days to 90 days.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
For B2C sales, the Company recognizes revenue when control of the promised goods is transferred to customers, in an amount that reflects the consideration expected to be received in exchange for those goods. Transfer of control generally occurs at the time the product is taken from a store, or upon receipt of product by a customer for a shipment.

<u><u>Merchandise costs</u></u>

Merchandise costs of jewelry, which are directly related to revenue-generating transactions, primarily consist of the cost of purchasing of products, processing fees and impairment of inventory.

<u><u>Selling, general and administrative expenses</u></u>

Selling, general and administrative expenses consist primarily of bad debts, entertainment and commission, and general administrative expenses such as of employee costs, rental expenses, management fee, legal and professional fees and other miscellaneous administrative expenses.

<u><u>Employee Benefit</u></u>

Hong Kong Employment Ordinance ("The Ordinance") requires an employee employed under a continuous employment contract is entitled to sickness allowance if (1) the sick leave taken is not less than four consecutive days; (2) the sick leave take is supported by an appropriate medical certificate; and (3) the employee has accumulated sufficient number of paid sickness days. The daily rate of sickness allowance is a sum equivalent to four-fifths of the average daily wages earned by an employee in the 12-month period preceding the first sickness day.

The Ordinance also requires an employee is entitled to 12 statutory holidays regardless of his or her length of services. Holiday pay should be paid to the employee whose continuous employment contract is not less than three months immediately preceding a statutory holiday is entitled to the holiday pay.

An employee is entitled to a paid annual leave after having been employed under a continuous employment contract for every 12 months. An employee's paid annual leave increases progressively from 7 days to a maximum of 14 days in accordance with his or her length of employment.

Under Hong Kong Mandatory Provident Fund Schemes Ordinance, an employer shall enroll their regular employees in Mandatory Provident Fund Schemes. Regular employees are employees aged 18 to 64 and have been employed in any industry for a continuous period of 60 days or more and have been employed for consecutive 60 days or more. An employer is required to make regular mandatory contributions of at least 5% of the employee's monthly income between HKD7,100 and HKD30,000 and HKD1,500 of the employee's monthly income over HKD30,000.

<u><u>Income taxes</u></u>

The Company is not subject to tax on income or capital gains under the current laws of the British Virgin Islands. In addition, upon payments of dividends by the Company and the Company's subsidiary in Hong Kong, C&K Jewellery, to the Company's shareholders, no British Virgin Islands withholding tax will be imposed.

C&K Jewellery is incorporated in, and carries trade and business in, Hong Kong and is subject to Hong Kong profits tax under Inland Revenue Department Ordinance.

The charge for taxation is based on actual results for the year as adjusted for items that are non-assessable or disallowed; and it is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. The Company is not currently subject to tax in the British Virgin Islands.

Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.

Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No penalties or interest related to income taxes were incurred for the year ended September 30, 2024 and 2025, respectively.

<u><u>Related parties</u></u>

Related parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. Amounts due from/(to) related parties are measured at amortized cost.

<u><u>Commitments and Contingencies</u></u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such a contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

<u><u>Earnings per share</u></u>

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share". ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average 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. For the years ended September 30, 2024 and 2025, there were no dilutive shares.

<u><u>Concentration of Risks</u></u>

Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with financial institutions with high-credit ratings and quality.

Accounts receivable primarily comprise of amounts receivables from our customers. To reduce credit risk, the Company performs on-going credit evaluations of the financial condition of these customers. The Company establishes a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific customers and other information.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
Concentration of customers

For the year ended September 30, 2024, there were three customers each generating over 10% of the Company's total revenue for the year, and they in aggregate accounted for approximately 73% of our total revenue for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 27468400 | 3535505 | 41% |
|  Customer B | 12731001 | 1638629 | 19% |
|  Customer C | 8514888 | 1095966 | 13% |
|  **Total** | 48714289 | 6270100 | 73% |

---

For the year ended September 30, 2025, there were three customers, including Customer E which was a related party as disclosed in note 13, each generating over 10% of the Company's total revenue for the year, and they in aggregate accounted for approximately 79% of our total revenue for the year.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 22646558 | 2910532 | 32% |
|  Customer D | 21336040 | 2742104 | 30% |
|  Customer E | 11800000 | 1516534 | 17% |
|  **Total** | 55782598 | 7169170 | 79% |

---

As of September 30, 2024, a major customer accounted for 91% of the Company's gross accounts receivables.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 7504072 | 965862 | 91% |

---

As of September 30, 2025, two major customers accounted for 49% and 42% of the Company's gross accounts receivables, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  **Customers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Customer A | 10506776 | 1350329 | 49% |
|  Customer D | 8948912 | 1150113 | 42% |
|  **Total** | 19455688 | 2500442 | 91% |

---

Concentration of suppliers

For the year ended September 30, 2024, two suppliers accounted for 34% and 27% of our total purchases, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** | **For the year ended September 30, 2024** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11314746 | 1456340 | 34% |
|  Supplier B | 9025372 | 1161671 | 27% |
|  **Total** | 20340118 | 2618011 | 61% |

---

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
For the year ended September 30, 2025, three suppliers accounted for 24%, 18% and 16% of our total purchases, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** | **For the year ended September 30, 2025** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier A | 11577764 | 1487972 | 24% |
|  Supplier C | 8821538 | 1133743 | 18% |
|  Supplier D | 8057014 | 1035486 | 16% |
|  **Total** | 28456316 | 3657201 | 58% |

---

As of September 30, 2024, three suppliers accounted for 35%, 32% and 14% of the total balance of accounts payable, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier B | 1560000 | 200790 | 35% |
|  Supplier E | 1429380 | 183978 | 32% |
|  Supplier F | 608815 | 78362 | 14% |
|  **Total** | 3598195 | 463130 | 81% |

---

As of September 30, 2025, a supplier accounted for 75% of the total balance of accounts payable.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  **Suppliers** | **Amount** | **Amount** | **%** |
|  | **HKD** | **US$** | |
|  Supplier C | 3498467 | 449622 | 75% |

---

<u><u>Segment reporting</u></u>

The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company has one business activity: purchasing, designing, sales of loose pearls and finished jewelry products, and operates as one operating segment. The Company's chief operating decision-maker ("CODM"), its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. Refer to Note "16. Segment Reporting" and Note "3. Revenues" for the Company's segment reporting and entity-wide disclosures, respectively.

#### Recently Adopted or Issued Accounting Pronouncements
The Company considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. The amendment requires entities to report a measure of segment profit or loss that the chief operating decision maker uses to assess segment performance and make decisions about allocating resources. The amendment also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosure under certain circumstances. The amendment does not change or remove those disclosure requirements and also does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. This amendment is effective for the Company's consolidated financial statements issued for annual periods beginning after December 15, 2023. The Company has adopted the standard and it did not have a material impact to the consolidated financial statements.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — Summary of Significant Accounting Policies and Practices (cont.)
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." This amendment incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to income Tax Disclosures. The amendment in this update is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures" which primarily requires disaggregated disclosure of certain expense categories in the notes to the financial statements on an annual and interim basis. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and the Company is currently assessing the impact of adoption.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows.

#### Note 3 — Revenue
Revenue is recognized when control of promised goods or services is transferred to the Company's customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. Control is the ability to direct the use of and obtain substantially all of the remaining benefits from the specified goods and services.

There was no contract liability recorded as of September 30, 2024 and 2025.

The following table presents the Company's revenue disaggregated by product categories for the years ended September 30, 2024 and 2025, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp; Third-party sales of finished jewelry products | 33543671 | 37816206 | 4860133 |
| &nbsp;&nbsp;&nbsp; Related-party sales of finished jewelry products |  | 5617288 | 721933 |
|  | 33543671 | 43433494 | 5582066 |
| &nbsp;&nbsp;&nbsp; Third-party sales of loose pearls | 33295703 | 21198448 | 2724421 |
| &nbsp;&nbsp;&nbsp; Related-party sales of loose pearls |  | 6182712 | 794601 |
|  | 33295703 | 27381160 | 3519022 |
|  **Total** | **66839374** | **70814654** | **9101088** |

---

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 4 — ACCOUNTS RECEIVABLES, NET
Accounts receivables, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Accounts receivables | 8209225 | 21300171 | 2737495 |
|  Less: allowance for credit losses accounts | (213927) | (23488) | (3019) |
|  **Accounts receivables, net** | **7995298** | **21276683** | **2734476** |

---

Movements of allowance for credit losses accounts are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Allowance for credit losses accounts, beginning balance | 115422 | 213927 | 27494 |
|  Addition/(Reversal) | 98505 | (190439) | (24475) |
|  **Allowance for credit losses accounts, ending balance** | **213927** | **23488** | **3019** |

---

During the year ended September 30, 2025, the Company's allowance for credit losses was determined on a collective basis, which results in a reversal of HKD190,439 (US$24,475) as receivables were subsequently collected.

As of the end of each of the financial year, the aging analysis of gross accounts receivables based on the due date is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Not past due | 3227141 | 18266757 | 2347641 |
|  Up to 60 days | 4742692 | 2997986 | 385301 |
|  61 to 120 days | 17837 | 8155 | 1048 |
|  121 to 180 days | 7233 |  |  |
|  Over 180 days | 214322 | 27273 | 3505 |
|  **Total accounts receivables** | **8209225** | **21300171** | **2737495** |

---

As of the report date, the Company had subsequently collected 100% and 98% of the outstanding balance that was overdue as of September 30, 2024 and 2025, respectively. Management assessed that a portion of the balance was still recoverable given the ongoing business relationship with the client; however, the time of recovery is expected to be greater than one operating period.

#### Note 5 — INVENTORIES, NET
As of September 30, 2024 and 2025, inventory, net of reserve consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **Inventories** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of inventory | 18128190 | 6360933 | 817506 |
| &nbsp;&nbsp;&nbsp; less: provision for inventory write-down | (7678680) |  |  |
|  **Total** | **10449510** | **6360933** | **817506** |

---

For the years ended September 30, 2024 and 2025, the Company recognized additional provision for inventory valuation of HKD3,177,100 and HKD455,126 (US$58,493), respectively, which was included in merchandise costs.

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 5 — INVENTORIES, NET (cont.)
During the year ended September 30, 2025, additional provision of HKD455,126 (US$58,493) was recognized primarily for slow-moving inventories prior to their disposal, and the Company subsequently sold all inventories for which provision for inventory write-down had been made.

#### Note 6 — PREPAYMENTS

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Prepaid events participation fees for jewelry exhibition | 346107 | 387924 | 49856 |
|  Prepaid subscription and membership fees | 16444 | 10742 | 1381 |
|  Prepayments to a landlord |  | 287613 | 36964 |
|  Prepayments to suppliers |  | 95626 | 12290 |
|  Other prepayments | 146118 | 111378 | 14314 |
|  | **508669** | **893283** | **114805** |

---

#### Note 7 — DEPOSITS

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Long-term deposits | 1584218 | 1589079 | 204228 |

---

The deposit is mainly related to the rental deposit for office in Hong Kong. The rental deposit is an advance payment made by the Company to the landlord for services that will be received in the future, which amounted to HKD1,575,168 and HKD1,575,168 (US$202,440) as of September 30, 2024 and 2025, respectively. This payment serves as a security or partial payment for the upcoming office rental.

#### Note 8 — PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Office equipment | 396683 | 448785 | 57678 |
|  Office furniture and fixtures | 186206 | 189252 | 24322 |
|  Leasehold improvement | 5055459 | 5055459 | 649727 |
|  Subtotal | 5638348 | 5693496 | 731727 |
|  Less: accumulated depreciation | (5539953) | (5621762) | (722508) |
|  **Property and equipment, net** | **98395** | **71734** | **9219** |

---

Depreciation expenses recognized for the years ended September 30, 2024 and 2025 amounted to HKD137,785 and HKD84,429 (US$10,851), respectively.

No impairment loss had been recognized during the years ended September 30, 2024 and 2025, respectively.

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

**C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 9 — SHORT-TERM BORROWINGS
As of September 30, 2025, outstanding balances of short-term borrowings consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **As of September 30, 2025** | **HKD** | **USD** | **Borrowing <br>Date** | **Effective <br>Interest <br>Rate<sup>(1)</sup>** | **Collateral/ <br>Guarantee** |
|  Borrowing from a financial institution | 5000000 | 642599 | September 1, 2025<br> November 28, 2025<sup>(2)</sup> | 6% |  |
|  Borrowing from a financial institution | 10000000 | 1285199 | September 19, 2025<br> December 18, 2025<sup>(3)</sup> | 10% |  |
|  | **15000000** | **1927798** |  |  |  |

---

____________

(1) As of September 30, 2025, the Company's short-term borrowings consist of borrowings from financial institutions with effective interest rates ranging from 6% to 10%. The weighted average interest rate on short-term borrowings outstanding as of September 30, 2025 was 8%.

(2) On November 25, 2025, the borrowing of HKD5,000,000 (US$642,599) had been fully settled.

(3) On October 15, 2025, HKD7,000,000 (US$899,639) was repaid. Upon an extension entered on December 15, 2025, the maturity date of the remaining HKD3,000,000 (US$385,560) of borrowings was extended to March 18, 2026, which is unsecured, with no collateral, with interest rate of 10% per annum.

As of September 30, 2025, the interest expense for short-term borrowings amounted to HKD58,333 (US$7,497), of which HKD25,000 (US$3,213) had been paid. The remaining accrued interest payable of HKD33,333 (US$4,284) was not past due for payment as of September 30, 2025.

#### Note 10 — ACCRUED EXPENSES

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Accrued audit fees | 2393790 | 1337000 | 171831 |

---

#### Note 11 — OTHER PAYABLES

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Payables to customers | 145414 |  |  |
|  Staff costs payables | 352793 |  |  |
|  Sundry payables | 228424 | 254854 | 32753 |
|  | **726631** | **254854** | **32753** |

---

Other payables are primarily related to payables to suppliers, renovation costs, payroll expense payable, and payables to customers.

#### Note 12 — TAXES
<u><u>Income tax</u></u>

*British Virgin Islands*

The Company is incorporated in the BVI and is not subject to tax on income or capital gains under current BVI law. In addition, upon payments of dividends by these entities to their shareholders, no BVI withholding tax will be imposed.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Loss before income tax |  | (53330) | (6854) |
|  BVI statutory income tax rate | 0% | 0% | 0% |
|  Income tax expense computed at statutory rate |  |  |  |
|  **Effective income tax expenses** | **—** | **—** | **—** |

---

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

**C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 12 — TAXES (cont.)
*Hong Kong*

C&K Jewellery is incorporated in Hong Kong and is subject to the two-tiered profits tax system applies to tax years commencing on or after 1 April 2018. Companies can choose to adopt a two-tiered profits tax system, which is 8.25% on assessable profits up to HKD2,000,000; and 16.5% on any part of assessable profits over HKD2,000,000. Under Hong Kong tax law, C&K Jewellery is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

Taxation in the statement of income represents:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Hong Kong profits tax provision for the year: |  |  |  |
|  Current | 2673126 | 640620 | 82333 |
|  Deferred | (137842) | 201855 | 25942 |
|  | **2535284** | **842475** | **108275** |

---

Deferred tax assets in the balance sheets represent:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Adjustment to profits tax provision | 140711 |  |  |
|  Allowance for credit losses accounts | 35298 | 3876 | 498 |
|  Wear and tear allowance | 627095 | 597373 | 76774 |
|  | **803104** | **601249** | **77272** |

---

The following table reconciles Hong Kong statutory rates to the Company's effective tax rate:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  Income before tax | 16564426 | 7192766 | 924413 |
|  Hong Kong statutory income tax rate | 16.5% | 16.5% | 16.5% |
|  Income tax expense computed at statutory rate | 2733130 | 1186806 | 152529 |
|  Reconciling items: |  |  |  |
|  Non-taxable items in Hong Kong | (194846) | (342831) | (44061) |
|  Tax credit | (3000) | (1500) | (193) |
|  **Effective income tax expenses** | **2535284** | **842475** | **108275** |

---

Consolidated effective tax rate reconciliation:

---

| | | |
|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2025** |
|  | **HKD** | **HKD** |
|  Hong Kong statutory income tax rate | 16.5% | 16.50% |
|  Foreign tax rate differential | 0% | 0.12% |
|  Non-taxable items | (1.17)% | (4.80)% |
|  Tax credit | (0.02)% | (0.02)% |
|  **Effective tax rate** | **15.31%** | **11.80**% |

---

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 12 — TAXES (cont.)
<u><u>Uncertain tax positions</u></u>

The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of September 30, 2024 and 2025, the Company did not have any unrecognized tax benefits.

#### Note 13 — Related party balances and transactions
The Company's relationships with related parties who had transactions with the Company are summarized as follows:

---

| | |
|:---|:---|
|  **Related Party Name** | **Relationship to the Company** |
|  Ms. Cheng Ka Ki | Controlling shareholder, CEO and Chairman of the Company and Executive Director of C&K Jewellery Limited, and Director of C&K Jewellery Limited |
|  Prosper Spring Group Limited ("Prosper Spring") | of which Ms. Cheng Ka Ki is the sole owner and a director |
|  Splendid Wealth Investments Limited ("Splendid") | owned 80% shareholding of C&K Jewellery Limited before the reorganization on February 17, 2025 |
|  New Jumbo Global Limited ("New Jumbo") | owned 20% shareholding of C&K Jewellery Limited before the reorganization on February 17, 2025 |
|  Asia Pacific Jewellery Group Limited ("Asia Pacific") | controlled by an immediate family member of a director of C&K Group until March 26, 2025 |

---

a. Amount due from a related party

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  **Name of related party** | **Nature of transactions** | **2024** | **2025** | **2025** |
|  |  | **HKD** | **HKD** | **US$** |
|  New Jumbo Global Limited | Payments made by the Company on behalf of New Jumbo for its operating purposes. The balances were settled by January 3, 2025. | 77730 |  |  |

---

b. Amounts due to related parties

Due to a related party consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  **Name of related party** | **Nature of transactions** | **2024** | **2025** | **2025** |
|  |  | **HKD** | **HKD** | **US$** |
|  Splendid Wealth Investments Limited | Advances made to the Company for working capital purposes. The balance was interest-free, unsecured and repayable on demand. The balances were settled by January 2, 2025. | 48903919 |  |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **48903919** | **—** | **—** |

---

c. Sales of products to a related party

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  **Name of related party** | **Nature of transactions** | **2024** | **2025** | **2025** |
|  |  | **HKD** | **HKD** | **US$** |
|  Asia Pacific | Sales of finished jewelry products and loose pearls |  | 11800000 | 1516534 |

---

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 13 — Related party balances and transactions (cont.)
For the year ended September 30, 2024, there were no sales of products to a related party.

For the year ended September 30, 2025, the sales of finished jewelry products to a related party and the sales of loose pearls to a related party amounted to HKD5,617,288 (US$721,933) and HKD6,182,712 (US$794,601) respectively.

d. Purchase of products from a related party

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  **Name of related party** | **Nature of transactions** | **2024** | **2025** | **2025** |
|  |  | **HKD** | **HKD** | **US$** |
|  Asia Pacific | Purchases of jewelry materials and pearls |  | 3132135 | 402542 |

---

e. Repurchase of shares from a related party

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  **Name of related party** | **Nature of transactions** | **2024** | **2025** | **2025** |
|  |  | **HKD** | **HKD** | **US$** |
|  Prosper Spring | Repurchase of 3,300,000 Class B ordinary shares |  | 0.08 | 0.01 |

---

f. Issuance of shares to a related party

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  **Name of related party** | **Nature of transactions** | **2024** | **2025** | **2025** |
|  |  | **HKD** | **HKD** | **US$** |
|  Prosper Spring | Issuance of 3,300,000 Class A ordinary shares and 3,300,000 Class B ordinary shares |  | 0.16 | 0.02 |

---

#### Note 14 — EQUITY
*Ordinary shares*

The Company was incorporated in the British Virgin Islands on January 28, 2025, with 500,000,000 shares authorized with no par value each divided into (i) 440,000,000 Class A ordinary shares of no par value and (ii) 60,000,000 Class B ordinary shares of no par value.

As part of the reorganization, on January 28, 2025, Splendid Wealth Investments Limited and New Jumbo Global Limited entered into a sale and purchase agreement for the transfer of all of their shares of C&K Jewellery to eleven individuals, who on the same day entered into a share exchange agreement with C&K Group and C&K Jewellery, pursuant to which the eleven individuals transferred all of their rights in the shares in C&K Jewellery (pursuant to and under the aforesaid sale and purchase agreement) to C&K Group in exchange for shares in C&K Group on a pro rata basis. On January 28, 2025, 16,000,000 ordinary shares of the Company, including (i) 12,700,000 Class A ordinary shares and (ii) 3,300,000 Class B ordinary shares, were issued to the participating shareholders in connection with the restructuring of the Company at no par value. The share transfers and issuances contemplated by the aforesaid sale and purchase agreement and share exchange agreement were effectuated on February 17, 2025.

On July 15, 2025, the Company completed the remaining equity restructuring transaction involving Prosper Spring Group Limited, a company wholly owned by Ms. Cheng Ka Ki, the Company's Chief Executive Officer and the sole holder of the Company's Class B ordinary shares at that time.

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

**C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 14 — EQUITY (cont.)
In connection with this restructuring, the Company repurchased 3,300,000 Class B ordinary shares from Prosper Spring Group Limited for nominal consideration of US$0.01 and immediately thereafter issued 3,300,000 Class A ordinary shares and 3,300,000 Class B ordinary shares, both of no par value, to Prosper Spring Group Limited for nominal consideration of US$0.02, in a private transaction. Accordingly, the reorganization was completed on July 15, 2025.

This transaction did not result in any material cash inflow to the Company.

As of September 30, 2025, 19,300,000 ordinary shares of the Company, including (i) 16,000,000 Class A ordinary shares and (ii) 3,300,000 Class B ordinary shares, were issued to the participating shareholders in connection with the restructuring of the Company at no par value. All shares rank equally with regard to the participating shareholders' residual assets. The holders of ordinary shares are entitled to receive dividends as declared from time to time. The holders of Class A ordinary shares are entitled to one vote per share at meetings of the Company. The holders of Class B ordinary shares are entitled to twenty votes per share at meetings of the Company.

During the year ended September 30, 2024, the Company didn't declare and paid any dividend to its shareholders. On December 31, 2024, prior to our reorganization, C&K Jewellery declared total dividend of HKD3,144,443 (US$404,175) to its then shareholders, which was paid on February 14, 2025.

#### Note 15 — LEASES
The Company entered into various non-cancellable operating lease agreements for certain leasehold properties. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the lease in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The lease terms may include one or more options to extend the lease terms, for periods from one to three years, when it is reasonably certain that the Company will exercise that option.

As of September 30, 2025, the options to extend the leases were recognized as ROU assets — operating leases and operating lease obligation on the consolidated balance sheets. The Company has elected not to present short-term leases on the consolidated balance sheets as these leases have a lease term of 12 months or less at lease inception.

The following table shows amounts recognized in the consolidated balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HKD** | **HKD** | **US$** |
|  **Operating right-of-use assets** | 7457243 | 5068962 | 651462 |
|  **Operating lease obligation** |  |  |  |
|  Current | (2388281) | (2452359) | (315177) |
|  Non-current | (5068962) | (2616603) | (336285) |
|  | **7457243** | **5068962** | **651462** |

---

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

#### C&K GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 15 — LEASES (cont.)
The following table shows the remaining contractual maturities of the Company's operating lease obligation as of September 30, 2025:

---

| | | |
|:---|:---|:---|
|  **Twelve months ending September 30,** | **HKD** | **US$** |
| 2026 | 2560680 | 329098 |
| 2027 | 2560680 | 329098 |
| 2028 | 96370 | 12385 |
| 2029 |  |  |
| 2030 |  |  |
|  Thereafter |  |  |
|  Total future lease payment | 5217730 | 670581 |
|  Less: imputed interest | (148768) | (19119) |
|  Present value of operating lease obligation | 5068962 | 651462 |
|  Operating lease obligation, current portion | 2452359 | 315177 |
|  Operating lease obligation, net of current portion | 2616603 | 336285 |

---

The following summarizes other supplemental information about the Company's operating lease as of September 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
|  Weighted average discount rate (per annum) | 5.0% | 5.0% |
|  Weighted average remaining lease term (years) | 2.54 years | 2.04 years |

---

#### Note 16 — SEGMENT REPORTING
The Company derives revenue by selling loose pearls and finished jewelry products. The Company operates as one operating and reportable segment and its sole business activity consists of purchasing, designing and selling loose pearls and finished jewelry products. The Company sells loose pearls and finished jewelry products to their customers in the regions that the Company operates in and manages its business activities on a consolidated basis.

The accounting policies of the segment are the same as those described in Note "2. Summary of Significant Accounting Policies". The Company's CODM uses net income (loss) to measure segment profit or loss and assesses performance against expectations to make resource allocation decisions. Additionally, the CODM reviews and uses functional expenses included in net income (loss) to manage the Company's operations and assess operating profitability. The Company operates as one operating and reportable segment, and as such the significant segment expenses regularly provided to the CODM are those presented on the consolidated statements of operations. These significant segment expense include third-party merchandise costs, related-party merchandise costs, selling and marketing expenses, general and administrative expenses and bad debts (expenses)/reversals. Other segment items that are presented on the consolidated statements of operations include interest income, interest expense, (loss)/gain from foreign currency translation and other income. The Company's entity-wide disclosures, including the breakout of revenue between products are included in Note "3. Revenues".

#### Note 17 — SUBSEQUENT EVENTS
The Company evaluated all events and transactions that from September 30, 2025 up through February 12, 2026, which is the date that these consolidated financial statements are available to be issued, there were no any material subsequent events that require disclosure in these consolidated financial statements.

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

#### 3,750,000 Class A Ordinary Shares

#### C&K Group Limited

#### ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

#### PRELIMINARY PROSPECTUS

#### ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

---

| | |
|:---|:---|
| **Blue Diamond Securities of America LLC** | **Revere Securities LLC** |

---

**Until , 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade our Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to its unsold allotments or subscriptions.**

#### _____________, 2026

------

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

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

---

| | |
|:---|:---|
|  **Preliminary Prospectus** | **SUBJECT TO COMPLETION, DATED FEBRUARY 12, 2026** |

---

#### C&K GROUP LIMITED

#### 1,568,000 Class A Ordinary Shares
This Resale Prospectus relates to the resale of 1,568,000 Class A Ordinary Shares by the selling shareholders named in this prospectus. We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the selling shareholders named in this prospectus.

Currently, no public market exists for our Class A Ordinary Shares. We will apply to list our Class A Ordinary Shares on the [•] under the symbol "[•]" in connection with our initial public offering. There is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on [•], or that our initial public offering will be closed.

No sales of the Class A Ordinary Shares covered by this prospectus shall occur until the Class A Ordinary Shares sold in our initial public offering at an assumed initial public offering price of $4.50 per share (which is the midpoint of the estimated offering range of $4.00 and $5.00 per share for the Class A Ordinary Shares being sold in our initial public offering) begin trading on the [•]. Thereafter, any Class A Ordinary Shares sold by the selling shareholders will occur at prevailing market prices or privately negotiated. The distribution of securities offered hereby may be effected in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals. Usual and customary or specifically negotiated brokerage fees or commissions may be paid by the selling shareholders.

**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 19 of the Public Offering Prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

**We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. See "Risk Factors" and "Public Offering Prospectus Summary — "Implications of Our Being an Emerging Growth Company" on pages 19 and 14, respectively, of the Public Offering Prospectus.**

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

#### The date of this Resale Prospectus is [•], 2026

------

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

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [THE OFFERING](#T3333) | Alt-1 |
|  [USE OF PROCEEDS](#T3334) | Alt-2 |
|  [SELLING SHAREHOLDERS](#T3335) | Alt-2 |
|  [SELLING SHAREHOLDERS PLAN OF DISTRIBUTION](#T3336) | Alt-3 |
|  [LEGAL MATTERS](#T3337) | Alt-5 |

---

Alt-i

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

#### THE OFFERING

---

| | |
|:---|:---|
|  **Ordinary Shares offered by the Selling Shareholder** | 1,568,000 Class A Ordinary Shares |
|  **Selling price** | Any shares sold by the selling shareholders will occur only after the Class A Ordinary Shares sold in our initial public offering at an assumed initial public offering price of $4.50 per share (which is the midpoint of the estimated offering range of $4.00 and $5.00 per share for the Class A Ordinary Shares being sold in our initial public offering) begin trading on the [•]. Thereafter, any Class A Ordinary Shares sold by the selling shareholders will occur at prevailing market prices or privately negotiated prices. |
|  **Ordinary Shares to be offered by us pursuant to this Resale Prospectus** | 0 Class A Ordinary Shares |
|  **Ordinary Shares outstanding prior to completion of this offering** | 16,000,000 Class A Ordinary Shares |
|  **Ordinary Shares outstanding immediately after our initial public offering pursuant to the Public Offering Prospectus** | 19,750,000 Class A Ordinary Shares |
|  **Use of proceeds** | We will not receive any proceeds from the sale of the Class A Ordinary Shares by the selling shareholders named in this Resale Prospectus. |

---

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

#### USE OF PROCEEDS
We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the selling shareholders.

#### SELLING SHAREHOLDERS
The following table sets forth the names of the selling shareholders, the number of Class A Ordinary Shares owned by each selling shareholder immediately prior to the date of this Resale Prospectus and the number of Class A Ordinary Shares to be offered by the selling shareholder pursuant to this Resale Prospectus. The table also provides information regarding the beneficial ownership of our Class A Ordinary Shares by the selling shareholder as adjusted to reflect the assumed sale of all of the Class A Ordinary Shares offered under this Resale Prospectus.

Percentage of beneficial ownership before this offering is based on 19,750,000 Class A Ordinary Shares outstanding as at the date of this Resale Prospectus. Beneficial ownership is based on information furnished by the selling shareholders. Unless otherwise indicated and subject to community property laws where applicable, the selling shareholder named in the following table has, to our knowledge, sole voting and investment power with respect to the shares beneficially owned by him/her/it.

None of the selling shareholders has had any position, office or other material relationship within the past three years with the Company. None of the selling shareholders is a broker dealer or an affiliate of a broker dealer. None of the selling shareholders has an agreement or understanding to distribute any of the Class A Ordinary Shares being registered. Each selling shareholder may offer for sale from time to time any or all of the shares, subject to the agreements described in the "Selling Shareholders Plan of Distribution." The table below assumes that the selling shareholders will sell all of the Class A Ordinary Shares offered for sale hereby:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Selling Shareholder** | **Class A <br>Ordinary <br>Shares <br>Beneficially <br>Owned Prior <br>to Offering<sup>(1)</sup>** | **Maximum <br>Number of <br>Class A <br>Ordinary <br>Shares to <br>be Sold** | **Number of <br>Class A <br>Ordinary <br>Shares <br>Owned after <br>Offering** | **Percentage <br>Class A <br>Ordinary <br>Shares <br>Ownership <br>After <br>Offering <br>(%)** |
|  First Start International Limited<sup>(2)</sup> | 784000 | 784000 | 0 | 0% |
|  Market Tycoon Investments Limited<sup>(3)</sup> | 784000 | 784000 | 0 | 0% |

---

____________

(1) Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, securities that are currently convertible or exercisable into Class A Ordinary Shares, or convertible or exercisable into our Class A Ordinary Shares within 60 days of the date hereof are deemed outstanding. Such Class A Ordinary Shares, however, are not deemed outstanding for the purposes of computing the percentage ownership of any other person. Except as indicated in the footnotes to the following table, each shareholder named in the table has sole voting and investment power with respect to the Class A Ordinary Shares set forth opposite such shareholder's name.

(2) First Start International Limited is a BVI company, of which Mr. LEUNG Chun Ming is the sole owner and a director. Mr. Leung has the voting, dispositive or investment powers over such Class A Ordinary Shares.

(3) Market Tycoon Investments Limited is a BVI company, of which Mr. LUK Tat Ho Andy is the sole owner and a director. Mr. Luk has the voting, dispositive or investment powers over such Class A Ordinary Shares.

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

#### SELLING SHAREHOLDERS PLAN OF DISTRIBUTION
The selling shareholders and any of their pledgees, donees, assignees and successors-in-interest may, from time to time, sell any or all of their Class A Ordinary Shares being offered under this Resale Prospectus on any stock exchange, market or trading facility on which our Class A Ordinary Shares are traded or in private transactions. No sales of the Class A Ordinary Shares covered by this prospectus shall occur until the Class A Ordinary Shares sold in our initial public offering at an assumed initial public offering price of $4.50 per share (which is the midpoint of the estimated offering range of $4.00 and $5.00 per share for the Class A Ordinary Shares being sold in our initial public offering) begin trading on the [•]. Thereafter, any Class A Ordinary Shares sold by the selling shareholders will occur at prevailing market prices or privately negotiated prices. The selling shareholders may use any one or more of the following methods when disposing of shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• block trades in which the broker-dealer will attempt to sell the Class A Ordinary Shares as agent but may position; and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases by a broker-dealer as principal and resales by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to cover short sales made after the date that the registration statement of which this Resale Prospectus is a part is declared effective by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers may agree with the selling shareholders to sell a specified number of such Class A Ordinary Shares at a stipulated price per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a combination of any of these methods of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other method permitted pursuant to applicable law.

The Class A Ordinary Shares may also be sold under Rule 144 under the Securities Act of 1933, as amended, if available for a selling shareholders, rather than under this Resale Prospectus. The selling shareholders have the sole and absolute discretion not to accept any purchase offer or make any sale of Class A Ordinary Shares if they deem the purchase price to be unsatisfactory at any particular time.

The selling shareholders may pledge their Class A Ordinary Shares to their brokers under the margin provisions of customer agreements. If a selling shareholder defaults on a margin loan, the broker may, from time to time, offer and sell the pledged Class A Ordinary Shares.

Broker-dealers engaged by the selling shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling shareholders (or, if any broker-dealer acts as agent for the purchaser of Class A Ordinary Shares, from the purchaser) in amounts to be negotiated, which commissions as to a particular broker or dealer may be in excess of customary commissions to the extent permitted by applicable law.

If sales of Class A Ordinary Shares offered under this Resale Prospectus are made to broker-dealers as principals, we would be required to file a post-effective amendment to the registration statement of which this Resale Prospectus is a part. In the post-effective amendment, we would be required to disclose the names of any participating broker-dealers and the compensation arrangements relating to such sales.

The selling shareholders and any broker-dealers or agents that are involved in selling the Class A Ordinary Shares offered under this Resale Prospectus may be deemed to be "underwriters" within the meaning of the Securities Act in connection with these sales. Commissions received by these broker-dealers or agents and any profit on the resale of the Class A Ordinary Shares purchased by them may be deemed to be underwriting discount under the Securities Act. Any broker-dealers or agents that are deemed to be underwriters may not sell Class A Ordinary Shares offered under this Resale Prospectus unless and until we set forth the names of the underwriters and the material details of their underwriting arrangements in a supplement to this Resale Prospectus or, if required, in a replacement resale prospectus included in a post-effective amendment to the registration statement of which this Resale Prospectus is a part.

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

The selling shareholders and any other persons participating in the sale or distribution of the Class A Ordinary Shares offered under this Resale Prospectus will be subject to applicable provisions of the Exchange Act, and the rules and regulations under that act, including Regulation M. These provisions may restrict activities of, and limit the timing of purchases and sales of any of the Class A Ordinary Shares by, the selling shareholders or any other person. Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and other activities with respect to those securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. All of these limitations may affect the marketability of the Class A Ordinary Shares.

Rule 5110 requires members firms to satisfy the filing requirements of Rule 5110 in connection with the resale, on behalf of selling shareholders, of the securities on a principal or agency basis. NASD Notice to Members 88-101 states that in the event a selling shareholder intends to sell any of the shares registered for resale in this Resale Prospectus through a member of FINRA participating in a distribution of our securities, such member is responsible for ensuring that a timely filing, if required, is first made with the Corporate Finance Department of FINRA and disclosing to FINRA the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it intends to take possession of the registered securities or to facilitate the transfer of such certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the complete details of how the selling shareholders' Class A Ordinary Shares are and will be held, including location of the particular accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the member firm or any direct or indirect affiliates thereof have entered into, will facilitate or otherwise participate in any type of payment transaction with the selling shareholders, including details regarding any such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event any of the securities offered by the selling shareholders are sold, transferred, assigned or hypothecated by any selling shareholder in a transaction that directly or indirectly involves a member firm of FINRA or any affiliates thereof, that prior to or at the time of said transaction the member firm will timely file all relevant documents with respect to such transaction(s) with the Corporate Finance Department of FINRA for review.

No FINRA member firm may receive compensation in excess of that allowable under FINRA rules, including Rule 5110, in connection with the resale of the securities by the selling shareholders.

If any of the Class A Ordinary Shares offered for sale pursuant to this Resale Prospectus are transferred other than pursuant to a sale under this Resale Prospectus, then subsequent holders could not use this Resale Prospectus until a post-effective amendment or prospectus supplement is filed, naming such holders. We offer no assurance as to whether any of the selling shareholders will sell all or any portion of the shares offered under this Resale Prospectus.

We have agreed to pay all fees and expenses we incur incident to the registration of the shares being offered under this Resale Prospectus. However, each selling shareholder and purchaser is responsible for paying any discount, and similar selling expenses they incur.

We and the selling shareholders have agreed to indemnify one another against certain losses, damages and liabilities arising in connection with this Resale Prospectus, including liabilities under the Securities Act.

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

#### LEGAL MATTERS
Robinson & Cole, LLP, Chrysler East Building, 666 Third Avenue, 20<sup>th</sup> Floor, New York, NY 10017 has acted as our counsel in connection with the preparation of this prospectus.

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

#### C&K GROUP LIMITED

#### 1,568,000 Class A Ordinary Shares

#### _________________________

#### RESALE PROSPECTUS

#### _________________________
**You should rely only on the information contained in this Resale Prospectus. No dealer, salesperson or other person is authorized to give information that is not contained in this Resale Prospectus. This Resale Prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this Resale Prospectus is correct only as of the date of this prospectus, regardless of the time of the delivery of this prospectus or the sale of these securities.**

Until [•], 2026, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriter with respect to their unsold subscriptions.

#### The date of this Resale Prospectus is [•], 2026

------

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

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Our Memorandum and Articles of Association, which became effective on January 28, 2025, empowers us to indemnify our directors and officers against certain liabilities they incur by reason of their being a director or officer of our company.

We have also entered into indemnification agreements with each of our directors and executive officers in connection with this offering. Under these agreements, we have agreed 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.

The underwriting agreement in connection with this offering also provides for indemnification of us and our officers, directors or persons controlling us for certain liabilities.

We intend to obtain directors' and officer's liability insurance coverage that will cover certain liabilities of directors and officers of our company arising out of claims based on acts or omissions in their capacities as directors or officers.

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we have issued the following securities. 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 or Rule 701 under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities:

*Ordinary Shares Issued Upon Incorporation*

On January 28, 2025, pursuant to a share exchange agreement entered into by and among the Company, C&K Jewellery Limited, our Hong Kong subsidiary, and 11 individual shareholders, we issued (i) an aggregate of 12,700,000 Class A Ordinary Shares to existing shareholders of the Company, and (ii) 3,300,000 Class B Ordinary Shares to Prosper Spring Group Limited, which is owned by Ms. Cheng Ka Ki, our Chief Executive Officer, in exchange for 100% of the equity interest in C&K Jewellery Limited, in private transactions.

*Issuances in Connection with Share Repurchase and Subscription*

On July 15, 2025, the Company repurchased 3,300,000 Class B ordinary shares from Prosper Spring Group Limited ("Prosper Spring"), the sole holder of Class B ordinary shares at that time, which is owned by Ms. Cheng Ka Ki, our Chief Executive Officer, at a total consideration of $0.01. Following the repurchase, the Company issued 3,300,000 Class A ordinary shares and 3,300,000 Class B ordinary shares to Prosper Spring for a total consideration of $0.02, in a private transaction.

#### ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
**(a) Exhibits**

See the Exhibit Index attached to this registration statement, which is incorporated by reference herein.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

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

#### ITEM 9. UNDERTAKINGS.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933 need not be furnished, provided, that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the

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

registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act of 1933, 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;(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement](ea027470401ex1-1_candk.htm) |
| 3.1 | [Memorandum and Articles of Association.](ea027470401ex3-1_candk.htm) |
| 4.1 | [Specimen Certificate for Class A Ordinary Shares](ea027470401ex4-1_candk.htm) |
| 5.1 | [Opinion of Ogier regarding the validity of the Class A Ordinary Shares being registered](ea027470401ex5-1_candk.htm) |
| 8.1 | [Opinion of Ogier as to BVI tax matters (included in Exhibit 5.1)](ea027470401ex5-1_candk.htm) |
| 10.1 | [Executive Employment Agreement, dated March 1, 2025, by and between the Company and Cheng, Ka Ki](ea027470401ex10-1_candk.htm) |
| 10.2 | [Executive Employment Agreement, dated March 1, 2025, by and between the Company and Leung, Wing Hong](ea027470401ex10-2_candk.htm) |
| 10.3 | [Executive Employment Agreement, dated March 1, 2025, by and between the Company and Wong, Man Yin Vanessa](ea027470401ex10-3_candk.htm) |
| 10.4 | [Executive Employment Agreement, dated March 1, 2025, by and between the Company and Kong, Ka Yin](ea027470401ex10-4_candk.htm) |
| 10.5 | [Form of Indemnification Agreement between the Registrant and its directors and officers](ea027470401ex10-5_candk.htm) |
| 10.6 | [Offer Letter, dated March 24, 2025, from the Company to Yuen, Ka Lok Ernest](ea027470401ex10-6_candk.htm) |
| 10.7 | [Offer Letter, dated March 25, 2025, from the Company to Chan Leo](ea027470401ex10-7_candk.htm) |
| 10.8 | [Offer Letter, dated March 25, 2025, from the Company to Chung Chi Kit](ea027470401ex10-8_candk.htm) |
| 10.9 | [Sale and Purchase Agreement, dated January 28, 2025, by and between Splendid Wealth Investments Limited, New Jumbo Global Limited and certain shareholders of C&K Jewellery Limited](ea027470401ex10-9_candk.htm) |
| 10.10 | [Share Exchange Agreement, dated January 28, 2025, by and between the Company, C&K Jewellery and certain shareholders of the Company](ea027470401ex10-10_candk.htm) |
| 10.11 | [Lease Agreement, dated May 24, 2024, between C&K Jewellery Limited and Harbour City Estates Limited](ea027470401ex10-11_candk.htm) |
| 10.12 | [Form of Purchase Order](ea027470401ex10-12_candk.htm) |
| 10.13 | [Form of Invoice](ea027470401ex10-13_candk.htm) |
| 10.14 | [Share Subscription and Consent Letter, dated July 15, 2025, from Prosper Spring Group Limited to the Board of Directors of the Company](ea027470401ex10-14_candk.htm) |
| 21.1 | [List of Subsidiaries](ea027470401ex21-1_candk.htm) |
| 23.1 | [Consent of WWC, P.C., Independent Registered Public Accounting Firm](ea027470401ex23-1_candk.htm) |
| 23.2 | [Consent of Ogier (included in Exhibit 5.1)](ea027470401ex5-1_candk.htm) |
| 23.3 | [Consent of Tian Yuan Law Firm LLP (included in Exhibit 99.5)](ea027470401ex99-5_candk.htm) |
| 23.4 | [Consent of Commerce & Finance Law Offices (included in Exhibit 99.6)](ea027470401ex99-6_candk.htm) |
| 24.1 | [Power of Attorney](#T5000) |
| 99.1 | [Code of Business Conduct and Ethics of the Registrant](ea027470401ex99-1_candk.htm) |
| 99.2 | [Consent of Yuen Ka Lok, Ernest to be named as a director nominee](ea027470401ex99-2_candk.htm) |
| 99.3 | [Consent of Chung Chi Kit to be named as a director nominee](ea027470401ex99-3_candk.htm) |
| 99.4 | [Consent of Chan Leo to be named as a director nominee](ea027470401ex99-4_candk.htm) |
| 99.5 | [Opinion of Tian Yuan Law Firm LLP regarding certain Hong Kong Legal Matters](ea027470401ex99-5_candk.htm) |
| 99.6 | [Opinion of Commerce & Finance Law Offices regarding certain PRC Legal Matters](ea027470401ex99-6_candk.htm) |
| 107 | [Filing Fee Table](ea027470401ex-fee_candk.htm) |

---

[**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 the 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 February 12, 2026.

---

| | |
|:---|:---|
|  C&K Group Limited | C&K Group Limited |
|  By: | /s/ Cheng Ka Ki |
|  | Cheng Ka Ki |
|  | Chief Executive Officer <br>(Principal Executive Officer) |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Cheng Ka Ki as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his name or her name, place and stead, in any and all capacities, in connection with this registration statement, including to sign and file in the name and on behalf of the undersigned as director or officer of the registrant, any and all amendments or supplements (including any and all prospectus supplements, stickers and post-effective amendments) to this registration statement with all exhibits thereto, and sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all post-effective amendments thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and any applicable securities exchange, securities self-regulatory body or other regulatory authority, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith and in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully 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.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ Cheng Ka Ki | Chief Executive Officer, Chairman and Director | February 12, 2026 |
|  Name: Cheng Ka Ki | (Principal Executive Officer) |  |
|  /s/ Leung Wing Hong | Chief Financial Officer | February 12, 2026 |
|  Name: Leung Wing Hong | (Principal Accounting and Financial Officer) |  |
|  /s/ Kong Ka Yin | Director | February 12, 2026 |
|  Name: Kong Ka Yin |  |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, on February 12, 2026.

---

| | | |
|:---|:---|:---|
|  **U.S. Authorized Representative** | **U.S. Authorized Representative** | **U.S. Authorized Representative** |
|  **Cogency Global Inc.** | **Cogency Global Inc.** | **Cogency Global Inc.** |
|  By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**C&K GROUP LIMITED**

**UNDERWRITING AGREEMENT**

**[●], 2026** 

Blue Diamond Securities of America LLC

40 Wall Street, Suite 2931

New York, NY 10005

*As Representative of the Underwriters*

*named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, **C&K GROUP 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 **Blue Diamond Securities of America LLC,** is acting as the representative (in such capacity, the "**Representative**"), to issue and sell an aggregate of 3,750,000 Class A ordinary shares (the "**Firm Shares**") of the Company, no par value per share (the "**Ordinary Shares**"). The Company has also granted to the Underwriters an option to purchase up to 562,500 additional Ordinary Shares, on the terms and for the purposes set forth in Section 2(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 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 [●], 2026. 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(a)(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 Offer, Sale and Distribution," "Passive Market Making," "Price Stabilization, Short Positions and Penalty Bids," and "Potential Conflicts of Interest" in each case under the caption "Underwriting" in the Registration Statement, the Pricing Prospectus, 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*. WWC, P.C. (the "**Accountant**"), which has expressed its opinions 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, presents 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 United States Generally Accepted Accounting Principles ("**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 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 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. 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 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 [●] (the "**Exchange**") 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 E</u> hereto. Each of the Subsidiaries has been duly formed, is validly existing under the laws of the jurisdiction of its incorporation 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 the applicable 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 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 have 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 the 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.

&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 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 is 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 the Exchanges, 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 the listing exchanges.

&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 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 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 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 Overseas 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;(pp) *Foreign Private Issuer Status*. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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). Except as set forth in the Registration Statement and the Prospectus, 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 GAAP. Except as set forth in the Registration Statement and the Prospectus, 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 Underwriter 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 have 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 F</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 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;(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 counsel to the Underwriters 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;(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 6</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; Representative's Warrants.*

 

&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) of $[●] per share. The Underwriters agree to 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*. 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 delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing 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 delivery to the Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) representing 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. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one (1) full business day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Closing Date, to purchase up to an additional 562,500Ordinary Shares, in each case 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 2(c) hereof may be exercised by the Representative on or within 45 days from the Closing Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in Section 2(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 email 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 that portion of the total number of 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.

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 objects.

&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 reasonable best efforts to obtain the lifting of such order at the earliest possible moment or will file a new registration statement and use its reasonable 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 3(a)</u> and <u>Section 3(f)</u> hereof), file with the Commission (and use its reasonable 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 sale of the Offered Securities sold by it 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 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 Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Exchange Listing*. The Ordinary Shares have been duly authorized for listing on the Exchange, subject to official notice of issuance. The Company is in material compliance with the provisions of the rules and regulations promulgated by the Exchange 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) that, based on discussions with the Exchange, the Company meets all requirements for listing on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the in connection with the Offering, 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 13</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 three (3) months from the Closing (the "**Lock-Up Period**"), (i) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; or (B) file or caused to be filed any registration statement with the SEC relating to the offering by the Company of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company, 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 3(o)(i)</u> hereof shall not apply to: (i) the Offered Securities to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the 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, 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) *Right of First Refusal*. The Company agrees to grant Revere Securities LLC ("**Revere**") a right of first refusal (the "**Right of First Refusal**"), which is exercisable at the sole discretion of Revere for a period of twelve (12) months from the Closing Date of the Offering to provide investment banking service to the Company on an exclusive basis in the matters below occurring in the United States of America. For these purposes, investment banking services shall include, (a) acting as lead or joint-lead manager for any underwritten public offering; and (b) acting as lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities of the Company. Revere shall notify Company of its intention to exercise this Right of First Refusal within fifteen (15) business days following notice in writing by the Company. Any decision to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other things, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of Revere, and shall be subject to general market conditions. The Right of First Refusal shall be subject to FINRA Rule 5110(g)(5), including that it may be terminated by the Company for cause, which shall be a breach by Revere of this Agreement or a material failure by Revere to provide the services as contemplated by this Agreement.

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 the Exchange; (v) the filing fees in connection with any required review by FINRA of the terms of the sale of the Offered Securities; (vi) the cost of preparing stock 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 officers of the Company and any such consultants if any incurred, it being understood and agreed that the Underwriters will pay all of the travel, lodging and other expenses of the Underwriters or any of their employees incurred by them in connection with the "road show," which expenses shall be reimbursed by the Company as provided below; and (ix) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section.

The Company has paid Revere advisory fees in connection with the Offering in the amount of $50,000 upon the execution of the engagement letter dated February 17, 2025, together with any and all amendments, modifications, or assignments thereto made thereafter (the "**Engagement Letter**").

The Company will pay the Underwriters a non-accountable expense allowance of one percent (1%) of the gross proceeds from the Offering upon the Closing of the Offering.

The Company will also reimburse the Underwriters up to a maximum of $190,000 for out-of-pocket accountable expenses, including, but not limited to: (i) all reasonable travel and lodging expenses incurred by the underwriter and its counsel in connection with visits to, and examinations of, the Company; (ii) background check on the Company's principal shareholders, directors and officers; (iii) the reasonable cost for road show meetings; (iv) all due diligence expenses; (v) legal counsel fees; (vi) all expenses incidental to the issuance and delivery of the Offered Securities (including all printing and engraving costs, if any); (vii) all fees and expenses of the clearing firm, registrar and transfer agent of the Offered Securities; (viii) all necessary issue, transfer and other stamp taxes in connection with the Offering; and (ix) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), each Issuer Free Writing Prospectus, each preliminary prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement.

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 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;(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) *Secretary'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 Secretary 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 Ordinary Shares or securities convertible into or exercisable for 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 Exchange, 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 Robinson & Cole, 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 Tian Yuan Law Firm LLP, 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 favorable opinion of Commerce & Finance Law Office, PRC legal counsel to the Company in form and substance 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 of the Company and validity 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;(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 Company 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 Underwriters 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 8</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 Representative by written notice given to the Company if at any time (i) trading or quotation in the Company's Ordinary Shares shall have been suspended or limited by the Commission or by the Exchange; (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 the Exchange 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. As used in this Section 9, Cause shall be defined as (i) a material breach by Revere of the Engagement Letter, provided that Revere shall have ten (10) days to cure any such breach, or (ii) a material failure by Revere to provide the services contemplated under the Engagement Letter. 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, pursuant to Section 4, (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 thirty (30) 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 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 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 4</u>, <u>8</u>, <u>9</u>, <u>11</u> and <u>12</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 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 the Company's counsel or the Underwriters' counsel, may be necessary or advisable. The term "Underwriter" as used in this Agreement shall include any party substituted under this <u>Section 11</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.*

 

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):**

Blue Diamond Securities of America LLC

40 Wall Street, Suite 2931New York, NY 10005

Attn: Mr. Ruserim Hasan (Chief Executive Officer)

Email: russ.hasan@bdsecamerica.com

**With a copy (*which shall not constitute notice*) to:**

Schlueter & Associates, P.C.

5655 South Yosemite St., Suite 350

Greenwood Village,

CO 80111

Attn: Henry F. Schlueter, Esq.; David A. Stefanski, Esq.

Email: hfs@schlueterintl.com; ds@schlueterintl.com

Phone No.: (303) 292 3883

**If to the Company:**

C&K Group Limited

Flat 3309-11, 33/F, Tower 5,

The Gateway, No. 15 Canton Road

Tsim Sha Tsui, Kowloon, Hong Kong

Attn: CHENG Ka Ki

Email: proj.jewellery@cnkjewellery.com

Phone No.: 852-3700 3500

**With a copy (*which shall not constitute notice*) to:**

Robinson & Cole LLP

Chrysler East Building

666 Third Avenue, 20th floor

New York, NY 10017

Attn: Arila E. Zhou, Esq.

Email:

Phone No.:

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 8</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 irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 13</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the 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 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 Hong Kong, *provided* that (i) with respect to courts of the British Virgin Islands (a) such judgement is given by a foreign court of competent jurisdiction and such foreign court had proper jurisdiction over the parties subject to such judgment; (b) the judgment imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (c) this judgment is final; (d) there is no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the British Virgin Islands; (e) such judgment is not in respect of taxes, fines, penalties or similar fiscal or revenue obligations of the company; and (f) such judgment is not obtained in a fraudulent manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the British Virgin Islands; (ii) with respect to the courts of Hong Kong, subject to the judicial discretion under common law for Hong Kong, (a) a 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.

---

| |
|:---|
| **C&K Group Limited** |
| By: |
| Name: |
| Title: |

---

The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.

---

| | |
|:---|:---|
| For itself and on behalf of the several Underwriters listed on Schedule A hereto | For itself and on behalf of the several Underwriters listed on Schedule A hereto |
| **Blue Diamond Securities of America LLC** | **Blue Diamond Securities of America LLC** |
| By: |  |
| Name: | Ruserim Hasan |
| Title: | Chief Executive Officer |

---

 ****

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriters** | **Number of**<br>**Firm Shares** |
| Blue Diamond Securities of America LLC | [●] |
| Revere Securities LLC | [●] |
| **Total** | **3750000** |

---

**SCHEDULE B**

**Issuer Free Writing Prospectus(es)**

[●]

**SCHEDULE C**

**Pricing Information**

Number of Firm Shares: [●]

Number of Additional Shares: [●]

Public Offering Price per Share: $[●]

Underwriting Discount per Share: 7% per one Share (or $[●] per share)

Non-accountable expense allowance per Share: 1% per Share (or $[●] per share)

Proceeds to Company per Share (before expenses): $[●]

**SCHEDULE D**

**Lock-Up Parties**

---

| | | |
|:---|:---|:---|
| **Locked-up Parties** | **Ordinary Shares**<br>**Beneficially Owned** | **Lock Up Period** |
|  |  | 6 months |
|  |  | 6 months |
|  |  | 6 months |
|  |  | 6 months |
|  |  | 6 months |

---

**SCHEDULE E**

**Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiaries** | **Place of <br> Incorporation** |

---

**SCHEDULE F**

**Written Testing the Waters Communications**

[●]

**EXHIBIT A**

**Form of Lock-Up Agreement**

[●], 2026

Blue Diamond Securities of America LLC

40 Wall Street, Suite 2931

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands that Blue Diamond Securities of America LLC, 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 C&K Group Limited, a British Virgin Islands company (the "<u>Company</u>"), in connection with the initial public offering (the "<u>Offering</u>") of the Company's Class A ordinary shares, no par value per share (the "<u>Shares</u>").

To induce the Underwriters to continue its 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 closing of 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 is 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 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.

No provision in this lock-up agreement shall be deemed to restrict or prohibit (i) the adoption of an equity incentive plan and the grant of awards or equity pursuant to any equity incentive plan, and the filing of a registration statement on Form S-8; *provided*, *however*, that any sales by parties to this lock-up agreement shall be subject to this lock-up agreement, (ii) the issuance of ordinary shares in connection with the exercise of outstanding warrants of the Company; *provided* that this lock-up agreement shall apply to any of the undersigned's shares issued upon such exercise, or (iii) the issuance of securities in connection with an acquisition or a strategic relationship which may include the sale or equity securities; *provided*, that none of such shares shall be saleable in the public market until the expiration of the 6-month period described above.

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 [●], 2026, 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*]

---

| |
|:---|
| Very truly yours, |
| (Signature) |
| Address: |
| Email: |
| Date: |

---

## Exhibit 3.1

**Exhibit 3.1**

**Territory of the British Virgin Islands**

**The BVI Business Companies Act, 2004**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**C&K Group Limited**

Incorporated as a BVI Business Company on 28 January 2025

**Territory of the British Virgin Islands**

**The BVI Business Companies Act 2004**

**Memorandum of Association**

**of**

**C&K Group Limited**

**a Company Limited by Shares**

---

| | |
|:---|:---|
| **1** | **Name** |

---

The name of the Company is C&K Group Limited (the **Company**).

---

| | |
|:---|:---|
| 2 | Status |

---

The Company is a company limited by shares.

3 Registered Office and Registered Agent

3.1 The first registered office of the Company is at Ritter House,
Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands, the office of the first registered agent.

3.2 The first registered agent of the Company is Ogier Global
(BVI) Limited of Ritter House, Wickhams Cay II, PO Box 3170, 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 Powers

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 4.1(a), full rights, powers and privileges.

4.2 There are 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 500,000,000
shares of no par value each divided into (i) 440,000,000 Class A ordinary shares of no par value (**Class A Ordinary Shares**) and
(ii) 60,000,000 Class B ordinary shares of 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 shall have the corresponding fractional rights, obligations and liabilities of a whole Share of the same
class or series of Shares.

6 Rights Attaching to Shares

6.1 Each Class A Ordinary Share in the Company confers upon the
Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one (1) 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 dividend paid by the Company on the Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution to the holders of Ordinary Shares of the surplus assets of the Company on its liquidation.

For the avoidance of doubt, Class A Ordinary Shares are not convertible into Class B Ordinary Shares at any time.

6.2 Each Class B Ordinary Share in the Company confers upon the
Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to twenty (20) 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 dividend paid by the Company on the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution to the holders of Ordinary Shares of the surplus assets of the Company on its liquidation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Conversion Right in respect of each Class B Ordinary Share in the Member's holding, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Class B Ordinary Share shall be converted at the option of the holder, at any time after issue and
without the payment of any additional sum, into such Conversion Number of fully paid Class A Ordinary Shares calculated at the Conversion
Rate. Such conversion shall take effect on the Conversion Date. A Conversion Notice shall not be effective if it is not accompanied by
the share certificates in respect of the relevant Class B Ordinary Shares and/or such other evidence (if any) as the directors may reasonably
require to prove the title of the person exercising such right (or, if such certificates have been lost or destroyed, such
evidence of title and such indemnity as the directors may reasonably require). Any and all taxes and stamp, issue and registration duties
(if any) arising on conversion shall be borne by the holder of Class B Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the Conversion Date, every Class B Ordinary Share converted
shall automatically be re-designated and re-classified as the applicable Conversion Number of Class A Ordinary Shares with such rights
and restrictions attached thereto and shall rank pari passu in all respects with the Class A Ordinary Shares then in issue and the Company
shall enter or procure the entry of the name of the relevant holder of converted Class B Ordinary Shares as the holder of the corresponding
number of Class A Ordinary Shares resulting from the conversion of the Class B Ordinary Shares in, and make any other necessary and consequential
changes to, the register of members and shall procure that, if required, certificates in respect of the relevant Class A Ordinary Shares,
together with a new certificate for any unconverted Class B Ordinary Shares comprised in the certificate(s) surrendered by the holder
of the Class B Ordinary Shares, are issued to the holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Until such time as the Class B Ordinary Shares have been
converted into Class A Ordinary Shares, the Company shall: (A) at all times keep available for issue and free of all liens, charges,
options, mortgages, pledges, claims, equities, encumbrances and other third-party rights of any nature, and not subject to any pre-emptive
rights out of its authorised but unissued share capital, such number of authorised but unissued Class A Ordinary Shares as would enable
all Class B Ordinary Shares to be converted into Class A Ordinary Shares and any other rights of conversion into, subscription for or
exchange into Class A Ordinary Shares to be satisfied in full; and (B) not make any issue, grant or distribution or take any other action
if the effect would be that on the conversion of the Class B Ordinary Shares to Class A Ordinary Shares it would be required to issue
Class A Ordinary Shares at a price lower than the par value thereof (if any).

6.3 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 Regulations 3 and 6 of the Articles.

7 Variation of Rights

The rights attached to any class of Shares as specified in Clause 6 may only, whether or not the Company is being wound up, be varied by a Resolution of Members, provided that only the holders of the relevant class of Shares shall be entitled to vote thereon, unless otherwise provided by the terms of issue of such class.

8 Rights Not Varied by the Issue of Shares Pari Passu and No Deemed Variation

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 and, for the avoidance of doubt, the issue of Shares in any class of Shares where such class is authorised under Clause 5.1 hereof shall not be considered to vary the terms of the Ordinary Shares or any other then existing class of Shares unless the express terms of that class provide otherwise.

9 Registered Shares

9.1 The Company shall issue registered Shares only.

9.2 The Company is not authorised to issue or have in issue bearer
Shares, convert registered Shares to bearer Shares or exchange registered Shares for bearer Shares.

10 Transfer of Shares

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 (as amended) and includes the regulations made under the Act;

**Articles** means the attached Articles of Association of the Company;

**Audit Committee** means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee;

**Board of Directors** means the board of directors of the Company for the time being;

**Chairman of the Board** has the meaning specified in Regulation 13.1 of the Articles;

**Class A Ordinary Shares** has the meaning specified in Clause 5.1;

**Class B Ordinary Shares** has the meaning specified in Clause 5.1;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Compensation Committee** means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee;

**Conversion Date** means in respect of a Conversion Notice means the day on which that Conversion Notice is delivered;

**Conversion Notice** means a written notice delivered to the Company at its Office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Clause 6.2(d);

**Conversion Number** in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate;

**Conversion Rate** in relation to the conversion of Class B Ordinary Shares to Class A Ordinary Shares means, at any time, on a 1:1 basis. The foregoing Conversion Rate shall also be adjusted to account for any subdivision (by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class A Ordinary Shares in issue into a greater or lesser number of shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class B Ordinary Shares in issue;

**Conversion Right** in respect of a holder of Class B Ordinary Shares, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion;

**Designated Stock Exchange** means NASDAQ Capital Market in the United States of America for so long as the Shares are there listed and any other stock exchange on which the Shares are listed for trading;

**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;

**Electronic Communication** means a communication sent by electronic means including electronic posting to the Company's website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by the Board of Directors.

**Eligible Person** means individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

**Independent Director** means a Director who is an independent director as defined in the applicable rules of the Designated Stock Exchange as determined by the Board of Directors;

**Member** means an Eligible Person whose name is entered, whether singularly or jointly with others, in the Register of Members of the Company as the holder of one or more Shares or fractional Shares;

**Memorandum** means this Memorandum of Association of the Company;

**Nominating and Corporate Governance Committee** means the nominating and corporate governance committee of the board of directors of the Company established pursuant to the Articles, or any successor committee;

**Ordinary Shares** means Class A Ordinary Shares and Class B Ordinary Shares;

**Register of Members** has the meaning specified in Regulation 2.5 of the Articles;

**Registrar** means the Registrar of Corporate Affairs appointed under the Act and any deputy or assistant thereof;

**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 two third of the Board
of Directors or by two third of the 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;

**Securities** means Shares, other securities 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 and shall include fractional shares in the Company;

**Treasury Share** means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) words importing the masculine gender includes the feminine and neuter genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) where a meeting of (i) Members; (ii) a class of Members; (iii) the Board of Directors; or (iv) any committee
of the Board of Directors, is required to be convened for a place, such place may be a physical place, or a virtual place, or both, and
where a meeting is convened for or including a virtual place any person, including the person duly appointed as the chairperson of such
meeting, may attend such meeting by virtual attendance and such virtual attendance shall constitute presence in person at that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the term "virtual place" includes a discussion facility or forum with a telephonic, electronic
or digital identifier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the term "virtual attendance" means attendance at a virtual place by means of conference telephone
or other digital or Electronic Communications equipment or software or other facilities by means of which all the persons participating
in the meeting can communicate with each other.

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, Ogier Global (BVI) Limited of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands, for the purpose of incorporating a BVI business company under the laws of the Virgin Islands hereby sign this Memorandum of Association.

Dated 28 January 2025

Incorporator

**Signed for and on behalf of Ogier Global (BVI) Limited of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands**

---

| |
|:---|
| /s/ Shaheba Levons |
| **Signature of authorised signatory** |

---

---

| |
|:---|
| Shaheba Levons |
| **Print name** |

---

**Territory of the British Virgin Islands**

**The BVI Business Companies Act 2004**

**Articles of Association**

**of**

**C&K Group Limited**

**a Company Limited by Shares**

---

| | |
|:---|:---|
| **1** | **Registered Shares** |

---

1.1 The Company may issue certificates signed by a Director of
the Company or under the Seal specifying the number of Shares held by a Member (and the signature of the Director and the Seal may be
facsimiles) if the Board of Directors so resolves by a Resolution of Directors. Every certificate shall bear legends required under the
applicable laws, including the U.S. Securities Act (to the extent applicable).

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 on which the Shares or
other Securities are listed (if so listed) permit otherwise.

1.5 Subject to the Act and the rules of the Designated Stock
Exchange on which any Shares or other Securities may be listed (if so listed), 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 be subject to 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 Regulations 1.5 and 1.6 is meant to
prohibit the Shares from being able to trade electronically.

---

| | |
|:---|:---|
| 2 | Shares |

---

2.1 Subject to the provisions of these Articles and, where applicable,
the rules of the Designated Stock Exchange on which any Shares or other Securities are listed (if so listed), 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 or a
combination of forms, including money, a promissory note, real property, personal property (including goodwill and know- how), services
rendered 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 2.8, the Company shall keep a register
of members (the **Register of Members**) 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
Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any Eligible Person ceased to be a Member.

2.6 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, if any magnetic, electronic or other data storage form is used in this respect,
that shall be the original Register of Members.

2.7 A Share is deemed to be issued when the name of the Member
is entered in the Register of Members.

2.8 For so long as 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.

2.9 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, rights 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 on such terms and in such manner as the Directors may determine.

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 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 3.3 and that Member shall be discharged from any further obligation to the Company.

4 Transfer of Shares

4.1 Subject to Regulation 4.2, certificated 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 For so long as the Shares are listed on a Designated Stock Exchange, Shares may be transferred without
the need for a written instrument of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other
requirements applicable to shares registered on the Designated Stock Exchange.

4.3 The transfer of a Share is effective when the name of the transferee is entered on the Register of Members.

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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the transferee's name should be entered in the Register of Members 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.

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 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 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 (3) years after notice shall have 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 and no dividend shall be paid on Treasury Shares.

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 or required 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;&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;&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
176 or section 179 of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company acquires its own fully paid Shares pursuant to section 59(1A) 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 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 Register of Members at the written request of the Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the particulars specified in Regulations 7.2(a) and 7.2(b) above are entered in the
Register of Members.

7.3 Where particulars of a mortgage or charge are entered in the Register of Members, such particulars may
be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 Register of Members pursuant
to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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 Any Director of the Company may convene meetings of the Members at such times and in such manner and places
within or outside the British Virgin Islands as the Director considers necessary or desirable. A meeting may also be convened to be held
by electronic means, provided that notice thereof includes all necessary joining instructions and that the means for holding the meeting
allow all members to speak and be heard simultaneously. A meeting held by electronic means shall be considered to be held at the place
where the chairman is at the time the meeting is opened.

8.2 Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend,
speak and vote at meetings of the Members. Unless otherwise required by the Act, the Memorandum or these Articles, holders of Class A
Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as a single class on all matters submitted to a vote for
Members' consent.

8.3 Upon the written request of Members entitled to exercise 30 per cent 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.

8.4 The Director convening a meeting of Members shall give not less than seven (7) calendar days' written
notice of such meeting of Members to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Register of Members
of the Company and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other Directors.

8.5 The convener or conveners of a meeting of Members may fix the date notice is given of a meeting, or such
other date as may be specified in the notice, as the record date for determining those Members that are entitled to vote at the meeting.

8.6 A meeting of Members held in contravention of the requirement to give notice is valid if Members holding
at least 80 per cent 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.

8.7 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.

8.8 A Member may be represented at a meeting of Members by a proxy who may speak and vote on behalf of the
Member. A proxy need not be a Member of the Company.

8.9 The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor
or of his attorney duly authorised in writing, or, if the appointor is a corporation under the hand of an officer or attorney duly authorised
in that behalf. An instrument appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

8.10 The instrument appointing a proxy shall be deposited at the registered office of the Company or at such
other place as is specified for that purpose in the notice convening the meeting no later than the time for holding the meeting, or adjourned
meeting provided that the chairman of the meeting may at his discretion direct that an instrument of proxy shall be deemed to have been
duly deposited upon receipt of telex, cable or telecopy confirmation from the appointor that the instrument of proxy duly signed is in
the course of transmission to the Company.

8.11 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.

**C&K Group Limited**

I/We being a Member of the above Company HEREBY APPOINT [ ] 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.

(Any restrictions on voting to be inserted here.)

Signed this [ ] day of [ ], 20[ ]

……………………………

Member

8.12 The following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 they 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 Register of Members in respect of the relevant Shares shall be recorded as the vote attributable
to the Shares.

8.13 A Member shall be deemed to be present at a meeting of Members if he participates by telephone or other
electronic means and the meeting itself may be held generally by electronic means, provided that in all such cases all Members participating
in the meeting are able to hear each other. All persons seeking to attend and participate in a meeting at a virtual place shall be responsible
for maintaining adequate facilities to enable them to do so, and any inability of a person or persons to attend or participate in meeting
by way of digital or Electronic Communications equipment or software or other facilities shall not invalidate the proceedings of that
meeting.

8.14 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 50 per cent 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.

8.15 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 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 either be dissolved or stand further adjourned at the discretion
of the Chairman of the Board or, if different, the chairman of the meeting.

8.16 At every meeting of Members, the Chairman of the Board or their nominee shall preside as chairman of the
meeting. The chairman of the meeting shall be deemed to be present in person at the meeting if he or she participates by telephone or
other electronic means and all Members participating in the meeting are able to communicate with the chairman of the meeting. If there
is no Chairman of the Board or if the Chairman of the Board or their nominee is not present at the meeting, either physically in person,
by telephone or other electronic means, if appropriate, 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.

8.17 The chairman may 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. For
the avoidance of doubt, a meeting can be adjourned for as many times as may be determined to be necessary by the chairman and a meeting may remain open
indefinitely for as long a period as may be determined by the chairman.

8.18 At any meeting of the Members the chairman of the meeting 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.

8.19 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.

8.20 Any Member who is not a natural person 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.

8.21 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) calendar days of being so requested or the votes cast by such proxy or on behalf of such Member shall be disregarded.

8.22 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.

8.23 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)
calendar 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. For as
long as the Shares are listed or quoted on any Designated Stock Exchange, the Board of Directors shall include at least such number of
Independent Directors as applicable law, rules or regulations of the Designated Stock Exchange require as determined by the 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Resolution 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 or from such later date as may be specified in the notice.

9.7 A Director shall resign forthwith as a Director if he is, or becomes, disqualified from acting as a Director
under the Act.

9.8 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.

9.9 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.

9.10 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.

9.11 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.

9.12 The Directors or, if the Shares (or depository receipts therefor) are listed or quoted on any Designated
Stock Exchange and if required by the rules of such 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.

9.13 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 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.

10.3 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.

10.4 The continuing Directors may act notwithstanding any vacancy in their body.

10.5 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.

10.6 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.

10.7 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 Director.

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) calendar days' notice of meetings of Directors, but
a meeting of Directors held without three (3) calendar 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 (2) Directors
in which case the quorum is two (2).

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 two third
of the Board of 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, authorities and discretions, including without limitation, the power to affix
the Seal and the power to sub-delegate, to any committee consisting of one or more Directors (including, without limitation, the Audit
Committee, the Compensation Committee and the Nominating and Corporate Governance Committee). Any such delegation may be made subject
to any conditions the Directors may impose and either collaterally with or to the exclusion of their own powers and any such delegation
may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of a committee of Directors shall be governed
by the Articles regulating the proceedings of Directors, so far as they are capable of applying.

12.2 The Directors may establish any committees, local boards or agencies or appoint any person to be a manager
or agent for managing the affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies.
Any such appointment may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion
of their own powers and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings
of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

12.3 The Directors may adopt formal written charters for committees and, if so adopted, shall review and assess
the adequacy of such formal written charters on an annual basis. Each of these committees shall be empowered to do all things necessary
to exercise the rights of such committee set forth in the Articles and shall have such powers as the Directors may delegate pursuant to
the Articles and as required by the rules and regulations of the Designated Stock Exchange, the Commission and/or any other competent
regulatory authority or otherwise under applicable law. Each of the Audit Committee, the Compensation Committee and the Nominating and
Corporate Governance Committee, if established, shall consist of such number of Directors as the Directors shall from time to time determine
for such minimum number as may be required from time to time by the rules and regulations of the Designated Stock Exchange, the Commission
and/or any other competent regulatory authority or otherwise under applicable law). For so long as any class of Shares is listed on the
Designated Stock Exchange, the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee, if established,
shall be made up of such number of Independent Directors as is required from time to time by the rules and regulations of the Designated
Stock Exchange, the Commission and/or any other competent regulatory authority or otherwise under applicable law.

12.4 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.

12.5 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.

12.6 Regulations 12.5(b) and 12.5(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.

12.7 The meetings and proceedings of each committee of Directors consisting of two (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.

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 (the **Chairman of the Board**), a Chief
Executive Officer, a President, a Chief Financial 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 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.

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 12.5. 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 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 may 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:

&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 Company may only indemnify a person pursuant to Regulation 15.1 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.

15.3 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.

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 the person had reasonable cause to believe that his conduct was unlawful.

15.5 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.

---

| | |
|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Register of Members, or a copy of the Register of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all annual returns filed by the Company with its registered agent, for a period of 5 years;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies of all notices and other documents filed by the Company with the Registrar in the previous 10 years.

16.2 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 15 calendar 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 Register of Members 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an impression of the Seal, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the records and underlying documentation of the Company.

16.4 The Company shall retain the records and underlying documentation of the Company for a period of at least
five (5) years from the date of completion of the transaction to which the records and underlying documentation relate or the Company
terminates the business relationship to which the records and underlying documentation relate; and provide its registered agent without
delay any records and underlying documentation in respect of the Company that the registered agent requires pursuant to Regulation 16.8.

16.5 The registered agent of the Company shall keep and maintain a record of the places or places outside the
British Virgin Islands at which the Company keeps its records and underlying documentation and such record shall include the name of the
Company and address of the person who maintains and controls the Company's records and underlying documentation.

16.6 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 14 calendar days of the change of location.

16.7 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.

16.8 Whenever required to do so by the Financial Services Commission or any other competent authority in the
British Virgin Islands acting pursuant to the exercise of a power under an enactment, the registered agent of
the Company shall require from the Company, records and underlying documentation in respect of the Company.

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 and underlying documentation 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 Directors may by Resolution of Directors appoint an auditor of the Company who shall hold office on
such terms as the Directors determine.

20.3 Notwithstanding Regulation 20.2, the Company shall, within 9 months after the end of each year, file an
annual return with its registered agent in the prescribed statutory form, provided that, if the Company has a financial year that is not
a calendar year, then the return shall be filed instead within 9 months of the end of that financial year.

20.4 If the office of the auditor becomes vacant by resignation or death of the auditor, or by their becoming
incapable of acting by reason of illness or other disability at a time when their services are required, the Directors shall fill the
vacancy and subject to Regulation 20.5, determine the renumeration of such auditor.

20.5 The remuneration of the auditors of the Company shall be fixed by the Audit Committee (if one exists).

20.6 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.

20.7 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.

20.8 For so long as the Shares are listed or quoted on the Designated Stock Exchange, and if required by the
Designated Stock Exchange,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Commission and the Designated Stock Exchange subject to any available exemptions therefrom and the operation of the Act. In such
case, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at least one member of the Audit Committee shall be an "audit
committee financial expert" as determined by the rules and regulations of the Designated Stock Exchange, the Commission and/or other
competent regulatory authority or otherwise under applicable law. The "audit committee financial expert" shall have such past
employment experience in finance or accounting, requisite professional certification in accounting or any other comparable experience
or background which results in the individual's financial sophistication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the audit committee (once established) shall meet at least
once every six months,, or more frequently as circumstances dictate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

---

| | |
|:---|:---|
| 21 | Notices |

---

21.1 Any notice, information or written statement to be given by the Company to Members may be given by personal
service, mail, facsimile or other similar means of Electronic Communications, addressed to each Member at the address shown in the Register
of Members.

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

The Company may by a Resolution of Members or by a Resolution of Directors appoint a voluntary liquidator.

We, Ogier Global (BVI) Limited of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands, for the purpose of incorporating a BVI business company under the laws of the Virgin Islands hereby sign these Articles of Association.

Dated 28 January 2025

Incorporator

**Signed for and on behalf of Ogier Global (BVI) Limited of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands**

---

| |
|:---|
| /s/ Shaheba Levons |
| **Signature of authorised signatory** |

---

---

| |
|:---|
| Shaheba Levons |
| **Print name** |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

\* SPECIMEN \*

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| **C&K Group Limited**<br> Ritter House, Wickhams Cay II<br> PO Box 3170, Road Town<br> Tortola VG1110<br> British Virgin Islands | **D +852 3656 6054/** <br> **+852 3656 6073** |
| **C&K Group Limited**<br> Ritter House, Wickhams Cay II<br> PO Box 3170, Road Town<br> Tortola VG1110<br> British Virgin Islands | **E: nathan.powell@ogier.com/<br> rachel.huang@ogier.com** |
| **C&K Group Limited**<br> Ritter House, Wickhams Cay II<br> PO Box 3170, Road Town<br> Tortola VG1110<br> British Virgin Islands |  |
| **C&K Group Limited**<br> Ritter House, Wickhams Cay II<br> PO Box 3170, Road Town<br> Tortola VG1110<br> British Virgin Islands | Reference: NMP/RYH/511890.00001 |
| **C&K Group Limited**<br> Ritter House, Wickhams Cay II<br> PO Box 3170, Road Town<br> Tortola VG1110<br> British Virgin Islands |  |
|  | 28 October 2025 |

---

Dear Sirs

**C&K Group Limited (Company no: 2168557) (the Company)**

We have acted as counsel as to British Virgin Islands law to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 2,000,000 class A ordinary shares of no par value of the Company (each a **Class A Ordinary Share**), plus an option to issue up to an additional 300,000 Class A Ordinary Shares to be offered by the Company pursuant to the Offering to cover the over-allotment option to be granted to the underwriters (the **Underwriters**) (collectively, the **IPO Shares**). The Registration Statement also relates to 1,568,000 Class A Ordinary Shares held by certain selling shareholders of the Company named in the Registration Statement (the **Selling Shareholders**), which shall be registered for resale under the Registration Statement (the **Resale Shares**).

We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined below). A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

---

| | |
|:---|:---|
| **1** | **Documents examined** |

---

1.1 For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following
documents (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands,<br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | Cecilia Li<br> Rachel Huang\*\*<br> Yuki Yan\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup><br>| \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the constitutional documents and public records of the Company obtained from the Registry of Corporate
Affairs in the British Virgin Islands on 26 May 2025 (the **Company Registry Record**), which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the certificate of incorporation of the Company dated 28 January 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the memorandum and articles of association of the Company adopted upon incorporation (the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The public information revealed from a search of the electronic records of the Civil Division and the
Commercial Division of the Registry of the High Court and of the Court of Appeal (Virgin Islands) Register, each from 1 January 2000,
as maintained on the Judicial Enforcement Management System (the **High Court Database**) by the Registry of the High Court of the
Virgin Islands on 26 May 2025 (the **Court Records**)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company Registry Records and the Court Records each as updated by update searches on 27 October 2025
(the Company Registry Records and the Court Records together, and as updated, the **Public Records**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate of incumbency dated 27 October 2025 issued by the Company's registered agent (the **Registered Agent's Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate of good standing dated 27 October 2025 (the **Good Standing Certificate**) issued by
the Registrar of Corporate Affairs in the British Virgin Islands (the **Registrar**) in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the register of directors of the Company dated 3 February 2025 (the **ROD**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the register of members of the Company as provided to us on 14 August 2025 (the **ROM**, and together
with the ROD, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the written resolutions of the directors of the Company dated 28 January 2025 approving, inter
alia, the adoption of the Memorandum and Articles and issue of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a copy of the written resolutions of the directors of the Company dated 30 May 2025 and 12 August 2025
approving, inter alia, the Registration Statement (the **IPO Resolutions**, together with item (h) above and items (j) and (k) below,
the **Directors' Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a copy of the minutes of the meeting of the board of directors of the Company dated 15 July 2025 approving
the transfer of 544,000 Class A Ordinary Shares from Prosper Spring Group Limited as transferor and Market Tycoon Investments Limited
as transferee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a copy of the written resolutions of the directors of the Company dated 15 July 2025 approving, inter
alia, the share repurchase and share subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a copy of the share subscription letter dated 28 January 2025 and signed by Market Tycoon Investments
Limited in respect of the subscription of 240,000 Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a copy of the share subscription letter dated 28 January 2025 and signed by First Start International
Limited in respect of the subscription of 784,000 Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a copy of the bought and sold notes dated 15 July 2025 signed by Prosper Spring Group Limited as transferor
and Market Tycoon Investments Limited as transferee in respect of 544,000 Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a copy of the instrument of transfer dated 15 July 2025 signed by Prosper Spring Group Limited as transferor
and Market Tycoon Investments Limited as transferee in respect of 544,000 Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) a copy of the consent to repurchase and share subscription dated 15 July 2025 signed by Prosper Spring
Group Limited.

Items (h) to (p) are collectively referred to as the **Transaction Documents**.

1.2 We have not made any enquiries or undertaken any searches concerning, and have not examined any other
documents entered into by or affecting the Company or any other person, save for the examinations referred to in paragraph 1.1 above.
In particular, but without limitation, we have not examined any documents referred to within the Registration Statement save as expressly
referred to above and our opinion is limited accordingly.

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copy documents and counterparts of documents examined by us (whether in facsimile, electronic or other
form) conform to the originals and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all signatures and seals on all documents are genuine and authentic and in particular that any signatures
on the Documents are the true signatures of the persons authorised to execute the same by the resolutions within the Directors Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each of the Good Standing Certificate, the Registered Agent's Certificate and the Registers is accurate
and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all copies of the Registration Statement and the Transaction Documents are true and correct copies and
the Registration Statement and the Transaction Documents conforms in every material respect to the latest drafts of the same produced
to us and, where the Registration Statement or the Transaction Documents has been provided to us in successive drafts marked-up to indicate
changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company has complied with, or will comply with, its obligation to file (unless such Company is within
one of the statutory exceptions to the obligation to file) a financial return, its register of directors, its register of members and
its beneficial ownership information pursuant to the Business Companies Act, 2004 of the British Virgin Islands (the **BCA**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Company is not resident for tax purposes in a jurisdiction outside the British Virgin Islands and
the Company is therefore a legal entity within the scope of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the **Substance Act**), but the Company is not undertaking a relevant activity for the purposes of the Substance Act or, if the Company
does undertake or proposes to undertake a relevant activity of a type described in the Substance Act, the Company has taken appropriate
steps to comply with the economic substance requirements applicable to that activity under the Substance Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Directors' Resolutions remain in full force and effect and each of the directors of the Company has
acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that
is required of him or her in approving the Offering, and no director has a financial interest in or other relationship to a party of the
transactions contemplated by the Documents which has not been properly disclosed in the Directors' Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) neither the directors nor the shareholders of the Company have taken any steps to appoint a liquidator
of the Company and no receiver has been appointed over any of the Company's property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all parties to the Documents other than the Company (and other than any party that is an individual) are
duly incorporated, formed or organised (as applicable), validly existing and in good standing under all relevant laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) all parties to the Documents other than the Company, have the capacity, power and authority to enter into
the Documents and to exercise its rights and perform its obligations under such Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to the extent that any of the opinions given herein are given with respect to or relate to an individual,
that individual (i) is of sound mind and has the legal capacity and authority to enter into a Document or any other document referred
to herein (as a matter of British Virgin Islands law and the laws of any other applicable jurisdiction); (ii) is not the subject of any
bankruptcy petition or order or other legal process having similar effect in any jurisdiction; (iii) is not entitled, under any law, to
claim immunity (whether sovereign, diplomatic or otherwise) from suit; and (iv) was not under duress or unduly influenced into entering
into any Document or taking any other action referred to herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) upon the issuance of the IPO Shares and the Resale Shares, the Company will receive consideration for
the full issue price thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Resale Shares were issued in accordance with the terms set out in the Registration Statement and the
Transaction Documents (as applicable) and in accordance with the Directors' Resolutions and the Company's then effective memorandum and
articles of association, and the consideration for the issuance of the Resale Shares as set out in the Registration Statement and the
Transaction Documents (as applicable) has been fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) no invitation has been or will be made by or on behalf of the Company to the public in the British Virgin
Islands to subscribe for any IPO Shares and Resale Shares and none of the IPO Shares and Resale Shares have been offered or issued to
residents of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Company is, and after the allotment (where applicable) and issuance of the IPO Shares and Resale Shares
will be, able to pay its liabilities as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the information and each of the documents disclosed by the Public Records was and is accurate, up-to-date
and remains unchanged as at the date hereof and there is no information or document which has been delivered for registration, or which
is required by the laws of the British Virgin Islands to be delivered for registration, which was not included and available for inspection
in the Public Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) no moneys paid to or for the account of any party under the Documents represent or are derived from, or
will represent or will be derived from the proceeds of "criminal conduct" (as defined in the Proceeds of Criminal Conduct
Act 1997). None of the parties to the Documents is acting or will act in relation to the transactions contemplated by the Documents, in
a manner inconsistent with either: (i) United Nations and/or United Kingdom sanctions and/or measures extended by statutory instrument
to the British Virgin Islands by Orders in Council and/or (ii) sanctions imposed by governmental or regulatory authorities or agencies
in the British Virgin Islands under British Virgin Islands legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) there are no agreements, documents or arrangements (other than the documents expressly referred to in
this opinion as having been examined by us) that materially affect or modify the transactions contemplated in the Registration Statement
or restrict the powers and authority of the Company in any way from the issuance of the IPO Shares and the Resale Shares as described
in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the obligations expressed to be assumed by the Company and by the other parties in each Document will
constitute legal, valid, binding and enforceable obligations of such parties under all applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on the date of execution of the Documents, the assets of the Company exceeded its liabilities and the
Company was able to pay its debts as they became due, the Company had not failed to comply with the requirements of a statutory demand
that had not been set aside under section 157 of Insolvency Act 2003 of the British Virgin Islands (the **Insolvency Act**), and no
execution or other process issued on a judgment, decree or order of a Court in favour of a creditor of the Company has been returned wholly
or partly unsatisfied, and the transactions contemplated by the Documents will not cause the Company to become "Insolvent" for
the purposes of any part of the Insolvency Act, the BCA or the common law as applied in the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) no charging orders have been made by the courts of the British Virgin Islands against either: (i) the
Company; (ii) any of the Company assets, property or interests; or (iii) any of the shares, securities or other similar instruments of
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which would
have any implication in relation to the opinions expressed herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Company is not a land owning company for the purposes of Section 242 of the BCA meaning that neither
it nor any of its subsidiaries has an interest in any land in the British Virgin Islands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) no party to a Document (other than the Company) will enter into that document or administer the transactions
contemplated by it through a branch or office in the British Virgin Islands.

---

| | |
|:---|:---|
| **3** | **Opinion** |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company was a company duly incorporated with limited liability under the BCA on 28 January 2025, and
is validly existing and in good standing with the Registrar of Corporate Affairs of the British Virgin Islands (the **Company Registrar**)
as at the date of the Good Standing Certificate.

**Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Based solely on the Memorandum and Articles, the Company is authorised to issue a maximum of 500,000,000
shares of no par value divided into (i) 440,000,000 Class A Ordinary Shares and (ii) 60,000,000 class B ordinary shares of no par value.

**Corporate authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has taken all requisite corporate action to authorise the issuance of the IPO Shares and the
Resale Shares under the Registration Statement.

**Valid Issuance of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The IPO Shares when issued and allotted in accordance with the Registration Statement and the IPO Resolutions
against payment in full of the consideration therefor in accordance with the terms set out in the Registration Statement and the Company's
then effective memorandum and articles of association, will be validly issued, fully paid and non-assessable (meaning that no further
sums will be payable with respect them). Once the register of members of the Company has been updated to reflect such issuance and allotment,
the shareholders as recorded in the register of members will be deemed to have legal title to the IPO Shares set against their respective
name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Resale Shares to be offered and sold by the Selling Shareholders pursuant to the provisions of the
Registration Statement have been duly authorised for issue and validly issued, fully paid and non-assessable.

**Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No taxes, stamp duties, other duties, fees or charges are payable (by assessment, withholding, deduction
or otherwise) to the government of the British Virgin Islands in respect of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no withholding tax, capital gains tax, capital transfer tax, estate duty, inheritance tax, succession
tax or gift tax in the British Virgin Islands and any dividends, interest, rents, royalties, compensations and other amounts paid by the
Company are exempt from any taxation in the British Virgin Islands imposed under the British Virgin Islands Income Tax Ordinance (Cap
206). In particular, section 242 of the BCA provides the Company with a statutory exemption from all forms of taxation in the British
Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The statements under the caption "British Virgin Islands Taxation" in the prospectus forming
part of the Registration Statement, to the extent that they constitute statements of the British Virgin Islands law, are accurate in all
material respects and that such statements constitute our opinion.

---

| | |
|:---|:---|
| **4** | **Limitations and Qualifications** |

---

4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the British Virgin Islands, and we have not, for the purposes of
this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or
effect of references in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the
British Virgin Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or
conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration
Statement and any other agreements into which the Company may have entered or any other documents.

4.2 Under the BCA an annual fee must be paid in respect of the Company to the Registry of Corporate Affairs.
Failure to pay the annual fees by the relevant due date will render the Company liable to a penalty fee in addition to the amount of the
outstanding fees. If the license fee and/or any penalty fee remains unpaid from the due date, the Company will be liable to be struck
off and dissolved from the Register of Companies in the British Virgin Islands.

4.3 Under the BCA, a copy of the Company's register of directors which is complete must be filed by the Company
at the Registry of Corporate Affairs. Failure to make this filing will render the Company liable to a penalty fee and if the filing is
not made within the requisite time period or any penalty fee remains unpaid from the due date, the Company will be liable to be struck
off and dissolved from the Register of Companies.

4.4 Under the BCA, an annual financial return, in the prescribed form, must be filed by the Company with its
registered agent in respect of each year for which one is due within the timeframe prescribed by the BCA for that year (unless the Company
is within one of the statutory exceptions to the obligation to file). Failure to make this filing when due will render the Company liable
to a penalty fee and where the Company is liable to the maximum penalty and has not filed its annual return, the Company will be liable
to be struck off and dissolved from the Register of Companies.

4.5 Under the BCA, unless the Company is within one of the statutory exceptions to the obligation to file
and is compliant with any conditions for the relevant exception(s) to apply, a copy of the Company's register of members which is complete
and certain prescribed beneficial ownership information for the Company must be filed by the Company at the Registry of Corporate Affairs.
Failure to make these filings will render the Company liable to penalty fees and if the filings are not made within the requisite time
period or any penalty fee remains unpaid from the due date, the Company will be liable to be struck off and dissolved from the Register
of Companies.

4.6 For the purposes of this opinion "in good standing" means only that as of the date of this opinion
the Registrar of Corporate Affairs has confirmed that she is satisfied that the Company (i) is on the Register of Companies; (ii) has
paid all fees, annual fees and penalties due and payable; (iii) has filed with the Registrar of Corporate Affairs a copy of its register
of directors which is complete; and (iv) has filed its annual return in accordance with the requirements pursuant to the BCA by issuing
a Certificate of Good Standing in respect of the Company under Section 235 of the BCA, which we assume remains correct and accurate as
at the date of this opinion. We have made no enquiries into the Company's good standing with respect to any other filings or payment of
fees, or both, that it may be required to make under the laws of the British Virgin Islands other than the BCA. We have made no enquiries
into whether the copy of the register of directors, the copy of the register of members or the Company's beneficial ownership information
filed at the Registry of Corporate Affairs matches the details set out on the Certificate of Incumbency or whether the annual return filed
by the Company with its registered agent is in the prescribed form as required pursuant to the BCA.

4.7 We express no opinion on the Company status under or compliance with the Substance Act. Failure to comply
with the Substance Act when it applies could subject the Company to fines and penalties under the Substance Act and, in the event of continued
non-compliance, could eventually lead to the Company being struck off and dissolved from the Register of Companies. To the extent that
execution and delivery by the Company of the Documents and/or the performance of its obligations thereunder could be regarded as part
of a relevant activity or ancillary or incidental thereto, then the opinions given at 3(c)(Corporate authorisation) and 3(d) (Valid Issuance
of IPO Shares) are qualified to the extent that the capacity and authority of its directors to bind the Company may be limited in certain
circumstances where an action is known to be contrary to applicable British Virgin Islands law.

4.8 The Public Records and our searches thereof may not reveal the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Company Registry Records, details of matters which have not been lodged for registration
or have been lodged for registration but not actually registered at the time of our search or notifications made to the Registrar of Corporate
Affairs by the Registered Agent of any failure by any Company to file its register of directors, register of members, beneficial ownership
information and/or annual return as required and within the time frame prescribed by the BCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Court Records, details of proceedings which have been filed but not actually entered
in the High Court Database at the time of our search;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether an application for the appointment of a liquidator or a receiver has been presented to the High
Court of the British Virgin Islands or whether a liquidator or a receiver has been appointed out of court, or whether any out of court
dissolution, reconstruction or reorganisation of the Company has been commenced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any originating process (including an application to appoint a liquidator) in respect of the Company in
circumstances where the High Court of the British Virgin Islands has prior to the issuance of such process ordered that such process upon
issuance be anonymised (whether on a temporary basis or otherwise),

and the following points should also be noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Court Records reflect the information accessible remotely on the High Court Database, we have not
conducted a separate search of the underlying Civil Cause Book (the **Civil Cause Book**) or the Commercial Cause Book (the **Commercial Cause Book**) at the Registry of the High Court of the British Virgin Islands. Although the High Court Database should reflect the content
of the Civil Cause Book and the Commercial Cause Book, neither the High Court Database nor the Civil Cause Book or Commercial Cause Book
is updated every day, and for that reason neither facility can be relied upon to reveal whether or not a particular entity is a party
to litigation in the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the High Court Database is not updated if third parties or noticed parties are added to or removed from
the proceedings after their commencement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) while it is a requirement under Section 118 of the Insolvency Act that notice of the appointment of a
receiver be registered with the Registry of Corporate Affairs, however, it should be noted that failure to file a notice of appointment
of a receiver does not invalidate the receivership but gives rise to penalties on the part of the receiver and the absence of a registered
notice of appointment of a receiver is not conclusive as to there being no existing appointment of a receiver in respect of the Company
or its assets.

---

| | |
|:---|:---|
| **5** | **Governing Law of this Opinion** |

---

5.1 This opinion shall be governed by and construed in accordance with the laws of the British Virgin Islands
and is limited to the matters expressly stated herein. This opinion is confined to and given on the basis of the laws and practice in
the British Virgin Islands at the date hereof.

5.2 Unless otherwise indicated, a reference to any specific British Virgin Islands legislation is a reference
to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| **6** | **Reliance** |

---

6.1 We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the
reference to our firm under the headings "*Enforceability of Civil Liabilities*" and "*Legal Matters* "
of the Registration Statement.

6.2 This opinion may be used only in connection with the Offering and the Resale Shares while the Registration
Statement is effective.

---

| |
|:---|
| Yours faithfully |
| /s/ Ogier |
| **Ogier** |

---

## Exhibit 10.1

**Exhibit 10.1**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This EXECUTIVE EMPLOYMENT AGREEMENT (the "<u>Agreement</u>") is entered into as of 1<sup>st</sup> March, 2025, by and between C&K Group Limited, a company incorporated and existing under the laws of the British Virgin Islands (the "<u>Company</u>") and Ms. CHENG Ka Ki of HKID card no. , a Hong Kong national (the "<u>Executive</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as Chairman of the Board, Chief Executive Officer, Director of the Company and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;

WHEREAS, the Board of Director of the Company approved the appointment of the Executive as Chairman of the Board, Chief Executive Officer, Director of the Company, effective as of 1<sup>st</sup> March, 2025;

WHEREAS, the Company, at its discretion, may have caused or will cause, one of its subsidiaries to enter into an employment agreement between the Executive and such subsidiary to govern such terms and conditions of employment between the Executive and such subsidiary (the "<u>Operative Employment Agreement</u>"),and this Agreement shall not supersede or replace such Operative Employment Agreement;

**1.** **EMPLOYMENT** 

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "<u>Employment</u>").

**2.** **TERM** 

Subject to the terms and conditions of the Agreement, the initial term of the Employment shall be twenty four (24) months, commencing on 1<sup>st</sup> March, 2025 (the "<u>Effective Date</u>") (the "<u>Initial Term</u>"), unless terminated earlier pursuant to the terms of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically extended for successive periods of twelve (12) months each (each, an "<u>Extension Period</u>") unless either party shall have given thirty (30) days advance written notice to the other party, in the manner set forth in Section 7 below, prior to the end of the Extension Period in question, that the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended, as the case may be (the period during which this Agreement is effective being referred to hereafter as the "<u>Term</u>").

**3.** **POSITION AND DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Term, the Executive shall serve as the Chairman of the Board, Chief Executive Officer,
 Director of the Company or in such other position or positions with a level of duties and
 responsibilities consistent with the foregoing with the Company and/or its subsidiaries and
 affiliated entities as the board of directors of the Company (the " <u>Board</u> ") may specify from time to time and shall have the duties, responsibilities and obligations
 customarily assigned to individuals serving in the position or positions in which the Executive
 serves hereunder and as assigned by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive agrees to serve without additional compensation, if elected or appointed thereto,
 as a director of the Company or any subsidiaries or affiliated entities of the Company (collectively,
 the " <u>Group</u> ") and as a member of any committees of the board of directors of any such entity, *provided* that the Executive is indemnified for serving in any and all such capacities on a basis no
 less favorable than is currently provided to any other director of any member of the Group.

**4.** **NO BREACH OF CONTRACT** 

The Executive hereby represents to the Company that: (i) the execution and delivery of the Agreement by the Executive and the performance by the Executive of the duties of Chairman of the Board, Chief Executive Officer, Director of the Company hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is otherwise bound, except that the Executive does not make any representation with respect to the Operative Employment Agreement, if any, or other agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based, if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into the Agreement and carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.

**5.** **LOCATION** 

The Executive will be mainly based in Hong Kong, or any other location(s) selected by the Company at convenience of work during the Term.

**6.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Compensation</u>. Unless otherwise specified in the Operative Employment Agreement, if any,
 or any other agreement between the Company or any of its subsidiaries on one hand and the
 Executive on the other hand, as compensation for the performance by the Executive of his/her
 obligations hereunder, the Company shall pay the Executive cash compensation of HKDS0,000
 per month (subject to 13-month cash compensation per year), which is to be paid by one of
 the Company's subsidiaries in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. During the Term, the Executive shall be eligible to participate, at a level
 comparable to similarly situated other executives of the Company, in such long-term compensation
 arrangements as may be authorized from time to time by the Board, including any share incentive
 plan, subject to the terms and provisions of such plan and the execution of the award agreement
 and other related agreements between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>.
 During the Term, the Executive shall be entitled to participate in all of the employee benefit
 plans and arrangements made available by the Company to its similarly situated executives,
 including, but not limited to, any retirement plan, medical insurance plan and travel/holiday
 policy, subject to and on a basis consistent with the terms, conditions and overall administration
 of such plans and arrangements. The Company shall reimburse all business related expenses
 including, but not limited to meals, hotel, and transportation. The Company shall maintain
 directors and officers liability insurance covering the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Executive's salary, remuneration and benefits shall be reviewed by the Board of Directors
 (or its designated committee) and/or the management of the Company in accordance with the
 relevant policies adopted by the Company from time to time.

**7.** **TERMINATION OF THE AGREEMENT** 

The Employment may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either
 party may terminate this Agreement by giving thirty (30) days advance written notice to the
 other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Termination</u>. Any termination of the Executive's employment under the Agreement
 shall be communicated by written notice of termination (" <u>Notice of Termination</u> ") from the terminating
 party to the other party. The notice of termination shall indicate the specific provision(s)
 of the Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Effect on the Operative Employment Agreement</u>. Any
 termination of the Executive's Employment under this Agreement shall have no effect
 on the terms and conditions of the Operative Employment Agreement, if any, unless otherwise
 provided in such Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compensation upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Death</u>. If the Executive's
 employment is terminated by reason of the Executive's death, the Company shall have
 no further obligations to the Executive under this Agreement and the Executive's benefits
 shall be determined under the Company's retirement, insurance and other benefit and
 compensation plans or programs then in effect in accordance with the terms of such plans
 and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>By Company or by the Executive without Cause</u>. If the Executive's employment is terminated
 either by the Company or by the Executive, except as required by applicable law or regulations,
 the Company shall (i) continue to pay and otherwise provide to the Executive, during any
 notice period, all compensation, base salary, if any, and (ii) pay to the Executive, in lieu
 of benefits under any severance plan or policy of the Company as required by applicable law
 or 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;(3) <u>By Company for Cause</u> If the Executive's employment is be terminated by the Company
 for Cause, except as required by applicable law or regulations, the Company shall pay the
 Executive his/her base salary at the rate in effect at the time Notice of Termination is
 given through the Date of Termination, and the Company shall have no additional obligations
 to the Executive under this Agreement.

For the avoidance of doubt, unless otherwise provided under the Operative Employment Agreement, if any, the following conditions each shall constitute "Cause" and shall apply in evaluating a termination of the Executive's employment 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) Commission
 of any act of fraud or dishonesty, conviction of a criminal offense, willful disobedience
 of a lawful order, or receipt of bribery;

&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) Commission
 of any gross negligence by the Executive in the course of his/her employment hereunder that
 has a material adverse effect on the business or financial condition of the Company and/or
 its subsidiaries and affiliated entities;

&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) Wilful
 material misrepresentation at any time by the Executive to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 wilful failure or refusal to comply with any of the Executive's material obligations hereunder
 or to comply with a reasonable and lawful instruction of the Board, which failure to comply
 with such instruction continues for a period of ten (10) days after the Executive's receipt
 of written notice from the Board identifying in reasonable detail the objectionable action
 or inaction; 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;(v) Engagement
 by the Executive in any misconduct or the commission by the Executive of any act that is
 materially injurious or detrimental to the substantial interest of the Company and/or its
 subsidiaries and affiliated entities, as determined by the Board.

**8.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure</u>.

The Executive acknowledges and agrees that: (A) the Executive holds a position of trust and confidence with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior, current or future research or development activities of the Company; the products and services provided or offered by the Company to customers or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition or disposition of products and/or services of the Company; research, techniques, know-how, and data; programs, software and source codes; personal information; vendor information; agreements; marketing plans and techniques, strategies, forecasts, and other trade secrets (collectively, the "<u>Confidential Information</u>"); and (B) the direct and indirect disclosure of any such Confidential Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Third Party Information in the Company's Possession</u>. The
 Executive recognizes that the Company may have received, and in the future may receive, from
 third parties their confidential or proprietary information subject to a duty on the Company's
 part to maintain the confidentiality of such information and to use it only for certain limited
 purposes. The Executive agrees that the Executive owes the Company and such third parties,
 during the Term and thereafter, a duty to hold all such confidential or proprietary information
 in strict confidence and not to disclose such information to any person or firm, or otherwise
 use such information, in a manner inconsistent with the limited purposes permitted by the
 Company's agreement with such third party.

**9.** **NON-COMPETITION AND NON-SOLICITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Competition</u>. In consideration
 of the compensation provided to the Executive by the Company hereunder, the adequacy of which
 is hereby acknowledged by the parties hereto, subject to the terms of the Operative Employment
 Agreement, if any, the Executive agrees that during the Term and for a period of twelve (12)
 months following the termination of the Employment for whatever reason, the Executive shall
 not engage in Competition (as defined below) with the Group. For purposes of this Agreement,
 unless otherwise provided under the Operative Employment Agreement, if any, "Competition"
 by the Executive shall mean the Executive's engaging in, or otherwise directly or indirectly
 being employed by or acting as a consultant or lender to, or being a director, officer, employee,
 principal, agent, stockholder, member, owner or partner of, or permitting the Executive's
 name to be used in connection with the activities of, any other business or organization
 which competes, directly or indirectly, with the Group in the business of the Group; <u>provided</u>, <u>however</u>, it
 shall not be a violation for the Executive to become the registered or beneficial owner of
 up to five percent (5%) of any class of the capital stock of a publicly traded corporation
 in Competition with the Group, provided that the Executive does not otherwise participate
 in the business of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation; Non-Interference</u>. During the Term and for a period of twelve (12) months following the
 termination of the Executive's employment for any reason, subject to the terms of the
 Operative Employment Agreement, if any, the Executive agrees that he/she will not, directly
 or indirectly, for the Executive's benefit or for the benefit of any other person or
 entity, do any of 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;(1) solicit
or seek to solicit from any customer doing business with the Group during the Term business of the same or of a similar nature to the
business 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;(2) solicit
 or seek to solicit from any known potential customer of the Group business of the same or
 of a similar nature to that which, whether or not has been the subject of a known written
 or oral bid, offer or proposal by the Group, or of substantial preparation with a view to
 making such a bid, proposal or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) solicit
 or seek to solicit the employment or services of, or hire or engage, any person who is employed
 or engaged by the Group; 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;(4) otherwise
 interfere with the business or accounts of the Group, including, but not limited to, with
 respect to any relationship or agreement between the Group and any customer, vendor or supplier.

**10.** **CLAWBACK** 

Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, stock exchange listing requirement or policy established by the Company (whether in existence as of the date hereof or later adopted) will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement and policy. The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation.

**11.** **ENTIRE AGREEMENT** 

The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, in each case other than concerning any Operative Employment Agreement. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement. For the avoidance of doubt, in case of any conflict between this Agreement and any Operative Employment Agreement as to the terms and conditions of such Operative Employment Agreement, the Operative Employment Agreement shall prevail.

**12.** **GOVERNING LAW** 

The Agreement shall be governed by and construed in accordance with the law of the Hong Kong SAR.

**13.** **COUNTERPARTS** 

The Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

*[Remainder of the page intentionally left blank.]*

**IN WITNESS WHEREOF,** the Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **C&K Group Limited** | **C&K Group Limited** |
| a British Virgin Islands company | a British Virgin Islands company |
| For and on behalf of | For and on behalf of |
| By: | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |
| Title: | Director |
| **EXECUTIVE:** | **EXECUTIVE:** |
| /s/ CHENG Ka Ki | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |

---

## Exhibit 10.2

**Exhibit 10.2**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This EXECUTIVE EMPLOYMENT AGREEMENT (the "<u>Agreement</u>") is entered into as of 1<sup>st</sup> March, 2025, by and between C&K Group Limited, a company incorporated and existing under the laws of the British Virgin Islands (the "<u>Company</u>") and Mr. LEUNG Wing Hong of HKID card no. , a Hong Kong national (the "<u>Executive</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as Chief Financial Officer of the Company and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;

WHEREAS, the Board of Director of the Company approved the appointment of the Executive as Chief Financial Officer of the Company, effective as of 1<sup>st</sup> March, 2025;

WHEREAS, the Company, at its discretion, may have caused or will cause, one of its subsidiaries to enter into an employment agreement between the Executive and such subsidiary to govern such terms and conditions of employment between the Executive and such subsidiary (the "<u>Operative Employment Agreement</u>"), and this Agreement shall not supersede or replace such Operative Employment Agreement;

**1.** **EMPLOYMENT** 

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "<u>Employment</u>").

**2.** **TERM** 

Subject to the terms and conditions of the Agreement, the initial term of the Employment shall be twenty four (24) months, commencing on 1<sup>st</sup> March, 2025 (the "<u>Effective Date</u>") (the "<u>Initial Term</u>"), unless terminated earlier pursuant to the terms of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically extended for successive periods of twelve (12) months each (each, an "<u>Extension Period</u>") unless either party shall have given thirty (30) days advance written notice to the other party, in the manner set forth in Section 7 below, prior to the end of the Extension Period in question, that the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended, as the case may be (the period during which this Agreement is effective being referred to hereafter as the "<u>Term</u>").

**3.** **POSITION AND DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Term, the Executive shall serve as the Chief Financial Officer of the Company
 or in such other position or positions with a level of duties and responsibilities consistent
 with the foregoing with the Company and/or its subsidiaries and affiliated entities as the
 board of directors of the Company (the " <u>Board</u> ") may specify from time to time and shall have the duties, responsibilities and obligations
 customarily assigned to individuals serving in the position or positions in which the Executive
 serves hereunder and as assigned by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive agrees to serve without additional compensation, if elected or appointed thereto,
 as a director of the Company or any subsidiaries or affiliated entities of the Company (collectively,
 the " <u>Group</u> ") and as a member of any committees of the board of directors of any such entity, *provided* that the Executive is indemnified for serving in any and all such capacities on a basis no
 less favorable than is currently provided to any other director of any member of the Group.

**4.** **NO BREACH OF CONTRACT** 

The Executive hereby represents to the Company that: (i) the execution and delivery of the Agreement by the Executive and the performance by the Executive of the duties of Chief Financial Officer of the Company hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is otherwise bound, except that the Executive does not make any representation with respect to the Operative Employment Agreement, if any, or other agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based, if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into the Agreement and carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.

**5.** **LOCATION** 

The Executive will be mainly based in Hong Kong, or any other location(s) selected by the Company at convenience of work during the Term.

**6.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Compensation</u>. Unless otherwise specified in the Operative Employment Agreement, if any,
 or any other agreement between the Company or any of its subsidiaries on one hand and the
 Executive on the other hand, as compensation for the performance by the Executive of his/her
 obligations hereunder, the Company shall pay the Executive cash compensation of HKD20,000
 per month (subject to 13-month cash compensation per year), which is to be paid by one of
 the Company's subsidiaries in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. During
 the Term, the Executive shall be eligible to participate, at a level comparable to similarly
 situated other executives of the Company, in such long-term compensation arrangements as
 may be authorized from time to time by the Board, including any share incentive plan, subject
 to the terms and provisions of such plan and the execution of the award agreement and other
 related agreements between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. During the Term,
 the Executive shall be entitled to participate in all of the employee benefit plans and arrangements
 made available by the Company to its similarly situated executives, including, but not limited
 to, any retirement plan, medical insurance plan and travel/holiday policy, subject to and
 on a basis consistent with the terms, conditions and overall administration of such plans
 and arrangements. The Company shall reimburse all business related expenses including, but
 not limited to meals, hotel, and transportation. The Company shall maintain directors and
 officers liability insurance covering the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Executive's salary, remuneration and benefits shall be reviewed by the Board of Directors
 (or its designated committee) and/or the management of the Company in accordance with the
 relevant policies adopted by the Company from time to time.

**7.** **TERMINATION OF THE AGREEMENT** 

The Employment may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either
 party may terminate this Agreement by giving thirty (30) days advance written notice to the
 other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Termination</u>. Any termination of the Executive's employment under the Agreement
 shall be communicated by written notice of termination (" <u>Notice of Termination</u> ") from the terminating
 party to the other party. The notice of termination shall indicate the specific provision(s)
 of the Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Effect on the Operative Employment Agreement</u>. Any
 termination of the Executive's Employment under this Agreement shall have no effect
 on the terms and conditions of the Operative Employment Agreement, if any, unless otherwise
 provided in such Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compensation upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Death</u>. If the Executive's
 employment is terminated by reason of the Executive's death, the Company shall have
 no further obligations to the Executive under this Agreement and the Executive's benefits
 shall be determined under the Company's retirement, insurance and other benefit and
 compensation plans or programs then in effect in accordance with the terms of such plans
 and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>By Company or by the Executive without Cause</u>. If the Executive's employment is terminated
 either by the Company or by the Executive, except as required by applicable law or regulations,
 the Company shall (i) continue to pay and otherwise provide to the Executive, during any
 notice period, all compensation, base salary, if any, and (ii) pay to the Executive, in lieu
 of benefits under any severance plan or policy of the Company as required by applicable law
 or 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;(3) <u>By Company for Cause</u> If the Executive's employment is be terminated by the Company
 for Cause, except as required by applicable law or regulations, the Company shall pay the
 Executive his/her base salary at the rate in effect at the time Notice of Termination is
 given through the Date of Termination, and the Company shall have no additional obligations
 to the Executive under this Agreement.

For the avoidance of doubt, unless otherwise provided under the Operative Employment Agreement, if any, the following conditions each shall constitute "Cause" and shall apply in evaluating a termination of the Executive's employment 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) Commission
 of any act of fraud or dishonesty, conviction of a criminal offense, willful disobedience
 of a lawful order, or receipt of bribery;

&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) Commission
 of any gross negligence by the Executive in the course of his/her employment hereunder that
 has a material adverse effect on the business or financial condition of the Company and/or
 its subsidiaries and affiliated entities;

&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) Wilful
 material misrepresentation at any time by the Executive to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 wilful failure or refusal to comply with any of the Executive's material obligations hereunder
 or to comply with a reasonable and lawful instruction of the Board, which failure to comply
 with such instruction continues for a period of ten (10) days after the Executive's receipt
 of written notice from the Board identifying in reasonable detail the objectionable action
 or inaction; 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;(v) Engagement
 by the Executive in any misconduct or the commission by the Executive of any act that is
 materially injurious or detrimental to the substantial interest of the Company and/or its
 subsidiaries and affiliated entities, as determined by the Board.

**8.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure</u>.

The Executive acknowledges and agrees that: (A) the Executive holds a position of trust and confidence with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior, current or future research or development activities of the Company; the products and services provided or offered by the Company to customers or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition or disposition of products and/or services of the Company; research, techniques, know-how, and data; programs, software and source codes; personnel information; vendor information; agreements; marketing plans and techniques, strategies, forecasts, and other trade secrets (collectively, the "<u>Confidential Information</u>"); and (B) the direct and indirect disclosure of any such Confidential Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Third Party Information in the Company's Possession</u>. The
 Executive recognizes that the Company may have received, and in the future may receive, from
 third parties their confidential or proprietary information subject to a duty on the Company's
 part to maintain the confidentiality of such information and to use it only for certain limited
 purposes. The Executive agrees that the Executive owes the Company and such third parties,
 during the Term and thereafter, a duty to hold all such confidential or proprietary information
 in strict confidence and not to disclose such information to any person or firm, or otherwise
 use such information, in a manner inconsistent with the limited purposes permitted by the
 Company's agreement with such third party.

**9.** **NON-COMPETITION AND NON-SOLICITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Competition</u>. In consideration
 of the compensation provided to the Executive by the Company hereunder, the adequacy of which
 is hereby acknowledged by the parties hereto, subject to the terms of the Operative Employment
 Agreement, if any, the Executive agrees that during the Term and for a period of twelve (12)
 months following the termination of the Employment for whatever reason, the Executive shall
 not engage in Competition (as defined below) with the Group. For purposes of this Agreement,
 unless otherwise provided under the Operative Employment Agreement, if any, "Competition"
 by the Executive shall mean the Executive's engaging in, or otherwise directly or indirectly
 being employed by or acting as a consultant or lender to, or being a director, officer, employee,
 principal, agent, stockholder, member, owner or partner of, or permitting the Executive's
 name to be used in connection with the activities of, any other business or organization
 which competes, directly or indirectly, with the Group in the business of the Group; <u>provided</u>, <u>however</u>, it
 shall not be a violation for the Executive to become the registered or beneficial owner of
 up to five percent (5%) of any class of the capital stock of a publicly traded corporation
 in Competition with the Group, provided that the Executive does not otherwise participate
 in the business of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation; Non-Interference</u>. During the Term and for a period of twelve (12) months following the
 termination of the Executive's employment for any reason, subject to the terms of the
 Operative Employment Agreement, if any, the Executive agrees that he/she will not, directly
 or indirectly, for the Executive's benefit or for the benefit of any other person or
 entity, do any of 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;(1) solicit
or seek to solicit from any customer doing business with the Group during the Term business of the same or of a similar nature to the
business 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;(2) solicit
 or seek to solicit from any known potential customer of the Group business of the same or
 of a similar nature to that which, whether or not has been the subject of a known written
 or oral bid, offer or proposal by the Group, or of substantial preparation with a view to
 making such a bid, proposal or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) solicit
 or seek to solicit the employment or services of, or hire or engage, any person who is employed
 or engaged by the Group; 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;(4) otherwise
 interfere with the business or accounts of the Group, including, but not limited to, with
 respect to any relationship or agreement between the Group and any customer, vendor or supplier.

**10.** **CLAWBACK** 

Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, stock exchange listing requirement or policy established by the Company (whether in existence as of the date hereof or later adopted) will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement and policy. The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation.

**11.** **ENTIRE AGREEMENT** 

The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, in each case other than concerning any Operative Employment Agreement. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement. For the avoidance of doubt, in case of any conflict between this Agreement and any Operative Employment Agreement as to the terms and conditions of such Operative Employment Agreement, the Operative Employment Agreement shall prevail.

**12.** **GOVERNING LAW** 

The Agreement shall be governed by and construed in accordance with the law of the Hong Kong SAR.

**13.** **COUNTERPARTS** 

The Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

*[Remainder of the page intentionally left blank.]*

**IN WITNESS WHEREOF,** the Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **C&K Group Limited** | **C&K Group Limited** |
| a British Virgin Islands company | a British Virgin Islands company |
| For and on behalf of | For and on behalf of |
| By: | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |
| Title: | Director |
| **EXECUTIVE:** | **EXECUTIVE:** |
| /s/ LEUNG Wing Hong | /s/ LEUNG Wing Hong |
| Name: | LEUNG Wing Hong |

---

## Exhibit 10.3

**Exhibit 10.3**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This EXECUTIVE EMPLOYMENT AGREEMENT (the "<u>Agreement</u>") is entered into as of 1<sup>st</sup> March, 2025, by and between C&K Group Limited, a company incorporated and existing under the laws of the British Virgin Islands (the "<u>Company</u>") and Ms. WONG Man Yin Vanessa of HKID card no. , a Hong Kong national (the "<u>Executive</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as General Manager of Sales of the Company and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;

WHEREAS, the Board of Director of the Company approved the appointment of the Executive as General Manager of Sales of the Company, effective as of 1<sup>st</sup> March, 2025;

WHEREAS, the Company, at its discretion, may have caused or will cause, one of its subsidiaries to enter into an employment agreement between the Executive and such subsidiary to govern such terms and conditions of employment between the Executive and such subsidiary (the "<u>Operative Employment Agreement</u>"), and this Agreement shall not supersede or replace such Operative Employment Agreement;

**1.** **EMPLOYMENT** 

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "<u>Employment</u>").

**2.** **TERM** 

Subject to the terms and conditions of the Agreement, the initial term of the Employment shall be twenty four (24) months, commencing on 1<sup>st</sup> March, 2025 (the "<u>Effective Date</u>") (the "<u>Initial Term</u>"), unless terminated earlier pursuant to the terms of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically extended for successive periods of twelve (12) months each (each, an "<u>Extension Period</u>") unless either party shall have given thirty (30) days advance written notice to the other party, in the manner set forth in Section 7 below, prior to the end of the Extension Period in question, that the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended, as the case may be (the period during which this Agreement is effective being referred to hereafter as the "<u>Term</u>").

**3.** **POSITION AND DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Term, the Executive shall serve as the General Manager of Sales of the Company or in
 such other position or positions with a level of duties and responsibilities consistent with
 the foregoing with the Company and/or its subsidiaries and affiliated entities as the board
 of directors of the Company (the " <u>Board</u> ") may specify from time to time and shall have the duties, responsibilities and obligations
 customarily assigned to individuals serving in the position or positions in which the Executive
 serves hereunder and as assigned by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive agrees to serve without additional compensation, if elected or appointed thereto,
 as a director of the Company or any subsidiaries or affiliated entities of the Company (collectively,
 the " <u>Group</u> ") and as a member of any committees of the board of directors of any such entity, *provided* that the Executive is indemnified for serving in any and all such capacities on a basis no
 less favorable than is currently provided to any other director of any member of the Group.

**4.** **NO BREACH OF CONTRACT** 

The Executive hereby represents to the Company that: (i) the execution and delivery of the Agreement by the Executive and the performance by the Executive of the duties of General Manager of Sales of the Company hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is otherwise bound, except that the Executive does not make any representation with respect to the Operative Employment Agreement, if any, or other agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based, if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into the Agreement and carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.

**5.** **LOCATION** 

The Executive will be mainly based in Hong Kong, or any other location(s) selected by the Company at convenience of work during the Term.

**6.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Compensation</u>. Unless otherwise specified in the Operative Employment Agreement, if any,
 or any other agreement between the Company or any of its subsidiaries on one hand and the
 Executive on the other hand, as compensation for the performance by the Executive of his/her
 obligations hereunder, the Company shall pay the Executive cash compensation of HKD37,000
 per month (subject to 13-month cash compensation per year), which is to be paid by one of
 the Company's subsidiaries in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. During
 the Term, the Executive shall be eligible to participate, at a level comparable to similarly
 situated other executives of the Company, in such long-term compensation arrangements as
 may be authorized from time to time by the Board, including any share incentive plan, subject
 to the terms and provisions of such plan and the execution of the award agreement and other
 related agreements between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. During the Term,
 the Executive shall be entitled to participate in all of the employee benefit plans and arrangements
 made available by the Company to its similarly situated executives, including, but not limited
 to, any retirement plan, medical insurance plan and travel/holiday policy, subject to and
 on a basis consistent with the terms, conditions and overall administration of such plans
 and arrangements. The Company shall reimburse all business related expenses including, but
 not limited to meals, hotel, and transportation. The Company shall maintain directors and
 officers liability insurance covering the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Executive's salary, remuneration and benefits shall be reviewed by the Board of Directors
 (or its designated committee) and/or the management of the Company in accordance with the
 relevant policies adopted by the Company from time to time.

**7.** **TERMINATION OF THE AGREEMENT** 

The Employment may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either
 party may terminate this Agreement by giving thirty (30) days advance written notice to the
 other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Termination</u>. Any termination of the Executive's employment under the Agreement
 shall be communicated by written notice of termination (" <u>Notice of Termination</u> ") from the terminating
 party to the other party. The notice of termination shall indicate the specific provision(s)
 of the Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Effect on the Operative Employment Agreement</u>. Any
 termination of the Executive's Employment under this Agreement shall have no effect
 on the terms and conditions of the Operative Employment Agreement, if any, unless otherwise
 provided in such Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compensation upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Death</u>. If the Executive's
 employment is terminated by reason of the Executive's death, the Company shall have
 no further obligations to the Executive under this Agreement and the Executive's benefits
 shall be determined under the Company's retirement, insurance and other benefit and
 compensation plans or programs then in effect in accordance with the terms of such plans
 and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>By Company or by the Executive without Cause</u>. If the Executive's employment is terminated
 either by the Company or by the Executive, except as required by applicable law or regulations,
 the Company shall (i) continue to pay and otherwise provide to the Executive, during any
 notice period, all compensation, base salary, if any, and (ii) pay to the Executive, in lieu
 of benefits under any severance plan or policy of the Company as required by applicable law
 or 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;(3) <u>By Company for Cause</u> If the Executive's employment is be terminated by the Company
 for Cause, except as required by applicable law or regulations, the Company shall pay the
 Executive his/her base salary at the rate in effect at the time Notice of Termination is
 given through the Date of Termination, and the Company shall have no additional obligations
 to the Executive under this Agreement.

For the avoidance of doubt, unless otherwise provided under the Operative Employment Agreement, if any, the following conditions each shall constitute "Cause" and shall apply in evaluating a termination of the Executive's employment 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) Commission
 of any act of fraud or dishonesty, conviction of a criminal offense, willful disobedience
 of a lawful order, or receipt of bribery;

&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) Commission
 of any gross negligence by the Executive in the course of his/her employment hereunder that
 has a material adverse effect on the business or financial condition of the Company and/or
 its subsidiaries and affiliated entities;

&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) Wilful
 material misrepresentation at any time by the Executive to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 wilful failure or refusal to comply with any of the Executive's material obligations hereunder
 or to comply with a reasonable and lawful instruction of the Board, which failure to comply
 with such instruction continues for a period of ten (10) days after the Executive's receipt
 of written notice from the Board identifying in reasonable detail the objectionable action
 or inaction; 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;(v) Engagement
 by the Executive in any misconduct or the commission by the Executive of any act that is
 materially injurious or detrimental to the substantial interest of the Company and/or its
 subsidiaries and affiliated entities, as determined by the Board.

**8.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure</u>.

The Executive acknowledges and agrees that: (A) the Executive holds a position of trust and confidence with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior, current or future research or development activities of the Company; the products and services provided or offered by the Company to customers or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition or disposition of products and/or services of the Company; research, techniques, know-how, and data; programs, software and source codes; personal information; vendor information; agreements; marketing plans and techniques, strategies, forecasts, and other trade secrets (collectively, the "<u>Confidential Information</u>"); and (B) the direct and indirect disclosure of any such Confidential Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Third Party Information in the Company's Possession</u>. The
 Executive recognizes that the Company may have received, and in the future may receive, from
 third parties their confidential or proprietary information subject to a duty on the Company's
 part to maintain the confidentiality of such information and to use it only for certain limited
 purposes. The Executive agrees that the Executive owes the Company and such third parties,
 during the Term and thereafter, a duty to hold all such confidential or proprietary information
 in strict confidence and not to disclose such information to any person or firm, or otherwise
 use such information, in a manner inconsistent with the limited purposes permitted by the
 Company's agreement with such third party.

**9.** **NON-COMPETITION AND NON-SOLICITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Competition</u>. In consideration
 of the compensation provided to the Executive by the Company hereunder, the adequacy of which
 is hereby acknowledged by the parties hereto, subject to the terms of the Operative Employment
 Agreement, if any, the Executive agrees that during the Term and for a period of twelve (12)
 months following the termination of the Employment for whatever reason, the Executive shall
 not engage in Competition (as defined below) with the Group. For purposes of this Agreement,
 unless otherwise provided under the Operative Employment Agreement, if any, "Competition"
 by the Executive shall mean the Executive's engaging in, or otherwise directly or indirectly
 being employed by or acting as a consultant or lender to, or being a director, officer, employee,
 principal, agent, stockholder, member, owner or partner of, or permitting the Executive's
 name to be used in connection with the activities of, any other business or organization
 which competes, directly or indirectly, with the Group in the business of the Group; <u>provided</u>, <u>however</u>, it
 shall not be a violation for the Executive to become the registered or beneficial owner of
 up to five percent (5%) of any class of the capital stock of a publicly traded corporation
 in Competition with the Group, provided that the Executive does not otherwise participate
 in the business of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation; Non-Interference</u>. During the Term and for a period of twelve (12) months following the
 termination of the Executive's employment for any reason, subject to the terms of the
 Operative Employment Agreement, if any, the Executive agrees that he/she will not, directly
 or indirectly, for the Executive's benefit or for the benefit of any other person or
 entity, do any of 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;(1) solicit
or seek to solicit from any customer doing business with the Group during the Term business of the same or of a similar nature to the
business 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;(2) solicit
 or seek to solicit from any known potential customer of the Group business of the same or
 of a similar nature to that which, whether or not has been the subject of a known written
 or oral bid, offer or proposal by the Group, or of substantial preparation with a view to
 making such a bid, proposal or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) solicit
 or seek to solicit the employment or services of, or hire or engage, any person who is employed
 or engaged by the Group; 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;(4) otherwise
 interfere with the business or accounts of the Group, including, but not limited to, with
 respect to any relationship or agreement between the Group and any customer, vendor or supplier.

**10.** **CLAWBACK** 

Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, stock exchange listing requirement or policy established by the Company (whether in existence as of the date hereof or later adopted) will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement and policy. The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation.

**11.** **ENTIRE AGREEMENT** 

The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, in each case other than concerning any Operative Employment Agreement. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement. For the avoidance of doubt, in case of any conflict between this Agreement and any Operative Employment Agreement as to the terms and conditions of such Operative Employment Agreement, the Operative Employment Agreement shall prevail.

**12.** **GOVERNING LAW** 

The Agreement shall be governed by and construed in accordance with the law of the Hong Kong SAR.

**13.** **COUNTERPARTS** 

The Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

*[Remainder of the page intentionally left blank.]*

**IN WITNESS WHEREOF,** the Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **C&K Group Limited** | **C&K Group Limited** |
| a British Virgin Islands company | a British Virgin Islands company |
| For and on behalf of | For and on behalf of |
| By: | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |
| Title: | Director |
| **EXECUTIVE:** | **EXECUTIVE:** |
| /s/ WONG Man Yin Vanessa | /s/ WONG Man Yin Vanessa |
| Name: | WONG Man Yin Vanessa |

---

## Exhibit 10.4

**Exhibit 10.4**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This EXECUTIVE EMPLOYMENT AGREEMENT (the "<u>Agreement</u>") is entered into as of 1<sup>st</sup> March, 2025, by and between C&K Group Limited, a company incorporated and existing under the laws of the British Virgin Islands (the "<u>Company</u>") and Ms. KONG Ka Yin of HKID card no. , a Hong Kong national (the "<u>Executive</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as Director of the Company and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;

WHEREAS, the Board of Director of the Company approved the appointment of the Executive as Director of the Company, effective as of 1<sup>st</sup> March, 2025;

WHEREAS, the Company, at its discretion, may have caused or will cause, one of its subsidiaries to enter into an employment agreement between the Executive and such subsidiary to govern such terms and conditions of employment between the Executive and such subsidiary (the "<u>Operative Employment Agreement</u>"), and this Agreement shall not supersede or replace such Operative Employment Agreement;

**1.** **EMPLOYMENT** 

The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "<u>Employment</u>").

**2.** **TERM** 

Subject to the terms and conditions of the Agreement, the initial term of the Employment shall be twenty four (24) months, commencing on 1<sup>st</sup> March, 2025 (the "<u>Effective Date</u>") (the "<u>Initial Term</u>"), unless terminated earlier pursuant to the terms of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically extended for successive periods of twelve (12) months each (each, an "<u>Extension Period</u>") unless either party shall have given thirty (30) days advance written notice to the other party, in the manner set forth in Section 7 below, prior to the end of the Extension Period in question, that the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended, as the case may be (the period during which this Agreement is effective being referred to hereafter as the "<u>Term</u>").

**3.** **POSITION AND DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Term, the Executive shall serve as Director of the Company or in such other position
 or positions with a level of duties and responsibilities consistent with the foregoing with
 the Company and/or its subsidiaries and affiliated entities as the board of directors of
 the Company (the " <u>Board</u> ") may specify from time to time and shall have the duties, responsibilities and obligations
 customarily assigned to individuals serving in the position or positions in which the Executive
 serves hereunder and as assigned by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive agrees to serve without additional compensation, if elected or appointed thereto,
 as a director of the Company or any subsidiaries or affiliated entities of the Company (collectively,
 the " <u>Group</u> ") and as a member of any committees of the board of directors of any such entity, *provided* that the Executive is indemnified for serving in any and all such capacities on a basis no
 less favorable than is currently provided to any other director of any member of the Group.

**4.** **NO BREACH OF CONTRACT** 

The Executive hereby represents to the Company that: (i) the execution and delivery of the Agreement by the Executive and the performance by the Executive of the duties of Director of the Company hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or by which the Executive is otherwise bound, except that the Executive does not make any representation with respect to the Operative Employment Agreement, if any, or other agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based, if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into the Agreement and carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group.

**5.** **LOCATION** 

The Executive will be mainly based in Hong Kong, or any other location(s) selected by the Company at convenience of work during the Term.

**6.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Compensation</u>. Unless otherwise specified in the Operative Employment Agreement, if any,
 or any other agreement between the Company or any of its subsidiaries on one hand and the
 Executive on the other hand, as compensation for the performance by the Executive of his/her
 obligations hereunder, the Company shall pay the Executive cash compensation of HKD35,000
 per month (subject to 13-month cash compensation per year), which is to be paid by one of
 the Company's subsidiaries in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. During the Term, the Executive shall be eligible to participate, at a level
 comparable to similarly situated other executives of the Company, in such long-term compensation
 arrangements as may be authorized from time to time by the Board, including any share incentive
 plan, subject to the terms and provisions of such plan and the execution of the award agreement
 and other related agreements between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>.
 During the Term, the Executive shall be entitled to participate in all of the employee benefit
 plans and arrangements made available by the Company to its similarly situated executives,
 including, but not limited to, any retirement plan, medical insurance plan and travel/holiday
 policy, subject to and on a basis consistent with the terms, conditions and overall administration
 of such plans and arrangements. The Company shall reimburse all business related expenses
 including, but not limited to meals, hotel, and transportation. The Company shall maintain
 directors and officers liability insurance covering the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Executive's salary, remuneration and benefits shall be reviewed by the Board of Directors
 (or its designated committee) and/or the management of the Company in accordance with the
 relevant policies adopted by the Company from time to time.

**7.** **TERMINATION OF THE AGREEMENT** 

The Employment may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either
 party may terminate this Agreement by giving thirty (30) days advance written notice to the
 other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Termination</u>. Any termination of the Executive's employment under the Agreement
 shall be communicated by written notice of termination (" <u>Notice of Termination</u> ") from the terminating
 party to the other party. The notice of termination shall indicate the specific provision(s)
 of the Agreement relied upon in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Effect on the Operative Employment Agreement</u>. Any
 termination of the Executive's Employment under this Agreement shall have no effect
 on the terms and conditions of the Operative Employment Agreement, if any, unless otherwise
 provided in such Operative Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compensation upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Death</u>. If the Executive's
 employment is terminated by reason of the Executive's death, the Company shall have
 no further obligations to the Executive under this Agreement and the Executive's benefits
 shall be determined under the Company's retirement, insurance and other benefit and
 compensation plans or programs then in effect in accordance with the terms of such plans
 and programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>By Company or by the Executive without Cause</u>. If the Executive's employment is terminated
 either by the Company or by the Executive, except as required by applicable law or regulations,
 the Company shall (i) continue to pay and otherwise provide to the Executive, during any
 notice period, all compensation, base salary, if any, and (ii) pay to the Executive, in lieu
 of benefits under any severance plan or policy of the Company as required by applicable law
 or 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;(3) <u>By Company for Cause</u> If the Executive's employment is be terminated by the Company
 for Cause, except as required by applicable law or regulations, the Company shall pay the
 Executive his/her base salary at the rate in effect at the time Notice of Termination is
 given through the Date of Termination, and the Company shall have no additional obligations
 to the Executive under this Agreement.

For the avoidance of doubt, unless otherwise provided under the Operative Employment Agreement, if any, the following conditions each shall constitute "Cause" and shall apply in evaluating a termination of the Executive's employment 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) Commission
 of any act of fraud or dishonesty, conviction of a criminal offense, willful disobedience
 of a lawful order, or receipt of bribery;

&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) Commission
 of any gross negligence by the Executive in the course of his/her employment hereunder that
 has a material adverse effect on the business or financial condition of the Company and/or
 its subsidiaries and affiliated entities;

&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) Wilful
 material misrepresentation at any time by the Executive to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 wilful failure or refusal to comply with any of the Executive's material obligations hereunder
 or to comply with a reasonable and lawful instruction of the Board, which failure to comply
 with such instruction continues for a period of ten (10) days after the Executive's receipt
 of written notice from the Board identifying in reasonable detail the objectionable action
 or inaction; 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;(v) Engagement
 by the Executive in any misconduct or the commission by the Executive of any act that is
 materially injurious or detrimental to the substantial interest of the Company and/or its
 subsidiaries and affiliated entities, as determined by the Board.

**8.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure</u>.

The Executive acknowledges and agrees that: (A) the Executive holds a position of trust and confidence with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior, current or future research or development activities of the Company; the products and services provided or offered by the Company to customers or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition or disposition of products and/or services of the Company; research, techniques, know-how, and data; programs, software and source codes; personnel information; vendor information; agreements; marketing plans and techniques, strategies, forecasts, and other trade secrets (collectively, the "<u>Confidential Information</u>"); and (B) the direct and indirect disclosure of any such Confidential Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Third Party Information in the Company's Possession</u>. The
 Executive recognizes that the Company may have received, and in the future may receive, from
 third parties their confidential or proprietary information subject to a duty on the Company's
 part to maintain the confidentiality of such information and to use it only for certain limited
 purposes. The Executive agrees that the Executive owes the Company and such third parties,
 during the Term and thereafter, a duty to hold all such confidential or proprietary information
 in strict confidence and not to disclose such information to any person or firm, or otherwise
 use such information, in a manner inconsistent with the limited purposes permitted by the
 Company's agreement with such third party.

**9.** **NON-COMPETITION AND NON-SOLICITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Competition</u>. In consideration
 of the compensation provided to the Executive by the Company hereunder, the adequacy of which
 is hereby acknowledged by the parties hereto, subject to the terms of the Operative Employment
 Agreement, if any, the Executive agrees that during the Term and for a period of twelve (12)
 months following the termination of the Employment for whatever reason, the Executive shall
 not engage in Competition (as defined below) with the Group. For purposes of this Agreement,
 unless otherwise provided under the Operative Employment Agreement, if any, "Competition"
 by the Executive shall mean the Executive's engaging in, or otherwise directly or indirectly
 being employed by or acting as a consultant or lender to, or being a director, officer, employee,
 principal, agent, stockholder, member, owner or partner of, or permitting the Executive's
 name to be used in connection with the activities of, any other business or organization
 which competes, directly or indirectly, with the Group in the business of the Group; <u>provided</u>, <u>however</u>, it
 shall not be a violation for the Executive to become the registered or beneficial owner of
 up to five percent (5%) of any class of the capital stock of a publicly traded corporation
 in Competition with the Group, provided that the Executive does not otherwise participate
 in the business of such corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Solicitation; Non-Interference</u>. During the Term and for a period of twelve (12) months following the
 termination of the Executive's employment for any reason, subject to the terms of the
 Operative Employment Agreement, if any, the Executive agrees that he/she will not, directly
 or indirectly, for the Executive's benefit or for the benefit of any other person or
 entity, do any of 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;(1) solicit
or seek to solicit from any customer doing business with the Group during the Term business of the same or of a similar nature to the
business 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;(2) solicit
 or seek to solicit from any known potential customer of the Group business of the same or
 of a similar nature to that which, whether or not has been the subject of a known written
 or oral bid, offer or proposal by the Group, or of substantial preparation with a view to
 making such a bid, proposal or offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) solicit
 or seek to solicit the employment or services of, or hire or engage, any person who is employed
 or engaged by the Group; 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;(4) otherwise
 interfere with the business or accounts of the Group, including, but not limited to, with
 respect to any relationship or agreement between the Group and any customer, vendor or supplier.

**10.** **CLAWBACK** 

Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, stock exchange listing requirement or policy established by the Company (whether in existence as of the date hereof or later adopted) will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement and policy. The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation.

**11.** **ENTIRE AGREEMENT** 

The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, in each case other than concerning any Operative Employment Agreement. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement. For the avoidance of doubt, in case of any conflict between this Agreement and any Operative Employment Agreement as to the terms and conditions of such Operative Employment Agreement, the Operative Employment Agreement shall prevail.

**12.** **GOVERNING LAW** 

The Agreement shall be governed by and construed in accordance with the law of the Hong Kong SAR.

**13.** **COUNTERPARTS** 

The Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

*[Remainder of the page intentionally left blank.]*

**IN WITNESS WHEREOF,** the Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **C&K Group Limited** | **C&K Group Limited** |
| a British Virgin Islands company | a British Virgin Islands company |
| For and on behalf of | For and on behalf of |
| By: | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |
| Title: | Director |
| **EXECUTIVE:** | **EXECUTIVE:** |
| /s/ KONG Ka Yin | /s/ KONG Ka Yin |
| Name: | KONG Ka Yin |

---

## Exhibit 10.5

**Exhibit 10.5**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is entered into as of [●] by and between C&K Group Limited, a British Virgin Islands company (the "<u>Company</u>"), and the undersigned, a director and/or an officer of the Company ("<u>Indemnitee</u>"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "<u>Board of Directors</u>") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

"<u>Expenses</u>" shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

"<u>Indemnifiable Event</u>" means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

"<u>Participant</u>" means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

"<u>Proceeding</u>" means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Agreement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification of Expenses of Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exclusions</u>. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification 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;(a) to the extent that payment is actually made to Indemnitee under a valid, enforceable and collectible insurance policy;

&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 Indemnitee is indemnified and actually paid other than pursuant to 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;(c) in connection with a judicial action by or in the right of the Company, in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by a court of competent jurisdiction, in a decision from which there is no further right of appeal, to be liable for gross negligence or knowing or willful misconduct in the performance of his/her duty to the Company unless and only to the extent that any court in which such action was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses as such court shall deem proper;

&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 connection with any Proceeding initiated by Indemnitee against the Company, any director or officer of the Company or any other party, and not by way of defense, unless (i) the Company has joined in or the Board has consented to the initiation of such Proceeding; or (ii) the Proceeding is one to enforce indemnification rights under this Agreement or any applicable law;

&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) brought about by the dishonesty or fraud of the Indemnitee seeking payment hereunder; provided, however, that the Company shall indemnify Indemnitee under this Agreement as to any claims upon which suit may be brought against him/her by reason of any alleged dishonesty on his/her part, unless a judgment or other final adjudication thereof adverse to the Indemnitee establishes that he/she committed (i) acts of active and deliberate dishonesty, (ii) with actual dishonest purpose and intent, and (iii) which acts were material to the cause of action so adjudicated;

&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) for any judgment, fine or penalty which the Company is prohibited by applicable law from paying as indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arising out of Indemnitee's breach of an employment agreement with the Company (if any) or any other agreement with the Company or any of its subsidiaries, or

&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) arising out of Indemnitee's personal income tax payable on any salaries, bonuses, director's fees, including fees for attending meetings, or gain on disposition of shares, options or restricted shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Employment Rights.</u> Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Notice and Cooperation by Indemnitee</u>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable action to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advancement of Expenses</u>. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Reimbursement of Expenses</u>. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Determination by the Reviewing Party</u>. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within 10 days after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided, however, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Suit to Enforce Rights</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Defense to Indemnification, Burden of Proof and Presumptions</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Company Participation</u>. Subject to Section B.6, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reviewing Party</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "<u>Independent Counsel</u>" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "<u>Independent Counsel</u>" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Good Faith Determination</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Coverage of Indemnitee</u>. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Obligation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Non-Exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission (the "<u>SEC</u>")'s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment of this Agreement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subrogation</u>. In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road

Tsim Sha Tsui, Kowloon, Hong Kong

Attention: Cheng Ka Ki, Chief Executive Officer

and to Indemnitee at his/her address last known to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

*[Signature page follows]*

 

IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

---

| | |
|:---|:---|
| C&K Group Limited | C&K Group Limited |
| By: |  |
| Name: |  |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| Indemnitee |
| Signature: |
| Name: |

---

 

*[Signature Page to Indemnification Agreement – C&K Group Limited]*

## Exhibit 10.6

**Exhibit 10.6**

**C&K GROUP LIMITED**

24 March, 2025

Mr. YUEN Ka Lok, Ernest

2507-8, 25/F China Insurance Group Building

141 Des Voeux Road Central, Hong Kong

Re: <u>Director Offer Letter</u>

Dear Mr. YUEN,

C&K Group Limited, a British Virgin Islands company (the "Company"), is pleased to offer you a position as a member of its Board of Directors (the "Board"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this offer letter (the "Agreement") contains the terms and conditions relating to the services you agree to provide to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>**Term.**</u> This Agreement is effective upon your acceptance and signature below. Your term as a director shall commence on the date of listing of the Company's Class A ordinary shares on the Nasdaq Capital Market, in connection with the consummation of the Company's initial public offering, and continue until terminated or until your successor is duly elected and qualified. The position shall be up for re-election at the first annual shareholder's meeting following the consummation of the Company's initial public offering and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>**Services.**</u> You shall render services as a member of the Board and/or the Board's committees set forth on <u>***Schedule A***</u> attached hereto and perform the duties as provided in the charter of the Company and/or the charter of such committee (hereinafter your "Duties"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference or in person. You shall consult with the other members of the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>**Compensation.**</u> As compensation for your services to the Company, you will receive annual cash compensation in the amount of HKD120,000 annually, (hereinafter, the "Compensation") for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company and which shall be paid by our subsidiary in Hong Kong. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties. The Company shall maintain directors and officers liability insurance covering the directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>**No Assienment.**</u> Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>**Termination and Resignation.**</u> Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least seventy-five percent (75%) of the votes of the Company's issued and outstanding shares entitled to vote. Your membership on the Board or on a Board committee shall be terminated if you become of unsound mind or are prohibited by law from being so. You may also terminate your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>**Governing Law**</u>**.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of Hong Kong applicable to agreements made and to be performed entirely in Hong Kong.

Address: Flat 3309-11, 33/F, Tower 5*,* The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

If you wish to accept this offer, please sign below and return the fully executed letter to us. You should keep one copy of this letter for your own records.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| C&K Group Limited | C&K Group Limited |
| By: | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| By: | /s/ YUEN Ka Lok, Ernest |
| Name: | YUEN Ka Lok, Ernest |
| Date: | 24/3/2025 |

---

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsirn Sha Tsui, Kowloon, Hong Kong

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| **Committee** | **Title** |
| &nbsp;&nbsp;Audit Committee | &nbsp;&nbsp;Member |
| &nbsp;&nbsp;Nominating and Governance Committee | &nbsp;&nbsp;Chairman and member |
| &nbsp;&nbsp;Compensation Committee | &nbsp;&nbsp;Member |

---

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

## Exhibit 10.7

**Exhibit 10.7**

**C&K GROUP LIMITED**

25 March, 2025

Mr. CHAN Leo

Hong Kong

Re: <u>Director Offer Letter</u>

Dear Mr. CHAN,

C&K Group Limited, a British Virgin Islands company (the "Company"), is pleased to offer you a position as a member of its Board of Directors (the "Board"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this offer letter (the "Agreement") contains the terms and conditions relating to the services you agree to provide to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>**Term.**</u> This Agreement is effective upon your acceptance and signature below. Your term as a director shall commence on the date of listing of the Company's Class A ordinary shares on the Nasdaq Capital Market, in connection with the consummation of the Company's initial public offering, and continue until terminated or until your successor is duly elected and qualified. The position shall be up for re-election at the first annual shareholder's meeting following the consummation of the Company's initial public offering and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>**Services.**</u> You shall render services as a member of the Board and/or the Board's committees set forth on <u>***Schedule A***</u> attached hereto and perform the duties as provided in the charter of the Company and/or the charter of such committee (hereinafter your "Duties"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference or in person. You shall consult with the other members of the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>**Compensation.**</u> As compensation for your services to the Company, you will receive annual cash compensation in the amount of HKD120,000 annually, (hereinafter, the "Compensation") for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company and which shall be paid by our subsidiary in Hong Kong. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties. The Company shall maintain directors and officers liability insurance covering the directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>**No Assienment.**</u> Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>**Termination and Resignation.**</u> Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least seventy-five percent (75%) of the votes of the Company's issued and outstanding shares entitled to vote. Your membership on the Board or on a Board committee shall be terminated if you become of unsound mind or are prohibited by law from being so. You may also terminate your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>**Governing Law**</u>**.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of Hong Kong applicable to agreements made and to be performed entirely in Hong Kong.

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

If you wish to accept this offer, please sign below and return the fully executed letter to us. You should keep one copy of this letter for your own records.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| C&K Group Limited | C&K Group Limited |
| By: | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| By: | /s/ CHAN Leo |
| Name: | CHAN Leo |
| Date: | 25 March 2025 |

---

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsirn Sha Tsui, Kowloon, Hong Kong

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| **Committee** | **Title** |
| &nbsp;&nbsp;Audit Committee | &nbsp;&nbsp;Chairman and member |
| &nbsp;&nbsp;Nominating and Governance Committee | &nbsp;&nbsp;Member |
| &nbsp;&nbsp;Compensation Committee | &nbsp;&nbsp;Member |

---

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

## Exhibit 10.8

**Exhibit 10.8**

**C&K GROUP LIMITED**

25 March, 2025

Mr. CHUNG Chi Kit

9/F Tower B, Regent Centre

Kwai Chung, New Territories

Hong Kong

Re: <u>Director Offer Letter</u>

Dear Mr. CHUNG,

C&K Group Limited, a British Virgin Islands company (the "Company"), is pleased to offer you a position as a member of its Board of Directors (the "Board"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this offer letter (the "Agreement") contains the terms and conditions relating to the services you agree to provide to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>**Term.**</u> This Agreement is effective upon your acceptance and signature below. Your term as a director shall commence on the date of listing of the Company's Class A ordinary shares on the Nasdaq Capital Market, in connection with the consummation of the Company's initial public offering, and continue until terminated or until your successor is duly elected and qualified. The position shall be up for re-election at the first annual shareholder's meeting following the consummation of the Company's initial public offering and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>**Services.**</u> You shall render services as a member of the Board and/or the Board's committees set forth on <u>***Schedule A***</u> attached hereto and perform the duties as provided in the charter of the Company and/or the charter of such committee (hereinafter your "Duties"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference or in person. You shall consult with the other members of the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>**Compensation.**</u> As compensation for your services to the Company, you will receive annual cash compensation in the amount of HKD120,000 annually, (hereinafter, the "Compensation") for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company and which shall be paid by our subsidiary in Hong Kong. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties. The Company shall maintain directors and officers liability insurance covering the directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>**No Assienment.**</u> Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>**Termination and Resignation.**</u> Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least seventy-five percent (75%) of the votes of the Company's issued and outstanding shares entitled to vote. Your membership on the Board or on a Board committee shall be terminated if you become of unsound mind or are prohibited by law from being so. You may also terminate your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>**Governing Law**</u>**.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of Hong Kong applicable to agreements made and to be performed entirely in Hong Kong.

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

If you wish to accept this offer, please sign below and return the fully executed letter to us. You should keep one copy of this letter for your own records.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| C&K Group Limited | C&K Group Limited |
| By: | /s/ CHENG Ka Ki |
| Name: | CHENG Ka Ki |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| By: | /s/ CHUNG Chi Kit |
| Name: | CHUNG Chi Kit |
| Date: | 25/3/2025 |

---

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsirn Sha Tsui, Kowloon, Hong Kong

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| **Committee** | **Title** |
| &nbsp;&nbsp;Audit Committee | &nbsp;&nbsp;Member |
| &nbsp;&nbsp;Nominating and Governance Committee | &nbsp;&nbsp;Member |
| &nbsp;&nbsp;Compensation Committee | &nbsp;&nbsp;Chairman and member |

---

Address: Flat 3309-11, 33/F, Tower 5, The Gateway, No. 15 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

## Exhibit 10.9

**Exhibit 10.9**

**<u>DATED 28<sup>th</sup> January 2025</u>**

**Splendid Wealth Investments Limited**

**(as Seller A)**<br> and

**New Jumbo Global Limited**

**(as Seller B)**

**and**

**THE PERSONS NAMED IN SCHEDULE 1**

**(as Purchasers)**

**SALE AND PURCHASE AGREEMENT**

**relating to the<br> shares in**

**C&K Jewellery Limited**

**THIS AGREEMENT** is dated <u>28<sup>th</sup> January 2025</u> and is made

**BETWEEN**

(1) Splendid
 Wealth Investments Limited, a company incorporated in the British Virgin Islands, the registered
 office of which is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola,
 VG1110, British Virgin Islands ()"**Seller A** ");

(2) New
 Jumbo Global Limited, a company incorporated in the British Virgin Islands, the registered
 office of which is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola,
 VG1110, British Virgin Islands ()"**Seller B** "); and

(3) **THE PERSONS** whose names and correspondence addresses are set out in Schedule 1 hereto (each
 a "**Purchaser**" and collectively the "**Purchasers** ");

**WHEREAS:**

(A) C&K
 Jewellery Limited (the "**Company**") is a company with limited liability
 incorporated in Hong Kong. Further particulars of the Company are set out in <u>Schedule 2.</u> 

(B) Seller
 A is the beneficial owner of 80,000 ordinary shares in the capital of the Company (the "**Sale A Shares** "), constituting 80% of all the issued shares of the Company as at
 the date of this Agreement.

(C) Seller
 B is the beneficial owner of 20,000 ordinary share in the capital of the Company (the "**Sale B Shares** "), constituting 20% of all the issued shares of the Company as at
 the date of this Agreement.

(D) Seller
 A and Seller B have agreed to sell to the Purchasers Sale A Shares and Sale B Shares (collectively,
 the "**Sale Shares**") and the Purchasers have agreed to purchase the
 Sale Shares subject to and upon the relevant terms and conditions of this Agreement.

**NOW IT IS HEREBY AGREED** as follows:

**1**.  **<u>INTERPRETATION</u>** 

1.1 In
 this Agreement, including the Recitals hereto, the following expressions shall have the following
 meanings except where the context otherwise requires:

---

| | |
|:---|:---|
| "**Completion**" | completion of the sale and purchase of the Sale Shares in accordance with the provisions of Clause 4; |
| "**Hong Kong**" | the Hong Kong Special Administrative Region of the People's Republic of China |
| "**Sale A Shares**" | shall have the meaning ascribed to it in Recital (B); |
| "**Sale B Shares**" | shall have the meaning ascribed to it in Recital (C); |
| "**Sale Shares**" | shall have the meaning ascribed to it in Recital (D); and |

---

1.2 In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references
 to Clauses and Schedules are to clauses in and schedules to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Schedules
 and Recitals form part of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference
 to any statute, regulation or other statutory provision in this Agreement includes reference
 to such statute or regulation or provision as modified, consolidated or re-enacted from time
 to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words
 denoting the singular include the plural and vice versa, words denoting one gender include
 all genders, and words denoting persons include corporations and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) headings
 are for ease of reference only and do not form part of this Agreement.

**2.**  **<u>SALE AND PURCHASE</u>** 

2.1 Seller
 A shall sell the Sale A Shares to the Purchasers as set out below free from all charges,
 liens, encumbrances, equities or other third party claims or interests of any nature whatsoever
 and with all rights now and hereafter attaching thereto including without limitation the
 right to all dividends paid, declared or made in respect thereof:

---

| | | |
|:---|:---|:---|
| **Purchaser** | **Number of shares** | **Percentage Shareholding in the Company** |
| CHENG Ka Ki | 44320 | 44.32% |
| CHENG Ka Man Carman | 3920 | 3.92% |
| CHENG Ka Wing | 3920 | 3.92% |
| CHENG Ka Fung | 3920 | 3.92% |
| YAN Sau Man Amy | 3920 | 3.92% |
| POON Tak Ching | 3920 | 3.92% |
| WONG Tai Chi | 3920 | 3.92% |
| YIU Pak To | 3920 | 3.92% |
| LEUNG Chun Ming | 3920 | 3.92% |
| HUNG Kwok Wing | 3120 | 3.12% |
| LUK Tat Ho Andy | 1200 | 1.20% |
|  | 80000 | 80.00% |

---

2.2 Seller
 B shall sell the Sale B Shares to [the Purchasers] as set out below free from all charges, liens, encumbrances,
 equities or other third party claims or interests of any nature whatsoever and with all rights
 now and hereafter attaching thereto including without limitation the right to all dividends
 paid, declared or made in respect thereof:

---

| | | |
|:---|:---|:---|
| **Purchaser** | **Number of shares** | **Percentage Shareholding in the Company** |
| CHENG Ka Ki | 11080 | 11.08% |
| CHENG Ka Man Carman | 980 | 0.98% |
| CHENG Ka Wing | 980 | 0.98% |
| CHENG Ka Fung | 980 | 0.98% |
| YAN Sau Man Amy | 980 | 0.98% |
| POON Tak Ching | 980 | 0.98% |
| WONG Tai Chi | 980 | 0.98% |
| YIU Pak To | 980 | 0.98% |
| LEUNG Chun Ming | 980 | 0.98% |
| HUNG Kwok Wing | 780 | 0.78% |
| LUK Tat Ho Andy | 300 | 0.30% |
|  | 20000 | 20.00% |

---

2.3 Each
 of the Purchasers may nominate a third party ("Designated Transferee") to receive
 their respective Sale Shares by written notice to the Sellers before completion. Such notice
 shall include the Designated Transferee's name, address and proof of identity (in the case
 of an individual) or name, registered address and entity identification proof (in the case
 of an entity).

2.4 Each
 of Seller A and Seller B hereby waives, and undertakes to procure that any other person (including
 any other transferor of the legal interest in the Sale Shares) will waive any pre-emption
 or other similar rights it may have in relation to any of the Sale Shares whether under the
 articles of association of the Company or otherwise.

**3.**  **<u>CONSIDERATION</u>** 

3.1 The
 consideration for the sale and purchase of the Sale Shares shall in aggregate be HKD18,000,000,
 the details of which are set out as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Seller** | **Purchaser** | **Number of shares** | **Percentage Shareholding in the Company** | **Consideration** |
| Seller A | CHENG Ka Ki | 44320 | 44.32% | HK$7,977,600 |
| Seller A | CHENG Ka Man Carman | 3920 | 3.92% | HK$705,600 |
| Seller A | CHENG Ka Wing | 3920 | 3.92% | HK$705,600 |
| Seller A | CHENG Ka Fung | 3920 | 3.92% | HK$705,600 |
| Seller A | YAN Sau Man Amy | 3920 | 3.92% | HK$705,600 |
| Seller A | POON Tak Ching | 3920 | 3.92% | HK$705,600 |
| Seller A | WONG Tai. Chi | 3920 | 3.92% | HK$705,600 |
| Seller A | YIU Pak To | 3920 | 3.92% | HK$705,600 |
| Seller A | LEUNG Chun Ming | 3920 | 3.92% | HK$705,600 |
| Seller A | HUNG Kwok Wing | 3120 | 3.12% | HK$561,600 |
| Seller A | LUK Tat Ho Andy | 1200 | 1.20% | HK$216,000 |
| Seller B | CHENG Ka Ki | 11080 | 11.08% | HK$1,994,400 |
| Seller B | CHENG Ka Man Carman | 980 | 0.98% | HK$176,400 |
| Seller B | CHENG Ka Wing | 980 | 0.98% | HK$176,400 |
| Seller B | CI-IENG Ka Fung | 980 | 0.98% | HK$176,400 |
| Seller B | YAN Sau Man Amy | 980 | 0.98% | HK$176,400 |
| Seller B | &nbsp;&nbsp;POON Tak Ching | 980 | 0.98% | HK$176,400 |
| Seller B | &nbsp;&nbsp;WONG Tai Chi | 980 | 0.98% | HK$176,400 |
| Seller B | &nbsp;&nbsp;YIU Pak To | 980 | 0.98% | HK$176,400 |
| Seller B | &nbsp;&nbsp;LEUNG Chun Ming | 980 | 0.98% | HK$176,400 |
| Seller B | &nbsp;&nbsp;HUNG Kwok Wing | 780 | 0.78% | HK$140,400 |
| Seller B | &nbsp;&nbsp;LUK Tat Ho Andy | 300 | 0.30% | HK$54,000 |
|  |  | 100000 | 100% | HK$18,000,000 |

---

3.2 Each
 of the Purchasers hereby designate CHENG Ka Ki to pay their respective consideration for
 the relevant shares in the Company allocated to such Purchaser(s) under this Agreement. Notwithstanding
 the foregoing, the relevant Purchasers' liability under this Agreement shall not be discharged,
 reduced, or otherwise affected by the designation of a paying agent. The Sellers may pursue
 the respective Purchasers for any unpaid amounts as if no designation had been made.

**4.**  **<u>COMPLETION</u>** 

4.1 This
 Agreement shall be completed forthwith upon the signing of this Agreement at Hong Kong or
 at such other place or in any other manner as may be agreed between the parties.

4.2 On
 or before Completion, Seller A and Seller B shall procure that the board of directors of
 the Company pass resolutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 approve the registration of the transfer of the Sale Shares to the Purchasers or its nominee(s)
 in accordance with the terms and conditions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 deal with and resolve upon such other matters as the Purchaser shall reasonably require for
 the purposes of giving effect to the provisions of this Agreement.

4.3 At
 Completion, Seller A shall deliver or procure to be delivered to the Purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) valid
 share certificate(s) for the Sale A Shares and, if any such certificate is not in the name
 of Seller A, evidence satisfactory to the Purchaser that the Sale A Shares is beneficially
 owned by Seller A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) valid
 instrument of transfer(s) duly executed by Seller A in relation to the Sale A Shares in favour
 of the relevant Purchaser and/or its nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certified true copy of the resolution of the board of directors of the Company referred to
 in Clause 4.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such
 other document and deeds relating to the transactions contemplated hereby as may be required
 by the relevant Purchaser.

4.4 At
 Completion, Seller B shall deliver or procure to be delivered to the Purchasers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) valid
 share certificate(s) for the Sale B Shares and, if any such certificate is not in the name
 of Seller B, evidence satisfactory to the relevant Purchaser that the Sale B Shares is beneficially
 owned by Seller B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) valid
 instrument(s) of transfer duly executed by Seller B in relation to the Sale B Shares in favour
 of the relevant Purchaser and/or its nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certified true copy of the resolution of the board of directors of the Company referred to
 in Clause 4.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such
 other document and deeds relating to the transactions contemplated hereby as may be required
 by the relevant Purchaser.

**<u>5.</u>**  **<u>FURTHER ASSURANCE</u>** 

Each of the parties shall execute such documents and perform such further acts as the other(s) of them may require to vest effectively in the relevant parties the legal and beneficial ownership of the Sale Shares free from all charges, liens, encumbrances, equities and other adverse claims and interests and with all rights now and hereafter attaching thereto.

**<u>6.</u>**  **<u>GENERAL</u>** 

6.1 This
 Agreement contains the entire agreement between the parties, and supersedes all previous
 agreements between the parties or any of them, in relation to the sale and purchase of the
 Sale Shares and the other matters referred to in this Agreement. There are no other representations,
 warranties, conditions or terms whatsoever applicable thereto whether express or implied.
 The parties acknowledge that no claim shall arise in respect of any agreement so superseded.

6.2 Any
 variation to this Agreement shall be binding only if recorded in a document signed by the
 parties thereto.

6.3 Time
 shall be of the essence of this Agreement but no failure by any party to exercise, and no
 delay on its part in exercising any right hereunder, will operate as a waiver thereof, nor
 shall any single or partial exercise of any right under this Agreement (including a settlement
 with the Sellers) preclude any other or further exercise of it or the exercise of any right,
 or prejudice or affect any right against any person under the same liability whether joint,
 several or otherwise.

6.4 If
 any term in or provision of this Agreement shall be held to be illegal, invalid or unenforceable,
 in whole or in part, under any enactment or rule of law, the term or provision shall to that
 extent be deemed not to form part of this Agreement and the legality, validity and enforceability
 of the remainder of this Agreement shall not be affected.

6.5 The
 rights and remedies provided in this Agreement are cumulative and not exclusive of any rights
 or remedies provided by law including, without limitation, all equitable remedies available,
 and in the event of default by one party, the other party or parties shall be entitled to
 seek specific performance of this Agreement in addition to or in lieu of damages.

6.6 This
 Agreement may be executed in any number of counterparts each of which when executed and delivered
 is an original, but all the counterparts together constitute the same document. Any of the
 Parties may execute this Agreement on a facsimile copy counterpart and deliver its signature
 and seal by facsimile.

6.7 No
 one other than the parties to this Agreement shall have any right to enforce any of its terms,
 whether under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws
 of Hong Kong) or otherwise.

**7.**  **<u>NOTICES</u>** 

7.1 Any
 notice or other communication under or in connection with this Agreement shall be in writing
 and shall be left at or sent by pre-paid registered post (if posted from and to an address
 in Hong Kong), pre-paid registered airmail (if posted from or to an address outside Hong
 Kong) or email to the party due to receive the notice or communication at its respective
 address or email address set out below or to such other address and/or number(s) as may have
 been last specified by such party by written notice to the other party hereto.

<u>To Seller A:</u>

---

| | |
|:---|:---|
| Address: | 3309, 33/F Tower 5, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong |
| Attention: | Ms. CHENG Ka Ki |
| Email address: | phyllis.chan@cskyline.com.hk |

---

<u>To Seller B:</u>

---

| | |
|:---|:---|
| Address: | 3309, 33/F Tower 5, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong |
| Attention: | Ms. CHENG Ka Ki |
| Email address: | phyllis.chan@cskyline.com.hk |

---

<u>To each of the Purchasers:</u>

---

| | |
|:---|:---|
| Address: | 3309, 33/F Tower 5, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong |
| Attention: | Ms. CHENG Ka Ki |
| Email address: | phyllis.chan@cskyline.com.hk |

---

7.2 In
 the absence of evidence of earlier receipt, a notice or other communication is deemed given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 delivered personally, when left at the address referred to in Clause 7.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by post except airmail, two days after posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 sent by airmail, six days after posting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 sent by e-mail, if the sender does not receive a message indicating that the e-mail has not
 been delivered within thirty (30) minutes of sending such an e-mail.

In proving the giving of a notice by post or airmail it shall be sufficient to prove that the envelope containing such notice was properly addressed and posted.

**8.**  **<u>STAMP DUTY</u>** 

Any stamp duty payable on the transfer of the Sale Shares (if any) shall be borne by CHENG Ka Ki. ***[Note: To insert]***

**9.**  **<u>GOVERNING LAW AND JURISDICTION</u>** 

9.1 This
 Agreement shall be governed by and construed in accordance with the laws of Hong Kong and
 the parties irrevocably submit to the non-exclusive jurisdiction of the courts of Hong Kong
 in respect of this Agreement.

![](ex10-9_001.jpg)

![](ex10-9_002.jpg)

![](ex10-9_003.jpg)

![](ex10-9_004.jpg)

**<u>SCHEDULE 2<br> DETAILS OF THE COMPANY</u>**

---

| | |
|:---|:---|
| **Name of Company** | C&K Jewellery Limited |
| **Company number** | BR 6685 4902 |
| **Date of incorporation** | 3 November 2016 |
| **Place of incorporation** | Hong Kong |
| **Registered office** | 3309-11, 33/F Tower 5, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong |
| **Issued share capital** | HKD100,000 |
| **Financial year end** | 31 March |

---

---

| | | |
|:---|:---|:---|
| Name | No. of shares | Shareholding percentage |
| Splendid Wealth Investments Limited | 80000 | 80% |
| New Jumbo Global Limited | 20000 | 20% |

---

---

| | | |
|:---|:---|:---|
| **Director(s)** | **:** | CHENG Ka Ki |

---

## Exhibit 10.10

**Exhibit 10.10**

**<u>SHARE EXCHANGE AGREEMENT</u>**

**THIS SHARE EXCHANGE AGREEMENT,** dated as of 28 January, 2025 (the ***"Agreement"),*** is made by and among C&K Jewellery Limited, a Hong Kong company ***("C&K HK"),*** the shareholders set forth on <u>Schedule I</u> hereto who (each a ***"Shareholder",*** and collectively, the ***"Shareholders")*** agreed to purchase the shares in C&K HK pursuant to the sale and purchase agreement relating to the shares in C&K HK dated 28 January 2025 (the ***"SPA"),*** and C&K Group Limited, a British Virgin Islands company ***("C&K BVI").*** Each of C&K HK, Shareholders, and C&K BVI is referred as a ***"Party"*** and collectively as the ***"Parties"*** hereinunder.

**<u>RECITALS</u>**

**WHEREAS,** C&K HK is contemplating a public offering (the ***"IPO")*** and the listing on a national stock exchange in the U.S. (the ***"Listing")*** and in connection with the **IPO,** C&K HK desires to reorganize its corporate structure to be suitable for the Offering and the Listing (such ***"Reorganization");***

**WHEREAS,** C&K BVI was formed as part of the Reorganization for the purpose of serving as the holding company of C&K HK for the Listing;

**WHEREAS,** as of the date of this Agreement, C&K HK has 100,000 issued and outstanding ordinary shares, representing 100% of the issued share capital in C&K HK and each Shareholder has, pursuant to the SPA agreed to purchase a portion of the issued and outstanding ordinary shares of C&K HK as set forth opposite their respective name ***("Proportional Right of Acquisition in C&K HK Shares")*** in <u>Schedule I</u> attached hereto;

**WHEREAS,** as of the signing of this agreement, the transfer contemplated under the SPA has not been completed;

**WHEREAS,** the Shareholders desire to exchange the rights to acquire in aggregate all 100,000 ordinary shares of C&K HK for 16,000,000 shares of C&K BVI, on a pro rata basis in proportion to their respective Proportional Right of Acquisition in C&K HK Shares (the ***"Exchange"),*** and C&K BVI has agreed to issue its shares to the Shareholders or their respective designated holding entities to consummate the Exchange, subject to the terms and conditions set forth in this Agreement;

**WHEREAS,** following the consummation of the Exchange, (i) C&K HK will be a wholly-owned subsidiary of C&K BVI and (ii) the Shareholders or their respective designated holding entities (each of which shall be wholly-owned by the designating Shareholder) will be the shareholders of C&K BVI.

**NOW, THEREFORE,** for and in consideration of the foregoing premises, the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

**SECTION I**

**EXCHANGE OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 On the terms and subject to the conditions set forth in this Agreement, at the closing of the Exchange (the ***"Closing"),*** (i) the Shareholders shall sell, convey, transfer and assign to C&K **BVI,** free and clear of all liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description, and C&K **BVI** will purchase and accept from Shareholders, the right of the Shareholders under the SPA to acquire the 100,000 ordinary shares of C&K HK, representing 100% of the equity interest of C&K HK (the ***"C&K HK Shares"),*** and (ii) in exchange for the transfer of the C&K HK Shares, C&K BVI will issue and allot to the Shareholders or their respective designated holding entities, and each Shareholder or its designated holding entity will subscribe for and accept from C&K BVI such number of shares as set forth opposite such Shareholder or its designated holding entity's name in <u>Schedule I</u> attached hereto, on a pro rata basis in proportion to the Proportional Right of Acquisition in C&K HK Shares, amounting to 16,000,000 newly-issued shares of C&K BVI, with no par value, in the aggregate (the ***"C&K BVI Shares").*** Upon completion of the Exchange, all C&K HK Shares shall be held directly by C&K BVI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Closing shall occur on the date of this Agreement at the offices of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola, VG1110, British Virgin Islands, or at such other date, time and place or manner as may be agreed upon by the parties.

**SECTION II<br> REPRESENTATIONS AND<br> WARRANTIES OF SHAREHOLDERS**

Each Shareholder hereby represents and warrants to C&K HK and C&K BVI, all of which representations and warranties are true, complete, and correct in all respects as of the date hereof and will be as of the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Each Shareholder has the right, power, legal capacity and authority to enter into and perform Shareholder's obligations under this Agreement; and no approvals or consents are necessary in connection with it. All of the rights to acquire the ordinary shares of C&K HK held by each Shareholder pursuant to the SPA are free and clear of any liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 To the best of the knowledge and belief of the Shareholders, the issued and outstanding ordinary shares of C&K HK will, at the Closing, be validly transferred to C&K BVI free and clear of any encumbrances and from all taxes, liens and charges with respect to the transfer thereof and such ordinary shares of C&K HK shall be fully paid and non-assessable with the relevant Shareholders being entitled to all rights accorded to a holder of ordinary shares of C&K HK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Each Shareholder understands that the C&K BVI Shares have not been registered under the Securities Act of 1933, as amended (the *"Securities Act")* or any other applicable securities laws. Each Shareholder also understands that the C&K BVI Shares are being offered and issued pursuant to an exemption from the registration requirements of the Securities Act, under Section 4(2) and/or Regulation S of the Securities Act. Each Shareholder acknowledges that C&K BVI will rely on such Shareholder's representations, warranties and certifications set forth below for purposes of determining such Shareholder's suitability as an investor in the C&K BVI Shares and for purposes of confirming the availability of the Section 4(2) and/or Regulation S exemption from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Each Shareholder is acquiring the C&K BVI Shares for such Shareholder's own account for investment only and not with a view towards their resale or "distribution" (within the meaning of the Securities Act) of any part of the C&K BVI Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Each Shareholder understands that the C&K BVI Shares may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption therefrom, and in each case in compliance with the conditions set forth in this Agreement. Each Shareholder acknowledges and is aware that the C&K BVI Shares may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until such Shareholder has held the C&K BVI Shares for the applicable holding period under Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Each Shareholder acknowledges and agrees that each certificate representing the C&K BVI Shares shall bear a legend substantially in the following form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF C&K GROUP LIMITED (THE "COMPANY") THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE LOCAL SECURITIES LAWS AND REGULATIONS, (C) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE LOCAL SECURITIES LAWS AND REGULATIONS, (D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT, IN THE CASE OF (C), (D) OR (E), THE HOLDER HAS DELIVERED TO THE COMPANY AND THE REGISTRAR AND TRANSFER AGENT AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY AND THE REGISTRAR AND TRANSFER AGENT TO SUCH EFFECT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 No Shareholder has relied on and is relying on any representations, warranties or other assurances regarding C&K BVI Shares other than the representations and warranties expressly set forth in this Agreement.

**SECTION III<br> REPRESENTATIONS AND WARRANTIES OF C&K HK**

C&K HK hereby represents and warrants to Shareholders and C&K BVI, all of which representations and warranties are true, complete, and correct in all respects as of the date hereof and will be as of the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 C&K HK is a company formed in Hong Kong and duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 C&K HK has full power and authority to enter into and perform its obligations under this Agreement. This Agreement has been duly executed by C&K HK and constitutes the legal, valid, binding and enforceable obligation of C&K HK, enforceable against C&K HK in accordance with its terms. The execution and delivery of this Agreement and the consummation by C&K HK of the transactions contemplated herein do not and will not at the Closing (A) conflict with or violate any of the terms of the articles of incorporation and bylaws of C&K HK or any applicable law relating to C&K HK, (B) conflict with, or result in a breach of any of the terms of, or result in the acceleration of any indebtedness or obligations under, any material agreement, obligation or instrument by which C&K HK is bound or to which any property of C&K HK is subject, or constitute a default thereunder, (C) result in the creation or imposition of any lien on any of the assets of C&K HK, (D) constitute an event permitting termination of any material agreement or instrument to which C&K HK is a party or by which any property or asset of C&K HK is bound or affected, pursuant to the terms of such agreement or instrument, or (E) conflict with, or result in or constitute a default under or breach or violation of or grounds for termination of, any license, permit or other governmental authorization to which C&K HK is a party or by which C&K HK may be bound, or result in the violation by C&K HK of any laws to which C&K HK may be subject, which would materially adversely affect the transactions contemplated herein. No authorization, consent or approval of, notice to, or filing with, any public body or governmental authority or any other person is necessary or required in connection with the execution and delivery by C&K HK of this Agreement or the performance by C&K HK of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The C&K HK Shares constitute all of the equity interests of C&K HK. No securities of C&K HK are entitled to pre-emptive or similar rights, and no person has any right of first refusal, pre-emptive right, right of participation, or any similar right to participate in the transactions contemplated by this Agreement, save as those set out under the SPA (if applicable). There are no outstanding options, warrants, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe for or acquire, equity interests of C&K HK, save as those set out under the SPA (if applicable).

**SECTION IV<br> REPRESENTATIONS AND WARRANTIES OF C&K BVI**

C&K BVI hereby acknowledges, represents and warrants to, and agrees with Shareholders and C&K HK, all of which representations and warranties are true, complete, and correct in all respects as of the date hereof and will be as of the Closing, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 C&K BVI has been duly organized, is validly existing and is in good standing under the laws of British Virgin Islands. C&K BVI has full corporate power and authority to enter into this Agreement and this Agreement, has been duly and validly authorized, executed and delivered by C&K BVI and is valid and binding obligations of C&K BVI, enforceable against C&K BVI in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Subject to the performance by each Shareholder and C&K HK of their respective obligations under this Agreement and the accuracy of the representations and warranties of each Shareholder and C&K HK, the Exchange will be exempt from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The execution and delivery by C&K BVI of, and the performance by C&K BVI, of its obligations hereunder in accordance with its terms will not contravene any provision of the charter documents of C&K BVI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The C&K BVI Shares have been duly authorized and, when issued and delivered as provided by this Agreement, will be validly issued and fully paid and non-assessable, and are not subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 C&K BVI is not in violation of its memorandum of association or articles of association and is not in material default in the performance of any bond, debenture, note or any other evidence of indebtedness or any indenture, mortgage, deed of trust, license, contract, lease or other instrument to which C&K BVI is a party or by which it is bound, or to which any of the property or assets of C&K BVI is subject, except such as have been waived or which would not, singly or in the aggregate, prevent C&K BVI from discharging its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 C&K BVI is a "foreign issuer" as defined under Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 C&K BVI reasonably rebelieves that there is no "substantial U.S. market interest" (as defined in Regulation S) in the C&K BVI Shares or shares of C&K BVI of the same class as the C&K BVI Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 Neither the Company nor any person acting on its behalf has engaged or will engaged in any "directed selling efforts" (as defined in Regulation S), with respect to the C&K BVI Shares.

**SECTION V<br> GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Releases and Waivers of Shareholders.</u> Shareholders on their own behalf hereby acknowledge and agree that the C&K HK Shares represent 100% equity interest of C&K HK as of the date of this Agreement and as of the Closing. Shareholders hereby releases C&K HK from all obligations, liabilities and causes of action arising before, on or after the date of this Agreement, out of or in relation to any entitlement which Shareholders may have with respect to the C&K HK Shares. Shareholders hereby generally, irrevocably, unconditionally and completely waives any and all rights to receive any anti-dilution protection to which such Shareholders may be entitled under the organizational documents of C&K HK or under any other agreement or instrument in connection with the Exchange. Except for the C&K BVI Shares to be issued in connection with the Exchange, Shareholders hereby generally, irrevocably, unconditionally and completely waives any and all rights existing as of the date hereof to receive options, depository receipts, warrants, stock appreciation or similar rights to acquire or receive securities in C&K HK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **<u>Survival.</u>** All representations, warranties, covenants, and obligations in this Agreement shall survive until the expiration of the applicable statute of limitation with respect to the underlying claim to which such representation, warranty, covenant, or obligation relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **<u>Written Changes.</u>** Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated orally, except by a statement in writing signed by the Party against which enforcement of the change, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **<u>Delays or Omissions.</u>** Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party under this Agreement shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence thereto, or of a similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **<u>Entire Agreement.</u>** This Agreement constitutes the entire understanding and agreement of the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements or understandings, inducements or conditions, express or implied, written or oral, between the Parties with respect hereto. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **<u>Severability.</u>** Should any one or more of the provisions of this Agreement or of any agreement entered into pursuant to this Agreement be determined to be illegal or unenforceable, all other provisions of this Agreement and of each other agreement entered into pursuant to this Agreement, shall be given effect separately from the provision or provisions determined to be illegal or unenforceable and shall not be affected thereby. The Parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision which will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **<u>Successors and Assigns.</u>** The terms and conditions of this Agreement shall inure to the benefit of and be binding upon and be enforceable by the successors and assigns of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 **<u>Governing Law.</u>** The validity, terms, performance and enforcement of this Agreement shall be governed and construed by the provisions hereof and in accordance with the laws of the State of New York applicable to agreements that are negotiated, executed, delivered and performed in the State of New York, without giving effect to principles or rules of conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 **<u>Counterparts.</u>** This Agreement may be executed concurrently in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each Party and delivered to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 **<u>Further Assurances.</u>** Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 **<u>Third Party Beneficiaries.</u>** Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the Parties any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 **<u>Headings.</u>** The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 **<u>Venue; Waiver of Jury Trial.</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) Any proceeding or action based upon, arising out of or related to this Agreement or the transactions (the ***"Related Proceeding")*** contemplated hereby must be brought in a United States federal court or New York state court located in the Borough of Manhattan, in the City of New York, New York, U.S.A., and each of the parties irrevocably (i) submits to the exclusive jurisdiction of each such court in any such proceeding or action, (ii) waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, (iii) agrees that all claims in respect of the proceeding or action shall be heard and determined only in any such court, and (iv) agrees not to bring any proceeding or action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court. Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any action, suit or proceeding brought pursuant to this provision.

&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 parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any Related Proceeding.

**[SIGNATURE PAGES TO FOLLOW]**

IN WITNESS WHEREOF, the parties have executed and delivered this Share Exchange Agreement as of the date first written above.

![](ex10-10_001.jpg)

![](ex10-10_002.jpg)

**Schedule I**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Name** | **Shareholder Address** | **Number of C&K HK Shares held** | **Number of C&K BVI <br> Shares to be Issued** | **Name of Shareholder of C&K BVI Shares** |
| CHENG Ka Ki | 3309-11, 33/F Tower 5, the Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 55400 | 5,564,000 Class A ordinary shares and 3,300,000 Class B ordinary shares | Prosper Spring Group Limited |
| CHENG Ka Man Carman | 3309-11, 33/F Tower 5, the Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | Prosper Plus Limited |
| CHENG Ka Wing | 3309-11, 33/F Tower 5, the Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | Plus Hope Developments Limited |
| CHENG Ka Fung | 3309-11, 33/F Tower 5, the Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | Brave Ascend Limited |
| YAN Sau Man Amy | 3309-11, 33/F Tower 5, the Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | Hero Factor Ventures Limited |
| POON Tak Ching | 1510, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | APTC Holdings Limited |
| WONG Tai Chi | 1510, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | Alpha Plus International Limited |
| YIU Pak To | 1510, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | YIU Pak To |
| LEUNG Chun Ming | 1510, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 4900 | 784,000 Class A ordinary shares | First Start International Limited |
| HUNG Kwok Wing | 1510, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 3900 | 624,000 Class A ordinary shares | Golden Base Ventures Limited |
| LUK Tat Ho Andy | 1510, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong | 1500 | 240,000 Class A ordinary shares | Market Tycoon Investments Limited |

---

## Exhibit 10.11

**Exhibit 10.11**

![](ex10-11_001.jpg)

![](ex10-11_002.jpg)

![](ex10-11_003.jpg)

![](ex10-11_004.jpg)

## Exhibit 10.12

**Exhibit 10.12**

![](ex10-12_001.jpg)

## Exhibit 10.13

**Exhibit 10.13**

![](ex10-13_001.jpg)

## Exhibit 10.14

**Exhibit 10.14**

To: Board of Directors

**C&K Group Limited**

Ritter House

Wickhams Cay II

PO Box 3170

Road Town

Tortola VG1110

British Virgin Islands

(the **Company)**

Date: 15 July 2025

Dear Sir/Madam,

**Consent to repurchase of class B ordinary shares of the Company**

**Share subscription of class B ordinary shares of the Company**

The undersigned (the **Subscriber)** hereby agree and consent to the repurchase of 3,300,000 Class B ordinary shares of no par value each of C&K Group Limited (the **Company)** from the Subscriber for a total aggregate repurchase consideration of US$0.01, and the updating of the register of members of the Company to reflect the same.

Following the repurchase, the Subscriber hereby subscribes for and agrees to take 3,300,000 Class A ordinary share of no par value and 3,300,000 Class B ordinary share of no par value (collectively, the **Shares)** in the Company for a total aggregate subscription price of US$0.02, and undertakes to pay the amount of US$0.02 in full payment of the subscription price for the Shares upon their issue.

The Subscriber will take the Shares subject to and on the terms of the Memorandum and Articles of Association of the Company and recognises that failure to pay the monetary consideration of the aforesaid Share on demand by the Company may result in said Share being forfeited and cancelled pursuant to the provisions of the BVI Business Companies Act, 2004.

As a result of the repurchase and subscription, the Subscriber will become a holder of 3,300,000 Class B ordinary shares of no par value each of the Company and 8,864,000 Class A ordinary shares of no par value each of the Company.

This letter shall be governed by the laws of the British Virgin Islands.

Dated the 15th day of July, 2025.

---

| |
|:---|
| /s/ CHENG Ka Ki |
| **For and on behalf of** |
| **PROSPER SPRING GROUP LIMITED** |
| **Direction as to registration** |
| **PROSPER SPRING GROUP LIMITED** |
| **Full name** |
| Vistra Corporate Services Centre, |
| Wickhams Cay II, Road Town, Tortola, |
| VG1110, British Virgin Islands |
| **Address** |

---

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction of Incorporation** |
| C&K Jewellery 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 inclusion in this Registration Statement on Form F-1 (No. 333-[]) of C&K Group Limited (the "Company") of our report dated February 12, 2026, with respect to the audit of consolidated balance sheets of the Company as of September 30, 2024 and 2025, and the related consolidated statements of income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended September 30, 2025, and the related notes included herein.

We also consent to the reference to our firm under the heading "Experts" in the Prospectus.

---

| | |
|:---|:---|
|  | /s/ WWC, P.C. |
| San Mateo, California | WWC, P.C. |
| February 12, 2026 | Certified Public Accountant |
|  | PCAOB ID: 1171 |

---

![](ex23-1_002.jpg)

## Exhibit 99.1

**Exhibit 99.1**

**C&K GROUP LIMITED**

**CODE OF BUSINESS CONDUCT AND ETHICS**

I. PURPOSE

This Code of Business Conduct and Ethics (the "**Code**") contains general guidelines for conducting the business of C&K Group Limited, a British Virgin Islands company, and its subsidiaries and affiliates (collectively, the "**Company**"), and is intended to qualify as a "code of ethics" within the meaning of Section 406(c) of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we adhere to these higher standards.

This Code is designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

● compliance with applicable laws, rules and regulations;

● prompt internal reporting of violations of the Code; and

● accountability for adherence to the Code.

II. APPLICABILITY

This Code applies to all directors, officers and employees of the Company, whether they work for the Company on a full-time, part-time, consultative or temporary basis (each, an "**employee**" and collectively, the "**employees**"). Certain provisions of the Code apply specifically to our chief executive officer, chief financial officer, senior finance officer and any other persons who perform similar functions for the Company (each, a "**senior officer**," and collectively, the "**senior officers**").

The Board of Directors of the Company (the "**Board**") has appointed the Company's Chief Financial Officer as the Compliance Officer for the Company (the "**Compliance Officer**"). If you have any questions regarding the Code or would like to report any violation of the Code, please contact the Compliance Officer.

This Code has been adopted by the Board and shall become effective (the "**Effective Time**") upon the effectiveness of the Company's registration statement on Form F-1 filed by the Company with the SEC relating to the Company's initial public offering. Following the Effective Time, the Board and the Compliance Officer, as well as any duly appointed committee charged with enforcing this Code, shall be entitled to enforce this Code to the full extent permitted by law.

III. CONFLICTS OF INTEREST

***Identifying Conflicts of Interest***

A conflict of interest occurs when an employee's private interest interferes, or appears to interfere, in any way with the interests of the Company as a whole. An employee should actively avoid any private interest that may impact such employee's ability to act in the interests of the Company or that may make it difficult to perform the employee's work objectively and effectively. In general, the following should be considered conflicts of interest:

● <u>Competing Business</u>. No employee may be employed by a business that competes with the Company or deprives it of any business.

● <u>Corporate Opportunity</u>. No employee should use corporate property, information or his/her position with the Company to secure a business opportunity that would otherwise be available to the Company. If an employee discovers a business opportunity that is in the Company's line of business through the use of the Company's property, information or position, the employee must first present the business opportunity to the Company and obtain approval from the Company's Audit Committee before pursuing the opportunity in his/her individual capacity.

● <u>Financial Interests</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No
employee may have any financial interest (ownership or otherwise), either directly or indirectly through a spouse or other family member,
in any other business or entity if such interest adversely affects the employee's performance of duties or responsibilities to
the Company, or requires the employee to devote time to it during such employee's working hours at the Company; provided, however
that an officer or director may devote time to such other interest during working hours so long as it does not interfere with his/her
ability to carry out his/her duties at the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. No
employee may hold any ownership interest in a privately held company that is in competition with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. An
employee may hold up to 5% ownership interest in a publicly traded company that is in competition with the Company; provided that if
the employee's ownership interest in such publicly traded company increases to more than 5%, the employee must immediately report
such ownership to the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. No
employee may hold any ownership interest in a company that has a business relationship with the Company if such employee's duties
at the Company include managing or supervising the Company's business relations with that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding
the other provisions of this Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
director or any immediate family member of such director (collectively, "**Director Affiliates**") or a senior officer
or any immediate family member of such senior officer (collectively, "**Officer Affiliates**") may continue to hold his/her
investment or other financial interest in a business or entity (an "**Interested Business**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) was
made or obtained either (x) before the Company invested in or otherwise became interested in such business or entity; or (y) before the
director or senior officer joined the Company (for the avoidance of doubt, regardless of whether the Company had or had not already invested
in or otherwise become interested in such business or entity at the time the director or senior officer joined the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) may
in the future be made or obtained by the director or senior officer, provided that at the time such investment or other financial interest
is made or obtained, the Company has not yet invested in or otherwise become interested in such business or entity;

provided that such director or senior officer shall disclose such investment or other financial interest to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
interested director or senior officer shall refrain from participating in any discussion among senior officers of the Company relating
to an Interested Business and shall not be involved in any proposed transaction between the Company and an Interested Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) before
any Director Affiliate or Officer Affiliate (i) invests, or otherwise acquires any equity or other financial interest, in a business
or entity that is in competition with the Company; or (ii) enters into any transaction with the Company, the related director or senior
officer shall obtain prior approval from the Audit Committee of the Board.

For purposes of this Code, a company or entity is deemed to be "in competition with the Company" if it competes with the Company's business of purchasing, designing and selling loose pearls and finished jewelry products, and/or any other business in which the Company is engaged.

● <u>Loans or Other Financial Transactions</u>. No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions.

● <u>Service on Boards and Committees</u>. No employee shall serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests could reasonably be expected to conflict with those of the Company. Employees must obtain prior approval from the Board or the Company's Audit Committee, as required by the rules of NASDAQ, before accepting any such board or committee position. The Company may revisit its approval of any such position at any time to determine whether an employee's service in such position is still appropriate.

The above is in no way a complete list of situations where conflicts of interest may arise. The following questions might serve as a useful guide in assessing a potential conflict of interest situation not specifically addressed above:

● Is the action to be taken legal?

● Is it honest and fair?

● Is it in the best interests of the Company?

***Disclosure of Conflicts of Interest***

The Company requires that employees fully disclose any situations that could reasonably be expected to give rise to a conflict of interest. If an employee suspects that he/she has a conflict of interest, or a situation that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the Compliance Officer. Conflicts of interest may only be waived by the Board, the appropriate committee of the Board and in some cases, as in accordance with NASDAQ rules, only by the Company's Audit Committee, and will be promptly disclosed to the public to the extent required by law and applicable rules of NASDAQ.

***Family Members and Work***

The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee's objectivity in making decisions on behalf of the Company. If a member of an employee's family is interested in doing business with the Company, the criteria as to whether to enter into or continue the business relationship and the terms and conditions of the relationship must be no less favorable to the Company compared with those that would apply to an unrelated party seeking to do business with the Company under similar circumstances.

Employees should report any situation involving family members that could reasonably be expected to give rise to a conflict of interest to their supervisor or the Compliance Officer. For purposes of this Code, "family members" or "members of employee's family" include an employee's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other than domestic employees) who shares such employee's home.

IV. RELATED PARTY TRANSACTIONS POLICY

The Company's related party transactions policy requires a majority of non-interested directors (such authority shall be assumed by the Audit Committee once the Audit Committee is established and taking effect), review and approve all Related Party Transactions, as hereinafter defined, in advance, and that such Related Party Transactions be disclosed in accordance with applicable legal and regulatory requirements. The Company recognizes that there are situations where Related Party Transactions may be in, or may not be inconsistent with, the best interests of the Company and its stakeholders, including but not limited to situations where the Company may obtain products or services of a nature, quantity or quality, or on other terms, that are not readily available from alternative sources or when the Company provides products or services to a Related Party, as hereinafter defined, on an arm's length basis on terms comparable to those provided to unrelated third parties or on terms comparable to those provided to employees generally.

The non-interested directors or Audit Committee shall consider all of the relevant facts and circumstances available to them, including (if applicable), but not limited to (i) the benefits to the Company; (ii) the impact on a director's independence in the event the Related Party is a director, an immediate family member of a director or an entity in which a director is a principal, member, partner, shareholder or senior officer; (iii) the availability of other sources for comparable products or services; (iv) the terms of the transaction; and (v) the terms available to unrelated third parties and employees generally.

The Company's policy requires that no member of the Board or the Audit Committee shall participate in any review, consideration or approval of any Related Party Transaction with respect to which such member or any of his or her immediate family members is the Related Party. The non-interested directors or the Audit Committee shall approve only those Related Party Transactions that are in, or are not inconsistent with, the best interests of the Company and its stakeholders, as the majority of non-interested directors or the Audit Committee determines in good faith.

It shall not be considered a violation of the Company's policy in the event a Related Party Transaction involving a director or senior officer is entered into without his or her knowledge, if such director or senior officer notifies the Compliance Officer or the Company's secretary (the "Corporate Secretary") as soon as practical after such director or senior officer becomes aware of the transaction so the Related Party Transaction can be presented to the Audit Committee for the required review.

Directors and senior officers shall notify the Corporate Secretary or Compliance Officer of any potential Related Party Transactions as soon as the director or senior officer becomes aware of any such transaction. The Corporate Secretary and Compliance Officer shall inform the Board or the Audit Committee of any Related Party Transaction of which they become aware. The Corporate Secretary and Compliance Officer shall be responsible for conducting a preliminary analysis and review of potential Related Party Transactions and presentation to the non-interested directors or the Audit Committee for review including provision of additional information to enable proper consideration by the non-interested directors or the Audit Committee.

At the time the Company becomes aware of a person's status as a beneficial owner of more than 5% of any class of the Company's voting securities, and annually thereafter for so long as such ownership status is maintained, the Compliance Officer shall request (a) if the person is an individual, the same information as is requested of directors and senior officers under this related party transactions policy and (b) if the person is a firm, corporation or other entity, a list of the principals or senior officers of the firm, corporation or entity.

As necessary, the non-interested directors or the Audit Committee shall review approved Related Party Transactions on a periodic basis throughout the duration of the transaction to ensure that the transactions remain in the best interests of the Company. The non-interested directors or the Audit Committee may, in its discretion, engage outside counsel to review certain Related Party Transactions.

This related party transactions policy will be further reviewed and adopted by the Audit Committee once such committee is established and taking effect. The non-interested directors or Audit Committee will review this policy periodically and update it as appropriate.

For purposes of this Code, a "Related Party Transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) that occurred since the beginning of the Company's most recent fiscal year in which the Company (including any of its subsidiaries) was, is or will be a participant and in which any Related Party had, has or will have a direct or indirect material interest.

For purposes of this Code, a "Related Party" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any
person who is, or at any time since the beginning of the Company's last fiscal year was, a director or senior officer of the Company
or a nominee to become a director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any
person who is known to be the beneficial owner of more than 5% of any class of the Company's voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any
immediate family member of any of the foregoing persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any
firm, corporation or other entity in which any of the foregoing persons is employed or is a partner or principal or in a similar position
or in which such person has a 5% or greater beneficial ownership interest.

V. GIFTS AND ENTERTAINMENT

The giving and receiving of appropriate gifts may be considered common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business connections. However, gifts and entertainment should never compromise, or appear to compromise, an employee's ability to make objective and fair business decisions.

It is the responsibility of employees to use good judgment in this area. As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment is in compliance with applicable law, insignificant in amount and not given in consideration or expectation of any action by the recipient. All gifts and entertainment expenses made on behalf of the Company must be properly accounted for on expense reports.

We encourage employees to submit gifts received to the Company. While it is not mandatory to submit small gifts, gifts of over USD 100 must be submitted immediately to the Compliance Officer.

Bribes and kickbacks are criminal acts, strictly prohibited by law. An employee must not offer, give, solicit or receive any form of bribe or kickback anywhere in the world.

VI. FCPA COMPLIANCE

The U.S. Foreign Corrupt Practices Act ("**FCPA**") prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. A violation of FCPA does not only violate the Company's policy but also constitute a civil or criminal offense under FCPA which the Company is subject to after the Effective Time. No employee shall give or authorize directly or indirectly any illegal payments to government officials of any country. While the FCPA does, in certain limited circumstances, allow nominal "facilitating payments" to be made, any such payment must be discussed with and approved by an employee's supervisor in advance before it can be made.

VII. PROTECTION AND USE OF COMPANY ASSETS

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. Any use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● Exercise reasonable care to prevent theft, damage or misuse of Company property;

● Promptly report any actual or suspected theft, damage or misuse of Company property;

● Safeguard all electronic programs, data, communications and written materials from unauthorized access; and

● Use Company property only for legitimate business purposes.

Except as approved in advance by the Chief Executive Officer or Chief Financial Officer of the Company, the Company prohibits political contributions (directly or through trade associations) by any employee on behalf of the Company. Prohibited political contributions include:

● any contributions of the Company's funds or other assets for political purposes;

● encouraging individual employees to make any such contribution; and

● reimbursing an employee for any political contribution.

VIII. INTELLECTUAL PROPERTY AND CONFIDENTIALITY

Employees should abide by the Company's rules and policies in protecting the intellectual property and confidential information, including the following:

● All inventions, creative works, computer software, and technical or trade secrets developed by an employee in the course of performing the employee's duties or primarily through the use of the Company's assets or resources while working at the Company shall be the property of the Company.

● Employees should maintain the confidentiality of information entrusted to them by the Company or entities with which the Company has business relations, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its business associates, if disclosed.

● The Company maintains a strict confidentiality policy. During an employee's term of employment with the Company, the employee shall comply with any and all written or unwritten rules and policies concerning confidentiality and shall fulfill the duties and responsibilities concerning confidentiality applicable to the employee.

● In addition to fulfilling the responsibilities associated with his/her position in the Company, an employee shall not, without obtaining prior approval from the Company, disclose, announce or publish trade secrets or other confidential business information of the Company, nor shall an employee use such confidential information outside the course of his/her duties to the Company.

● Even outside the work environment, an employee must maintain vigilance and refrain from disclosing important information regarding the Company or its business, business associates or employees.

● An employee's duty of confidentiality with respect to the confidential information of the Company survives the termination of such employee's employment with the Company for any reason until such time as the Company discloses such information publicly or the information otherwise becomes available in the public sphere through no fault of the employee.

● Upon termination of employment, or at such time as the Company requests, an employee must return to the Company all of its property without exception, including all forms of medium containing confidential information, and may not retain duplicate materials.

IX. ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS

Upon the Effective Time, the Company will be required to report its financial results and other material information about its business to the public and the SEC. It is the Company's policy to promptly disclose accurate and complete information regarding its business, financial condition and results of operations. Employees must strictly comply with all applicable standards, laws, regulations and policies for accounting and financial reporting of transactions, estimates and forecasts. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees should be on guard for, and promptly report, any possibility of inaccurate or incomplete financial reporting. Particular attention should be paid to:

● Financial results that seem inconsistent with the performance of the underlying business;

● Transactions that do not seem to have an obvious business purpose; and

● Requests to circumvent ordinary review and approval procedures.

The Company's senior financial officers and other employees working in the finance department have a special responsibility to ensure that all of the Company's financial disclosures are full, fair, accurate, timely and understandable. Any practice or situation that might undermine this objective should be reported to the Compliance Officer.

Employees are prohibited from directly or indirectly taking any action to coerce, manipulate, mislead or fraudulently influence the Company's independent auditors for the purpose of rendering the financial statements of the Company materially misleading. Prohibited actions include but are not limited to:

● issuing or reissuing a report on the Company's financial statements that is not warranted in the circumstances (due to material violations of U.S. GAAP, generally accepted auditing standards or other professional or regulatory standards);

● not performing audit, review or other procedures required by generally accepted auditing standards or other professional standards;

● not withdrawing an issued report when withdrawal is warranted under the circumstances; or

● not communicating matters required to be communicated to the Company's Audit Committee.

X. COMPANY RECORDS

Accurate and reliable records are crucial to the Company's business and form the basis of its earnings statements, financial reports and other disclosures to the public. The Company's records are a source of essential data that guides business decision-making and strategic planning. Company records include, but are not limited to, booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of business.

All Company records must be complete, accurate and reliable in all material respects. There is never an acceptable reason to make false or misleading entries. Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company's recordkeeping policy. An employee should contact the Compliance Officer if he/she has any questions regarding the recordkeeping policy.

XI. COMPLIANCE WITH LAWS AND REGULATIONS

Each employee has an obligation to comply with the laws of the cities, provinces, regions and countries in which the Company operates. This includes, without limitation, laws covering commercial bribery and kickbacks, patent, copyrights, trademarks and trade secrets, information privacy, insider trading, offering or receiving gratuities, employment harassment, environmental protection, occupational health and safety, false or misleading financial information, misuse of corporate assets and foreign currency exchange activities. Employees are expected to understand and comply with all laws, rules and regulations that apply to their positions at the Company. If any doubt exists about whether a course of action is lawful, the employee should seek advice immediately from the Compliance Officer.

XII. DISCRIMINATION AND HARASSMENT

The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class. For further information, employees should consult the Compliance Officer.

XIII. FAIR DEALING

Each employee should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. None should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

XIV. HEALTH AND SAFETY

The Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence or threats of violence are not permitted.

Each employee is expected to perform his/her duty to the Company in a safe manner, not under the influence of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.

XV. VIOLATIONS OF THE CODE

All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. Reporting a known or suspected violation of this Code by others will not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees.

If an employee knows of or suspects a violation of this Code, it is such employee's responsibility to immediately report the violation to the Compliance Officer, who will work with the employee to investigate his/her concern. All questions and reports of known or suspected violations of this Code will be treated with sensitivity and discretion. The Compliance Officer and the Company will protect the employee's confidentiality to the extent possible, consistent with the law and the Company's need to investigate the employee's concern.

It is the Company's policy that any employee who violates this Code will be subject to appropriate disciplinary action, including termination of employment, based upon the facts and circumstances of each particular situation. An employee's conduct, if it does not comply with the law or with this Code, can result in serious consequences for both the employee and the Company.

The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. An employee inflicting reprisal or retaliation against another employee for reporting a known or suspected violation will be subject to disciplinary action, including termination of employment.

XVI. WAIVERS OF THE CODE

Waivers of this Code will be granted on a case-by-case basis and only in extraordinary circumstances. Waivers of this Code may be made only by the Board, or the appropriate committee of the Board, and may be promptly disclosed to the public if so required by applicable laws and regulations and rules of the NASDAQ. Notwithstanding the foregoing, any waiver of this Code for a senior officer or a director may only be granted by the Board and must be publicly disclosed in accordance with the applicable rules of the NASDAQ.

XVII. CONCLUSION

This Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If employees have any questions about these guidelines, they should contact the Compliance Officer. We expect all employees to adhere to these standards. Each employee is separately responsible for his/her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management positions. If an employee engages in conduct prohibited by the law or this Code, such employee will be deemed to have acted outside the scope of his/her employment. Such conduct will subject the employee to disciplinary action, including termination of employment.

\* \* \* \* \* \* \* \* \* \* \* \* \*

## Exhibit 99.2

**Exhibit 99.2**

CONSENT OF YUEN, KA LOK, ERNEST

C&K Group Limited intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| May 30, 2025 | /s/ Yuen, Ka Lok, Ernest |
|  | Yuen, Ka Lok, Ernest |

---

## Exhibit 99.3

**Exhibit 99.3**

CONSENT OF CHUNG, CHI KIT

C&K Group Limited intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| May 30, 2025 | /s/ Chung, Chi Kit |
|  | Chung, Chi Kit |

---

## Exhibit 99.4

**Exhibit 99.4**

CONSENT OF CHAN, LEO

C&K Group Limited intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| May 30, 2025 | /s/ Chan, Leo |
|  | Chan, Leo |

---

## Exhibit 99.5

**Exhibit 99.5**

---

| | |
|:---|:---|
| <br> ![](ex99-5_002.jpg) | &nbsp;&nbsp;![](ex99-5_001.jpg) |
|  | &nbsp;&nbsp;![](ex99-5_001.jpg) |
|  | &nbsp;&nbsp;![](ex99-5_001.jpg) |
|  | &nbsp;&nbsp;![](ex99-5_001.jpg) |
|  | &nbsp;&nbsp;![](ex99-5_001.jpg) |
|  | &nbsp;&nbsp;![](ex99-5_001.jpg) |
|  | &nbsp;&nbsp;![](ex99-5_001.jpg) |
| **BY EMAIL AND BY HAND** | &nbsp;&nbsp;![](ex99-5_001.jpg) |
|  | &nbsp;&nbsp;![](ex99-5_001.jpg) |

---

October 28, 2025

**C&K Group Limited**

Flat 3309-11, 33/F, Tower 5, The Gateway, <br> No. 15 Canton Road, Tsim Sha Tsui, Kowloon<br> Hong Kong

<u>**Attn: The Board of Directors**</u>

Dear Sirs,

<u>**Re: Hong Kong Legal Opinion in relation to C&K Group Limited (the "Company")**</u>

l. We act as legal advisers to the Company (the **"Engagement")** as to the matters of 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 U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) and the rules
and regulations promulgated thereunder, relating to the Company's proposed offering (the **"Offering")** and listing of the
class A ordinary shares of the Company on the Nasdaq Capital Market. We are qualified lawyers of Hong Kong and as such are qualified to
issue this opinion (the **"Opinion")** on the laws and regulations of Hong Kong effective as of the date hereof. We have
been requested to provide the Opinion on the matters set forth below.

<u>**Applicable Law**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Opinion is confined solely to the laws of Hong Kong as applied by the Hong Kong courts as at the date
of the Opinion. Accordingly, we express no opinion with regard to any system of law other than the laws of Hong Kong as at the date hereof
as currently applied by the Hong Kong courts. The Opinion is to be construed in accordance with the laws of Hong Kong. In the Opinion,
the laws of Hong Kong refer to Hong Kong domestic law only, without regard to otherwise governing principles of conflicts of law. We do
not undertake to advise you of any change in facts or law relevant to the Opinion or the opinions expressed herein after the date hereof.

![](ex99-5_004.jpg)

**<u>Assumptions</u>**

3. For the purpose of giving the Opinion, we have examined the documents
provided by the Company's subsidiary incorporated in Hong Kong, C&K Jewellery Limited (the **'"HK** **Subsidiary"),** and obtained other relevant documents as we deemed necessary
or advisable for the purpose of rendering the 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. In rendering the Opinion, we have made due inquiries as to other
facts and questions of law as we deem necessary.

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 the Opinion, we have, without any further enquiry or independent verifications, made the
following assumptions (the **"Assumptions"):** 

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Documents remain in full force and effect on the date of the 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 the Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Documents contain all relevant information which is material for the purposes of the Opinion and there
is no other agreement, undertaking, representation or warranty (oral or written) and no other arrangement (whether legally binding or
not) between all or any of the parties or any other matter which renders such information inaccurate, incomplete or misleading or which
affects the conclusions stated in the Opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 information disclosed by the company searches referred to above is accurate and complete
 as at the time of the 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the instructions and information provided by the Company to us are true and accurate to our best belief;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there has been no change in the information contained in the latest records of Company and the companies
involved under the Companies Registry made up to the issuance of the Opinion.

**<u>Opinions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to the Assumptions, Qualifications (as defined below) and limitations set forth herein and subject
to any matters not disclosed to us, and having regard to such considerations of the laws of Hong Kong in force as at the date of the Opinion
as we consider relevant, we are of the Opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the statements set forth in the Registration Statement on the cover page and under the captions "Prospectus
Summary", "Risk Factors", "Regulations", "Enforceability of Civil Liabilities" in each case insofar
as such statements purport to describe or summarise the Hong Kong legal matters stated therein as at the date hereof, are true and accurate
in all material respects, and fairly present and summarise in all material respects the Hong Kong legal matters stated therein as at the
date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 statements set forth in the Registration Statement under the caption "Taxation
 — Hong Kong Profits Taxation" and "Legal Matters" are true and accurate
 in all material respects and that such statements constitute our opinions.

**<u>Qualifications</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Our opinion expressed above is subject
 to the following qualifications (the **"Qualifications"**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the 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 defences, 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the 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;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the 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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) as used in the 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 the Opinion.

<u>**Consent**</u>

The Opinion is delivered solely for the purpose of and in connection with the Registration Statement publicly filed with the U.S. Securities and Exchange Commission on the date of the Opinion and may not be used for any other purpose without our prior written consent.

We hereby consent to the use of the 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/ Tian yuan law firm LLP | ![](ex99-5_003.jpg) |
| **TIAN YUAN LAW FIRM LLP** |  |

---

## Exhibit 99.6

**Exhibit 99.6**

![](ex99-6_001.jpg)

October 28, 2025

**C&K Group Limited**

Flat 3309-11, 33/F, Tower 5,

The Gateway, No. 15 Canton Road

Tsim Sha Tsui, Kowloon, Hong Kong

**Dear Madams/Sirs, 1.** We are lawyers qualified in the People's Republic of China (the "**PRC**") and are qualified to issue opinions on the PRC Laws (as defined in Section 3 below). Only for the purpose of this legal opinion (this "**Opinion**"), the PRC does not include the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan.

**2.** We act as the PRC counsel to C&K Group Limited(the "**Company**"), a company incorporated under the laws of the British Virgin Islands, in connection with (i) the proposed initial public offering (the "**Offering**") by the Company of Class A Ordinary Shares (the "**Shares**")of the Company, in accordance 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 U.S. Securities and Exchange Commission (the "**SEC**") under the U.S. Securities Act of 1933, as amended, and (ii) the Company's proposed listing of the Shares on the Nasdaq Capital Market (the "**Nasdaq**").

 **3.** The following terms as used in this Opinion are defined as follows:

"**Article 4 of Personal Information Protection Law**" means Article 4 of the Personal Information Protection Law, which stipulates as follows:

*Personal information refers to all kinds of identified or identifiable information related to natural persons that are electronically or otherwise recorded, excluding the information that has been anonymized.*

 

*The processing of personal information includes the collection, storage, use, processing, transmission, provision, disclosure and deletion, etc. of personal information.*

 

 

"**CSRC**" means the China Securities Regulatory Commission (中国证券监督管理委员会).

"**Measures for Cybersecurity Review**" means the Cybersecurity Review Measure jointly promulgated by the Cyberspace Administration of China (the "**CAC**"), together with other authorities on December 28, 2021, which became effective on February 15, 2022.

"**Governmental Authorization**" means any approval, consent, permit, authorization, filing, registration, qualification and license required by the applicable PRC Laws (as defined below) to be obtained from any PRC Authorities (as defined below). "**Governmental Authorizations**" shall be construed accordingly.

"**Overseas Listing Trial Measures**" means the Trial Administrative Measures of the 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》) and five relevant supporting guidelines issued by the CSRC on February 17, 2023, which became effective on March 31, 2023.

"**PRC Authorities**" means any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial or arbitral body in the PRC.

"**Personal Information Protection Law**" means the Personal Information Protection Law promulgated by the Standing Committee of the National People's Congress on August 20, 2021, which became effective on November 1, 2021.

"**PRC Laws**" means any and all officially published laws, regulations, statutes, rules, decrees, notices, and supreme court's judicial interpretations currently in force and publicly available in the PRC as of the date hereof.

"**Prospectus**" mean the prospectus, including all amendments or supplements thereto, that form parts of the Registration Statement.

**4.** We have examined the originals or copies, certified or otherwise identified to our satisfaction, provided to us by the Company and such other documents, corporate records, certificates, Governmental Authorizations and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion, including, without limitation, the certificates issued by the PRC Authorities and officers of the Company (collectively, the "**Documents**"). In reviewing the Documents and for the purpose of this Opinion, we have assumed:

(1) the genuineness of all the signatures, seals and chops;

(2) the authenticity of the Documents submitted to us as originals
and the conformity with the originals of the Documents provided to us as copies and the authenticity of such originals;

(3) the truthfulness, accuracy, completeness and fairness of
all factual statements contained in the Documents;

(4) that the Documents have not been revoked, amended, varied
or supplemented except as otherwise indicated in such Documents;

(5) that all information (including factual statements) provided
to us by the Company in response to our enquiries for the purpose of this opinion is true, accurate, complete and not misleading, and
that the Company has not withheld anything that, if disclosed to us, would reasonably cause us to alter this opinion in whole or in part;

(6) that all parties have the requisite power and authority to
enter into, execute, deliver and perform the Documents to which they are parties;

(7) that all parties have duly executed, delivered and performed
the Documents to which they are parties, and all parties will duly perform their obligations under the Documents to which they are parties;

(8) that all Governmental Authorizations and other official statement
or documentation were obtained from competent PRC Authorities by lawful means;

(9) that all the Documents are legal, valid, binding and enforceable
under all such laws as govern or relate to them, other than PRC Laws;

(10) that this opinion is limited to matters of the PRC Laws effective
as of the date hereof. We have not investigated, and we do not express or imply any opinion on accounting, auditing, or laws of any other
jurisdiction; and

(11) Where certain facts were not independently established to
us in order to render this Opinion, we have relied upon certificates issued by the PRC Authorities and representatives of the Company,
and also upon representations, oral or written, made in, or pursuant to, the Documents, and we have qualified our opinion with regard
to such facts as "**to the best of our knowledge**" or similar language such as "**to the best of our knowledge after due and reasonable inquiries**" without further independent investigation.

**5.** Based on the foregoing and subject to the disclosures contained in the Prospectus and the qualifications set out below, we are of the opinion that，as of the date hereof, so far as PRC Laws are concerned:

(1) On February 17, 2023, the CSRC issued the Overseas Listing
Trial Measures. According to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas
markets, either by direct or indirect means, are required to fulfill the filing procedures with the CSRC and report relevant information.
The Overseas Listing Trial Measures also provides that if the issuer both meets the following criteria, the overseas securities offering
and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of
the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements
for the most recent fiscal year is accounted for by PRC domestic companies; and (ii) the main parts of the issuer's business activities
are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management
staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland
China. Where a domestic company seeks to indirectly offer and list securities in overseas markets, the issuer shall designate a major
domestic operating entity, which shall, as the domestic responsible entity, fulfil the filing procedure with the CSRC.

(2) To the best of our knowledge after due and reasonable inquiries
and as confirmed by the Company, during 2023, 2024 and as of the date of this Opinion, (i) the Company does not, directly or indirectly,
own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly
or indirectly; (ii) the Company currently does not have or intend to set up any subsidiary or enter into any contractual arrangements
to establish a variable interest entity structure with any entity in mainland China; (iii) the Company and its subsidiary do not have
any business operations in mainland China; (iv) the main parts of the Company's business activities are conducted in Hong Kong,
not mainland China and its main place of business is located in the Hong Kong, not mainland China; (v) all of the Company's shareholders
and senior managers in charge of operation and management of the Company are not PRC citizens and are not domiciled in mainland China.

In view of the above and based on our understanding of the current PRC Laws, the Company is not required to complete the filing procedures with the CSRC to conduct its operations and the Offering (including offering securities to foreign investors). However, there remains uncertainty as to how the Overseas Listing Trial Measures will be interpreted or implemented in the context of an overseas offering and our opinions summarized above are subject to any new laws, regulations and rules or detailed implementations and interpretations in any form relating to the Overseas Listing Trial Measures, and we cannot exclude the possibility that the CSRC or other relevant government authorities might, from time to time, further clarify or interpret the Overseas Listing Trial Measures in writing or orally and require such filing for the Offering.

(3) Given that (i) the Measures for Cybersecurity Review provides
that network platform operators and operators of critical information infrastructure shall subject to cybersecurity review under certain
circumstances; (ii) the Article 4 of Personal Information Protection Law clearly defines personal information; To the best of our knowledge
after due inquiry and as confirmed by the Company, during 2023, 2024 and as of the date of this Opinion, (i) the Company and its subsidiary
possess personal information of less than 1 million individuals in the PRC and do not possess any core data or important data of the
PRC, or any information which affects or may affect national security of the PRC, (ii) neither the Company nor its subsidiary is recognized
as an "operator of critical information infrastructure" by any PRC Authorities; (iii) neither the Company nor its subsidiary
have been involved in any investigations initiated by the CAC, or received any inquiry, notice, warning, or sanction in such respect.

In view of the above and based on our understanding of the current PRC Laws, the Company is not required to obtain permission from the CAC, to conduct its operations and the Offering (including offering securities to foreign investors). However, since the Measures for Cybersecurity Review was recently adopted, and there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory requirements related to current and future PRC Laws, overseas securities offerings and other capital markets activities, and there can be no assurance that the PRC Authorities will take a view that is not contrary to or otherwise different from our opinion stated above.

 **6.** This Opinion is subject to the following qualifications:

(1) We are not qualified to issue legal opinion on the matters
relating to the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan.

(2) This Opinion relates only to the PRC Laws and we express
no opinion as to any other laws and regulations. There is no guarantee that any of the PRC Laws, or the interpretation thereof or enforcement
therefor, will not be changed, amended or replaced in the immediate future or in the longer term with or without retrospective effect.

(3) This Opinion is intended to be used in the context which
is specifically referred to herein and each section should be looked on as a whole regarding the same subject matter and no part shall
be extracted for interpretation separately from this Opinion.

(4) This Opinion is subject to the effects of (i) certain legal
or statutory principles affecting the enforceability of contractual rights generally under the concepts of public interest, national
security, good faith and fair dealing, applicable statutes of limitation, and the limitations by bankruptcy, insolvency, reorganization
or similar laws affecting the enforcement of creditor's rights generally; (ii) any circumstance in connection with formulation,
execution or performance of any legal documents that would be deemed materially mistaken, clearly unconscionable or fraudulent; (iii)
judicial discretion with respect to the availability of injunctive relief, the calculation of damages, and the entitlement of attorneys'
fees and other costs; and (iv) the discretion of any competent PRC legislative, administrative or judicial bodies in exercising their
authority in connection with the interpretation, implementation and application of relevant PRC Laws.

This Opinion is given for the benefit of the addressee hereof. According to the Administrative Measures on the Engagement of Law Firms for Securities Services issued by the Ministry of Justice of the PRC and the CSRC on March 9, 2007, the same law firm shall not concurrently issue legal opinions for the issuer and underwriters for the same securities issue. So under no circumstances shall the underwriters be permitted to use or rely on any statement of opinion or fact set out in the Opinion.

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the use of our firm's name on the cover page, and under the captions "Prospectus Summary," "Risk Factors" and "Legal Matters" in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

[The remainder of this page is intentionally left blank.]

[Signature Page]

---

| |
|:---|
| Yours Sincerely, |
| **Commerce & Finance Law Offices** |
| /s/ Commerce & Finance Law Offices |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**C&K Group Ltd**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A ordinary shares, no par value | (1) | 457(a) | 4312500 | $5.00 | $21562500.00 | 0.0001381 | $2977.78 |
| Fees to be Paid | Equity | Class A ordinary shares, no par value | (2) | 457(a) | 1568000 | $5.00 | $7840000.00 | 0.0001381 | $1082.70 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $29402500.00 |  | 4060.48 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 2960.95 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1099.53 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes 562,500 Class A ordinary shares that the underwriters have the option to purchase to cover any over-allotments. Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act. The price of $5.00 per share represents the high end of the proposed offering price range.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act. The price of $5.00 per share represents the high end of the proposed offering price range. This Registration Statement also covers the resale under a separate resale prospectus (the "Resale Prospectus") by selling shareholders of the Registrant of 1,568,000 Class A ordinary shares previously issued to the selling shareholders as named in the Resale Prospectus.

**Table 2: Fee Offset Claims and Sources**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Registrant or Filer Name** | **Notes** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** | **Security Type Associated with Fee Offset Claimed** | **Security Title Associated with Fee Offset Claimed** | **Unsold Securities Associated with Fee Offset Claimed** | **Unsold Aggregate Offering Amount Associated with Fee Offset Claimed** | **Fee Paid with Fee Offset Source** |
| *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* |
| Fee Offset Claims | C K Group Ltd | (1) | F-1 | 333-287713 | 06/02/2025 |  | $1320.49 | Equity | Class A ordinary shares |  | $8625000.00 | $— |
| Fee Offset Claims | C K Group Ltd | (2) | F-1 | 333-287713 | 06/02/2025 |  | 1640.46 | Equity | Class A ordinary shares |  | 19340000.00 |  |
| Fee Offset Sources | C K Group Ltd |  | F-1 | 333-287713 |  | 06/02/2025 |  |  |  |  |  | 1320.49 |
| Fee Offset Sources | C K Group Ltd |  | F-1 | 333-287713 |  | 08/25/2025 |  |  |  |  |  | 1640.46 |

---

**__________________________________________ Rule 457(p) Statement of Withdrawal, Termination, or Completion:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 457(p) under the Securities Act, the registrant is partially offsetting the registration fee of $4,060.48 due under this registration statement by $2,960.95, which represents the registration fee previously paid with respect to $19,340,000 of unsold securities (the "Unsold Offset Securities") previously registered on Form F-1 (File No. 333-287713), as amended ("Prior Registration Statement"). Accordingly, a registration fee of $1,099.53 is due to be paid at this time. The registrant has withdrawn the Prior Registration Statement and is relying on Rule 457(p) to apply the previously paid filing fees as an offset against the filing fee due under this registration statement.

**Rule 457(p) Statement of Withdrawal, Termination, or Completion:**

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to Rule 457(p) under the Securities Act, the registrant is partially offsetting the registration fee of $4,060.48 due under this registration statement by $2,960.95, which represents the registration fee previously paid with respect to $19,340,000 of unsold securities (the "Unsold Offset Securities") previously registered on Form F-1 (File No. 333-287713), as amended ("Prior Registration Statement"). Accordingly, a registration fee of $1,099.53 is due to be paid at this time. The registrant has withdrawn the Prior Registration Statement and is relying on Rule 457(p) to apply the previously paid filing fees as an offset against the filing fee due under this registration statement.