# EDGAR Filing Document

**Accession Number:** 0002089778
**File Stem:** 0001213900-26-032055
**Filing Date:** 2026-3
**Character Count:** 1100513
**Document Hash:** 22fb6fa15b02ff057eed8d79c6412fe9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-032055.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001213900-26-032055

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pacipic Nexus IntelliTech Group
- **CENTRAL INDEX KEY:** 0002089778
- **STANDARD INDUSTRIAL CLASSIFICATION:** GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294471
- **FILM NUMBER:** 26776046

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 18 HARCOURT ROAD
- **STREET 2:** UNIT 802, LEVEL 8
- **CITY:** CENTRAL AND WESTERN DISTRICT
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 65586392

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 18 HARCOURT ROAD
- **STREET 2:** UNIT 802, LEVEL 8
- **CITY:** CENTRAL AND WESTERN DISTRICT
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

**As filed with the Securities and Exchange Commission on March 20, 2026.**

**Registration No. [\*]**

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

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

#### Pacipic Nexus IntelliTech Group<br> (Exact Name of Registrant as Specified in its Charter)

#### Not Applicable<br> (Translation of Registrant's Name into English)
_______________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **3569** | **Not Applicable** |
|  **(State or other jurisdiction of <br>incorporation or organization)** | **(Primary Standard Industrial <br>Classification Code Number)** | **(I.R.S. Employer <br>Identification No.)** |

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**Unit 802, Level 8, <br>Admiralty Center Tower II, <br>18 Harcourt Road, <br>Admiralty, Hong Kong<br>852-67486886<br>*(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)***

_______________________

#### Cogency Global Inc.

#### 122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor

#### New York, NY 10168
**+1 800-221-0102<br>*(Name, address, including zip code, and telephone number, including area code, of agent for service)*<br> Copies of all communications, including communications sent to agent for service, should be sent to:**

_______________________

#### Copy to:

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| | |
|:---|:---|
|  **Mr. Kyle Leung**<br> **Concord & Sage PC**<br> **1360 Valley Vista Dr Suite 140**<br> **Diamond Bar, CA 91765**<br> **Tel: 929**-989-7572 | **Fang Liu, Esq.**<br> **VCL Law LLP**<br> **1945 Old Gallows Road,**<br> **Suite 260**<br> **Vienna, VA 22182**<br> **(703) 919**-7285 |

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_______________________

**Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.**

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

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

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

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

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

Emerging growth company ☒

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

____________

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

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

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

#### PRELIMINARY PROSPECTUS (Subject to Completion) DATED MARCH 20 , 2026

#### Pacipic Nexus IntelliTech Group

#### 5,000,000 Ordinary Shares
This is the initial public offering of 5,000,000 Ordinary Shares (as defined below) of Pacipic Nexus IntelliTech Group ("Pacipic Nexus"). Pacipic Nexus is a Cayman Islands exempted company with limited liability with a principal place of business in Hong Kong through its wholly-owned subsidiary, MENG XUN MACHINERY (HONG KONG) LIMITED ("Mengxun HK" or "Operating Subsidiary").

**Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations in Hong Kong by its operating subsidiary.**

**Given the substantial operations of our Operating Subsidiary in Hong Kong and the fact that the PRC government may exercise significant oversight over the conduct of business in Hong Kong, in the event that we or our Hong Kong operating subsidiary were to become subject to the laws and regulations of Chinese Mainland, the legal and operational risks associated with Chinese Mainland may also apply to our operations in Hong Kong, and we face the risks and uncertainties associated with the legal system in Chinese Mainland, complex and evolving Chinese Mainland laws and regulations, and as to whether and how the recent PRC government statements and regulatory actions by China's government, such as those relating to the use of variable interest entities and anti**-monopoly **concerns, have or may impact the Company's ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange. These risks could result in a material change in the Company's operations and/or the value of the securities of the Company is registering for sale or could significantly limit or completely hinder the Company's ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.**

Pacipic Nexus is a holding company with no material operations of its own, which conducts substantially all of its operations through its operating entity established in Hong Kong and our wholly-owned subsidiary, Mengxun HK. Throughout this prospectus, unless the context indicates otherwise, references to "Pacipic Nexus IntelliTech Group", "our company," the "Company," "we," "us," "our," "ourselves", or similar terms are to Pacipic Nexus IntelliTech Group and its subsidiaries. We conduct substantially all of our operations in Hong Kong. Hong Kong is a special administrative region of the People's Republic of China ("PRC") and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law of the Hong Kong Special Administrative Region (the "Basic Law"), which is a national law of the PRC and constitutional document for Hong Kong, 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." While the Basic Law provides Hong Kong with a high degree of autonomy, we are subject to the risk that the PRC government intervenes in or influences our operations.

We are offering 5,000,000 ordinary shares, with par value $0.0001 per share ("Ordinary Shares") through the underwriters on a firm commitment basis. We expect the initial public offering price of our Ordinary Shares to be in the range of $4.00 to $5.00 per share. Prior to this offering, there has been no public market for our Ordinary Shares. We will apply to have our Ordinary Shares listed on the Nasdaq Capital Market, or Nasdaq, under the symbol "PNIG". We cannot guarantee that we will be successful in listing our Ordinary Shares on the Nasdaq; however, we will not complete this offering unless we are so listed. If Nasdaq does not approve our listing application, this offering will be terminated.

**Investing in our Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See the section entitled "Risk Factors" starting on page 14 of this prospectus for a discussion of information that should be considered before making a decision to purchase our Ordinary Shares.**

Investors in this Offering are not purchasing equity securities of the Hong Kong Operating Subsidiary, MENG XUN MACHINERY (HONG KONG) LIMITED. Instead, they are purchasing Ordinary Shares of Pacipic Nexus IntelliTech Group, a Cayman Islands exempted company and the parent company of MENG XUN MACHINERY (HONG KONG) LIMITED. Such a structure involves unique risks to investors in this Offering. Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless. For

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a detailed description, **see "Risk Factors — Risks Related to our Ordinary Shares and this Offering — We will rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements. In the future, to the extent funds or assets in the business are in Hong Kong or a Hong Kong entity, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to possible interventions in, or the imposition of restrictions and limitations on, our ability or our Operating Subsidiary by the PRC government to transfer cash or assets. Any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless." on page 34 of this prospectus and "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — There remain uncertainties as to whether we will be required to obtain permissions from the PRC government in connection with this offering. If we were required to obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we would not be able to list on U.S. exchanges and the value of our Ordinary Shares may significantly decline or be worthless, which would materially affect the interest of the investors." on page 14 of this prospectus.**

We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. See *"*Prospectus Summary — Implications of Being an Emerging Growth Company" and "Risk Factors" on pages 10 and 14, respectively*.*

Upon the completion of this Offering, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules because STAR WINGS VENTURES LIMITED, our controlling shareholder, which refers to a person or entity that (i) holds more than 50% of the total voting power of the issuer's outstanding shares, or (ii) possesses de facto control over the issuer's management or corporate policies through contractual arrangements, board representation, concentrated voting power or other governance mechanisms, will own [\*]% of our total issued and outstanding Ordinary Shares, representing [\*]% of the total voting power, assuming that the representative of the underwriters does not exercise the over-allotment option. Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules after the Offering, we could elect to rely on this exemption in the future. If we elect to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent and our nominating and corporate governance and compensation committees might not consist entirely of independent directors.

We are not, and our subsidiary Mengxun HK is not, a Chinese operating company. We hold 100% equity interests in the operating entity in Hong Kong, and do not use a variable interest entity ("VIE") structure. We conduct substantially all of our operations in Hong Kong and we are not a Chinese Mainland operating company. Furthermore, none of our suppliers are in Chinese Mainland. Because all of our operations are in Hong Kong, a special administrative region of China, our business is subject to the laws and regulations there.

To the extent cash or assets in the business are in Hong Kong or a Hong Kong entity, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to possible interventions in or the imposition of restrictions and limitations on the ability of us or our subsidiaries by the PRC government to transfer cash or assets. For a detailed description, **see "Risk Factors — Risks Related to Our Corporate Structure — We will rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements. In the future, to the extent funds or assets in the business are in Hong Kong or a Hong Kong entity, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to possible interventions in, or the imposition of restrictions and limitations on, our ability or our Operating Subsidiary by the PRC government to transfer cash or assets. Any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless."** on page 34 of this prospectus. The Company currently has no express cash management policies that dictate how such funds are transferred. We conduct substantially all of our operations in Hong Kong and we are not a Chinese Mainland operating company. Nor do we intend to set up any subsidiary in Chinese Mainland or enter into any contractual arrangements to establish a VIE structure in Chinese Mainland. Furthermore, none of our suppliers are in Chinese Mainland.

The Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China and Hong Kong-based issuers, which could result in a material change in our operations and/or the value of the securities you are registering for sale. See "Prospectus Summary — Recent Regulatory Development in the PRC" and "Risk Factors — Risks Related to Doing Business in the Jurisdictions in

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which We Operate — Our Operating Subsidiary is incorporated in Hong Kong, which is a special administrative region of the PRC, and our main customers are Mainland China companies, we are subject to certain legal and operational risks associated with our Operating Subsidiaries being based in Hong Kong, and the legal and operational risks associated with operating in Mainland China may also apply to our operations in Hong Kong. Moreover, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China and Hong Kong-based issuers, which could result in a material change in our operations and/or the value of the securities you are registering for sale. Our Operating Subsidiary in Hong Kong may be subject to laws and regulations of Chinese Mainland, which may impair our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules, and the enforcement of laws of the PRC may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain." Because the Basic Law, which is a national law of the PRC and a constitutional document for Hong Kong, 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," we do not believe we or our subsidiary Mengxun HK are subject to most of the laws or regulations relating to overseas securities offerings. However, there may be prominent risks associated with our operations being in Hong Kong. There are also risks that the Chinese government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas, and/or foreign investment in Chinese Mainland and Hong Kong-based issuers, which could result in a material change in our operations or the value of the securities you are registering for sale.

If there is a significant change to current political arrangements between Chinese Mainland and Hong Kong, companies operating in Hong Kong may face similar regulatory risks as those operating in Chinese Mainland, including material changes in the company's operations or the value of the securities being registered for sale or could significantly limit or completely hinder the Company's ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

It is also uncertain whether the Hong Kong government will be mandated by the PRC government, despite the constitutional constraints of the Basic Law, to control offerings conducted overseas and/or foreign investment of entities in Hong Kong, including our Operating Subsidiary. Any actions by the PRC government to exert more oversight and control over offerings (including businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign investments in China and Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless. **See "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — Our Operating Subsidiary is incorporated in Hong Kong, which is a special administrative region of the PRC, and our main customers are Mainland China companies, we are subject to certain legal and operational risks associated with our Operating Subsidiaries being based in Hong Kong, and the legal and operational risks associated with operating in Mainland China may also apply to our operations in Hong Kong.** Moreover, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China and Hong Kong-based issuers, which could result in a material change in our operations and/or the value of the securities you are registering for sale. Our Operating Subsidiary in Hong Kong may be subject to laws and regulations of Chinese Mainland, which may impair our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules, and the enforcement of laws of the PRC may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain."

Any changes in the political and economic policies of the PRC government or relations between China and the United States may materially and adversely affect our business, financial condition, and results of operations or could result in our inability to sustain our growth and expansion strategies. **See "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — Changes in China's economic, political or social conditions or government policies could have a material adverse effect on our business and operations." on page 17 of the prospectus.**

Our PRC counsel, Guangdong Shengdian Law Firm (**the "PRC counsel"**), has rendered its opinion that, as of the date of this prospectus, the Company and its Hong Kong operating subsidiary are not required to obtain permissions or approvals for this offering from the China Securities Regulatory Commission (the "CSRC"), including

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under the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Overseas Listing Trial Measures") effected on March 31, 2023, or any other PRC national authorities. Specifically, under the currently effective PRC laws and regulations, we are not required to seek approval from the CSRC or any other PRC governmental authorities for our overseas listing plan, nor have we received any inquiry, notice, warning, or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities. This conclusion is based on the fact that as of the date of this prospectus: (1) our Company's operating subsidiary is located in Hong Kong, and (2) pursuant to the Basic Law, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). **However, in light of the recent statements and regulatory actions by the PRC government, such as those related to the extension of China's oversight and control into Hong Kong, the promulgation of regulations prohibiting foreign ownership of Chinese companies operating in certain industries, which are constantly evolving, and anti**-monopoly **concerns, we may be subject to the risks of the uncertainty of any future actions of the PRC government in this regard. If it is determined in the future, however, that the approval of the CSRC, or any other regulatory authority is required for this offering, the offering will be delayed until we have obtained the relevant approvals. There is also the possibility that we may not be able to obtain or maintain such approval or that we inadvertently concluded that such approval was not required. If the approval was required while we inadvertently concluded that such approval was not required or if applicable laws and regulations or the interpretation of such were modified to require us to obtain the CSRC approval in the future, we may face sanctions by the CSRC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations, limit our ability to pay dividends, limit our operations, or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities. See "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — There remain uncertainties as to whether we will be required to obtain permissions from the PRC government in connection with this offering. If we were required to obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we would not be able to list on U.S. exchanges and the value of our Ordinary Shares may significantly decline or be worthless, which would materially affect the interest of the investors."**

**Our Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act, as amended in 2022, which reduced the consecutive non**-inspection **period to two years, if the PCAOB is unable to inspect our auditors for two consecutive years. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. The Holding Foreign Companies Accountable Act ("HFCAA") enacted in December 2020, together with a recent joint statement by the United States Securities and Exchange Commission ("SEC") and the PCAOB call for additional stringent criteria to be applied to emerging market companies by assessing the qualification of non**-U**.S. auditors who are not inspected by the PCAOB. The HFCAA provided that if the PCAOB cannot fully inspect or investigate an auditor for two consecutive years, securities of such companies will be prohibited from trading on any national securities exchange and in the over**-the-counter **market in the United States. Pursuant to the HFCAA, the PCAOB issued a Determination Report on December 16, 2021 (the "December 2021 Report") which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) Chinese Mainland of the People's Republic of China because of a position taken by one or more authorities in Chinese Mainland; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in Hong Kong. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations. Our registered public accounting firm, Assentsure PAC is not headquartered in Chinese Mainland or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. Assentsure PAC is headquartered in Singapore, is registered with the PCAOB, and is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Assentsure PAC's compliance with applicable professional standards.**

On August 26, 2022, the CSRC, the Ministry of Finance of China, and the PCAOB signed a protocol governing inspections and investigations of audit firms based in China and Hong Kong, which could prevent China-based, U.S.-listed firms from being delisted pursuant to the HFCAA. On December 15, 2022, the PCAOB issued a new Determination Report (the "2022 Determination Report") which: (1) vacated the 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. Although the 2022 Determination Report reversed the conclusion of the 2021 Determination Report with respect to PCAOB's ability to conduct inspections and investigations completely of the registered public accounting firms

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headquartered in Chinese Mainland and Hong Kong, **Assentsure PAC has been subject to PCAOB inspection and was not identified in the PCAOB's determination reports. The 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect or investigate completed. If in the future the PCAOB determines that it no longer can inspect or investigate our auditor completely because of a position taken by authorities in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination. See "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — Although the audit report included in this prospectus is issued by U.S. auditors who are currently subject to inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors who are subject to inspection by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which became law on December 29, 2022 and amends the HFCAA 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, and thus, reduces the time before our Ordinary Shares may be prohibited from trading or delisted."**

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act ("AHFCAA") and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to AHFCAA and amended the HFCAA by requiring the SEC to prohibit an issuer's securities from initial listing or trading on any U.S. stock exchanges or OTC Markets if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before your securities may be prohibited from trading or delisted. The delisting, or the cessation of trading of our Ordinary Shares, or the threat of their being delisted or prohibited from being traded, may materially and adversely affect the value of your investment. **See "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — Although the audit report included in this prospectus is issued by U.S. auditors who are currently subject to inspection inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors who are to inspection by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which became law on December 29, 2022 and amends the HFCAA 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, and thus, reduces the time before our Ordinary Shares may be prohibited from trading or delisted."**

*HK taxation and PRC impacts*

As Pacipic Nexus IntelliTech Group is a holding company with no business operation and its principal Operating Subsidiary is MENG XUN MACHINERY (HONG KONG) LIMITED which operates in Hong Kong, payments of dividends from our Hong Kong subsidiary to us are not subject to any withholding tax in Hong Kong. See "Dividend Policy" for further details on our dividend policy. As of the date of this prospectus, the Company does not have any operations in the PRC. However, there is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong in the future. Since our operation is based in Hong Kong, any change of such political arrangements may pose immediate threat to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions. See "Corporate History and Structure" on page 42 and "Risks Related to Doing Business in Hong Kong" on page [\*] for additional details.

Pacipic Nexus IntelliTech Group is permitted under the laws of the Cayman Islands to provide funding to our subsidiary MENG XUN MACHINERY (HONG KONG) LIMITED through loans or capital contributions without restrictions on the amount of the funds. There are no restrictions or limitations under the laws of the Cayman on Pacipic Nexus IntelliTech Group's ability to distribute profits from its businesses, including subsidiaries, to U.S. investors, provided that Pacipic Nexus IntelliTech Group is solvent. Pacipic Nexus IntelliTech Group is permitted under the laws of Hong Kong to provide funding to MENG XUN MACHINERY (HONG KONG) LIMITED through dividend

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distribution without restrictions on the amount of the funds. Both Pacipic Nexus IntelliTech Group and MENG XUN MACHINERY (HONG KONG) LIMITED 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 Pacipic Nexus IntelliTech Group nor its subsidiary has any dividend payout policy, and each entity needs to comply with applicable laws 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.

**Please see "*Risk Factors*" beginning on page 14 of this prospectus for additional information.**

**We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. Please read the disclosures beginning on page 33 of this prospectus for more information.**

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

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

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| | | |
|:---|:---|:---|
|  | ***PER SHARE*** | ***TOTAL*** |
|  ***Initial public offering price***<sup>(1)</sup> | $4.00 | $20000000 |
|  ***Underwriting discounts***<sup>(2)</sup> | $0.28 | $1400000 |
|  ***Proceeds, before expenses, to us***<sup>(3)</sup> | $3.72 | $18600000 |

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*(1) Determined based on the proposed minimum offering price per Ordinary Share. Assumes that the underwriters do not exercise their over*-allotment *option. For more information, see "Underwriting" in this prospectus.*

*(2) We have agreed to pay the underwriters a discount equal to seven percent (7%) of the gross proceeds of this offering.*

*(3) Does not include a non*-accountable *expense allowance equal to one percent (1%) of the gross proceeds of this offering, payable to the underwriters, or the reimbursement of certain expenses of the underwriters. For a description of other terms of compensation to be received by the underwriters, see "Underwriting" beginning on page 97.*

We expect our total cash expenses for this Offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately $1,230,250, exclusive of the above discounts. These payments will reduce proceeds available to us before expenses. See "Underwriting."

This Offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Ordinary Shares if any such Ordinary Shares are taken. We have granted the underwriters an option, exercisable one or more times in whole or in part, for a period of forty-five (45) days after the closing of this Offering to purchase up to fifteen percent (15%) of the total number of our Ordinary Shares to be offered by us pursuant to this Offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. If we complete this Offering, net proceeds will be delivered to us on the closing date.

The underwriters expect to deliver the Ordinary Shares against payment in U.S. Dollars to purchasers on or about [\*], 2026.

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#### Prospectus dated [\*], 2026

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T25) | iv |
|  [PROSPECTUS SUMMARY](#T24) | 1 |
|  [THE OFFERING](#T23) | 12 |
|  [RISK FACTORS](#T22) | 14 |
|  [USE OF PROCEEDS](#T21) | 37 |
|  [DIVIDEND POLICY](#T20) | 38 |
|  [CAPITALIZATION](#T19) | 39 |
|  [DILUTION](#T18) | 40 |
|  [CORPORATE HISTORY AND STRUCTURE](#T17) | 42 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T16) | 44 |
|  [INDUSTRY OVERVIEW](#T15) | 53 |
|  [BUSINESS](#T14) | 59 |
|  [REGULATIONS](#T13) | 68 |
|  [MANAGEMENT](#T12) | 70 |
|  [PRINCIPAL SHAREHOLDERS](#T601) | 77 |
|  [RELATED PARTY TRANSACTIONS](#T11) | 78 |
|  [DESCRIPTION OF SHARES](#T10) | 79 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T9) | 89 |
|  [TAXATION](#T8) | 91 |
|  [UNDERWRITING](#T7) | 97 |
|  [EXPENSES OF THE OFFERING](#T6) | 101 |
|  [LEGAL MATTERS](#T5) | 102 |
|  [EXPERTS](#T4) | 102 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T3) | 103 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T2) | 105 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#T1) | F-1 |

---

**No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the Ordinary Shares 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 the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Ordinary Shares.**

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

Neither we nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus, or in any free writing prospectus we have prepared, and neither we nor the underwriters take responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. Neither we nor the underwriters are making an offer to sell, or seeking offers to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date on the cover page of this prospectus, regardless of the time of delivery of this prospectus or the sale of shares. Our business, financial condition, results of operations and prospects may have changed since the date on the cover page of this prospectus.

**Until [\*], 2026 (25 days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.**

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#### Conventions Which Apply to this Prospectus
Throughout this prospectus, we use a number of key terms and provide a number of key performance indicators used by management. Unless the context otherwise requires, the following definitions apply throughout where the context so admits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BVI" refers to British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAGR" refers to compound annual growth rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or "PRC", in each case, refers to the People's Republic of China, excluding, for the purpose of this prospectus only, Taiwan region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cayman Companies Act" refers to Companies Act (Revised) of the Cayman Islands, as amended;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Macau" refers to The Macao Special Administrative Region of the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Chinese Mainland" refers to the mainland of the People's Republic of China; excluding Taiwan and the special administrative regions of Hong Kong and Macau for the purposes of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Nasdaq" refers to Nasdaq Capital Market;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Post-offering memorandum and articles of association" refers to amended and restated memorandum and articles of association to be adopted by the Company with effect from the effective date of this registration statement;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" refers to The Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Shares" or "Ordinary Shares" refer to the Ordinary Shares of our Company, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US", "U.S." or "USA" refers to The United States of America;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "We," "us," "our," "Pacipic Nexus IntelliTech Group," and the "Company" refer to Pacipic Nexus IntelliTech Group Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands, and its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FY2024" and "FY2025" refer to fiscal years ended August 31, 2024 and August 31, 2025, respectively;

All information in this prospectus assumes no exercise by the underwriters of their over-allotment option unless the context indicates otherwise.

Our business is conducted through our subsidiary in Hong Kong and we do not operate in Chinese Mainland, Macau, or Taiwan. Our consolidated financial statements are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities in our consolidated financial statements in U.S. dollars. These dollar references are based on the exchange rate of HKD to U.S. dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).

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Given the substantial operations of our Operating Subsidiary in Hong Kong and the fact that the PRC government may exercise significant oversight over the conduct of business in Hong Kong, in the event that we or our Hong Kong operating subsidiary were to become subject to the laws and regulations of Chinese Mainland, the legal and operational risks associated with Chinese Mainland may also apply to our operations in Hong Kong, and we face the risks and uncertainties associated with the legal system in Chinese Mainland, complex and evolving Chinese Mainland laws and regulations, and as to whether and how the recent PRC government statements and regulatory actions by China's government, such as anti-monopoly concerns, have or may impact the Company's ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange. These risks could result in a material change in the Company's operations and/or the value of the securities of the Company is registering for sale or could significantly limit or completely hinder the Company's ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

Any discrepancies in tables included herein between the total sum of amounts listed and the totals thereof are due to rounding. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Certain of our customers and suppliers are referred to in this prospectus by their trade names. Our contracts with these customers and suppliers are typically with an entity or entities in the relevant customer or supplier's group of companies.

Internet site addresses in this prospectus are included for reference only and the information contained in any website, including our website, is not incorporated by reference into, and does not form part of, this prospectus.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those listed under "*Risk Factors*," that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that we may be unable to realize our anticipated growth strategies and expected internal growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the availability and cost of professional staff which we require to operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in customers' preferences and needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in competitive conditions and our ability to compete under such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our future capital needs and the availability of financing and capital to fund such needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in currency exchange rates or interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projections of revenue, profits, earnings, capital structure and other financial items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our plan to enter into certain new business sectors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors beyond our control.

You should read this prospectus and the documents that we refer to in this prospectus with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

This prospectus also contains statistical data and estimates that we obtained from industry publications and reports generated by government or third-party providers of market intelligence. Although we have not independently verified the data, we believe that the publications and reports are reliable.

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#### Market and Industry Data
This prospectus contains estimates and information concerning our industry, including our market position and the size and growth rates of the markets in which we participate, that are based on industry publications and reports. This prospectus contains statistical data and estimates issued by Migo Corporation Limited, a research firm, in connection with this Offering, for which we paid a fee. This information involves a number of assumptions and limitations, and you are cautioned not to place undue reliance on these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry reports. While we believe that the information from these industry publications, surveys and studies are reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "*Risk Factors*." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

#### Presentation of Financial and Other Information
Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with U.S. GAAP.

All references in this prospectus to "U.S. dollars," "US$," "USD$," "$" and "USD" refer to the currency of the United States of America. Unless otherwise indicated, all references to currency amounts in this prospectus are in USD.

We have made rounding adjustments to some of the figures contained in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that preceded them.

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#### PROSPECTUS SUMMARY
*This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in our Shares. For a more complete understanding of us and this Offering, you should read and carefully consider the entire prospectus, including the more detailed information set forth under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes. Some of the statements in this prospectus are forward*-looking *statements. See the section titled "Special Note Regarding Forward*-Looking *Statements."*

#### Business Overview
We are a technology-driven provider of customized intelligent manufacturing solutions, primarily serving customers in the automotive, 3C (Computer, Communication, and Consumer Electronics) appliances, and automation industries. Our mission is to empower our clients to enhance their production efficiency and market competitiveness in the era of intelligent manufacturing by providing comprehensive, end-to-end services, and integrating advanced technological solutions.

#### Our Solutions
Our principal revenue stream is derived from the trading of industrial machineries, where we act as a provider of high-precision Computer Numerical Control (CNC) machine tools and processing equipment from world-renowned manufacturers such as FANUC, Makino, and Kapp. Crucially, the equipment we supply is delivered within the framework of Intelligent Manufacturing Solutions. We leverage our technical expertise to provide end-to-end services, including customized solution design, seamless system integration, and the deployment of our proprietary software platforms, such as our Manufacturing Execution System (MES). This approach ensures the machinery is configured as a fully optimized, intelligent production unit, maximizing efficiency for our high-precision end-users in the automotive, 3C appliances, and automation industries.

#### Competitive Strengths
**Solution**-Oriented **Model and Technology Integration:** We deliver value-added, end-to-end solutions by integrating world-renowned high-precision machinery with our proprietary technological systems, primarily our self-developed "Mengxun Smart Cloud Intelligent Manufacturing Platform V1.0," which integrates functionalities including our Manufacturing Execution System (MES) and Material Parts Retrieval System (MPRS). This combination allows us to offer bespoke solutions that significantly enhance our clients' operational efficiency, differentiating us from simple equipment distributors.

**Deep Industry Expertise and End**-to-End **Service:** Our extensive experience in the high-precision manufacturing sector has allowed us to develop a deep understanding of the needs and challenges faced by our clients in the automotive, 3C appliances, and automation industries. We provide a full spectrum of services that cover the entire project lifecycle, from the initial consultation and solution design to equipment procurement, on-site installation, technical commissioning, and ongoing after-sales support.

**Robust Global Supply Chain and Strategic R&D Partnerships:** We maintain a broad global supply network, ensuring access to high-quality equipment from manufacturers like FANUC, Makino, and Kapp. We further enhance our offerings through strategic collaborations with leading global research institutions, which provide us with access to cutting-edge R&D and help us maintain a technological edge.

**Experienced Management and Technical Team:** Our management team possesses critical dual expertise in international trade and intelligent manufacturing, which successfully drove our 2021 business transformation from a trading company to a solutions provider. This vision, combined with the technical proficiency of our engineering teams in complex system integration, is crucial to executing sophisticated projects and delivering high-quality results.

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#### Growth Strategies
**Strategic R&D and Technological Innovation:** We plan to strengthen our market position through targeted R&D in four key areas: developing intelligent predictive maintenance and adaptive machining control systems to boost client efficiency; building a modular and customizable design platform to accelerate solution delivery; and advancing green manufacturing and energy-saving technologies to promote sustainability. These initiatives are designed to yield more sophisticated and efficient solutions, reinforcing our status as an industry innovator.

**Expansion into International Markets:** To mitigate market concentration risks and establish a global presence, we are committed to expanding our operations into key international markets, specifically targeting the dynamic manufacturing sectors of Southeast Asia and Europe. This expansion will be supported by a dedicated direct sales team focused on building new client relationships and penetrating these markets.

**Diversification of Customer Acquisition Channels:** We are diversifying our client outreach by actively participating in major industry exhibitions and forums, such as China International Machine Tool Exhibition (CIMT) and Hannover Messe. Simultaneously, we are intensifying our online marketing efforts (via our website, LinkedIn, and WeChat) to build brand awareness, and leveraging strategic recommendations from industry associations and integrators, all while expanding our professional direct sales team for targeted client development.

#### Corporate Information
Our principal executive office is located at Unit 802, Level 8, Admiralty Center Tower II, 18 Harcourt Road, Admiralty, Hong Kong. Our telephone number is 852-67486886. Our registered office in the Cayman Islands is located at the offices of Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 — 1205 Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

Our principal website is *https://www.mengxunhk.com/*. Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

#### Corporate History and Structure

#### The Reorganization
Pacipic Nexus carried out a series of transactions to reorganize the corporate structure. Pursuant to the reorganization, on September 22, 2025, the Company acquired the entire issued share capital of BOLE VENTURES LIMITED ("Mengxun BVI") from its then sole shareholder Mr. Meng WAN in consideration of the Company issuing 15,999,999 Ordinary Shares of par value of US$0.0001 each to Mr. Meng WAN's designee, STAR WINGS VENTURES LIMITED. As a result, Mengxun BVI became a wholly owned subsidiary of the Company and STAR WINGS VENTURES LIMITED increased its shareholding in the Company to 16,000,000 Ordinary Shares.

On February 20, 2026, the Company effected a proportional share cancellation. Except as otherwise indicated, all share numbers and per share amounts presented in this prospectus have been retrospectively adjusted to reflect the proportional share cancellation. After giving effect to the proportional share cancellation, STAR WINGS VENTURES LIMITED holds 8,000,000 Ordinary Shares.

On September 22, 2025, the Company allotted and issued an aggregate of 4,000,000 Ordinary Shares to five shareholders at par value of US$0.0001 each. Upon completion of the share allotment, Ms. Haiyuan TANG, Ms. Dingrong ZHOU, Ms. Birong LIN, Ms. Siu Ching KWOK and Ms. Qiwen LU held 900,000 Ordinary Shares, 900,000 Ordinary Shares, 800,000 Ordinary Shares, 800,000 Ordinary Shares and 600,000 Ordinary Shares, respectively.

After giving effect to the proportional share cancellation described above, Ms. Haiyuan TANG, Ms. Dingrong ZHOU, Ms. Birong LIN, Ms. Siu Ching KWOK and Ms. Qiwen LU hold 450,000 Ordinary Shares, 450,000 Ordinary Shares, 400,000 Ordinary Shares, 400,000 Ordinary Shares and 300,000 Ordinary Shares, respectively.

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#### Corporate Structure
The following diagrams illustrate our corporate structure as of the date of this prospectus and upon completion of this offering, assuming no exercise of the over-allotment option.

*<u>*<u>As of the date of this prospectus</u>*</u>*

*<u>*<u>Upon completion of this offering</u>*</u>*

Pacipic Nexus is a holding company and is not actively engaged in any business other than through its Hong Kong subsidiary, Mengxun HK. This is an offering of the Ordinary Shares of the Cayman Islands holding company. You may never hold equity interests in the Operating Subsidiary, Mengxun HK. Further, Pacipic Nexus receives the economic benefits of its Operating Subsidiary's business operations through equity ownership. We do not use a Variable Interest Entities or VIE structure.

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Mengxun BVI was incorporated under the laws of the British Virgin Islands on July 9, 2025, with Mengxun HK as its sole and wholly owned subsidiary. Pacipic Nexus holds 100% ownership of Mengxun BVI.

Mengxun HK was incorporated under the laws and regulations of Hong Kong on March 25, 2015 and is a wholly owned subsidiary of Mengxun BVI.

#### Cash Flows through Our Organization
Our Company, Pacipic Nexus IntelliTech Group, is permitted under the laws of the Cayman Islands to provide funding to BOLE VENTURES LIMITED, our wholly-owned BVI subsidiary, through loans and/or capital contributions without restrictions on the amount of the funds. BOLE VENTURES LIMITED, in turn, may provide funding to MENG XUN MACHINERY (HONG KONG) LIMITED, our wholly-owned Hong Kong operating subsidiary. Conversely, MENG XUN MACHINERY (HONG KONG) LIMITED is permitted under the laws of Hong Kong to provide funding to BOLE VENTURES LIMITED, its sole shareholder, through dividend distributions or payments, without restrictions on the amount of the funds. BOLE VENTURES LIMITED is also permitted under BVI law to provide funding to our Company, Pacipic Nexus IntelliTech Group, through dividend distributions or other permitted means, provided that it satisfies the solvency test required by BVI law for such distributions.

There are no restrictions or limitations on our ability to distribute earnings by dividends from our subsidiaries (including BOLE VENTURES LIMITED and MENG XUN MACHINERY (HONG KONG) LIMITED) to our Company and our shareholders and U.S. investors, provided that the distributing entity remains solvent after such distribution. Our board of directors may, by resolution, authorize and declare a dividend to shareholders at such time and in such amount as they think fit if they are satisfied, on reasonable grounds, that immediately following our Company will be able to pay our debts as they become due in the ordinary course of business. According to the Companies Ordinance of Hong Kong (Chapter 622 of the Laws of Hong Kong), a Hong Kong company may only make a distribution out of profits available for distribution. There is no further Cayman Islands, BVI, or Hong Kong statutory restriction on the amount of funds which may be distributed by us by dividend beyond the respective solvency requirements. Under the current practice of the Inland Revenue Department of Hong Kong, no withholding tax is payable in Hong Kong in respect of dividends paid by our Hong Kong subsidiaries to us.

Our Company is a Cayman Islands company, BOLE VENTURES LIMITED is a BVI company, and our operating subsidiary is a Hong Kong company. There are no restrictions on foreign exchange and there are no limitations on the abilities of our Company to transfer cash to or from our operating subsidiary, or to investors under Hong Kong law. Similarly, under BVI law, there are no restrictions on foreign exchange and no limitations on BOLE VENTURES LIMITED's ability to transfer cash. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between our Company and our subsidiary, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from our business and subsidiaries to our Company and U.S. investors and amounts owed. As of the date of this prospectus, there was no cash transfer between the holding company and its subsidiary. No dividends or distribution have been made to date between the holding company and the subsidiary. Further, no transfers, dividends, or distributions have been made to investors.

As a smaller business, the Company does not have specific cash management policies and procedures that dictate how funds are transferred throughout the organization. The Company's general policy, however, has been to keep funds within the entities where they are raised or generated in order to support the local entity's operations. For example, if the funds are generated in a Hong Kong subsidiary, then the Company's general approach will be to use those funds to support the Hong Kong entity's operations, with the exception of required funding for capital investments.

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#### Summary of Risk Factors
***Risks Related to Doing Business in the Jurisdictions in which We Operate (for a more detailed discussion, see "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate" beginning on page 14 of this prospectus)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There remain uncertainties as to whether we will be required to obtain permissions from the PRC government in connection with this offering. If we were required to obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we would not be able to list on U.S. exchanges and the value of our Ordinary Shares may significantly decline or be worthless, which would materially affect the interest of the investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating subsidiary is incorporated in Hong Kong, which is a special administrative region of the PRC, and our main customers are Mainland China companies, we are subject to certain legal and operational risks associated with our Operating Subsidiaries being based in Hong Kong, and the legal and operational risks associated with operating in Mainland China may also apply to our operations in Hong Kong. Moreover, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China and Hong Kong-based issuers, which could result in a material change in our operations and/or the value of the securities you are registering for sale. Our Operating Subsidiary in Hong Kong may be subject to laws and regulations of Chinese Mainland, which may impair our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules, and the enforcement of laws of the PRC may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in China's economic, political or social conditions or government policies could have a material adverse effect on our business and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interpretation of PRC laws and the implementation of National Security Law in Hong Kong involve uncertainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. regulatory bodies may be limited in their ability to conduct investigations or inspections of our operations in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations conducted in Hong Kong by its subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the audit report included in this prospectus is issued by U.S. auditors who are currently subject to inspection inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors who are subject to inspection by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which became law on December 29, 2022 and amends the HFCAA 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, and thus, reduces the time before our Ordinary Shares may be prohibited from trading or delisted.

***Risks Relating to Our Business and Industry (for a more detailed discussion, see "Risk Factors — Risks Relating to Our Business and Industry" beginning on page 21 of this prospectus)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks and uncertainties associated with operating in a rapidly developing and evolving industry.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business and operations may be adversely affected by disruptions, cost increases, or uncertainties in our global supply chain and international procurement due to the reliance on specific suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to concentration risk of heavy reliance on our major suppliers for the supply of our products, and any shortage of, or delay in, the supply may significantly impact on our business and results of operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any actual or perceived quality issues in our customized machinery solutions may result in the loss of customers, cancellation of orders, or product liability claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our facilities, technology platforms, and operations may require significant investment and periodic upgrades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business may be affected if we fail to keep pace with rapid technological advancements in the machine tool and intelligent manufacturing industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our significant research and development requirements may increase our costs, and the return on such investments may be uncertain or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on our ability to attract, retain, and motivate highly skilled technical personnel, and we face significant competition and costs in doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant portion of our revenues is concentrated in customers located in Chinese Mainland, and any loss of major customers may materially and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to risks associated with global macroeconomic conditions and cyclical fluctuations in our key industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our gross margins may fluctuate significantly due to the customized nature of our products and volatility in raw material prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our accounts receivable and cash flow may be adversely affected by delayed payments or customer defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to foreign exchange risks due to our reliance on international suppliers and cross-border transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may incur losses or experience business disruptions as a result of natural disasters, pandemics, geopolitical conflicts, or other unforeseen catastrophic events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Operating Subsidiary' businesses are geographically concentrated, which subjects it to greater risks from changes in local or regional conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have limited insurance coverage, and any claims beyond our insurance coverage may result in our incurring substantial costs and a diversion of resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on our senior management team and other key employees, and the loss of any such personnel could materially and adversely affect our business, operating results and financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to ensure the successful implementation of our future plans and strategies, which could adversely affect our business and financial performance.

***Risks Related to our Ordinary Shares and this Offering (for a more detailed discussion, see "Risk Factors — Risks Related to our Ordinary Shares and this Offering" beginning on page 27 of this prospectus)***

In addition to the risks described above, we are subject to general risks and uncertainties relating to our 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 Ordinary Shares prior to this offering; if an active trading market does not develop, you may not be able to resell our Ordinary Shares at any reasonable price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active trading market for our Ordinary Shares may not be maintained and the trading price for our Ordinary Shares may fluctuate significantly.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading price of our Ordinary Shares may be volatile, which could result in substantial losses to investors.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our shares, the market price for our shares and trading volume could decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sale or availability for sale of substantial amounts of our Ordinary Shares could adversely affect their market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short selling may drive down the market price of our Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on price appreciation of the Ordinary Shares for return on your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may need additional capital and may sell additional Ordinary Shares or other equity securities or incur indebtedness, which could result in additional dilution to our shareholders or increase our debt service obligations.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a company incorporated in the Cayman Islands, which meets the requirements of "foreign private issuer", we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we are a Cayman Islands company and most of our management and employees are based in Hong Kong and Chinese Mainland, you may be unable to bring an action against us or our officers and directors or to enforce any judgment you may obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.

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

***Risks Related to Our Corporate Structure (for a more detailed discussion, see "Risk Factors — Risks Related to Our Corporate Structure" beginning on page 34 of this prospectus)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements. In the future, to the extent funds or assets in the business are in Hong Kong or a Hong Kong entity, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to possible interventions in, or the imposition of restrictions and limitations on, our ability or our operating subsidiary by the PRC government to transfer cash or assets. Any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our controlling shareholder has substantial influence over the Company. Its interests may not be aligned with the interests of our other shareholders, and it could prevent or cause a change of control or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anti-takeover provisions in our post-offering memorandum and articles of association may discourage, delay or prevent a change in control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be unable to present proposals before annual general meetings or extraordinary general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any deficit in the effectiveness of our internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud, which may affect the market for and price of our Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cayman Islands economic substance requirements may have an effect on our business and operations.

#### Permissions Required for Our Operations and This Offering
Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC. Our PRC counsel, Guangdong Shengdian Law Firm, has rendered its opinion that, as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities before listing in the U.S. and to issue our Ordinary Shares to foreign investors, including the China Securities Regulatory Commission (the "CSRC") or any other governmental agency because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; and (ii) the Company operates in Hong Kong and is not included in the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or any other governmental agency. We also understand that our Hong Kong subsidiary is not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authorities. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. For nature of these uncertainties, **see "Risk Factors — Risks Related to Doing Business in the Jurisdictions in which We Operate — There remain uncertainties as to whether we will be required to obtain permissions from the PRC government in connection with this offering. If we were required to obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we would not be able to list on U.S. exchanges and the value of our Ordinary Shares may significantly decline or be worthless, which would materially affect the interest of the investors." on page 14 of this prospectus**.

We understand that as of the date of this prospectus, the Company is not required to complete filing procedures with the CSRC pursuant to the requirements of the Overseas Listing Trial Measures. Our PRC counsel, Guangdong Shengdian Law Firm, has rendered its opinion that, should we have any future operations in China and or if applicable laws, regulations or interpretations change and our subsidiary is required to obtain such permissions or approvals, and should we (i) do not receive or maintain such permissions or approvals have been denied, (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, we may face sanctions by the CSRC or other PRC regulatory agencies. Should we have any future operations in China these regulatory agencies may also impose fines and penalties on our operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Ordinary Shares. We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC or other governmental agency also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Ordinary Shares. In addition, if the CSRC or other governmental agency later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

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#### Recent Regulatory Development in the PRC
We are aware that, in recent years, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market and enhancing supervision over China-based companies listed overseas using a variable interest entity structure.

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 China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Overseas Listing Trial Measures, and five supporting guidelines, effective as of March 31, 2023. Pursuant to the Overseas Listing Trial Measures, (i) domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Overseas Listing Trial Measures within three working days following their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (ii) if the issuer meets both of the following criteria, the overseas offering and listing conducted by such issuer shall be deemed an indirect overseas offering and listing by a PRC domestic company: (A) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from PRC domestic companies; and (B) the majority of the issuer's business activities are carried out in mainland China, or its main place(s) of business are located in mainland China, or the majority of its senior management team in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. In such circumstances, where a PRC domestic company is seeking an indirect overseas offering and listing in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for an initial public offering or listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted.

Based on the above mentioned, we believe that, given that (1) our Operating Subsidiary is located in Hong Kong, (2) we currently do not have, nor do we currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a variable interest entity ("VIE") structure with any entity in mainland China, and (3) 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 (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong), we do not presently foresee material changes to our Operating Subsidiary's operations or the value of our Ordinary Shares resulting from the legal and operational risks relating to the PRC regulations which, in the event such regulatory actions are found to apply, could significantly limit or completely hinder our ability to complete this Offering or cause the value of our Ordinary Shares to significantly decline or become worthless.

Under the Overseas Listing Trial Measures promulgated by the CSRC and effective March 31, 2023, domestic enterprises conducting direct or indirect overseas offerings are required to complete filing procedures with the CSRC. The determination of whether a company constitutes a "domestic enterprise" conducting an indirect overseas offering involves considerations including, among other factors, the location of principal business operations, major assets, management personnel, and whether the primary operating activities are conducted in mainland China. We are incorporated in Hong Kong and do not have any subsidiaries or variable interest entities in mainland China. We maintain a representative office in mainland China, which does not engage in profit-generating activities. Our contracts with customers are entered into by our Hong Kong entity, our revenue is recognized outside mainland China, and our senior management and board-level decision-making functions are located in Hong Kong. As of the

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date of this prospectus, we believe that we are not considered a domestic enterprise under the Overseas Listing Trial Measures and the Overseas Listing Trial Measures do not apply to us, and our listing on Nasdaq Capital Market does not require fulfilling the filing procedure required by the CSRC. However, there can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for this Offering. In the event that we inadvertently concluded that relevant permissions or approvals were not required or that applicable laws, regulations, or interpretations change and we are required to obtain such permissions or approvals in the future, any failure by us to maintain or obtain such permissions or approvals could result in enforcement and other action by the PRC government, including investigations, penalties, fines and orders, which action could significantly limit or completely hinder our ability to operate and offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

Additionally, 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. We are also subject to the risks of uncertainty about any future actions the PRC government or authorities in Hong Kong may take in this regard.

Should the PRC government choose to exercise significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could result in a material change in our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could hinder our ability to continue to offer securities to investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may cause the value of our Ordinary Shares to significantly decline or be worthless.

#### Implications of 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 ("**JOBS Act**"). An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise applicable to larger 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;

&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";

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

&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 chief executive officer 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 until our second annual report on Form 20-F following the effectiveness of the IPO.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933,

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as amended ("**Securities Act**") occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our Ordinary Shares held by non-affiliates, or issue more than $1.0 billion in principal amount of non-convertible debt over a three-year period.

#### Implications of Being a Foreign Private Issuer
We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended ("**Exchange Act**"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to provide as many Exchange Act reports, or 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 Fair Disclosure 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.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

The Nasdaq listing rules provide that a foreign private issuer may follow the practices of its home country, which for us is the Cayman Islands, rather than the Nasdaq rules as to certain corporate governance requirements, including the requirement that the issuer have a majority of independent directors, the audit committee, compensation committee, and nomination committee requirements, the requirement to disclose third-party director and nominee compensation, and the requirement to distribute annual and interim reports. A foreign private issuer that follows a home country practice in lieu of one or more of the listing rules is required to disclose in its annual reports filed with the SEC each requirement that it does not follow and describe the home country practice followed by the issuer in lieu of such requirements. Although we do not currently intend to take advantage of these exceptions to the Nasdaq corporate governance rules, we may in the future take advantage of one or more of these exemptions. **See "Risk Factors — Risks Related to our Ordinary Shares and this Offering — As a company incorporated in the Cayman Islands, which meets the requirements of "foreign private issuer", we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards."**

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#### THE OFFERING

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| | |
|:---|:---|
|  **Securities offered by us**  | 5,000,000 Ordinary Shares. The underwriters have been granted a 45-day option to purchase up to an additional 750,000 Ordinary Shares, representing 15% of the Ordinary Shares offered in this offering, solely to cover over-allotments, if any. |
|  **Price per Ordinary Share**  | We currently estimate that the initial public offering price will be in the range of $4.00 to $5.00 per share. |
|  **Ordinary Shares outstanding prior to completion of this Offering**  | 10,000,000 Ordinary Shares. See "*Description of Shares*" for more information. |
|  **Ordinary Shares outstanding immediately after this Offering**  | 15,000,000 Ordinary Shares assuming no exercise of the underwriters' over-allotment option, and 15,750,000 Ordinary Shares assuming full exercise of the underwriters' over-allotment option. |
|  **Listing**  | We will submit an application to have our Ordinary Shares listed on Nasdaq. The Ordinary Shares will not be listed on any other stock exchange or traded on any automated quotation system. No assurance can be given that such listing will be approved or that a liquid trading market will develop for our Ordinary Shares. The approval of such listing on the Nasdaq is a condition to closing this offering. |
|  **Ticker symbol**  | PNIG |
|  **Transfer Agent**  | VStock Transfer, LLC |
|  **Use of proceeds**  | We estimate that the net proceeds to us from this offering will be approximately $17.4 million, assuming an initial public offering price of $4.00 per share, assuming no exercise of the underwriters' over-allotment option, and approximately $20.1 million if the underwriters exercise the option in full, in each case after deducting underwriting discounts and estimated offering expenses payable by us. |
|  | The principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our Ordinary Shares and facilitate our future access to the capital markets. Plan to use the net proceeds we receive from this offering for the following purposes and in the proportions set out below:<br> (i) approximately 40% for payment of deposits to be used for purchasing our inventories;<br> (ii) approximately 25% for research and development and upgrade of our self-developed software platform, such as Manufacturing Execution System (MES) and Material Parts Retrieval System (MPRS);<br> (iii) approximately 25% for expansion of our sales team by recruiting additional personnel; and<br> (iv) approximately 10% for general working capital needs.<br> See "*Use of Proceeds*" for additional information. |

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| | |
|:---|:---|
|  **Lock-up**  | Our directors, executive officers, and all holders of our securities have agreed, subject to certain customary exceptions, for a period of twelve (12) months after the pricing date of this offering, not to offer, pledge, sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any other securities convertible into or exercisable or exchangeable for Ordinary Shares, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Ordinary Shares. |
|  | In addition, the Company and any successors of the Company has agreed not to file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company for a period of six (6) months from the closing date of this offering. See "Underwriting — Lock-Up Agreements." |
|  **Payment and settlement**  | The underwriters expect to deliver the ordinary shares against payment on [\*], 2026. |
|  **Taxation**  | For Cayman, Hong Kong and U.S. federal income tax considerations with respect to the ownership and disposition of our ordinary shares, see "Taxation." |
|  **Risk factors**  | The Ordinary Shares offered hereby involve a high degree of risk. You should read "*Risk Factors*" beginning on page 14 for a discussion of factors to consider before deciding to invest in our Ordinary Shares. |

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#### RISK FACTORS
*Before you decide to purchase our Ordinary Shares, you should understand the high degree of risk involved. You should consider carefully the following risks and other information in this prospectus, including our consolidated financial statements and related notes. If any of the following risks actually occur, the business, financial condition and operating results could be adversely affected. As a result, the trading price of our Ordinary Shares could decline, perhaps significantly. We believe that an investment in our Ordinary Shares involves certain risks, some of which are beyond our control. These risks can be categorized into (i) risks related to doing business in the jurisdictions in which we operate; (ii) risks related to our business and industry; and (iii) risks related to our Ordinary Shares and this offering; (iv) risks related to our corporate structure. Prospective investors in our Shares should consider carefully all the information set forth in this prospectus.*

#### Risks Related to Doing Business in the Jurisdictions in which We Operate
***There remain uncertainties as to whether we will be required to obtain permissions from the PRC government in connection with this offering. If we were required to obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we would not be able to list on U.S. exchanges and the value of our Ordinary Shares may significantly decline or be worthless, which would materially affect the interest of the investors.***

On December 24, 2021, the CSRC released the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (the "**Draft Overseas Listing Regulations**"), both of which had a comment period that expired on January 23, 2022. The Draft Overseas Listing Regulations regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises", which specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas.

On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines (the "Overseas Listing Trial Measures"), which came into effect on March 31, 2023. Pursuant to the Overseas Listing Trial Measures, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfil the filing procedure and report relevant information to the CSRC; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in the issuer's audited consolidated financial statements for the same period; (ii) its major operational activities are carried out in Chinese Mainland or its main places of business are located in Chinese Mainland, or the senior managers in charge of operation and management of the issuer are mostly Chinese citizens or are domiciled in Chinese Mainland; and (3) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for initial public offering and listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted. Any failure to comply with such filing procedures may result in administrative penalties. On February 24, 2023, the CSRC published Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises. In the overseas listing activities of domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

As of the date of this prospectus, we have been advised by SH Wong & Co, our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, the Company and its subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the continued listing of our Ordinary Shares in the U.S. and issuing our Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiary or denied by any relevant authorities. As of the date of this prospectus, our Operating Subsidiary has received all requisite permissions or approvals from the Hong Kong authorities to operate its businesses

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in Hong Kong, including but not limited to its business registration certificates. However, we have been advised by our Hong Kong counsel that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Concurrently, Pacipic Nexus is incorporated in the Cayman Island but has an operating subsidiary, Mengxun HK, that is incorporated under the laws of Hong Kong. In the opinion of our PRC counsel, Guangdong Shengdian Law Firm, as of the date of this prospectus, we are not required to complete filing procedures with the CSRC pursuant to the requirements of the Overseas Listing Trial Measures because (i) we are headquartered in Hong Kong; (ii) we do not, directly or indirectly, own or control any entity or subsidiary in Chinese Mainland, nor are us controlled by any Chinese Mainland company or individual directly or indirectly; (iii) we operate in Hong Kong and none of our business activities are conducted in Chinese Mainland, and we have not generated revenues or profits from Chinese Mainland in the most recent accounting year accounts for more than 50% of the corresponding figure in our audited consolidated financial statements for the fiscal years ended August 31, 2024 and 2025; (iv) we currently 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 Chinese Mainland; (v) pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Although, we are incorporated in Hong Kong and do not have subsidiaries or VIEs in mainland China, a significant majority of our customers are located in mainland China, and we maintain a representative office which is not constituted a defined "domestic enterprise" under the Overseas Listing Trial Measures in mainland China. The PRC regulatory authorities may take the position that our operations are substantially conducted in mainland China and that we constitute a domestic enterprise conducting an indirect overseas offering under the Overseas Listing Trial Measures. If the CSRC or other PRC authorities determine that we are required to complete filing procedures or obtain additional approvals, we may be subject to fines, administrative penalties, delays in this offering, or other regulatory actions. Any such development could materially and adversely affect our business, financial condition, and the value of our securities.

Should we have any future operations in Chinese Mainland and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC or other PRC regulatory agencies. Should we have any future operations in China these regulatory agencies may also impose fines and penalties on our operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Ordinary Shares. We may be required to restructure our operations to comply with Ordinary Shares. We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Ordinary Shares. In addition, if the CSRC, or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC. As a result, our Ordinary Shares may decline in value dramatically or even become worthless should we become subject to new requirements to obtain permission from the PRC government to issue our Ordinary Shares in the future.

***We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.***

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors ("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 domestic companies in Chinese Mainland and controlled by companies or individuals of Chinese Mainland 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.

As of the date of this prospectus, we have no subsidiary, VIE structure or any direct operations in Chinese Mainland, nor do we intend to have any subsidiary or VIE structure or to acquire any equity interests in any domestic companies in Chinese Mainland. Further, we are headquartered in Hong Kong, and all of our revenues and profits are

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generated by us in Hong Kong. Moreover, pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Therefore, based on our understanding of the PRC laws and regulations currently in effect, as of the date of this prospectus, the CSRC's approval is not required for the listing and trading of our Ordinary Shares in the U.S. exchange as provided under the M&A Rules, and we would not be subject to filing requirements with the CSRC as provided under the Overseas Listing Trial Measures.

Our PRC counsel, Guangdong Shengdian Law Firm, has rendered its opinion that, as of the date of this prospectus, the Company and its Hong Kong operating subsidiary are not required to obtain permissions or approvals for this offering from the China Securities Regulatory Commission (the "CSRC"), including under the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Overseas Listing Trial Measures") effected on March 31, 2023 or any other PRC national authorities. Specifically, under the currently effective PRC laws and regulations, we are not required to seek approval from the CSRC or any other PRC governmental authorities for our overseas listing plan, nor have we received any inquiry, notice, warning, or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities. This conclusion is based on the fact that as of the date of this prospectus: (1) our Company's operating subsidiary is located in Hong Kong, and (2) pursuant to the Basic Law, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). However, in light of the recent statements and regulatory actions by the PRC government, such as those related to the extension of China's oversight and control into Hong Kong, the promulgation of regulations prohibiting foreign ownership of Chinese companies operating in certain industries, which are constantly evolving, and anti-monopoly concerns, we may be subject to the risks of the uncertainty of any future actions of the PRC government in this regard. If it is determined in the future, however, that the approval of the CSRC or any other regulatory authority is required for this offering, the offering will be delayed until we have obtained the relevant approvals. There is also the possibility that we may not be able to obtain or maintain such approval or that we inadvertently concluded that such approval was not required. If the approval was required while we inadvertently concluded that such approval was not required or if applicable laws and regulations or the interpretation of such were modified to require us to obtain the CSRC approval in the future, we may face sanctions by the CSRC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations, limit our ability to pay dividends, limit our operations, or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities.

***Our Operating Subsidiary is incorporated in Hong Kong, which is a special administrative region of the PRC, and our main customers are Mainland China companies, we are subject to certain legal and operational risks associated with our Operating Subsidiaries being based in Hong Kong, and the legal and operational risks associated with operating in Mainland China may also apply to our operations in Hong Kong. Moreover, conducts business in both PRC and Hong Kong. However, due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene or influence our operations, at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China and Hong Kong-based issuers, which could result in a material change in our operations and/or the value of the securities you are registering for sale. Our Operating Subsidiary in Hong Kong may be subject to laws and regulations of Chinese Mainland, which may impair our ability to operate profitably and result in a material negative impact on our operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules, and the enforcement of laws of the PRC may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.***

Our Operating Subsidiary is incorporated in Hong Kong and conducts business in both PRC and Hong Kong, as our main customers are located in Chinese Mainland. As such, our business is subject to extensive regulations and government oversight in Chinese Mainland. Currently, our operations are primarily regulated by local laws and regulations applicable to the manufacturing industry, including those relating to product quality, workplace safety, environmental protection, data security and intellectual property protection. However, the regulatory environment in Chinese Mainland is rapidly evolving, and new or revised laws and regulations may be introduced quickly. These include but are not limited to laws relating to smart manufacturing, industrial digitalization, anti-monopoly, and environmental sustainability.

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Due to the PRC government's broad discretion in regulating and intervening in business operations, we cannot guarantee that we will not be subject to new requirements, stricter licensing or approval processes, enhanced regulatory supervision, or unexpected policy shifts in the future. For instance, if the PRC government imposes additional restrictions on the manufacturing or export of smart machinery and automation equipment, or introduces more stringent rules on data usage and cross-border information transfer, our business operations and customer relationships may be materially and adversely affected. Given the substantial operations of our Operating Subsidiary in Hong Kong and the PRC government may exercise significant oversight over the conduct of business in Hong Kong, in the event that we or our Hong Kong operating subsidiary were to become subject to the laws and regulations of Chinese Mainland, the legal and operational risks associated with Chinese Mainland may also apply to our operations in Hong Kong, and we face the risks and uncertainties associated with the legal system in Chinese Mainland, complex and evolving Chinese Mainland laws and regulations, and as to whether and how the recent PRC government statements and regulatory actions by China's government, such as those relating to the use of variable interest entities and anti-monopoly concerns, have or may impact the Company's ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange. These risks could result in a material change in the Company's operations and/or the value of the securities of the Company is registering for sale or could significantly limit or completely hinder the Company's ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

The laws and regulations in Chinese Mainland are evolving, and their enactment timetable, interpretation, enforcement, and implementation involve certain uncertainties, and may change quickly, along with the risk that the PRC government may exert more control over offerings conducted overseas and/or foreign investment in China and Hong Kong-based issuers, which could result in a material change in our operations and/or the value of the securities you are registering for sale.

Furthermore, any significant change in government policies of Chinese Mainland relating to industrial upgrading, digital transformation, green manufacturing, or financial incentives in support of smart manufacturing could affect the demand for our products and solutions, as our business model is closely aligned with these national strategic initiatives. If our Operating Subsidiary becomes subject to unexpected regulatory measures or increased government intervention, we may face substantial compliance costs, operational delays, and business uncertainties, which could materially and adversely impact our business, financial condition and results of operations.

#### Changes in China's economic, political or social conditions or government policies could have a material adverse effect on our business and operations.
Our operations are conducted in Hong Kong and a majority of our clients are located in Chinese Mainland. Hong Kong is a Special Administrative Region of the PRC, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities. Accordingly, our business, financial condition, results of operations, and prospects may be influenced to a significant degree by political, economic, and social conditions in the PRC generally. The Chinese economy differs from the economies of most developed countries in many respects, including the level of government involvement, development, growth rate, control of foreign exchange, and allocation of resources. Although the Chinese government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in the PRC is still owned by the government. In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies.

While the Chinese economy has experienced significant growth over the past decades, any adverse changes in economic conditions in the PRC, in the policies of the Chinese government, or in the laws and regulations in the PRC could have a material adverse effect on the overall economic growth of the PRC. Such developments could adversely affect our business and operating results, lead to a reduction in demand for our services, and adversely affect our competitive position.

#### Interpretation of PRC laws and the implementation of National Security Law in Hong Kong involve uncertainty.
Since 1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The PRC legal system is a civil law system based on written statutes. Prior court decisions are encouraged to be used for reference, but it remains unclear to what extent the prior court decisions may impact the current court ruling as the encouragement policy is new and there is limited judicial practice in this

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regard. Since a large number of laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, and regulations and rules are not always uniform and the enforcement of these laws, regulations and rules involves uncertainties. The same concerns apply to the National Security Law in Hong Kong. The Hong Kong authorities have announced their intention to enact further national security legislations in 2024. The details of these laws are yet unknown. They may have a further impact on foreign organizations operating in Hong Kong.

Depending on the government agency or how an application or case is presented to such agency, we may receive less favorable interpretations of laws and regulations than our competitors, particularly if a competitor has long been established in the locality of and has developed a relationship with such agency. In addition, any litigation may be protracted and result in substantial costs and a diversion of resources and management attention. All of these uncertainties may cause difficulties in the enforcement of our rights, entitlements under our permits and other statutory and contractual rights and interests.

On March 8, 2024, the Hong Kong Special Administrative Region Government issued the Safeguarding National Security Bill (the "**Bill**"). The Bill as amended was then approved and passed at a full Legislative Council meeting on March 19, 2024. The Safeguarding National Security Ordinance (the "**Ordinance**") became law and took effect from March 23, 2024. According to the Chief Executive of the Hong Kong Special Administrative Region, the Ordinance demonstrates three key objectives: (1) to resolutely, fully and faithfully implement the policy of "one country, two systems" under which the people of Hong Kong administer Hong Kong with a high degree of autonomy; (2) to establish and improve the legal system and enforcement mechanisms for the Hong Kong Special Administrative Region to safeguard national security; and (3) to prevent, suppress and punish acts and activities endangering national security in accordance with the law, to protect the lawful rights and interests of the residents of the Hong Kong Special Administrative Region and other people in the Hong Kong Special Administrative Region, to ensure the property and investment in the Hong Kong Special Administrative Region are protected by the law, to maintain prosperity and stability of the Hong Kong Special Administrative Region. The Ordinance introduces significant uncertainty for businesses operating in Hong Kong. This law grants authorities broad powers to address perceived threats to national security, but its implementation and interpretation remain fluid. The Ordinance applies not only within Hong Kong but also to activities conducted outside its borders. Businesses with international operations may face legal risks if their actions are perceived as undermining national security, even if those actions occur elsewhere. Companies may inadvertently violate the law due to its complexity and evolving interpretation. Compliance costs, legal challenges, and reputational damage could result from inadvertent non-compliance. The uncertainty surrounding the Ordinance may deter foreign investment, impact investor confidence, and affect Hong Kong's status as a global financial hub. All of these may adversely affect our operations in Hong Kong.

#### U.S. regulatory bodies may be limited in their ability to conduct investigations or inspections of our operations in Hong Kong.
Any disclosure of documents or information located in Hong Kong or PRC by foreign agencies may be subject to jurisdiction constraints and must comply with PRC's state secrecy laws, which broadly define the scope of "state secrets" to include matters involving economic interests and technologies. There is no guarantee that requests from U.S. federal or state regulators or agencies to investigate or inspect our operations will be honored by us, by entities that provide services to us or with whom we associate, without violating PRC legal requirements, especially as those entities are located in Hong Kong or PRC. Furthermore, under the current PRC laws, an on-site inspection of our facilities by any of these regulators may be limited or prohibited.

#### Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations conducted in Hong Kong by its subsidiary.
Pacipic Nexus is a holding company incorporated in the Cayman Islands with no material operations of its own. As a holding company with no material operations of its own, Pacipic Nexus conducts its operations in Hong Kong through its subsidiary, Mengxun HK, our Operating Subsidiary incorporated in Hong Kong. The Ordinary Shares offered in this offering are shares of Pacipic Nexus, the Cayman Islands holding company, instead of shares of our Hong Kong subsidiary. Investors in this offering will not directly hold equity interests in the Hong Kong subsidiary.

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***Although the audit report included in this prospectus is issued by U.S. auditors who are currently subject to inspection inspected by the PCAOB, there is no guarantee that future audit reports will be issued by auditors who are to inspection by the PCAOB and, as such, in the future investors may be deprived of the benefits of such inspection. Furthermore, trading in our Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which became law on December 29, 2022 and amends the HFCAA 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, and thus, reduces the time before our Ordinary Shares may be prohibited from trading or delisted.***

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

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

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

On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the 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 Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, 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 HFCAA, which took effect on January 10, 2022. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

On December 16, 2021, PCAOB announced the PCAOB HFCAA determinations (the **"PCAOB determinations**") relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in the PRC and dependency of the PRC, because of a position taken by one or more authorities in the PRC. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCAA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to Chinese Mainland Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, Wei, Wei & Co., LLP is headquartered in New York, and is subject to the PCAOB inspection.

On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "**SOP**") with the CSRC and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (the "**SOP Agreement**"), establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in the PRC, as required under U.S. law. The Agreement remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion to select any audit

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firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction. According to the PCAOB, its December 2021 determinations under the HFCAA remain in effect. The PCAOB is required to reassess these determinations by the end of 2022. Under the PCAOB's rules, a reassessment of a determination under the HFCAA may result in the PCAOB reaffirming, modifying or vacating the determination.

On December 15, 2022, PCAOB announced that it was able to secure complete access to inspect and investigate audit firms in the PRC for the first time in history, and released the 2022 HFCAA Determination Report (the "**Report**"). The Report states that PCAOB (1) is able to select engagements, audit areas, and potential violations to be reviewed or investigated; (2) has timely access to, and the ability to retain and use, any document or information that PCAOB considers relevant to an inspection or investigation; and (3) is able to conduct inspections and investigations in a manner consistent with the provisions of HFCAA and the rules of PCAOB, as interpreted and applied by PCAOB. The Report concludes that, consistent with the HFCAA, PCAOB is able to inspect and investigate completely firms headquartered in the PRC and Hong Kong. However, the PCAOB didn't exclude the possibility of losing complete access again and made clear that, if in the future it determines it no longer can inspect or investigate completely because of a position taken by any PRC authorities, it will act expeditiously according to the HFCAA.

Our auditor, Assentsure PAC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in Singapore, and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Assentsure PAC's triannual inspection by the PCAOB was completed in September 2024. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the PCAOB determinations. However, the recent developments would add uncertainties to our offering, and we cannot assure you whether Nasdaq or regulatory authorities would not apply additional and/or more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, the adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

The SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President's Working Group on Financial Markets (the "**PWG**"), issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfil its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some of the recommendations were more stringent than the HFCAA. For example, if a company's auditor was not subject to PCAOB inspection, the report recommended that the transition period before a company would be delisted would end on January 1, 2022.

The SEC has announced that the SEC staff is also actively assessing how best to implement other requirements of the HFCAA, including the identification process and the trading prohibition requirements, and is preparing a consolidated proposal for the rules regarding the implementation of the HFCAA and to address the recommendations in the PWG report. It is unclear when the SEC will complete its rulemaking and when such rules will become effective and what, if any, of the PWG recommendations will be adopted. The implications of this possible regulation, in addition to the requirements of the HFCAA, are uncertain. Such uncertainty could cause the market price of our Ordinary Shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded on the U.S. national securities exchange earlier than would be required by the HFCAA. If it were determined that the PCAOB is unable to inspect or investigate our auditor completely, the trading in our Ordinary Shares would be prohibited, and as a result, Nasdaq might determine to delist our Ordinary Shares. If our Ordinary Shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares.

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#### Risks Relating to Our Business and Industry
***We are subject to risks and uncertainties associated with operating in a rapidly developing and evolving industry. Our historical growth rate may not be indicative of our future performance.***

While we have operated a machinery trading business in Hong Kong since 2015, our historical growth rate may not be indicative of our future performance. Many of the factors discussed below could adversely affect our business and prospects and future performance.

You should consider our business and prospects in light of the risks and uncertainties we face as a fast-growing company operating in a rapidly developing and evolving market. We may not be successful in addressing the risks and uncertainties listed above, among others, which may materially and adversely affect our business and prospects and future performance.

***Our business and operations may be adversely affected by disruptions, cost increases, or uncertainties in our global supply chain and international procurement due to the reliance on specific suppliers.***

We rely on a global network of suppliers across more than 30 countries in Asia, Europe, and the Americas for the procurement of critical components and production equipment. While such a diversified supply chain provides us with procurement flexibility, it also exposes us to risks associated with international trade and geopolitical uncertainties. In recent years, trade frictions, tariff disputes, and export control measures among China, the United States, and the European Union have occurred frequently. Any future imposition of new trade restrictions, increases in import tariffs, tightening of export licensing requirements, or foreign exchange settlement limitations could adversely affect our direct relationships with overseas suppliers, materially increase our procurement costs.

In addition, the global logistics system is inherently vulnerable. Disruptions or delays caused by pandemics, armed conflicts, natural disasters, transportation bottlenecks, or significant increases in freight costs could impair our delivery commitments. We rely on external suppliers to provide key technical components, such as high-precision servo motors and numerical control systems. Insufficient technical support from suppliers, interruptions in supply, or price fluctuations could all potentially affect our ability to deliver customized projects, forcing us to rely on alternative suppliers that may be more expensive or of less reliable quality. Prolonged or severe supply chain risks could materially and adversely affect our delivery capabilities, and overall competitiveness in the global market.

***We are exposed to concentration risk of heavy reliance on our major suppliers for the supply of our products, and any shortage of, or delay in, the supply may significantly impact on our business and results of operation.***

We cooperate with various suppliers when conducting our business. We have three and two suppliers who accounted for more than 10% of the Company's purchase in the years ended August 31, 2024 and 2025, respectively. If we are not able to retain our existing suppliers, the quality of our products and services may decline, which will hinder our business growth.

The occurrence of any of these circumstances may significantly hinder our ability to carry out our business operations and increase the customer base we can reach, and may significantly increase our expense and thus our business, financial condition, results of operation, and prospects may be materially and adversely affected.

Furthermore, our machinery business relies on qualified manufacturers to assemble the equipment. However, we may not have sufficient controls over the quality of the final products assembled by the qualified manufacturers. In the event that the qualified vehicles manufacturers cannot meet our requirements or standards, our clients may not purchase our products and our reputation will suffer.

***Any actual or perceived quality issues in our customized machinery solutions may result in the loss of customers, cancellation of orders, or product liability claims.***

Our business success depends heavily on our ability to consistently deliver reliable, high-precision customized machinery and intelligent manufacturing solutions that meet the stringent requirements of industries such as automotive, 3C electronics, and automation. We cannot assure you that our quality control systems will always be effective, particularly as our solutions often involve complex integration of equipment from multiple international suppliers and the adoption of advanced technologies such as predictive maintenance.

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If the quality of our products or systems deteriorates for any reason, or if our customers perceive that our machinery does not deliver the expected performance or precision, we may face product returns, order cancellations, delays in acceptance, or damage to long-term customer relationships. In addition, defective products or system failures could cause significant production downtime for our customers, which may result in customer claims for damages or even product liability lawsuits.

Furthermore, because many of our solutions are tailor-made for large-scale production processes, even isolated quality issues can have a magnified impact on customer operations. We may be required to recall defective products or provide costly replacements or additional technical support, all of which would increase our operating expenses and divert management resources. Even if we ultimately prevail in defending against liability claims, we could incur substantial costs in legal proceedings, and our reputation for quality and reliability could be harmed. Accordingly, any actual or perceived quality problems associated with our customized machinery solutions could materially and adversely affect our business, financial condition, results of operations, and growth prospects.

#### Our facilities, technology platforms, and operations may require significant investment and periodic upgrades.
As a provider of customized high-precision machinery and intelligent manufacturing solutions, our business depends on the reliability and sophistication of our production, integration, and testing facilities, as well as our proprietary modular design platforms. These facilities and systems may require significant investment and periodic upgrades due to depreciation, rapid technological change, or business growth. As a result, our costs may increase, and if we are not successful in recovering such costs through increased revenues or efficiency gains, our profitability could decline. The timely completion of facility expansions or system upgrades depends on a number of factors, including our ability to secure adequate funding, the availability of advanced components and equipment from our global supply chain, and the technical capability of our engineering teams. Delays or cost overruns in such projects may temporarily limit our production capacity, hinder our ability to deliver customized solutions on schedule, and disrupt ongoing customer projects.

As we continue to integrate advanced technologies such as industrial IoT and predictive maintenance into our solutions, we may be required to make substantial additional investments in research and development infrastructure, specialized testing equipment, and talent recruitment. If we fail to execute these investments effectively, our competitiveness may weaken, and our business, financial condition, results of operations, and prospects may be materially and adversely affected.

#### Our business may be affected if we fail to keep pace with rapid technological advancements in the machine tool and intelligent manufacturing industry.
The machine tool and intelligent manufacturing industry is characterized by rapid technological innovation and continuous upgrades in automation, digitalization, and smart manufacturing capabilities. Our customers, particularly in the automotive, 3C electronics, and automation industries, increasingly demand advanced solutions that integrate artificial intelligence, industrial IoT, predictive maintenance, adaptive process control, and real-time data analytics. We cannot assure you that our research and development efforts will always be successful or that we will be able to anticipate technological trends in a timely manner. If we fail to develop and introduce new products or solutions that meet evolving customer expectations, our existing offerings may quickly become outdated, and our ability to maintain or expand our market position could be materially and adversely affected.

Moreover, continuous investment is required to upgrade our modular design platforms, enhance system integration capabilities, and collaborate with leading international research institutions. If we are unable to commit sufficient financial, technical, and human resources to such initiatives, or if our innovation cycle lags behind that of our competitors, we may lose key customers to alternative providers offering more advanced or cost-efficient solutions. Accordingly, our failure to keep pace with industry innovation and to respond effectively to shifting market demands could have a material adverse effect on our business, financial condition, results of operations, and long-term growth prospects.

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#### Our significant research and development requirements may increase our costs, and the return on such investments may be uncertain or delayed.
As a technology-driven enterprise, our competitiveness depends heavily on our ability to invest in and advance research and development ("R&D"). We currently focus on four major R&D directions: (i) intelligent diagnostics and predictive maintenance technologies, (ii) adaptive machining control systems, (iii) modular customized design platforms, and (iv) green manufacturing and energy-saving technologies. Each of these initiatives requires substantial and continuous investments in both financial resources and highly skilled technical personnel.

The costs associated with our R&D activities may increase over time as technology becomes more sophisticated, customer requirements become more demanding, and competition intensifies. Moreover, the payback period for R&D investments in the machine tool and intelligent manufacturing industry can be lengthy and uncertain. There is no assurance that our R&D efforts will result in commercially viable products or generate sufficient customer adoption to offset the costs incurred. If we are unable to effectively manage our R&D expenditures, secure and retain the necessary talent, or achieve expected returns on our technology investments, our profitability may be adversely affected. In addition, any delays or failures in developing innovative solutions in our targeted R&D areas could erode our competitive position, negatively impacting our business, financial condition, results of operations, and long-term growth prospects.

***Our business depends on our ability to attract, retain, and motivate highly skilled technical personnel, and we face significant competition and costs in doing so.***

As a technology-driven enterprise, our success relies heavily on the expertise and commitment of highly skilled engineers, researchers, and industry experts. We have established a technical team led by three senior experts with deep experience in industrial equipment manufacturing, production systems, and smart manufacturing technologies. To sustain our competitive advantage and ensure the continuity of our research and development ("R&D") initiatives, we must continue to attract, retain, and motivate top-tier technical talent.

To remain competitive in the labor market, we are required to provide attractive compensation packages, comprehensive employee benefits, and clear career development and promotion opportunities. These measures, while necessary, result in significant human resource costs and may place pressure on our operating margins. Furthermore, the market demand for high-tech talent is intense, particularly in fields such as artificial intelligence, industrial IoT, and smart manufacturing. We face significant competition from both domestic and international companies for such talent, and there is no assurance that we will be able to retain our existing personnel or recruit new talent at the pace required for our growth. Any loss of key technical staff or inability to attract qualified personnel could disrupt our ongoing R&D projects, delay product development, and adversely affect our operational efficiency and long-term growth prospects.

***A significant portion of our revenues is concentrated in customers located in Chinese Mainland, and any loss of major customers may materially and adversely affect our business.***

A substantial majority of our revenues are derived from customers in Chinese Mainland. While this concentration reflects our strong market position in the region, it also exposes us to heightened risks if there are disruptions in demand from this market. We are heavily dependent on our top customers, who are automobile manufacturers. For the year ended August 31, 2024 and 2025, our top five customers collectively contributed approximately 80% and 90% to our revenue, respectively. We do not maintain long-term agreements with the top customers and the services agreements with the top customers are made on a per-project basis. Therefore, we cannot be certain that our revenues from the top customers will continue. Our customer base is relatively concentrated, and the loss of, or material reduction in purchases by, a small number of significant customers could have a disproportionately large adverse impact on our revenues and operating results. Such risks may arise if our customers experience financial difficulties, undergo restructuring, or adjust their procurement strategies.

In addition, our reliance on customers in Chinese Mainland increases our exposure to regional economic, regulatory, and competitive conditions. Any deterioration in local market demand, changes in government policies, or increased competition from domestic suppliers may directly affect our revenues. We cannot assure you that we will be able to diversify our customer base geographically or across industries in a timely manner. Accordingly, the reduction, delay, or termination of orders by any of our key customers could materially and adversely affect our business, financial condition, and prospects.

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#### Our business is subject to risks associated with global macroeconomic conditions and cyclical fluctuations in our key industries.
Our customers operate in industries such as automotive, 3C electronics, and automation, which are highly cyclical and heavily influenced by global macroeconomic conditions. During periods of economic downturn, consumer demand weakens, capital expenditures decline, and customers may reduce or postpone their investments in production equipment and automation systems. Such cyclical slowdowns could materially reduce demand for our products and services.

In particular, the automotive industry is undergoing a significant transformation driven by electrification and intelligent manufacturing trends. These shifts are heavily dependent on government incentives, subsidies, and regulatory frameworks. If government support weakens or policies change unfavorably, investment in these areas could slow significantly. Similarly, macroeconomic factors such as inflation, rising interest rates, or geopolitical instability could constrain customers' investment budgets and lead to delays in new projects. Any prolonged economic slowdown or unfavorable policy change could materially and adversely affect our revenues, profitability, and long-term growth prospects.

#### Our gross margins may fluctuate significantly due to the customized nature of our products and volatility in raw material prices.
Our products and solutions are highly customized to meet the specific requirements of each customer. As a result, our gross margins vary from project to project, depending on the scale, complexity, and scope of the equipment or solution provided. Large, highly complex projects may require significant upfront engineering and production costs, which may reduce profitability, particularly if we face delays, scope changes, or cost overruns.

Furthermore, our margins are vulnerable to fluctuations in the costs of raw materials and components, many of which are procured from overseas suppliers. Increases in the prices of steel, electronic components, or precision parts may not be fully passed on to customers due to contractual constraints or competitive pressures. In such cases, our gross margins could decline significantly. Additionally, as we continue to integrate advanced technologies such as predictive maintenance and adaptive control systems into our solutions, the costs of innovation may further pressure profitability. Any failure to effectively manage these risks could materially and adversely impact our financial performance.

#### Our accounts receivable and cash flow may be adversely affected by delayed payments or customer defaults.
Many of our projects involve large-scale customized equipment and solutions, which typically require long design, production, and installation cycles. These projects often involve extended payment terms, resulting in a significant portion of our revenues being tied up in accounts receivable. This creates exposure to payment delays and credit risks from our customers. If customers delay payments due to financial difficulties, operational issues, or changes in their investment priorities, our working capital and liquidity may be negatively impacted. In more severe cases, customer defaults could result in the complete loss of receivables and potentially lead to legal disputes, which would further increase costs and consume management resources. Our reliance on a limited number of large projects exacerbates this risk, as payment delays from even a single customer could materially impact our cash flow.

Furthermore, strained cash flow may limit our ability to fund R&D initiatives, expand production capacity, or meet our own financial obligations to suppliers and employees. Accordingly, any sustained delays or defaults in customer payments could materially and adversely affect our business operations, financial condition, and growth prospects.

#### We are exposed to foreign exchange risks due to our reliance on international suppliers and cross-border transactions.
While the majority of our revenues are generated from customers in Chinese Mainland, we source a significant portion of our raw materials, components, and precision parts from overseas suppliers. As a result, we are exposed to foreign exchange risks arising from fluctuations in currency exchange rates, particularly among the Renminbi, U.S. dollar, euro, and Japanese yen.

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Adverse currency movements could increase our procurement costs and reduce our margins, particularly if exchange rate volatility is sudden or severe. While we may seek to manage these risks through pricing adjustments or, in some cases, financial instruments, we cannot assure you that such measures will be effective or sufficient. Additionally, exchange rate fluctuations may also impact the competitiveness of our products in international markets, as currency appreciation may increase the relative cost of our solutions compared to those of global competitors.

Prolonged or significant foreign exchange volatility could materially affect our operating expenses, profitability, and overall financial condition. Given our reliance on a global supply chain, these risks are an inherent part of our business and may continue to adversely impact our results of operations.

#### We may incur losses or experience business disruptions as a result of natural disasters, pandemics, geopolitical conflicts, or other unforeseen catastrophic events.
Our business, financial condition, and results of operations may be materially and adversely affected by catastrophic events or other business continuity problems, including natural disasters, pandemics, power outages, transportation disruptions, telecommunications failures, fire, floods, earthquakes, typhoons, terrorist attacks, acts of war, riots, political unrest, or other unforeseen events. Such incidents could disrupt our ability to deliver customized machinery and intelligent manufacturing solutions, impair communications with customers, delay project implementation, or cause damage to our facilities and technology systems. In addition, breakdowns of supply chain logistics or global transportation networks could further hinder our capacity to meet contractual obligations.

Our Operating Subsidiary is located in Hong Kong, and most of our management and employees are based in Hong Kong and Chinese Mainland. Consequently, we are particularly vulnerable to risks affecting the Greater China region, including public health crises, infrastructure disruptions, and government-imposed restrictions. A disaster or disruption directly affecting our headquarters, our regional operating sites, or critical suppliers could have a material adverse impact on our ability to continue operations without interruption.

Additionally, the ongoing armed conflicts, such as the Russia — Ukraine war in Europe and the Israel — Hamas conflict in the Middle East, have created global uncertainty, market volatility, and disruptions to energy prices, trade routes, and financial markets. Although we do not have direct operations or suppliers in these regions, such conflicts and the resulting sanctions and geopolitical instability could negatively impact global demand, logistics costs, and capital markets, which may indirectly affect our customers' investment activities and our overall business performance.

Furthermore, broader turbulence in international financial markets — including fluctuations in exchange rates, inflationary pressures, interest rate hikes, or restrictions on access to capital — could limit our ability to finance operations or expand our R&D initiatives. Political and economic uncertainties, including the outcome of Sino — U.S. trade disputes or changes in PRC industrial and fiscal policy, could also create additional risks. The timing, scale, and severity of such events are unpredictable, and our inability to successfully mitigate or recover from them could result in material financial losses, reputational damage, regulatory scrutiny, or legal liability.

#### The Operating Subsidiary' businesses are geographically concentrated, which subjects it to greater risks from changes in local or regional conditions.
The Operating Subsidiary' current operations are substantially located in Hong Kong. Due to this geographic concentration, our financial condition and operating results are subject to greater risks from changes in general economic and other conditions in Hong Kong, than the operations of more geographically diversified competitors. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in economic conditions and unemployment rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the competitive environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse weather conditions and natural disasters.

As a result of the geographic concentration of the Operating Subsidiary' businesses, we face a greater risk of a negative impact on our business, financial condition, results of operations, and prospects in the event that Hong Kong is more severely impacted by any such adverse condition, as compared to other countries or regions.

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#### We have limited insurance coverage, and any claims beyond our insurance coverage may result in our incurring substantial costs and a diversion of resources.
We maintain insurance policies that are required under applicable laws and regulations as well as insurance based on our assessment of our operational needs and industry practice. However, our insurance coverage may be insufficient to cover any claim for product liability, damage to our fixed assets or employee injuries. Any liability or damage to, or caused by, our facilities or our personnel beyond our insurance coverage may result in our incurring substantial costs and a diversion of resources.

We also expect that operating as a public company will make it more expensive for us to obtain director and officer liability insurance, since we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified people to serve on our Board of Directors, our board committees or as our executive officers. We do not know, however, if we will be able to maintain existing insurance with adequate levels of coverage. Any significant uninsured liability may result in a substantial amount of payments, which would adversely affect our cash position and results of operations.

***We are dependent on our senior management team and other key employees, and the loss of any such personnel could materially and adversely affect our business, operating results and financial conditions.***

We believe that our performance and success are, to a certain extent, attributable to the extensive industry knowledge and experience of our key executives and personnel. Our continued success is dependent, to a large extent, on the ability to attract and retain the services of the key management team. However, competition for key personnel in our industry is intense. We may not be able to retain the services of our directors or other key personnel, or attract and retain high-quality personnel in the future. If any of our key personnel departs from us, and we are not able to recruit a suitable replacement with comparable experience to join us on a timely basis, our business, operations and financial conditions may be materially and adversely affected.

***We may not be able to ensure the successful implementation of our future plans and strategies, which could adversely affect our business and financial performance.***

We are a leading provider of customized high-end machine tools and intelligent manufacturing solutions, serving primarily the automotive, 3C electronics, and automation industries. Our ability to successfully implement these plans and strategies is subject to numerous uncertainties and challenges. For example, achieving growth in subscription and service revenues requires us to continue investing heavily in R&D to develop advanced systems in areas such as predictive maintenance, adaptive machining control, modular design platforms, and energy-efficient manufacturing. These investments are costly and may take a long time to generate meaningful returns. Moreover, market acceptance of new service models, including subscription-based digital solutions, is uncertain, and customers may be reluctant to adopt them.

In addition, our expansion strategies depend on various external factors, including macroeconomic conditions, demand cycles in the automotive and 3C electronics industries, the stability of our global supply chain, and evolving regulatory policies in China and abroad. Any adverse development in these areas could delay or prevent us from executing our strategic objectives. Failure to successfully implement our future plans, whether due to insufficient funding, lack of market adoption, cost overruns, or unforeseen operational difficulties, may materially and adversely affect our revenues, cash flow, and long-term growth prospects. If we cannot effectively transition from a model heavily reliant on equipment sales to one with a broader mix of services and recurring revenues, our business resilience may weaken, resulting in reduced financial performance and limited capacity to respond to market or industry changes.

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

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

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As of the date of this prospectus, whilst we have not experienced any claims for intellectual property rights infringement, there is no assurance that the products, services, technologies and advertising we use in our business do not or will not infringe valid intellectual property rights held by third parties in the future.

In the event of any claims or litigation by third parties involving infringement of their intellectual property rights, whether with or without merit, our operations and financial performance may be adversely affected. The process of seeking patent protection can be lengthy and expensive, and our existing and future patents may be insufficient to provide us with meaningful protection or commercial advantage. Our patents and patent applications may also be challenged, invalidated or circumvented.

#### Risks Related to our Ordinary Shares and this Offering
***There has been no public market for our Ordinary Shares prior to this offering; if an active trading market does not develop, you may not be able to resell our Ordinary Shares at any reasonable price.***

The offering under this prospectus is an offering of our Ordinary Shares. Prior to the closing of the offering, there was no public market for our Ordinary Shares. While we plan to list our Ordinary Shares on the Nasdaq Capital Market, our listing application may not be approved. If our application to the Nasdaq Capital Market is not approved or we otherwise determine that we will not be able to secure the listing of the Ordinary Shares on the Nasdaq Capital Market, we will not complete the offering. In addition, an active trading market may not develop following the closing or, if developed, may not be sustained. The lack of an active market may impair your ability to sell your Ordinary Shares at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling Ordinary Shares and may impair our ability to acquire other companies by using our Ordinary Shares as consideration.

#### An active trading market for our Ordinary Shares may not be maintained and the trading price for our Ordinary Shares may fluctuate significantly.
We cannot assure you that a liquid public market for our Ordinary Shares will be maintained. If an active public market for our Ordinary Shares is not maintained, the market price and liquidity of our Ordinary Shares may be materially and adversely affected. The public offering price for our Ordinary Shares in the public offering was determined based upon several factors, and we can provide no assurance that the trading price of our Ordinary Shares after the public offering will not decline below the public offering price. As a result, investors in our Ordinary Shares may experience a significant decrease in the value of their shares.

#### The trading price of our Ordinary Shares may be volatile, which could result in substantial losses to investors.
The trading price of our Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in the PRC or Hong Kong that may have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our Ordinary Shares may be highly volatile for factors specific to our Operating Subsidiary' operations, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our Operating Subsidiary' revenues, earnings and cash flow;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential litigation or regulatory investigations.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

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

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

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

Holders of our 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 Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our Company's financial performance and public image and negatively affect the long-term liquidity of our Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our shares, the market price for our shares and trading volume could decline.***

The trading market for our shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who cover us downgrade our shares, the market price for our shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our shares to decline.

#### The sale or availability for sale of substantial amounts of our Ordinary Shares could adversely affect their market price.
Sales of substantial amounts of our shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our shares and could materially impair our ability to raise capital through equity offerings in the future. As of the date of this prospectus, we have 10,000,000 issued and Ordinary Shares outstanding. The Ordinary Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and Ordinary Shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701

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under the Securities Act and applicable lock-up agreements. There will be [\*] Ordinary Shares issued and outstanding immediately after this offering, without taking into account of the Ordinary Shares. We cannot predict what effect, if any, market sales of securities held by our controlling shareholder or any other shareholder or the availability of these securities for future sale will have on the market price of our shares.

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

***Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on price appreciation of the Ordinary Shares for return on your investment.***

We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in the Ordinary Shares as a source for any future dividend income.

Our board of directors has discretion as to whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out of profits or share premium; provided that in no circumstances may a dividend be paid if, following the date on which the dividend is proposed to be paid, our company would be unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased the Ordinary Shares. You may not realize a return on your investment in our Ordinary Shares and you may even lose your entire investment in our Ordinary Shares.

***We may need additional capital and may sell additional Ordinary Shares or other equity securities or incur indebtedness, which could result in additional dilution to our shareholders or increase our debt service obligations.***

We may require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity securities or equity-linked debt securities could result in additional dilution to our shareholders. The incurrence of indebtedness would result in debt service obligations and could result in operating and financing covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or terms acceptable to us, if at all.

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

The allocation of net proceeds of the offering set forth in the "Use of Proceeds" section below represents our estimates based upon our current plans and assumptions regarding the industry and general economic conditions, and our future revenues and expenditures. We currently intend to use the net proceeds from this offering to (i) 40% for payment of deposits to be used for purchasing our inventories; (ii) approximately 25% for research and development and upgrade of our self-developed software platform, such as Manufacturing Execution System and Material Parts Retrieval System; (iii) approximately 25% for expansion of our sales team by recruiting additional personnel; and (iv) approximately 10% for general working capital needs. However, the amounts and timing of our actual expenditures will depend on numerous factors, including market conditions, cash generated by our operations, business developments and rate of growth. Management has broad discretion over the use of proceeds of this offering and we may find it necessary or advisable to use all or portions of the proceeds from this offering for other purposes. Circumstances that may give rise to a change in the use of proceeds and the alternate purposes for which the proceeds may be used are discussed in the section entitled "Use of Proceeds." You may not have an opportunity to evaluate the economic, financial or other information on which we base our decisions on how to use our proceeds. As a result, you and other shareholders may not agree with our decisions. Our failure to apply these funds effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or preserve value. See "*Use of Proceeds*" for additional information.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 75% of our gross income for the year is passive income; or

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

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

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

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

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "Material United States Federal Income Tax Considerations-Passive Foreign Investment Company Rules."

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***As a company incorporated in the Cayman Islands, which meets the requirements of "foreign private issuer", we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a majority of the board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require non-management directors to meet on a regular basis without management present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an independent compensation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an independent nominating committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such as transactions, other than a public offering, involving the sale of 20% or more of our Ordinary Shares for less than the greater of book or market value of the shares.

As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on the Nasdaq. Therefore, we have a fully independent audit committee, in accordance with Rule 10A-3 of the Exchange Act. However, because we are a foreign private issuer, our audit committee is not subject to additional Nasdaq corporate governance requirements applicable to listed U.S. companies, including the requirements to have a minimum of three members and to affirmatively determine that all members are "independent," using more stringent criteria than those applicable to us as a foreign private issuer.

Further, because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material non-public information under Regulation FD.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of Nasdaq. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you if you were investing in a U.S. domestic issuer.

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

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our Post-offering memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands, and the common law of the Cayman Islands. The rights of shareholders to take action against our directors and us, actions by minority shareholders and the fiduciary duties of our directors to us under

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Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the English common law, the decisions of those courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws than the United States and provide significantly less protection to investors. In particular, the Cayman 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 Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgages and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our post-offering memorandum and articles of association that will become effective upon the effective date of this registration statement to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

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

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of the Board of Directors or controlling shareholders 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 Cayman Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Shares — Differences in Corporate Law."

***Because we are a Cayman Islands company and most of our management and employees are based in Hong Kong and Chinese Mainland, you may be unable to bring an action against us or our officers and directors or to enforce any judgment you may obtain.***

We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, a majority of our directors and executive officers are nationals or residents of jurisdictions other than the United States and most of their assets are located outside the United States. There is currently no arrangement providing for the reciprocal enforcement of judgements between Hong Kong and the United States, as such judgments of United States courts will not be directly enforced in Hong Kong. There is uncertainty as to whether the courts of Hong Kong would: (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. Judgments rendered by United States courts face similar uncertainties regarding their enforceability in Chinese Mainland. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, see "Enforcement of Civil Liabilities." As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

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

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

#### We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

***We have incurred significantly increased costs and devote substantial management time as a result of the listing of our Ordinary Shares on the Nasdaq Capital Market.***

We intend to apply for listing on the Nasdaq Stock Market. Upon our listing and for the foreseeable future, we expect to incur additional legal, accounting, and other expenses, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and Nasdaq rules, including applicable corporate governance practices. Compliance with these requirements is expected to increase our legal and financial compliance costs and make some activities more time-consuming and costly. In addition, our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the number of additional costs we may incur as a result.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from

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revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us and our business may be adversely affected.

#### You will experience immediate and substantial dilution.
The public offering price of our shares is substantially higher than the pro forma net tangible book value per share of our Ordinary Shares. Assuming the completion of the firm commitment offering and no exercise of the over-allotment option by the underwriter, if you purchase shares in this offering, you will incur immediate dilution of approximately $2.79 or approximately 69.75% in the pro forma net tangible book value per share from the price per Ordinary Share that you pay for the shares. Accordingly, if you purchase shares in this offering, you will incur immediate and substantial dilution of your investment. See "*Dilution.*"

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

#### Risks Related to Our Corporate Structure
***We will rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements. In the future, to the extent funds or assets in the business are in Hong Kong or a Hong Kong entity, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to possible interventions in, or the imposition of restrictions and limitations on, our ability or our Operating Subsidiary by the PRC government to transfer cash or assets. Any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary Shares or cause them to be worthless.***

Pacipic Nexus is a holding company, and we rely on dividends and other distributions on equity paid by our subsidiaries for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and to service any debt we may incur. We do not expect to pay cash dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. If any of our subsidiaries 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.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to a solvency test, as prescribed in the Cayman Companies Act, and the provisions, if any, of the company's memorandum and articles of association, a company may pay dividends and distributions out of its share premium account. In addition, based upon English case law which is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits.

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from us to our subsidiaries or from our subsidiaries to our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our

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business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our subsidiary in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering them worthless.

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

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

As of the date of this prospectus, STAR WINGS VENTURES LIMITED owns 80% of our Ordinary Shares before this offering. Upon the completion of this offering, STAR WINGS VENTURES LIMITED, beneficially own [\*]% of our then issued and outstanding Ordinary Shares.

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

#### Anti-takeover provisions in our post-offering memorandum and articles of association may discourage, delay or prevent a change in control.
Some provisions of our post-offering memorandum and articles of association, to be effective upon the effective date of this registration statement, may discourage, delay or prevent a change in control of our Company or management that shareholders may consider favorable, including, among other things, the provisions that authorize our board of directors to issue authorized by unissued shares to such persons, in such manner, at such times and on such terms and having such rights and being subject to such restrictions as they may from time to time determine.

#### You may be unable to present proposals before annual general meetings or extraordinary general meetings.
Cayman Islands law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Advance notice of at least five (5) clear days is required for the convening of our general meeting of our shareholders. A quorum required for a meeting of shareholders consists of at least one or more shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of the outstanding shares carrying the right to vote at such general meeting present.

***Any deficit in the effectiveness of our internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud, which may affect the market for and price of our Ordinary Shares.***

Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and other resources for addressing our internal control over financial reporting. Our management has completed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting.

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We will be subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of our internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business, financial condition, results of operations, and prospects, as well as the market for and trading price of our Ordinary Shares, may be materially and adversely affected if we do not have effective internal controls. We may not discover any problems in a timely manner, and in such an event, our shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our Ordinary Shares. Any deficiency in our internal controls over financial reporting may inhibit investors from purchasing our Ordinary Shares and may make it more difficult for us to raise funds in debt or equity financing. Material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our share price may decline, and we may be unable to maintain compliance with the Nasdaq Listing Rules. 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; (iii) a lack of independent directors and an audit committee to establish formal risk assessment process and internal control framework; and (iv) a lack of documented policies and controls which enable management and other personnel to understand and carry out their internal control responsibilities.

To address the identified material weaknesses in our internal controls, we have initiated a comprehensive remediation plan. This plan is structured around four key actions: First, we will hire additional finance personnel to establish proper segregation of duties. Second, we will ensure our financial team is equipped with personnel possessing sufficient knowledge and experience to handle US. GAAP and SEC requirements. Third, we will appoint independent directors to our board and form a formal audit committee to oversee our financial reporting and control environment upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. Finally, we will develop and implement detailed, documented accounting policies and control procedures to provide clear guidance to our management and staff. We believe these measures will significantly strengthen our internal control over financial reporting.

#### Cayman Islands economic substance requirements may have an effect on our business and operations.
Pursuant to the International Tax Cooperation (Economic Substance) Act (Revised), of the Cayman Islands, or the ES Act, that came into force on January 1, 2019, a "relevant entity" that carries on a "relevant activity" is required to satisfy the economic substance test set out in the ES Act. A "relevant entity" includes an exempted company incorporated in the Cayman Islands as is our Company. There are nine designated "relevant activities" under the ES Act, and for so long as our Company is carrying on activities which falls within any of the designated relevant activities, it shall comply with all applicable requirements under the ES Act. If the only business activity that the Company carries on is to hold equity participation in other entities and only earns dividends and capital gains, then based on the current interpretation of the ES Act, our Company is a "pure equity holding company" and will therefore only be subject to the minimum substance requirements, which require us to (i) comply with all applicable requirements under the Companies Act and (ii) have adequate human resources and adequate premises in the Cayman Islands for holding and managing equity participations in other entities. However, there can be no assurance that we will not be subject to more requirements under the ES Act. Uncertainties over the interpretation and implementation of the ES Act may have an adverse impact on our business and operations.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this Offering of approximately $17.4 million, based upon an assumed initial public offering price of $4.00 per share and after deducting underwriting discounts and estimated offering expenses payable by us.

We plan to use the net proceeds of this Offering for the following purposes and in the proportions set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approximately 40% for payment of deposits to be used for purchasing our inventories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) approximately 25% for research and development and upgrade of our self-developed software platform, such as Manufacturing Execution System (MES) and Material Parts Retrieval System (MPRS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approximately 25% for expansion of our sales team by recruiting additional personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) approximately 10% for general working capital needs.

To the extent that our actual net proceeds are not sufficient to fund all of the proposed purposes, we will decrease our allocation of the net proceeds for the purposes set out above on a pro rata basis. We would anticipate raising additional capital through equity or debt financing sufficient to fund our proposed uses above.

The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this Offering. Our management will have significant flexibility in applying and discretion to apply the net proceeds of the offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus.

Pending deployment of the net proceeds for the uses described above, the funds may be placed in short-term deposits with financial institutions or used to invest in short-term money market instruments.

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#### DIVIDEND POLICY
We have no present plans to distribute any cash dividends on our ordinary shares in the foreseeable future following this offering. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay indebtedness and, therefore, we do not anticipate paying any cash dividends in the foreseeable future. Additionally, our ability to pay dividends on our Shares is limited by various factors such as our future financial performance and bank covenants. Any future determination to pay dividends will be at the discretion of our Board of Directors, subject to compliance with covenants in current and future agreements governing our and our subsidiaries' indebtedness, and will depend on our results of operations, financial condition, capital requirements and other factors that our Board of Directors may deem relevant.

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#### CAPITALIZATION
The following tables set forth our capitalization as of **August 31, 2025**:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of 5,000,000 Ordinary Shares at an assumed initial public offering price of $4.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, assuming no exercise of the underwriters' over-allotment option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis assuming the full exercise of the underwriters' over-allotment option to purchase an additional 750,000 Ordinary Shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
|  | **Actual** | **Pro Forma <br>As Adjusted<br>(No Exercise)** | **Pro Forma <br>As Adjusted <br>(Full Exercise)** |
|  | **US$** | **US$** | **US$** |
|  Cash | 1940730 | 19310480 | 22100480 |
|  Shareholders' Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Shares, par value US$0.0001, 500,000,000 shares authorized, 10,000,000 shares issued and outstanding on an actual basis (after giving effect to the share cancellation); and 15,000,000 shares issued and outstanding on an as adjusted basis | 1000 | 1500 | 1575 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital<sup>(1)</sup> | 1000 | 17370250 | 20160175 |
| &nbsp;&nbsp;&nbsp; Merger reserve | (718) | (718) | (718) |
| &nbsp;&nbsp;&nbsp; Retained earnings | 784988 | 784988 | 784988 |
|  **Total Shareholders' Equity** | 786270 | 18156020  | 20916020 |
|  **Total Capitalization**<sup>(1)</sup> | 786270 | 18156020  | 20946020 |

---

____________

(1) Each US$1.00 increase (decrease) in the assumed initial public offering price per Ordinary Share, the lower end of the estimated range of the initial public offering price shown on the front cover of this prospectus, would increase (decrease) each of additional paid-in capital, total shareholders' equity and total capitalization by approximately US$4.6 million, assuming the number of Ordinary Shares offered by us, as set forth on the front cover of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

(2) The pro forma as adjusted (full exercise) column assumes the full exercise of the underwriters' over-allotment option.

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

Net tangible book value represents the amount of our total assets, excluding intangible assets, right-of-use assets and deferred tax assets, less our total liabilities. Our net tangible book value as of August 31, 2025 was US$786,270 or US$0.08 per Ordinary Share.

After giving effect to the issuance and sale of 5,000,000 Ordinary Shares in this Offering at an assumed initial public offering price of US$4.00 per Ordinary Share and after deducting underwriting discounts and commissions, Estimated offering expenses payable by us have been reflected in the pro forma as adjusted net tangible book value and will be paid from the net proceeds of this offering, our pro forma as adjusted net tangible book value as of August 31, 2025 would have been US$18,156,020, or US$1.21 per Ordinary Share. This represents an immediate increase in net tangible book value of US$1.13 to existing shareholders and an immediate dilution in net tangible book value of US$2.79 per ordinary share to investors purchasing shares in this Offering. The following table illustrates such dilution:

---

| | |
|:---|:---|
|  | **Per Ordinary <br>Share** |
|  Assumed initial public offering Price | $4.00 |
|  Net tangible book value as of August 31, 2025 | $0.08 |
|  Pro forma net tangible book value after giving effect to this Offering | $1.21 |
|  Amount of dilution in net tangible book value to investors in this Offering | $2.79 |

---

The following table summarizes, on a pro forma as adjusted basis as of August 31, 2025, the total number of Shares purchased from us, the total cash consideration paid to us, and the average price per share paid by existing shareholders and by investors in this Offering. The table below reflects an assumed initial public offering Price of US$4.00 per Ordinary Share for shares purchased in this Offering and after underwriting discounts and commissions and estimated Offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total <br>Consideration** | **Total <br>Consideration** | **Average Price <br>per Share** |
|  | **Number** | **%** | **US$** | **%** | **US$** |
|  Existing Shareholders | 10000000 | 66.70 |  |  |  |
|  Investors in this Offering | 5000000 | 33.30 | 20000000 | 100 | 4.00 |
|  Total | 15000000 | 100 | 20000000 | 100 | 1.33 |

---

The dilution information in this section is presented for illustrative purposes only. Our as adjusted net tangible book value following the consummation of this Offering is subject to adjustment based on the actual initial public offering Price of our Shares and other terms of this Offering determined at pricing.

#### If the Underwriters Exercise Their Over-Allotment Option in Full
If the underwriters exercise their over-allotment option in full to purchase an additional 750,000 Ordinary Shares, our pro forma as adjusted net tangible book value as of August 31, 2025 would have been approximately US$20,946,020, or US$1.33 per Ordinary Share. This represents an immediate increase in net tangible book value of US$1.25 per Ordinary Share to existing shareholders and an immediate dilution of US$2.67 per Ordinary Share to investors purchasing shares in this offering.

---

| | |
|:---|:---|
|  | **Per Ordinary<br>Share** |
|  Assumed initial public offering Price | $4.00  |
|  Net tangible book value as of August 31, 2025 | $0.08 |
|  Pro forma net tangible book value after giving effect to this Offering (full exercise) | $1.33 |
|  Amount of dilution in net tangible book value to investors in this Offering (full exercise) | $2.67 |

---

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The following table summarizes, on a pro forma as adjusted basis assuming full exercise of the underwriters' over-allotment option, as of August 31, 2025, the total number of Ordinary Shares purchased from us, the total cash consideration paid to us, and the average price per share paid by existing shareholders and by investors in this Offering:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total <br>Consideration** | **Total <br>Consideration** | **Average Price <br>per Share** |
|  | **Number** | **%** | **US$** | **%** | **US$** |
|  Existing Shareholders | 10000000 | 63.49 |  |  |  |
|  Investors in this Offering | 5750000 | 36.51 | 23000000 | 100 | 4.00 |
|  Total | 15750000 | 100 | 23000000 | 100 | 1.46 |

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#### CORPORATE HISTORY AND STRUCTURE
Pacipic Nexus IntelliTech Group was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on August 25, 2025 that conducts its operations in Hong Kong through is indirect wholly owned Operating Subsidiary. Upon incorporation, one Ordinary Share was allotted and issued to Vistra (Cayman) Limited and was subsequently transferred to Ms. Xinmei SHI, and later transferred to STAR WINGS VENTURES LIMITED on September 22, 2025. STAR WINGS VENTURES LIMITED is owned as to 55% by Ms. Xinmei SHI and 45% by Mr. Meng WAN.

#### The Reorganization
Pacipic Nexus carried out a series of transactions to reorganize the corporate structure. Pursuant to the reorganization, on September 22, 2025, the Company acquired the entire issued share capital of BOLE VENTURES LIMITED ("Mengxun BVI") from its then sole shareholder Mr. Meng WAN in consideration of the Company issuing 15,999,999 Ordinary Shares of par value of US$0.0001 each to Mr. Meng WAN's designee, STAR WINGS VENTURES LIMITED. As a result, Mengxun BVI became a wholly owned subsidiary of the Company and STAR WINGS VENTURES LIMITED increased its shareholding in the Company to 16,000,000 Ordinary Shares.

On February 20, 2026, the Company effected a proportional share cancellation. All share numbers and per share amounts presented in this prospectus have been retrospectively adjusted to reflect the proportional share cancellation. After giving effect to the proportional share cancellation, STAR WINGS VENTURES LIMITED holds 8,000,000 Ordinary Shares.

On September 22, 2025, the Company allotted and issued an aggregate of 4,000,000 Ordinary Shares to five shareholders at par value of US$0.0001 each. Upon completion of the share allotment, Ms. Haiyuan TANG, Ms. Dingrong ZHOU, Ms. Birong LIN, Ms. Siu Ching KWOK and Ms. Qiwen LU held 900,000 Ordinary Shares, 900,000 Ordinary Shares, 800,000 Ordinary Shares, 800,000 Ordinary Shares and 600,000 Ordinary Shares, respectively.

After giving effect to the proportional share cancellation described above, Ms. Haiyuan TANG, Ms. Dingrong ZHOU, Ms. Birong LIN, Ms. Siu Ching KWOK and Ms. Qiwen LU hold 450,000 Ordinary Shares, 450,000 Ordinary Shares, 400,000 Ordinary Shares, 400,000 Ordinary Shares and 300,000 Ordinary Shares, respectively.

#### Corporate Structure
The following diagrams illustrate our corporate structure as of the date of this prospectus and upon completion of this offering, assuming no exercise of the over-allotment option.

*<u>*<u>As of the date of this prospectus</u>*</u>*

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*<u>*<u>Upon completion of this offering</u>*</u>*

Pacipic Nexus is a holding company and is not actively engaged in any business other than through its Hong Kong subsidiary, Mengxun HK. This is an offering of the Ordinary Shares of the Cayman Islands holding company. You may never hold equity interests in the Operating Subsidiary, Mengxun HK. Further, Pacipic Nexus receives the economic benefits of its Operating Subsidiary's business operations through equity ownership. We do not use a Variable Interest Entities or VIE structure.

Mengxun BVI was incorporated under the laws of the British Virgin Islands on July 9, 2025, with Mengxun HK as its sole and wholly owned subsidiary. Pacipic Nexus holds 100% ownership of Mengxun BVI.

Mengxun HK was incorporated under the laws and regulations of Hong Kong on March 25, 2015 and is a wholly owned subsidiary of Mengxun BVI.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br> FINANCIAL CONDITION AND RESULTS OF OPERATION S
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the sections entitled "Special Note Regarding Forward-Looking Statements" and "Risk Factors" included elsewhere in this prospectus.

#### Overview
We are a technology-driven provider of customized intelligent manufacturing solutions, primarily serving customers in the automotive, 3C appliances, and automation industries. Our business model has evolved from a traditional machinery trading operation to an integrated solutions provider, combining high-precision equipment with proprietary software systems and comprehensive after-sales support. Our revenue is primarily derived from the sale of customized machinery and intelligent manufacturing systems, supported by service and maintenance offerings.

We have experienced a substantial growth in financial performance recently. Our revenue increased by 66.8% from HK$74.2 million for the year ended August 31, 2024 to HK$123.7 million (US$15.87 million) for the year ended August 31, 2025.

#### Key Factors that Affect Results of Operations
Our business performance is influenced by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global Supply Chain Conditions: Our reliance on international suppliers for high-precision components and machinery exposes us to risks related to logistics, tariffs, and geopolitical tensions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer Concentration: A significant portion of our revenue is derived from a limited number of customers in the automotive and 3C electronics sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technological Innovation: Our ability to continuously invest in R&D and integrate advanced technologies such as AI, IoT, and predictive maintenance is critical to maintaining our competitive edge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory Environment: Our operations in Hong Kong and business dealings with Chinese Mainland subjects us to evolving legal and regulatory requirements, including those related to trade, data security, and environmental standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic Cycles: Demand for our products is closely tied to capital expenditure cycles in the manufacturing sector, which can be affected by macroeconomic conditions.

The above does not list all the material risk factors that may affect our financial condition and results of operations. The above-mentioned risks and others are discussed in more detail in the section titled "Risk Factors."

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#### Key Performance Metrics
In accordance with Item 303(a)(3) of Regulation S-K, we disclose the following key performance metrics used by management to evaluate our business performance, identify trends, and make operational and strategic decisions. These metrics are derived directly from our financial results and are not non-GAAP financial measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Gross Profit Margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purpose: This is our primary metric for evaluating the profitability of our core trading operations. It is used to assess pricing strategy effectiveness, product mix, and cost control. Management reviews this metric to identify trends in customer and supplier negotiations and to establish pricing guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculation: Gross Profit/Revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quantified Discussion:

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
|  | **2024** | **2025** |
|  Gross Profit (HK$) | 6998135 | 12991489 |
|  Revenue (HK$) | 74167473 | 123743446 |
|  Gross Profit Margin | 9.4% | 10.5% |

---

The increase in gross margin from 9.4% to 10.5% for the year ended August 31, 2025, reflected a more favorable product and customer mix, including significant sales to new customers during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Operating Income Margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purpose: This metric measures the overall profitability of our business after accounting for core operating expenses. Management uses it to assess the efficiency of our operating model, control over selling and administrative costs, and the scalability of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculation: Operating Income / Revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quantified Discussion:

---

| | | |
|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** |
|  | **2024** | **2025** |
|  Operating Income (HK$) | 3081358 | 7404590 |
|  Revenue (HK$) | 74167473 | 123743446 |
|  Operating Income Margin | 4.2% | 6.0% |

---

The significant improvement in operating income margin from 4.2% to 6.0% was driven by the 85.6% growth in gross profit, which outpaced the 42.6% increase in operating expenses, demonstrating improved operational leverage.

Gross Profit Margin and Operating Income Margin are the key metrics integral to how management runs the business, allocates resources, and measures performance. They provide a direct link between our operational activities and financial results, offering clear insight into the primary drivers of profitability.

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#### Years ended August 31, 2024 and 2025

#### Results of Operations
The following table sets forth a summary of our consolidated results of operations for the years indicated, both in absolute amount.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** |
|  | **2024** | **2025** | **2025** | **Variance** | **% <br>Change** |
|  | **HK$** | **HK$** | **US$** | **HK$** | **% <br>Change** |
|  **Revenues** | **74167473** | **123743446** | **15864544** | **49575973** | **66.8** |
|  **Cost of revenues** | **(67169338)** | **(110751957)** | **(14198969)** | **(43582619)** | **64.9** |
|  **Gross profit** | **6998135** | **12991489** | **1665575** | **5993354** | **85.6** |
|  **Operating expenses** |  |  |  |  |  |
|  Selling and marketing expenses | (209280) | (1043872) | (133830) | (834592) | 398.8 |
|  General and administrative expenses | (3707497) | (4543027) | (582439) | (835530) | 22.5 |
|  **Total operating expenses** | **(3916777)** | **(5586899)** | **(716269)** | **(1670122)** | **42.6** |
|  Operating income | 3081358 | 7404590 | 949306 | 4323232 | 140.3 |
|  Interest income, net | 21365 | 2805 | 360 | (18560) | (86.9) |
|  Other income, net | 376614 |  |  | (376614) | (100) |
|  **Income before tax** | **3479337** | **7407395** | **949666** | **3928058** | **112.9** |
|  Income tax expenses | (537497) | (1060606) | (135975) | (523109) | 97.3 |
|  **Net income** | **2941840** | **6346789** | **813691** | **3404949** | **115.7** |
|  **Earnings per share attributable to ordinary shareholders of the shareholders** |  |  |  |  |  |
|  Basic and diluted | 0.29 | 0.63 | 0.08 |  |  |
|  **Weighted average shares used in calculating basic and diluted net income per share** | **10000000** | **10000000** | **10000000** | **—** | **—** |

---

#### Revenues
We derive 98.6% and 100% of our revenue from the trading of industrial machineries and all our end-user customers are in Chinese Mainland for the years ended August 31, 2024 and August 31, 2025 respectively. Revenue is recognized at a point in time, specifically when control of the machinery is transferred to the customer upon their formal acceptance, as evidenced by a signed acceptance certificate.

Revenue increased by HK$49.6 million, or 66.8%, to HK$123.7 million for the year ended August 31, 2025, from HK$74.2 million for the prior year. This significant growth was primarily driven by substantial orders from two new customers.

#### Cost of revenues and gross profit
Cost of revenue increased by HK$43.6 million, or 64.9%, to HK$110.8 million for the year ended August 31, 2025, from HK$67.2 million for the prior year. The increase was in line with the increase in sales volume. Gross profit increased by HK$6.0 million, or 85.6%, to HK$13.0 million for the year ended August 31, 2025, from HK$7.0 million for the prior year. Our gross margin improved from 9.4% to 10.5%, reflecting a favorable product and customer mix during the year, including the contribution from the new customers.

#### Selling and marketing expenses
Selling and marketing expenses consisted primarily of (i) marketing and exhibition expenses paid to the third party; and (ii) staff costs relevant to the sales function.

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Our major selling and marketing expenses were comprised of the following items during the years indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** | **Change** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** | **%** |
|  Marketing and exhibition expenses |  |  | 425872 | 54599 | 40.8 | 100.0 |
|  Staff costs | 209280 | 100.0 | 618000 | 79231 | 59.2 | 195.3 |
|  **Total** | **209280** | **100.0** | **1043872** | **133830** | **100.0** | **398.8** |

---

Selling and marketing expenses increased by HK$0.8 million or 398.8% from HK$0.2 million for the year ended August 31, 2024 to HK$1.0 million (US$0.13 million) for the year ended August 31, 2025 mainly due to higher marketing and exhibition expenses and staff costs associated with business expansion.

#### General and administrative expenses
General and administrative expenses primarily consist of salaries, bonuses, and benefits for employees involved in general corporate functions, such as finance, human resources, legal, and executive management. These expenses also include amortization related to assets used in corporate activities, consultancy fees, office rental expenses and other administrative expenses.

Our major general and administrative expenses were comprised of the following items during the years indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** | **Change** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** | **%** |
|  Staff costs | 2020680 | 54.5 | 2526060 | 323854 | 55.6 | 25.0 |
|  Amortization of intangible asset |  |  | 101733 | 13043 | 2.2 | 100 |
|  Office rental expenses | 418560 | 11.3 | 442560 | 56738 | 9.8 | 5.7 |
|  Consultancy fees | 784000 | 21.1 | 985133 | 126299 | 21.7 | 25.7 |
|  Others | 484257 | 13.1 | 487541 | 62505 | 10.7 | 0.7 |
|  **Total** | **3707497** | **100.0** | **4543027** | **582439** | **100.0** | **22.5** |

---

General and administrative expenses increased by HK$0.8 million or 22.5% from HK$3.7 million for the year ended August 31, 2024 to HK$4.5 million (US$0.6 million) for the year ended August 31, 2025. This increase was mainly driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Staff costs, which increased by HK$0.5 million, primarily due to headcount growth and higher average monthly compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consultancy fees, which increased by HK$0.2 million, related to specialized technical services in robotics, smart manufacturing systems, and materials science, including technical support, system upgrades and training, also strategic advisory services, including business model optimization and financing strategy planning.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The recognition of amortization of intangible asset of HK$0.1 million related to the Smart Cloud Intelligent Manufacturing System, which was not applicable in the prior period.

#### Interest income
Interest income represented the interest income derived from bank saving deposits. For the years ended August 31, 2024 and 2025, we recorded interest income of HK$21,365 and HK$2,805 (US$360), respectively.

#### Other income
For the year ended August 31, 2024, the Company recorded other income of HK$0.4 million. This amount primarily consisted of non-core service revenue, including fees for equipment upgrade and repair services provided to a customer, and the sale of ancillary supplies such as spindle oil and machine tool grease.

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#### Income tax expenses
Income tax expense increased to HK$1.1 million for the year ended August 31, 2025, from HK$0.5 million in the prior year. This increase of HK$0.5 million was in line with the significant growth in income before tax, which rose from HK$3.5 million to HK$7.4 million. The effective tax rate for the years ended August 31, 2024 and 2025 was approximately 15.4% and 14.3%, respectively. The rates are lower than the Hong Kong statutory income tax rate of 16.5% primarily due to the application of the two-tiered profits tax rates in Hong Kong, where the first HK$2,000,000 of profits are taxed at a preferential rate of 8.25%. The stability of the effective tax rate between periods confirms that the increase in tax expense was a direct result of higher taxable profits.

#### Net income
As a result of the above discussed, we recorded a net income of HK$6.3 million (US$0.8 million) for the year ended August 31, 2025, representing an increase of HK$3.4 million or 115.7% from a net income of HK$2.9 million for the year ended August 31, 2024.

#### Liquidity and Capital Resources
Our primary sources of liquidity are our cash and cash equivalents and cash generated from operations. Our primary uses of cash are funding working capital requirements, particularly inventories in transit and advances to suppliers.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Net cash provided by/(used in) operating activities | 19727408 | (5874037) | (753082) |
|  Cash used in investing activities | (3052000) |  |  |
|  Cash used in financing activities | (5078407) | (3164718) | (405733) |

---

#### Cash Flow Activities for the Years Ended August 31, 2024 and 2025
*Cash Provided by Operating Activities:*

For the year ended August 31, 2024, we generated HK$19.7 million in cash from operations. This strong generation was primarily driven by:

— A net income of HK$2.9 million.

— A significant increase in deferred revenue (contract liabilities) of HK$46.1 million, representing billings to customers in advance of revenue recognition, which provided a substantial cash inflow, but part of this effect was set-off by the increase in inventories in transit of HK$40.2 million.

— A decrease in notes receivable, net of HK$10.8 million, indicating the successful collection of bills receivable from the prior period.

— A decrease in prepayments, net of HK$14.8 million, which also provided a source of cash during the period.

In contrast, for the year ended August 31, 2025, net cash used in operating activities was HK$5.9 million. This shift was primarily due to the following working capital movements, despite a higher net income of HK$6.3 million:

— A substantial decrease in deferred revenue of HK$79.1 million as we satisfied the performance obligations related to the advanced billings from the previous year and recognized the revenue.

— This outflow was partially offset by a significant reduction in inventories in transit of HK$57.3 million.

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*Cash Used in Investing Activities:*

Cash used in investing activities for the year ended August 31, 2024 was HK$3.1 million, relating entirely to a prepayment for the development of our intangible asset (Smart Cloud Intelligent Manufacturing System). There was no material investing activities during the year ended August 31, 2025.

*Cash Used in Financing Activities:*

During the periods presented, certain amounts due to our Chief Executive Officer arose from historical advances and reimbursements made on behalf of the Company in the ordinary course of business. Such arrangements were not made pursuant to any formal or informal loan arrangements and did not represent the extension of credit by the Company to its Chief Executive Officer. We intend to settle or otherwise eliminate any outstanding balances prior to or in connection with the completion of this offering. Following the completion of this offering, we will not extend or maintain any personal loans, advances, or similar credit arrangements to or for any of our directors or executive officers, in compliance with Section 13(k) of the Securities Exchange Act of 1934.

Cash used in financing activities primarily related to net movements with a related party, our Chief Executive Officer, Mr. Meng Wan. In both years, such movements reflected the repayment of amounts due to the related party and payments made on his behalf, including for certain personal expenses, resulting in a net cash outflow. During the year ended August 31, 2025, we also capitalized HK$1.3 million of deferred offering costs for our planned initial public offering project, contributing to the cash used.

The following table set forth a summary of our working capital as of the dates indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Current assets | 131734723 | 56160909 | 7200117 |
|  Current liabilities | (131866802) | (52879743) | (6779454) |
|  Working capital | 132079 | 3281166 | 420663 |

---

Current assets as of August 31, 2024, were HK$131.7 million. Out of this balance, we had cash and cash equivalents in an amount of HK$24.2 million. The entire cash balance was deposited in financial institutions in Hong Kong Special Administrative Region. The current asset balance also included accounts receivable, net of HK$6.7 million, notes receivable, net of HK$2.2 million, inventories in transit of HK$90.0 million and prepayments, net of HK$8.7 million.

Current assets as of August 31, 2025, were HK$56.2 million (US$7.2 million). Out of this balance, we had cash and cash equivalents in an amount of HK$15.1 million (US$1.9 million). The entire cash balance was deposited in financial institutions in Hong Kong Special Administrative Region. The current asset balance also included accounts receivable, net of HK$5.8 million (US$0.7 million), inventories in transit of HK$32.7 million (US$4.2 million), prepayments, net of HK$1.2 million (US$0.2 million) and deferred offering costs of HK$1.3 million (US$0.2 million).

Current liabilities as of August 31, 2024, were HK$131.9 million. This amount was mainly composed of accounts payable of HK$4.0 million, amount due to a related party of HK$31.2 million, and deferred revenue (contract liabilities) of HK$96.1 million.

Current liabilities as of August 31, 2025, were HK$52.9 million (US$6.8 million). This amount was mainly composed of accounts payable of HK$1.8 million (US$0.2 million), amount due to a related party of HK$32.4 million (US$4.2 million), tax payable of HK$1.1 million (US$0.1 million), and deferred revenue (contract liabilities) of HK$17.0 million (US$2.2 million).

We will have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.

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#### Contractual Obligations
The following table summarized our contractual obligations as of August 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Less Than <br>1 Year** | **1 to 3 <br>Years** | **3 to 5 <br>Years** | **More Than <br>5 Years** | **Total** |
|  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** |
|  **Contractual Obligations:** |  |  |  |  |  |
|  Operating lease obligation | 418560 | 418560 |  |  | 837120 |
| &nbsp;&nbsp;&nbsp; Total contractual obligations | 418560 | 418560 |  |  | 837120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Less Than <br>1 Year** | **1 to 3 <br>Years** | **3 to 5 <br>Years** | **More Than <br>5 Years** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** |
|  **Contractual Obligations:** |  |  |  |  |  |
|  Operating lease obligation | 53662 | 53662 |  |  | 107324 |
| &nbsp;&nbsp;&nbsp; Total contractual obligations | 53662 | 53662 |  |  | 107324 |

---

#### 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.

#### Critical Accounting Policies and Estimates
We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which requires us to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses during the fiscal years. Significant accounting estimates reflected in our consolidated financial statements mainly include the incremental borrowing rate used in the recognition of right-of-use assets and lease liabilities and allowance for the expected credit losses. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.

#### Revenue Recognition
We follow the guidance in ASC 606, Revenue from Contracts with Customers, to recognize revenue from contracts with customers. The core principle of ASC 606 requires us to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We apply the following five steps to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identification of the contract(s) with the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identification of the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determination of the transaction price, including any variable consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocation of the transaction price to the performance obligations in the contract based on their relative standalone selling prices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognition of revenue when, or as, the Company satisfies a performance obligation.

Our principal revenue stream is derived from the trading of industrial machineries to end-users in Chinese Mainland. We operate through two types of contractual arrangements: (1) tripartite agreements involving us, end-users, and import agents; and (2) bilateral agreements directly between us and end-users.

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We identify each distinct sales transaction as a single performance obligation, representing the transfer of specified machinery to the customer. The transaction price is the fixed consideration stated in the contracts, which reflects our pricing discretion as evidenced by profit margins ranging from approximately 1.0% to 21.0% across different transactions for the years ended August 31, 2024, and 2025.

#### Principal versus Agent Assessment
We follow the guidance in ASC 606 when determining whether it is acting as a principal or an agent. We have determined it acts as a principal in all transactions based on the following assessment:

We control the specified machinery before it is transferred to the customer, as evidenced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We bear primary responsibility for handling quality, performance, and after-sales issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have full discretion in setting prices and determining commercial terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We control the selection of suppliers and manages the entire transaction process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We bear inventory risk during the transit period from shipment until customer acceptance

As the principal in the contract, we recognize revenue at the gross amount to which it is entitled from its customers.

#### Timing of Revenue Recognition
Revenue is recognized at a point in time when control of the machinery transfers to the customer. Control transfers upon the customer's formal acceptance of the goods, as evidenced by the joint signing of the Acceptance Certificate by the customer and us. At this point, the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the machinery.

#### Warranty
We provide assurance-type warranties on the machinery sold. However, the primary warranty services are fulfilled directly by the equipment manufacturers. We act as an intermediary to facilitate warranty services between customers and manufacturers but does not assume primary warranty obligations. These warranty arrangements do not constitute separate performance obligations and do not impact the timing or amount of revenue recognition. No material warranty reserves were established for the years ended August 31, 2024 and 2025, as historical claim experience has been immaterial.

#### Recent Accounting Pronouncements
See the discussion of the recent accounting pronouncements contained in Note 2(y) to the financial statements, "Summary of Significant Accounting Policies."

#### Concentration of Risks

#### Political, Social and Economic Risks
Our main operations are located in Hong Kong. Accordingly, our business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Hong Kong, as well as by the general state of the economy in Hong Kong. Our results may be adversely affected by changes in the political, regulatory and social conditions in Hong Kong. Although we have not experienced losses from these situations and believe that we are in compliance with existing laws and regulations including our organization and structure disclosed in Note 1 to the consolidated financial statements, such experience may not be indicative of future results.

Our business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt our operations.

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#### Interest Rate Risk
We are exposed to interest rate risk on our interest-bearing assets and liabilities. As part of our asset and liability risk management, we review and take appropriate steps to manage our interest rate exposure on our interest-bearing assets and liabilities. We have not been exposed to material risks due to changes in market interest rates, and have not used any derivative financial instruments to manage the interest risk exposure during the years presented.

#### Credit Risk
Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, accounts receivable, amounts due from related parties and prepayment and other current assets. As of the years ended August 31, 2024 and 2025, approximately HK$24,176,454 and HK$15,137,699 (US$1,940,730) were deposited with financial institutions located in Hong Kong, respectively. In accordance with the relevant regulations in Hong Kong, the maximum insured bank deposit amount is HK$800,000 (year ended August 31, 2024: HK$500,000) for each financial institution. While we believe that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

We are also exposed to risk from our accounts receivable, amounts due from related companies and prepayment and other current assets. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

#### Concentration Risk
There were three and two customers from whom revenues individually represent greater than 10% of the total revenues of the Company for the fiscal years ended August 31, 2024 and 2025, respectively. The total sales to these customers accounted for approximately 67.6% and 71.1% of total revenues for the fiscal years ended August 31, 2024 and 2025, respectively. There were four and three customers individually represent greater than 10% of the total gross accounts receivable of the Company as of August 31, 2024 and 2025 respectively. The total receivables from these customers accounted for approximately 98.0% and 92.7% of the Company's accounts receivable as of August 31, 2024 and 2025 respectively.

#### Future Financings
We may sell our Ordinary Shares in order to fund our business growth. Issuances of additional shares will result in dilution to existing shareholders. There is no assurance that we will achieve sales of our equity securities or arrange for debt or other financing to fund our growth in case it is necessary, or if we are able to do so, there is no guarantee that existing shareholders will not be substantially diluted.

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#### INDUSTRY OVERVIEW
*The information contained in this section and elsewhere in the prospectus have been derived from various official government and other publications generally believed to be reliable and the market research report ("MIGO Report") prepared by Migo Corporation Limited ("MIGO") and commissioned by MENG XUN MACHINERY (HONG KONG) LIMITED. All information and data presented in this section is derived from MIGO's industry report, unless otherwise noted. This information involves a number of assumptions and limitations, and you are cautioned not to place undue reliance on these estimates. We have not independently verified the accuracy or completeness of the data contained in the MIGO Report and the other relevant publications. The following discussion includes projections for future growth, which may not occur at the rates that are projected or at all. These forecasts and forward*-looking *information are subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section.*

#### Overview of the Precision Machine Industry
According to MIGO, a precision machine is equipment designed to manufacture or measure parts within strict tolerances, commonly used in industries such as general manufacturing where micron-level accuracy — typically in the range of ±10 µm to ±50 µm (0.01mm–0.05 mm) — is sufficient. A high-precision machine, by contrast, represents the upper tier of this category, engineered for applications that demand sub-micron or even nanometer accuracy, with tolerances of ±1 µm to ±5 µm (0.001mm–0.005 mm). Such machines are critical in sectors including aerospace, semiconductors, and medical devices. While all high-precision machines fall under the broader category of precision machines, the distinction lies in their ability to achieve extreme tolerances with superior stability and advanced technological sophistication, enabling them to meet the most demanding industry standards.

The industry is shaped by regional and international standards that establish benchmarks for quality and precision. In Japan, JIS (Japanese Industrial Standards) emphasize comprehensive testing protocols with a focus on precision; in Germany, DIN (German Institute for Standardization) reflects the country's reputation for engineering excellence and system integration; and in the United Kingdom, BS (British Standards) emphasizes the importance of precise grading and detailed recording, particularly when dealing with innovative materials. In the United States, ANSI (American National Standards Institute), ASME (American Society of Mechanical Engineers), and ASTM (American Society for Testing and Materials) form the backbone of precision manufacturing requirements. Collectively, these certifications and standards not only safeguard product quality but also serve as gateways to global supply chains, where compliance is both a mark of credibility and a decisive factor in competitiveness.

#### Value Chain Analysis of the Trading Business of Precision Machines
The trading business for high-precision machines in China operates within a value chain that can be broadly divided into three stages: upstream, midstream, and downstream. While upstream activities are dominated by global machine tool manufacturers, the midstream role of trading companies is pivotal in creating value through market access, integration, and comprehensive support services. Each stage is highly interdependent, and operational efficiency across the chain is essential to meet the stringent quality and performance standards demanded by China's advanced manufacturing sectors.

The upstream segment is led by international manufacturers of precision Computer Numerical Control (CNC) machines and Electrical Discharge Machining (EDM) tools, and laser cutting technologies. Companies from Japan, Germany, Switzerland, and the United States dominate this stage, driving innovation in research, design, and production. Their product portfolios include CNC machining centers, ultra-precision grinders, and additive manufacturing systems, all incorporating cutting-edge advancements. These manufacturers invest heavily in automation, robotics, AI-driven control systems, and digital connectivity to maintain technological leadership. Trading companies rely on these global suppliers as strategic partners, sourcing advanced machinery that enables them to deliver state-of-the-art solutions to local markets.

The midstream segment, where trading companies play a central role, is the primary value creation point in the chain. Acting as industrial solution providers, these firms bridge international suppliers with Chinese end-users by offering a comprehensive suite of services. Their responsibilities extend beyond equipment procurement to include importation, regulatory compliance, and localization of advanced machines for domestic production environments. Additionally, trading companies provide system integration, customization, and financing solutions, while ensuring

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seamless installation, operator training, and long-term after-sales support. Positioned as trusted advisors, they assist clients in adopting automation, optimizing processes, and aligning with international standards — ultimately enhancing operational efficiency and competitiveness across multiple industries.

The downstream segment comprises Chinese original equipment manufacturers (OEMs) and a broad spectrum of end-use industries, including automotive, aerospace, electronics and semiconductors, medical devices, and industrial equipment production. These sectors depend on high-precision machines to produce complex components and assemblies with micron-level accuracy, ensuring performance and compliance with stringent quality standards. OEMs often mandate that their suppliers utilize certified equipment from reputable global brands, creating strong opportunities for trading companies that represent these manufacturers. Beyond equipment supply, downstream customers increasingly seek partners capable of delivering comprehensive solutions — encompassing process automation, digital integration, and regulatory compliance support. This shift reflects a growing emphasis on operational efficiency, smart manufacturing, and alignment with international benchmarks, positioning trading companies as strategic enablers in the modernization of China's industrial base.

#### Role of Trading Business of the Precision Machine for the China Market
Trading companies serve as critical intermediaries and solution providers in China's precision machine market. Their primary function is to source advanced CNC and high-precision equipment from leading international manufacturers and deliver these technologies to Chinese industrial customers. However, their role extends far beyond simple equipment distribution.

Modern trading firms position themselves as industrial total solution advisors, offering a comprehensive range of value-added services. These include consulting on technology selection, customizing equipment to meet local production requirements, and ensuring compliance with domestic regulations and international standards. They also facilitate financing solutions, manage installation and commissioning, and provide operator training and long-term after-sales support.

By integrating these capabilities, trading companies enable Chinese manufacturers to adopt cutting-edge automation technologies, optimize production processes, and enhance operational efficiency. This holistic approach not only strengthens customer relationships but also positions trading firms as strategic partners in China's ongoing industrial upgrading and digital transformation.

![](timage_001.jpg)

*Source: MIGO*

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#### Types of the Precision Machine
The high precision machine market is diverse and encompasses a wide range of categories, each catering to different vehicle types, technologies, and consumer preferences. Below is an overview of the main segments of the precision machine categories.

---

| | | |
|:---|:---|:---|
|  **Category** | **Types** | **Description of Application** |
|  CNC | CNC Milling & Turning | Automotive engine parts, aerospace structural components, precision molds, and medical implants. CNC milling and turning are the backbone of precision machining for metals and composites. |
|  | Grinding | Bearings, gears, turbine blades, and cutting tools. Achieves tight surface tolerances and superior surface finish. |
|  | EDM (Electrical Discharge Machining) | Complex dies, aerospace turbine components, and micro-machining for medical devices. Cuts hard metals and intricate shapes that are difficult or impossible with conventional machining. |
|  Robotics & Automation in Precision Manufacturing | Robotic Arms | Used for micro-assembly, electronics, and semiconductor handling. |
|  | Automated Optical Inspection (AOI) | PCB inspection, defect detection in electronics. |
|  | Nano-Positioning Systems | For photonics, optics, and nanotechnology laboratory; enables sub-nanometer precision. |

---

*Source: MIGO*

#### Key Trade Shows in China and the Asia-Pacific Related to Precision Machine Tools
China's dense calendar of flagship and regional trade shows and numerous specialty events in metrology, bearings, and semiconductors — underscores its central role in the global high-precision machine market. The breadth of exhibitors, from top-tier OEMs to multi-brand distributors and systems integrators, and the steady flow of application demos, turnkey solutions, and technology launches reflect both the scale of domestic demand and China's position as a hub for advanced manufacturing. This sustained exhibition activity signals deep buyer engagement, mature service ecosystems, and continuous investment, making China a critical market for precision machinery.

---

| | | | |
|:---|:---|:---|:---|
|  **Exhibition** | **City** | **Frequency** | **Focus Area** |
|  China CNC Machine Tool Fair (CCMT) | Shanghai | Biennial<br> (even years) | CNC machine tools, grinding, EDM, tooling, CMM, controls, software. |
|  China International Machine Tool Show (CIMT) | Beijing | Biennial<br>(odd years) | One of the two flagship machine tool shows in China. |
|  China International Industry Fair – Metalworking and CNC Machine Tool Show (CIIF – MWCS) | Shanghai | Annual | Machine tools, robotics, industrial automation, digitalization. |
|  TES/Shenzhen International Industrial Manufacturing Technology and Equipment Exhibition (SIMM/ITES) | Shenzhen | Annual | 5-axis, Swiss-type lathes, grinding, EDM, metrology, automation. |
|  China CNC Machine Tool Fair (CCMT) | Shanghai | Biennial<br>(even years) | CNC machine tools, grinding, EDM, tooling, CMM, controls, software. |

---

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---

| | | | |
|:---|:---|:---|:---|
|  **Exhibition** | **City** | **Frequency** | **Focus Area** |
|  JIMTOF (Japan International Machine Tool Fair) | Tokyo | Biennial | High-precision machinery, automation, and advanced manufacturing solutions. |
|  TIMTOS (Taipei International Machine Tool Show) | Taipei | Annual | Showcasing precision machining, smart manufacturing, and automation technologies. |
|  SIMTOS (Seoul International Machine Tool Show) | Seoul | Annual | Featuring precision machining, robotics, and smart factory solutions. |
|  IMTEX (Indian Machine Tool Exhibition) | Bangalore | Annual | Emphasis on precision machining, automation, and additive manufacturing. |

---

*Source: MIGO*

#### Market Size
According to the German Machine Tool Builders' Association, the global precision machine market was estimated at US$78 billion in 2024 and is projected to reach US$150 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.5% over the 2021 – 2030 analysis period. China represents one of the largest import markets for precision machinery, valued at approximately USD 32 billion in 2024. The country accounts for nearly one-third of global demand but continues to rely heavily on imports for high-end equipment such as 5-axis CNC machining centers, ultra-precision grinders, lithography machines, and advanced metrology systems. Key suppliers include Japan, Germany, Switzerland, and the United States, with Japan and Germany leading in CNC and grinding technologies, while the U.S. remains dominant in semiconductor fabrication tools — though recent export restrictions have limited access. Market growth is driven by expanding sectors such as aerospace, new energy vehicles (NEVs), semiconductors, renewable energy, and medical devices. While China's domestic machine tool industry is improving, it still falls short of matching the precision and reliability of imported systems in critical applications. Consequently, imports remain essential for ensuring high-quality production and technological competitiveness, even as China accelerates investment in advanced manufacturing capabilities. The following chart illustrates the global and China precision machine sales from 2020 to the 2030 forecast.

![](tbarchat_001.jpg)

*Source: MIGO*

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#### Market Drivers
*Upgrading and Smart Manufacturing*

China's manufacturing sector is transitioning from labor-intensive, low-cost production toward high-value, technology-driven manufacturing. Initiatives such as "Made in China 2025" and Industry 4.0 adoption emphasize automation, precision, and efficiency. This shift requires advanced machines with micron-level accuracy, which often must be imported due to technological gaps in some domestic offerings.

*Rising Quality Standards and Export Competitiveness*

As Chinese manufacturers seek to strengthen their position in global supply chains, meeting international quality and compliance standards has become a strategic priority. Certifications such as ASME, BS, DIN, and JIS are increasingly required to participate in high-value export markets. These standards ensure that components meet rigorous benchmarks for safety, durability, and performance — critical in industries where failure is not an option. For many enterprises, achieving and maintaining such certifications necessitates investment in advanced equipment capable of delivering consistent precision, repeatability, and traceability. Chinese manufacturers can improve process stability, reduce defect rates, and enhance throughput efficiency, which in turn strengthens their competitiveness in export markets. Over time, this alignment with global quality expectations positions Chinese firms as trusted suppliers to multinational corporations, enabling them to move up the value chain and capture greater market share internationally.

*Government Policies and Incentives*

The Chinese government has made advanced manufacturing a national priority, introducing a wide range of supportive measures designed to accelerate industrial upgrading. Through subsidies, preferential tax policies, and targeted R&D funding, authorities encourage enterprises to adopt next-generation equipment and digital manufacturing solutions. Programs such as Made in China 2025 and the 14<sup>th</sup> Five-Year Plan emphasize automation, precision engineering, and smart factory development, creating strong demand for high-performance machinery. The imported high-precision machines are eligible for these incentives, which enhances their attractiveness despite higher upfront costs.

*Infrastructure and Mega Projects*

China's ongoing investments in infrastructure and strategic mega projects are creating strong demand for high-precision manufacturing. Sectors such as high-speed rail, renewable energy, aerospace, and urban development all require components produced with extremely tight tolerances, which in turn drives the adoption of advanced machine tools. The country's high-speed rail network — the largest in the world — continues to expand through projects railway and new lines across central and western regions. Producing critical parts such as railcars, bogies, and braking systems depends on CNC machining capable of achieving micron-level accuracy.

In aerospace, flagship initiatives such as the COMAC C919 aircraft program highlight the need for ultra-precision machining. The development of aerospace hubs in Shanghai and Xian further amplifies demand for advanced equipment to produce turbine blades, structural components, and avionics systems that must meet international safety and performance standards. Together, these large-scale projects underscore how national infrastructure priorities directly translate into rising requirements for high-end machine tools and precision engineering capabilities.

#### Competitive Landscape
According to MIGO, CNC precision machine tool market is expanding rapidly, with imports from Japan and Germany accounting for over 60% of sales volume in China, underscoring strong domestic demand. Growth is fueled by China's economic restructuring and the rise of downstream industries such as aerospace, automotive, electronics, and defense. However, Chinese manufacturers still face challenges, including a technological gap in numerical systems and limited R&D capacity in key components, leaving them dependent on overseas suppliers that often impose restrictions on critical parts.

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Looking ahead, market development is shaped by five key trends: high speed, intelligentization, precision orientation, technology integration, and product diversification. Rising labor costs and sustainability goals are driving a shift toward technology-intensive production, while advances in AI and CNC system innovation are improving performance and efficiency. At the same time, the integration of advanced technologies is accelerating production cycles, and the expansion of high-growth sectors such as IT, medical devices, and new energy vehicles continues to fuel demand for high-precision CNC machine tools.

The trading business of precision machines market in China is highly competitive. According to MIGO, the table below provides information as of June 30, 2025, concerning the top five key players in China's precision machinery trading sector.

---

| | |
|:---|:---|
|  **Competitors** | **Service provider** |
|  Company A | One of the oldest and largest CNC machine import/export companies in China, representing multiple international brands (Germany, Japan, Switzerland). |
|  Company B | A Taiwan-based industrial group with a strong presence in China, distributing multiple global CNC brands and offering comprehensive after-sales service. |
|  Company C | Established for over 90 years, specializing in the import and distribution of CNC machining centers and related equipment. |
|  Company D | Imports high-precision mold machining and aerospace equipment from Japan. |
|  Company E | Imports advanced 5-axis machining centers and mill-turn machines from Germany and Japan. |

---

*Source: Major international CNC machine tool brands and their authorized agents in China, MIGO*

#### Entry Barriers
*Advanced Technology and Design Capacity*

A primary barrier to entering the China market for high-precision CNC machine tools is the requirement for advanced technology and design expertise. Producing complex CNC equipment demands precision engineering and the ability to customize solutions for diverse customer needs. Firms without strong R&D capabilities or proprietary technologies struggle to compete with established global players that lead in innovation, software integration, and overall system performance.

*Financial Capacity and Equipment*

Trading companies must demonstrate robust financial strength to handle large-scale procurement, warehousing, and logistics for high-value CNC machines. They also need to invest in service infrastructure — local technical support teams, training programs, and after-sales maintenance partnerships — to reassure clients of long-term reliability. Limited capital or weak service networks pose significant barriers to entry.

*Branding and Market Reputation*

Industrial clients place a premium on trust and a proven track record when choosing solution providers. A trading company must build its brand as a dependable advisor capable of delivering not only equipment but also process optimization, compliance guidance, and risk management. Establishing this reputation takes time, as customers are often hesitant to switch from incumbent partners without compelling evidence of quality and reliability.

*Management and Organizational Skills*

Unlike manufacturers, trading companies compete on management efficiency and advisory strength. They must coordinate complex supply chains, manage vendor relationships, and deliver tailored industrial solutions that span equipment, financing, and compliance. This demands strong organizational capabilities and multidisciplinary expertise. Companies lacking these strengths will struggle to differentiate themselves in a crowded market.

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#### BUSINESS

#### Overview
We are a provider of industrial machinery and related equipment, primarily serving customers in the automotive, 3C appliances, and automation industries.

Since our establishment in 2015, we initially focused on the international trade of machine tools and automation equipment. In addition to our core trading operations, we have begun exploring opportunities to provide certain value-added services and technology-enabled solutions to support our customers' procurement and operational needs.

Our vision is to empower our clients to enhance their production efficiency and market competitiveness in the era of intelligent manufacturing by providing comprehensive, end-to-end services, and integrating advanced technological solutions.

Our business model is centered on the sale of machinery. But we plan to offer a full-service solution beyond the mere sale of machinery. We integrate world-renowned brands of machine tools, such as FANUC, Makino, and Kapp, with our proprietary software systems, primarily our unified intelligent manufacturing platform (branded as "Mengxun Smart Cloud Intelligent Manufacturing Platform V1.0"), which integrates functionalities comprising a Manufacturing Execution System (MES) and Material Parts Retrieval System (MPRS), as well as remote monitoring and data analytics platforms. This integration allows us to deliver a complete, customized package that addresses the specific needs of our clients.

Our services cover the entire project lifecycle, from initial needs assessment and solution design to equipment procurement, installation, and long-term after-sales support and technical consultation. Our customers are primarily high-precision manufacturing clients located in the PRC.

The Company generate revenue primarily from sales of industrial machineries. For the fiscal years ended August 31, 2024 and August 31, 2025, we had total revenue of approximately HK$74.2 million and approximately HK$123.7 million (US$15.87 million) respectively and net income of approximately HK$2.9 million and approximately HK$6.4 (US$0.82 million) million respectively.

For the fiscal years ended August 31, 2024 and August 31, 2025, we had total revenue of approximately HK$74.2 million and HK$123.7 million (US$15.87 million) representing an increase by approximately 66.8%.

#### Our Solutions
Our principal revenue stream is derived from the trading of industrial machineries, which forms the core component of the comprehensive intelligent manufacturing solutions we deliver to high-precision end-users in sectors such as automotive, 3C appliances, and automation. We specialize in the sourcing, procurement, and supply of high-quality Computer Numerical Control machine tools and precision processing equipment essential for complex manufacturing processes, including milling, turning, and grinding.

Leveraging our robust and established global supply chain, we strategically partner with world-renowned manufacturers, including FANUC, Makino, Kapp, to provide our clients with a broad portfolio of cutting-edge equipment. Our expertise is utilized to act as a technical procurement consultant, carefully selecting and validating the specific models and configurations that precisely meet the exacting performance and precision specifications required by our clients' applications.

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![](timage_002.jpg)

Our business is primarily focused on the trading of industrial machinery and related equipment. In connection with our machinery trading activities, we may provide certain ancillary services to support the delivery, installation, and commissioning of the equipment, as well as limited technical coordination services. These services are intended to facilitate the effective implementation of the machinery sold to our customers and are generally provided as part of the overall equipment sale rather than as standalone offerings.

While we have developed and may utilize certain internal software tools and technology solutions to support project coordination and customer operations, these tools are currently used on a limited basis and are not offered as independent products or material revenue-generating services. We do not separately charge customers for these ancillary services or internal software tools, and the related costs are included in our cost of revenues or operating expenses, as applicable. Our ancillary services and technology-related initiatives are at an early stage and are intended to complement, rather than replace, our core industrial machinery trading business.

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#### Competitive Strengths

#### Technology-Driven Transformation and Solution-Oriented Business Model
Our business is primarily focused on the trading of industrial machinery and related equipment. In addition to our core trading operations, we have begun exploring opportunities to provide certain value-added services and technology-enabled solutions to support our customers' procurement and operational needs. These initiatives are currently at an early stage of development and are intended to complement, rather than replace, our existing machinery trading business. There can be no assurance that these initiatives will be successfully developed, widely adopted by customers, or generate meaningful revenue in the future.

#### Deep Industry Expertise and End-to -End Service Capability
Our extensive experience in the high-precision manufacturing sector has allowed us to develop a deep understanding of the needs and challenges faced by our clients in the automotive, 3C appliances, and automation industries. We provide a full spectrum of services that cover the entire project lifecycle, from the initial consultation and solution design to equipment procurement, on-site installation, technical commissioning, and ongoing after-sales support. This comprehensive service model fosters long-term client relationships and creates significant barriers to entry for competitors. Our ability to manage complex, multi-stage projects and provide continuous technical support ensures a high degree of customer satisfaction and loyalty, which are critical for our sustained growth.

#### Global Supply Chain and Strategic Partnerships
We have established a robust and extensive global supply chain network that gives us access to a wide portfolio of high-quality machinery from world-renowned manufacturers, including FANUC, Makino, Kapp. This network allows us to source the most suitable and advanced equipment for our clients' unique requirements. Furthermore, we have established collaborations with industry leaders, which enables us to stay at the forefront of technological innovation and continuously refine our solutions. These partnerships provide us with access to cutting-edge research and development ("R&D"), helping us to build and maintain a competitive advantage by constantly upgrading our offerings.

#### Experienced and Visionary Management Team
Our management team possesses a wealth of experience in both the international trade and intelligent manufacturing sectors. This dual expertise was instrumental in our successful strategic shift in 2021, which transformed us from a trading company to a solutions provider. The team's deep understanding of market trends, coupled with a forward-looking vision, allows us to anticipate client needs and adapt our business model accordingly. Our technical and engineering teams are comprised of seasoned professionals with expertise in complex system integration and equipment application. This collective experience is a key driver of our ability to execute sophisticated projects and deliver high-quality outcomes for our clients.

#### Growth Strategies

#### Strategic R&D and Technological Innovation
We intend to strengthen our market position by investing in strategic research and development to enhance our solutions and expand our technological capabilities. Our R&D efforts are focused on four key areas: developing **intelligent diagnostic and predictive maintenance technologies** to reduce equipment downtime and maintenance costs for our clients; creating **adaptive machining control systems** that can automatically optimize processes for higher precision and efficiency; building a **modular and customizable design platform** to shorten development cycles and better meet unique customer specifications; and advancing **green manufacturing and energy**-saving **technologies** to help our clients reduce their environmental impact and operational costs. These initiatives will allow us to offer more sophisticated, efficient, and sustainable solutions, further cementing our reputation as an industry innovator.

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#### Expansion into International Markets
While we have a solid foundation in our existing markets, a key part of our growth strategy is to expand our footprint in targeted international markets. We plan to actively seek new opportunities in the dynamic and rapidly developing manufacturing sectors of international markets, leveraging our experience in providing high-precision solutions. Our expansion will be supported by a direct sales team focused on market penetration and building relationships with key clients. This geographical diversification is designed to broaden our customer base, mitigate market concentration risks, and establish our brand on a global scale.

#### Diversification of Customer Acquisition Channels
To accelerate our growth, we will diversify and enhance our customer acquisition channels. We will continue to participate in and host industry-specific forums and conferences, such as the China International Machine Tool Exhibition (CIMT) and the Hannover Messe in Germany, to showcase our latest technologies and solutions. Our online marketing efforts will be strengthened through our company website and social media platforms like LinkedIn and WeChat, where we will share industry insights, technical case studies, and customer success stories to improve brand recognition. We will also actively seek strategic recommendations from industry associations, equipment integrators, and technical consulting firms. Finally, we will expand our professional direct sales team to conduct targeted outreach and provide customized solutions to key industries and regions.

#### Our Suppliers
Our Suppliers are industrial machinery suppliers around the world. We directly manage our engagements with the suppliers to facilitate the procurement of high-precision equipment.

Below are the lists of our top five suppliers in the fiscal years ended August 31, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal year ended August 31, 2024

---

| | | |
|:---|:---|:---|
|  **Supplier** | **Purchase <br>amount** |  |
|  **Supplier** | **HK$** | **%** |
|  Supplier A | 32286605 | 48.1 |
|  Supplier B | 24139832 | 35.9 |
|  Supplier C | 9886500 | 14.7 |
|  Supplier D | 716311 | 1.1 |
|  Supplier E | 140090 | 0.2 |
|  **Total Purchase Amount of Top Five Suppliers** | **67169338** | **100** |
|  **Total Purchase Amount** | **67169338** | **100** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal year ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  **Supplier** | **Purchase <br>amount** |  |
|  **Supplier** | **HK$** | **%** |
|  Supplier A | 83492100 | 75.4 |
|  Supplier B | 26235252 | 23.7 |
|  Supplier F | 1024605 | 0.9 |
|  **Total Purchase Amount of Top Three Suppliers** | **110751957** | **100** |
|  **Total Purchase Amount** | **110751957** | **100** |

---

For the fiscal year ended August 31, 2025, our two largest suppliers were SHANGHAI FANUC ROBOMACHINE INTERNATIONAL TRADING CO., LTD. and KAPP NILES GMBH AND CO.KG, which accounted for approximately 75.4% and 23.7%, respectively, of our total purchase amount for the year. For the fiscal year ended August 31, 2024, our principal suppliers included SHANGHAI FANUC ROBOMACHINE INTERNATIONAL TRADING CO., LTD., KAPP NILES GMBH & CO.KG, and Danobat S. Coop.

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We generally procure equipment from our suppliers on a project-by-project basis pursuant to individually negotiated purchase contracts or purchase orders. These agreements typically specify equipment models and specifications, total contract price, payment schedules, delivery terms, inspection and acceptance procedures, and warranty provisions. Payment structures generally include advance payments and/or letters of credit, with a substantial portion payable upon shipment and the remaining balance payable upon delivery or final acceptance.

Our supply arrangements typically include standard warranty periods and may provide for capped liquidated damages in the event of delayed delivery. We do not maintain long-term, exclusive, or minimum purchase supply agreements with any of our suppliers. None of the above suppliers are related parties of the Company.

#### Our Customers
Our customers primarily consist of manufacturing enterprises and industrial operators that purchase industrial machinery and related equipment for use in their production operations. For the fiscal year ended August 31, 2024, our top three customers accounted for approximately 36.7%, 15.5%, and 15.4% of our total sales amount, respectively. For the fiscal year ended August 31, 2025, our top two customers accounted for approximately 47.4% and 23.7% of our total sales amount, respectively. The significant increase in revenue for the fiscal year ended August 31, 2025 was primarily driven by substantial orders from two new customers.

Our arrangements with customers are generally conducted on a project-by-project or purchase order basis, rather than pursuant to long-term or exclusive contracts. We typically do not enter into long-term supply agreements that obligate customers to purchase a minimum volume of products, and our customers are generally not required to place repeat orders. Our sales arrangements generally permit either party to terminate the arrangement upon completion of the relevant project or delivery of the ordered equipment, or earlier upon the occurrence of specified events.

Although a limited number of customers accounted for a significant portion of our revenue in certain periods due to the size and timing of individual transactions, we believe that such customer concentration is not indicative of long-term dependency. We believe that the loss of any individual customer would not materially and adversely affect our business, as we are able to pursue alternative customers and projects in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal year ended August 31, 2024

---

| | | |
|:---|:---|:---|
|  **Customer** | **Sales <br>amount** |  |
|  **Customer** | **HK$** | **%** |
|  Customer A | 27222200 | 36.7 |
|  Customer B | 11492000 | 15.5 |
|  Customer C | 11407500 | 15.4 |
|  Customer F | 5787058 | 7.8 |
|  Customer G | 5320529 | 7.2 |
|  **Total Sales Amount of Top Five Customers** | **61229287** | **82.6** |
|  **Total Sales Amount** | **74167473** | **100** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiscal year ended August 31, 2025

---

| | | |
|:---|:---|:---|
|  **Customer** | **Sales <br>amount** |  |
|  **Customer** | **HK$** | **%** |
|  Customer D | 58678560 | 47.4 |
|  Customer E | 29339280 | 23.7 |
|  Customer A | 8193150 | 6.6 |
|  Customer H | 6845534 | 5.5 |
|  Customer J | 6308096 | 5.1 |
|  **Total Sales Amount of Top Five Customers** | **109364620** | **88.4** |
|  **Total Sales Amount** | **123743446** | **100** |

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For the fiscal year ended August 31, 2025, our two largest customers were (i) the BYD group, including Xi'an BYD Auto Parts Co., Ltd. and Shenzhen BYD Auto Industry Co., Ltd., and (ii) Shaoneng Group Shaoguan Hongda Gear Co., Ltd., which accounted for approximately 47.4% and 23.7%, respectively, of our total revenue for the year.

We primarily enter into project-based equipment sales contracts with our customers. These agreements generally specify the scope of equipment to be delivered, technical specifications, total contract price, payment schedule, delivery terms, inspection and acceptance procedures, and warranty terms.

Payment terms typically include advance payments or letters of credit, with the remaining balance payable upon shipment or final acceptance of the equipment. Our contracts may provide for capped liquidated damages in the event of delayed delivery.

These agreements are generally entered into on a transaction-by-transaction basis and may be terminated in accordance with their contractual terms. They do not contain long-term, exclusive, or minimum purchase commitments. None of the above customers are related parties of the Company.

#### Sales and Marketing
We focus on serving customers with demanding requirements for precision machining, including automotive component manufacturers, 3C electronics producers, precision mold specialists, and automation equipment integrators. Our sales team consists of 4 full-time and part-time salespeople with college and higher degrees in business administration and marketing. They are all fluent in English, have professional sales knowledge, and have a good understanding of our products and customers. They are responsible for maintaining relationships with existing customers, identifying new sales opportunities, and providing excellent customer service. They are also constantly trained and coached to improve their skills and knowledge.

#### Multi-Channel Customer Acquisition
We utilize a diversified approach to reach potential clients through several key channels. Our participation in leading international industry exhibitions, such as the CIMT and Hannover Messe in Germany, enables us to demonstrate our integrated solutions and proprietary software systems, attract new prospects, and strengthen relationships with global equipment partners. We complement these efforts through digital marketing via our corporate website, LinkedIn, and WeChat platforms, where we share technical insights, customer success stories, and updates on technology advancements to build brand authority.

Additionally, we maintain collaborative partnerships with industry associations, equipment integrators, and consulting firms that refer high-quality customer opportunities. Our specialized direct sales team, comprised of engineers and industry experts with extensive experience, conducts targeted outreach and on-site visits to understand customer needs and present customized proposals.

#### Customer Loyalty Maintenance
We maintain long-term client relationships through a structured CRM system that tracks interactions, purchase history, and service needs to deliver personalized support. Our after-sales services include technical consultation, remote monitoring, maintenance, and software upgrades to ensure optimal equipment performance.

#### Brand Building
We establish industry leadership by publishing technical whitepapers, case studies, and reports that showcase our innovative solutions. Customer testimonials and reference projects help demonstrate real-world value and strengthen trust within precision manufacturing sectors.

#### Competition
We operate in a competitive and evolving market for customized intelligent manufacturing solutions, where we face several types of competitors across our core regions, including China and expanding Southeast Asian markets. Our main competitors include international equipment manufacturers with strong local presence such as FANUC, Makino, which benefit from established brands, proprietary technologies, and in-region production or service facilities.

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We also compete with domestic high-end machine tool distributors and system integrators that often compete on price but may offer limited depth in technological integration and customization. In addition, automation and digital solution providers focusing on smart factory upgrades present competition in the areas of software and data integration.

Competition in this sector is multidimensional, focusing on technology integration capabilities, degree of customization, delivery speed, service responsiveness, and cost efficiency. While global manufacturers leverage their brand reputation and direct technical support, local suppliers tend to emphasize flexibility and cost advantages.

#### Research and Development
We consider R&D fundamental to maintaining our competitive advantage and executing our strategic vision of delivering intelligent, end-to-end manufacturing solutions. Our R&D efforts are strategically aligned with our transition from a traditional equipment trading company to a technology-enabled solutions provider.

We pursue a collaborative approach to innovation, working with technology partners and industry experts to augment our internal capabilities and accelerate development. They can help us enhance our technological strength, innovation and market competitiveness in the field of customized intelligent machine tool solutions. Our R&D strategy is centered on the following four key pillars:

***Intelligent Predictive Maintenance:*** We are currently developing advanced systems for intelligent predictive maintenance. We are committed to researching and building AI and Internet of Things (IoT)-based smart diagnostic systems that are designed to enable real-time equipment monitoring and predictive maintenance. By integrating sensors and machine learning algorithms, our systems are being designed to anticipate potential failures and provide proactive maintenance recommendations. This approach, once fully commercialized, is expected to significantly reduce unplanned downtime for our customers, thereby improving overall equipment effectiveness.

***Adaptive Machining Control:*** We are currently developing intelligent adaptive control systems capable of dynamically optimizing machining parameters based on real-time processing conditions. Our research involves leveraging AI algorithms and force feedback sensors. This technology, which is still under development, is designed to significantly reduce scrap rates, with a target reduction of 10% to 15%, thus addressing the stringent demands of high-precision sectors such as aerospace and medical device manufacturing. However, these systems are not yet commercially deployed, and the targeted results are projections based on our current research and testing phase.

***Modular Customization Platform:*** We dedicate efforts to building a modular design platform that support rapid assembly and adjustment. The development of digital design tools, including CAD plugins, enables engineers to quickly generate customized solutions. Through integration with simulation software such as SolidWorks, the platform validates performance of module combinations during the design phase. This comprehensive approach is designed to significantly shorten design cycles and enhance delivery efficiency, enabling rapid response to customized client requirements.

***Green Manufacturing Technologies:*** We aim to advance green manufacturing technologies focusing on optimizing motor and drive systems such as adopting high-efficiency servo motors to lower energy consumption, developing cutting fluid recycling systems to reduce liquid waste, and implementing energy recovery technologies that convert thermal or kinetic energy from machining processes into electricity. These technologies are designed to achieve a targeted reduction in machine tool energy consumption of 15% to 20%.

#### Environmental Protection
Due to the nature of our business, our operational activities do not directly generate industrial pollutants. As such, we have not directly incurred any cost of compliance with applicable environmental protection rules and regulations as of the date of this prospectus and do not expect that we will directly incur significant costs for such compliance in the future.

As of the date of this prospectus, we have not come across any material non-compliance issues in respect of any applicable laws and regulations on environmental protection. We have not been subject to any administrative sanctions or penalties that have a material and adverse effect on our financial condition or business operation.

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#### Our Employees
We employed a total of 15 full-time employees. The following table sets forth the number of its full-time employees by function as of the date of this prospectus:

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| | |
|:---|:---|
|  **Function** | **Number of <br>Employees <br>as of<br>the date <br>of this <br>prospectus** |
|  Finance & Management | 4 |
|  Business & Sales | 3 |
|  Technology & Operations | 8 |

---

We enter into employment contracts and non-disclosure agreements with our full-time employees. We believe that we maintain a good working relationship with our employees, and we have not experienced material labor disputes in the past.

#### Insurance
We fully comply with all local statutory benefit requirements for our employees in both Hong Kong and Chinese Mainland. For our Hong Kong employees, we provide both Mandatory Provident Fund (MPF) contributions and statutory Employees' Compensation Insurance, as required by law. For our employees in Chinese Mainland, we fully comply with local regulations by enrolling them in all mandatory social insurance schemes (including pension, medical, unemployment, work-related injury, and maternity insurance), as well as housing fund contributions. We believe that our current insurance policies are sufficient for our operations.

#### Licenses and Permits
Apart from the business registration certificate and other company establishment permits, we do not believe we are required to have any additional permits or licenses to conduct our current business in Hong Kong.

#### Corporate Property

#### Property
As of the date of this prospectus, the Company does not own any property. Accordingly, our operating entity relies on leased properties. The following table shows notable information for the properties the operating entity leases as of the date of this prospectus:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Location** | **Area <br>(Square <br>meter)** | **Current Use** | **Term of Use** | **Total Rental** |
|  Unit 802, Level 8, Admiralty Center Tower II | 30 | Office | From July 1, 2025 to June 30, 2026 (Automatic renewal clause) | 24,000.HK$/Year |
|  No. 3-191, 192, 193, Building 1, Yuren Rural Namejin Square, Futian District, Shenzhen City | 278.1 | For comprehensive use as both accommodation and office space | From September 1, 2022 to August 31, 2027 | 384,000 RMB/Year. |

---

We believe the facilities the operating entities currently lease is adequate to meet their needs for the foreseeable future.

#### Intellectual Property
We regard our trademark, domain names and similar intellectual property as critical to our success. We rely on a combination of trademark law and confidentiality and non-disclosure agreements to protect our intellectual property rights. We also regularly monitor any infringement or misappropriation of our intellectual property rights.

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As of the date of this prospectus, our registered intellectual property consists of one registered trademark and two website domain names. We have no registered patents or copyrights, and no pending patent applications.

The Company implements a set of comprehensive measures to protect its intellectual properties, in addition to making trademark and other IPs. Key measures include: (i) timely registration, filing, and application for ownership of its intellectual properties, (ii) actively tracking the registration and authorization status of intellectual properties and taking action in a timely manner if any potential conflicts with its intellectual properties are identified, and (iii) clearly stating all rights and obligations regarding the ownership and protection of intellectual properties in all employment contracts and commercial contracts it enters into.

As of the date of this prospectus, the Company has not been subject to any material disputes or claims for infringement upon third parties' trademarks, licenses, and other intellectual property rights in Hong Kong.

#### Seasonality
During the past financial reporting periods, we did not experience any material seasonality in our business. However, our performance in a specific financial period may not necessarily represent the expected performance in other financial periods. Additionally, there are several factors that could contribute to fluctuations in our performance over certain periods, including overall demand for our products, timing of new product launches and quantity of new products, as well as our production capacity and utilization rate.

#### Legal Proceedings
We are currently not aware of any legal proceedings or claims that we believe will have a material adverse effect on our business or financial condition. However, we may be subject to various claims and legal actions arising in the ordinary course of business from time to time. 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 management's time and attention.

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#### REGULATIONS
Our business operations are conducted in Hong Kong and are subject to Hong Kong laws and regulations. This section summarizes the most significant rules and regulations that affect our business activities in Hong Kong.

#### Sale of Goods
Under the Sale of Goods Ordinance (Cap. 26), certain warranties/conditions are implied in the contract with customers in a contract for sale of goods, such as warranties/conditions that (a) the products are of merchantable quality; (b) fit for the purpose for which they are commonly bought; (c) free from defects; and (d) safe, and durable as reasonably expected.

Under the Trade Descriptions Ordinance (Cap. 362), (a) use of false trade descriptions; (b) false, misleading or incomplete information, (c) false marks and misstatements in respect of products, and (d) false trade descriptions in respect of services supplied are prohibited. In addition, the ordinance makes certain trade practices criminal offence, namely: (a) misleading omission; (b) aggressive commercial practices; (c) bait advertising; (d) bait and switch; and (e) wrongful acceptance of payment. The ordinance also provides for offences relating to forged trade mark, and falsely applying of trade mark or resembling marks.

Under the Supply of Services (Implied Terms) Ordinance (Cap. 457), certain terms are implied in the contracts with customers for the supply of services, including: (a) that the supplier will carry out the service with reasonable care and skill; (b) that the supplier will carry out the service within a reasonable time (if the time of service is not fixed or fixed in a manner agreed); (c) that the party contracting with the supplier will pay a reasonable charge (if the consideration is not determined by the contract or left to be determined in a manner agreed or by course of dealing between the parties).

Under the Unconscionable Contracts Ordinance (Cap. 458), if the Hong Kong court finds that a contract for sale of goods or supply of services (in which one of the parties deals as consumer) to have been unconscionable in the circumstances relating to the contract at the time it was made, the court may: (a) refuse to enforce the contract; (b) enforce the remainder of the contract without the unconscionable part; (c) limit the application of, or revise or alter, any unconscionable part to avoid unconscionable result.

#### Employment Ordinance
The Employment Ordinance (Chapter 57 of the Laws of Hong Kong) (the "EO") provides for the protection of the wages of employees and regulates 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.

#### Employees' Compensation Ordinance
The Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) (the "ECO") provides for the payment of compensation to employees injured in the course of employment. As stipulated by the ECO, an employer is required to take out an insurance policy to insure against the injury risk of his or her 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) ("MPF Schemes Ordinance")
Employers are required to enroll their regular employees (except for certain exempt persons) aged between at least 18 but under 65 years of age and employed for 60 days or more in a Mandatory Provident Fund ("MPF") scheme within the first 60 days of employment.

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For both employees and employers, it is mandatory to make regular contributions into a MPF scheme. For an employee, subject to the maximum and minimum levels of income (set at HK$30,000 and HK$7,100 per month, respectively, as at the date of this prospectus), an employer will deduct 5% of the relevant income on behalf of an employee as mandatory contributions to a registered MPF scheme with a ceiling (set at HK$1,500 as at the date of this prospectus). Employer will also be required to contribute an amount equivalent to 5% of an employee's relevant income to the MPF scheme, subject only to the maximum level of income (set at HK$30,000 as at the date of this prospectus).

#### Regulation on intellectual property
Pursuant to the Trade Marks Ordinance (Chapter 559 of the Laws of Hong Kong), trademarks must be registered with the Trade Marks Registry of the Intellectual Property Department under the Trade Marks Ordinance and the Trade Marks Rules (Chapter 559A of the Laws of Hong Kong) in order to enjoy protection by the laws of Hong Kong. Any use of the trade mark by third parties without the consent of the registered owner is an infringement of the trade mark.

#### Regulations on business registration
Under the Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong), every person carrying on any business is required to make an application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business. The Commissioner of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch. Mengxun HK has obtained valid business registration certificates and has not been refused by the Inland Revenue Department for their applications for renewal of their respective business registration certificates.

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#### MANAGEMENT
The following table provides information regarding our Executive Officers and Directors as of the date hereof:

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| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Xinmei SHI | 41 | Director, Chairwoman of the Board of Directors\* |
|  Meng WAN | 40 | Chief Executive Officer\* |
|  Ximing HUANG | 25 | Director, Chief Financial Officer\* |
|  Alvin WANG  | [50] | Independent Director Nominee\* |
|  Ngo Yin TSANG | 52 | Independent Director Nominee\* |
|  Pak Ching Dominic WONG  | [27] | Independent Director Nominee\* |

---

____________

\* The appointment will become effective upon the effectiveness of our registration statement on Form F-1 of which this prospectus forms a part.

The business and working experience and areas of responsibility of our Directors and Executive Officers are set out below:

**Xinmei SHI** has been our director since August 25, 2025 and will serve as our Chairwoman of the Board of Directors from [\*]. Since September 2021, she has been the Chairwoman of our Operating Subsidiary, MENG XUN MACHINERY (HONG KONG) LIMITED, responsible for the company's corporate strategic planning and, leveraging her extensive experience in financial management, which has supported corporate decision-making in investment and risk management, while actively advancing the company's listing process on Nasdaq. Prior to her current role, Ms. SHI held key positions at several listed companies. From July 2021 to June 2022, she served as a director of Integrated Media Technology Limited (NASDAQ: IMTE) and as Chair of the Compensation Committee, responsible for establishing and supervising executive compensation policies. From November 2020 to April 2022, she served as a director of Meiwu Technology Co. Ltd. (NASDAQ: WNW) and as Chair of the Compensation Committee, overseeing the formulation and supervision of executive compensation policies to ensure fairness and compliance. From 2016 to 2021, Ms. SHI worked at Shenzhen Shengxinyuan Investment Group Co., Ltd., serving as Vice President of Investments. In that capacity, she was responsible for formulating and executing the company's investment strategies and successfully led multiple high-return investment projects.

**Meng WAN** will serve as our Chief Executive Officer from [\*]. He has worked in the machinery equipment industry for over 20 years and in sales and management roles at several renowned multinational corporations. This has established him as a well-known entrepreneur within the sector. From 2015 till the present, he has served as Managing Director of our Operating Subsidiary, MENG XUN MACHINERY (HONG KONG) LIMITED. Prior to this job, he was a Regional Manager at Ningbo Hurco Trading Co., Ltd. from 2012 to 2014. From 2010 to 2012, Mr. WAN worked as an Account Manager at Makino Machine Tools (China) Co., Ltd. He worked as an Engineer at Beijing Xun Li Chuang Cheng Technology Co., Ltd. from 2008 to 2009. Prior to that, he served as an Engineer at Guangdong Provincial Machinery Research Institute from 2006 to 2008. From 2004 to 2005, Mr. WAN began his career as an Engineer at Jushi Mould Co., Ltd. in Guangdong.

**Ximing HUANG** has been our director since August 25, 2025 and will serve as our Chief Financial Officer from [\*]. Ms. HUANG received Bachelor's degree in Mathematics and Statistics from Hong Kong Baptist University in 2024. Since September 2024, she has been serving as Financial Manager of our Operating Subsidiary, Mengxun Machinery (Hong Kong) Limited, where she leads financial data governance, coordinates financial resources, and oversees Nasdaq listing-related matters. Previously, she was an Intern in the Global Banking Division at Hongkong and Shanghai Banking Corporation, Ltd. (HSBC) from January 2023 to June 2023, responsible for analyzing sales data for the Asia-Pacific GPS products and preparing monthly and quarterly sales reports. From August 2022 to January 2023, she worked as a Fintech Intern at Hang Seng Bank, Ltd., assisting in the analysis of monthly performance data for over 3,000 relationship managers and providing recommendations for sales optimization. From January 2022 to April 2022, she was an Audit Intern at PricewaterhouseCoopers (PwC), participating in the annual audit of Li & Fung Limited and analyzing key financial and operational data anomalies.

**Alvin WANG, who is a citizen and resident of the United States,** will serve as our independent director from [\*]. Mr. Wang has over 20 years of experience in banking, capital markets, and technology investment. For over five years, he has served as the President of the U.S. subsidiary of Bank of China Group Investment, where he is responsible for leading strategic investment initiatives and cross-border business development in the United States.

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Prior to this role, Mr. Wang held multiple executive positions in corporate banking and international finance at Bank of China, United States for over 10 years, where he managed cross-border financing and strategic investment projects. Notably, Mr. Wang possesses significant expertise in U.S. public company governance, having served as a sponsor and partner of a Special Purpose Acquisition Company (SPAC) listed on NASDAQ. Mr. Wang received his degree in Business Administration from Stony Brook University in New York. We believe Mr. Wang's extensive experience in international finance and his familiarity with NASDAQ-listed company oversight qualify him to serve on our board.

**Ngo Yin TSANG** will serve as our independent director from [\*]. She holds a Master of Laws from the University of Wolverhampton, a Bachelor of Laws from Tsinghua University, and a Bachelor of Business Administration from Simon Fraser University. Since 2023, she has served as Company Secretary and Chief Financial Officer of Hongguang Semiconductor Co., Ltd. (HKEx: 6862). Ms. TSANG concurrently serves as an independent director at multiple listed companies. Since 2024, she has served as an Independent Non-Executive Director of Fuxing China Group Limited (Nasdaq: FFFZ; SGX: AWK); and as an Independent Non-Executive Director of Sunway International Holdings Limited (HKEx: 0058). Since 2021, she has served as an Independent Non-Executive Director of Fu Shek Financial Holdings Limited (HKEx: 2263). Since 2020, she has served as an Independent Director of China Liberal Education Holdings Limited (Nasdaq: CLEU). Previously, Ms. TSANG held senior management and financial positions at listed companies. From 2016 to 2021, she served as an Independent Non-Executive Director of Standard Development Group Limited (HKEx: 1867). From 2020 to 2023, she served as Company Secretary and Chief Financial Officer of DTXS Silk Road Investment Holdings Limited. From 2017 to 2019, she served as Company Secretary and Chief Financial Officer of Zhuoxin International Holdings Limited. From 2012 to 2014, she served as Finance Manager for the Asia-Pacific region at Herbalife Asia Pacific Services Limited, a subsidiary of Herbalife Ltd. (NYSE: HLF). From 2007 to 2012, she served as Internal Audit Manager for the Asia-Pacific region at Herbalife Asia Pacific Services Limited. From 2005 to 2007, she served as Manager of Group Management Services (Internal Audit) at Cheung Kong (Holdings) Limited (HKEx: 0001). From 2003 to 2005, she served as Senior Auditor at PricewaterhouseCoopers. Ms. TSANG is a member of the American Institute of Certified Public Accountants and the Hong Kong Institute of Certified Public Accountants.

**Pak Ching Dominic WONG, who is a citizen and resident of the United States,** will serve as our independent director from [\*]. Mr. WONG currently serves as an Attorney at Strategic Legal Practices, APC. Previously, he served as a Paralegal and Law Clerk at The Law Offices of Edward C. Ip and Associates, and as a Paralegal at WeWin Law Firm LLP. Prior to that, he served as a Mediator at the Los Angeles County Superior Court. His previous experience also includes serving as an Insurance Producer at New York Life and as a Business Analyst Intern at Edison Venture Capital Fund. Earlier in his career, he served as a Summer Associate at CFN Lawyers in Hong Kong. Mr. WONG received his Master of Law (LLM in Business Law) from the University of Southern California Gould School of Law in 2025, and his Bachelor of Law (Honors) from the University of Edinburgh School of Law in 2024. He is admitted to the California State Bar and the US Tax Court.

#### Family Relationships
None of the directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

#### Employment Agreements and Indemnification Agreements
We have entered into employment agreements with each of our executive officers. Each of our executive officers is employed for a specified time period, which can be renewed upon both parties' agreement before the end of the current employment term. We may terminate an executive officer's employment by giving a prior written notice or by paying certain compensation. All Named Directors and Officers serve under substantially similar appointment terms, with appointments continuing until terminated by either party giving not less than three months' prior written notice or payment in lieu; we may terminate the employment of executive officers without cause at any time upon three months' advance written notice.

Each executive officer has agreed to hold, unless expressly consented to by us, at all times during and after the termination of his or her employment agreement, in strict confidence and not to use, any of our confidential information or the confidential information of our consumers and suppliers.

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We have also entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company.

#### Compensation of Directors and Executive Officers
For the fiscal year ended August 31, 2024, we paid an aggregate of HKD699,600 (approximately US$89,692) in cash to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers.

For the fiscal year ended August 31, 2025, we paid an aggregate of HKD1,014,600 (approximately US$130,077) in cash to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers.

#### Insider Participation Concerning Executive Compensation
Our principal shareholder, STAR WINS VENTURES LIMITED is owned as to 55% by Ms. Xinmei SHI, she has made all determinations regarding executive officer compensation since the inception of our Company. When our Compensation Committee is set up, it will be making all determinations regarding executive officer compensation.

#### Election of Officers
Our executive officers are appointed by our board of directors, and serve at the discretion of, our board of directors.

#### Board of Directors

#### Composition of our Board of Directors
Our board of directors will consist of 5 directors upon the effectiveness of our registration statement on Form F-1 of which this prospectus is a part. A director is not required to hold any shares in our company to qualify to serve as a director. The Corporate Governance Rules of Nasdaq generally require that a majority of an issuer's board of directors consist of independent directors.

Our board of directors currently consists of 2 executive directors. At the effectiveness of this registration statement, our board of directors will have 2 executive directors and 3 independent directors appointed. Our board of directors has determined that each of Alvin WANG, Ngo Yin TSANG, and Pak Ching Dominic WONG will be an "independent director" as defined under the Nasdaq rules. Our board of directors will be composed of a majority of independent directors at the effectiveness of this registration statement.

Subject to the Nasdaq rules and disqualification by the chairman of the relevant board meeting, a director may vote, as a director in respect of any contract, proposed contract, arrangement, proposal or transaction notwithstanding that he may be interested therein provided such director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration. A general notice given to the directors by any director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated.

#### Committees of the Board of Directors
Upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part, we intend to establish an Audit Committee, a Compensation Committee and a Nomination Committee under our Board of Directors. We intend to adopt a charter for each of the three committees upon the SEC's declaration of the effectiveness of our registration statement on Form F-1 of which this prospectus is a part. Each committee's members and functions are described below.

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#### Audit Committee.
Our Audit Committee will consist of our 3 independent directors and will be chaired by Ngo Yin TSANG. We have determined that each member of our Audit Committee will satisfy the requirements of Section 303A of the Corporate Governance Rules/Rule 5605(c)(2) of the Nasdaq listing rules and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Ngo Yin TSANG qualifies as an "audit committee financial expert." The Audit Committee oversees our accounting and financial reporting processes and the audits of the financial statements of our Company. The Audit Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent auditors any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

#### Compensation Committee.
Our Compensation Committee will consist of our 3 independent directors and will be chaired by Pak Ching Dominic WONG. We have determined that each member of our Compensation Committee will satisfy the "independence" requirements of Rule 5605(c)(2) of the Nasdaq listing rules. Our Compensation Committee assists 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 their compensation is deliberated upon. Our Compensation Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the shareholders for determination with respect to the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

#### Nomination Committee.
Our Nomination Committee will consist of our 3 independent directors and will be chaired by Alvin WANG. We have determined that each member of our Nomination Committee will satisfy the "independence" requirements of Rule 5605(c)(2) of the Nasdaq listing rules. The Nomination Committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the Board and its committees. The Nomination Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience and diversity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

#### Code of Business Conduct and Ethics
In connection with this Offering, prior to the effectiveness of this registration statement, we will adopt a code of business conduct and ethics, which is applicable to all of our directors, executive officers and employees and is publicly available.

#### Duties of Directors
Under Cayman Islands law, our directors owe fiduciary duties to our company. These include, among others, a duty of loyalty, a duty to act honestly, and a duty to act in good faith in what they consider to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the skills they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances.

In fulfilling their duty of care to us, our directors must ensure compliance with our post-offering memorandum and articles of association as may be amended from time to time. Our company has a right to seek damages against any director who breaches a duty owed to us.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers.

#### Terms of Directors and Officers
Our officers are elected by the board of directors and will serve for a period of 1 year from the effective date of the registration statement. Our directors are not subject to a term of office and hold office until their resignation, death or incapacity, or until their respective successors have been elected and qualified or until his or her office is otherwise vacated in accordance with our post-offering memorandum and articles of association.

Under our post-offering memorandum and articles of association, a director's office shall be terminated forthwith if: (i) the director is prohibited by the law of the Islands from acting as a director; or (ii) the director is made bankrupt or makes an arrangement or composition with his creditors generally; or (iii) the director resigns his office by notice to the Company; or (iv) the director only held office as a director for a fixed term and such term expires; or (v) in the opinion of a registered medical practitioner by whom the director is being treated the director becomes physically or mentally incapable of acting as a director; or (vi) the director is given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such director); or (vii) the director is made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or (viii) without the consent of the other directors, the director is absent from meetings of directors for a continuous period of six months.

#### Limitation on Liability and Other Indemnification Matters
Cayman Islands law allows us to indemnify our directors, officers and auditors acting in relation to any of our affairs against actions, costs, charges, losses, damages and expenses incurred by reason of any act done or omitted in the execution of their duties as our directors, officers and auditors.

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Under our Post-offering memorandum and articles of association, we may indemnify each existing or former director (including alternate director), secretary and other officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives, from and against: (a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and (b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty, fraud, willful default and willful neglect.

#### Qualification
Under our post-offering amended and restated articles of association, a director is not required to hold any shares in our Company by way of qualification. A director who is not a shareholder of our Company is nevertheless entitled to attend and speak at general meetings.

#### Meetings of Directors
The business of our company is managed by the directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors determine to be necessary or desirable. Every director shall be given notice, whether oral or written, of a meeting. A director who participates in a meeting of directors through the medium of conference telephone, video or any other form of communications equipment providing that all persons participating in the meeting are able to hear and speak to each other throughout the meeting, is deemed to be present in person at the meeting. If all the directors participating in a meeting are not in the same place, they may decide that the meeting is to be treated as taking place wherever any of them is. The quorum for the transaction of business at a meeting of directors shall be two unless the directors fix some other number or unless the Company has only one director. 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 of the directors. A question which arises at a board meeting shall be decided by a majority of votes, and if votes are equal the chairman may exercise a casting vote. Anything done at a meeting of directors is unaffected by the fact that it is later discovered that any person was not properly appointed, or had ceased to be a director, or was otherwise not entitled to vote. A director present at a meeting of directors is presumed to have assented to any action taken at that meeting unless: the director's dissent is entered in the minutes of the meeting; or the director has filed with the meeting before it is concluded signed dissent from that action; or the director has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent. A director who votes in favor of an action is not entitled to record the director's dissent to it.

#### 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.

#### Foreign Private Issuer Exemption
After the consummation of this Offering, we will qualify as a "foreign private issuer" under the SEC rules and Nasdaq rules. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. Also, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. However, we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and we will submit to the SEC from time to time, on Form 6-K, reports of information that would likely be material to an investment decision in our Shares.

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Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), except that we must comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640), and that we have an audit committee that satisfies Rule 5605(c)(3), including having committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). The exemptions are subject to our disclosure of which requirements we are not following and the equivalent Cayman Islands requirements. Below are some of the exemptions afforded to foreign private issuers under the Nasdaq rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that we disclose within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors be composed of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our audit committee have a minimum of three members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that we hold annual shareholders' meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors have a Compensation Committee composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that director nominees are selected, or recommended for selection by our board of directors, either by (i) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors and governed by a formal written charter or board resolution, as applicable, addressing the nomination process as adopted.

We intend to comply with all of the rules generally applicable to U.S. domestic companies listed on the Nasdaq. We may in the future decide to use the foreign private issuer exemption with respect to some or all of the other Nasdaq corporate governance rules. We also intend to comply with Cayman Islands corporate governance requirements under the Cayman Companies Act applicable to us at the same time. If we rely on our home country's corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

#### Other Corporate Governance Matters
The Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate governance practices.

Because we are a foreign private issuer, the members of our Board of Directors and senior management are not subject to short-swing profit and insider trading reporting obligations under Section 16 of the Exchange Act. They will, however, be subject to the obligation to report changes in share ownership under Section 13 of the Exchange Act and related SEC rules.

We are eligible to utilize the "controlled company" exemptions under the Nasdaq corporate governance rules if more than 50% of our voting power is held by an individual, a group or another company. Pursuant to the Nasdaq corporate governance rules, in order for a group to exist, such shareholders must have publicly filed a notice that they are acting as a group (i.e., a Schedule 13D). We expect that more than 50% of our voting power will be held by an individual, a group or another company immediately following the consummation of this Offering.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this Offering. In addition, the following table sets forth beneficial ownership prior to this Offering and after this Offering, assuming (i) no exercise and (ii) full exercise of the underwriters' over-allotment option. Holders of our Ordinary Shares are entitled to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

Unless otherwise indicated, percentage ownership is based on 10,000,000 Ordinary Shares outstanding as of the date of this prospectus, after giving effect to the share cancellation, Percentage ownership after the completion of this Offering is based on 15,000,000 Ordinary Shares (no exercise) and 15,750,000 Ordinary Shares (full exercise), as applicable.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws<sup>(1)</sup>.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially <br>Owned Prior to <br>This Offering** | **Shares Beneficially <br>Owned Prior to <br>This Offering** | **Shares Beneficially <br>Owned No Exercise**  | **Shares Beneficially <br>Owned No Exercise**  | **Shares Beneficially<br> Owned Full Exercise** | **Shares Beneficially<br> Owned Full Exercise** |
|  **Name of Beneficial Owners** | **Number** | **%** | **Number** | **%** | **Number** | **%** |
|  **Directors and Executive Officers**<sup>(</sup><sup>2)</sup>**:** |  |  |  |  |  |  |
|  Xinmei SHI | 4400000 | 44.00 | 4400000 | 29.33 | 4400000 | 27.94 |
|  Meng WAN | 3600000 | 36.00 | 3600000 | 24.00 | 3600000 | 22.86 |
|  Ximing HUANG | 0 | 0 | 0 |  | 0 | 0 |
|  Alvin WANG | 0 | 0 | 0 |  | 0 | 0 |
|  Ngo Yin TSANG | 0 | 0 | 0 |  | 0 | 0 |
|  Pak Ching Dominic WONG | 0 | 0 | 0 |  | 0 | 0 |
|  **All directors and executive officers as a group** | 8000000 | 80.00 | 8000000 | 53.33 | 50.79 |  |
|  **5% shareholders:** |  |  |  |  |  |  |
|  STAR WINGS VENTURES LIMITED<sup>(</sup><sup>3)</sup> | 8000000 | 80.00 | 8000000 | 53.33 | 50.79 |  |

---

____________

(1) Certain shareholders of the Company are individuals who may be deemed to hold their shares subject to community property laws in the jurisdictions in which they reside. Each of Meng WAN and Xinmei SHI is married. The shares held by Meng WAN may be deemed to be subject to the community property laws of Chinese Mainland, and the shares held by Xinmei SHI may be deemed to be subject to the community property laws of Hong Kong. Under such laws, a spouse may be deemed to have a beneficial interest in shares held by the shareholder. To the extent applicable, beneficial ownership information set forth herein includes shares that may be deemed beneficially owned by a shareholder and his or her spouse pursuant to applicable community property laws.

(2) Except as otherwise indicated below, the business address for our directors and executive officers is at Unit 802, Level 8, Admiralty Center Tower II, 18 Harcourt Road, Admiralty, Hong Kong.

(3) STAR WINGS VENTURES LIMITED, a business company incorporated under the laws of the British Virgin Islands, is owned as to 55% by Ms. Xinmei SHI, our Director and chairwoman of the board of directors and 45% by Mr. Meng WAN, our Chief Executive Officer, respectively. The registered address of STAR WINGS VENTURES LIMITED is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

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#### RELATED PARTY TRANSACTIONS
The following is a summary of transactions for the three years ended August 31, 2025 to which we have been a party and in which any members of our Board of Directors, any Executive Officers, or Major Shareholder had, has or will have a direct or indirect material interest, other than compensation arrangements which are described under the section of this prospectus captioned "*Management*".

---

| | |
|:---|:---|
|  **Names of the related party** | **Relationship with the Company** |
|  Meng WAN | CEO and beneficial shareholder of the Company and director of Mengxun HK |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Amount due to a related party**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2023** | **2024** | **2025** |
|  | **HK$** | **HK$** | **HK$** |
|  Meng WAN | (36325682) | (31247275) | (32411707) |
|  **Total amount due to a related party – non trade** | **(36325682)** | **(31247275)** | **(32411707)** |

---

These balances are unsecured, interest-free, and without a fixed repayment term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Related party transactions**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** | **For the year ended August 31,** |
|  | **2023** | **2024** | **2025** |
|  | **HK$** | **HK$** | **HK$** |
|  Payment on behalf of the Company by Meng WAN | 1669999 | 6705126 | 4464049 |
|  Payment on behalf of Meng WAN by the Company<sup>(i)</sup> | 4173459 | 7293942 | 8274211 |
|  Loan advanced to the Company from Meng WAN | 11676000 | 216642 | 3374218 |
|  Loan advanced to Meng WAN from the Company | 15535 | 4706233 | 1399624 |
|  Dividend declared to Meng WAN<sup>(</sup><sup>ii)</sup> |  |  | 3000000 |

---

____________

(i) During the periods presented, certain amounts due to our Chief Executive Officer arose from historical advances and reimbursements made on behalf of the Company in the ordinary course of business. We intend to settle or otherwise eliminate any outstanding balances prior to or in connection with the completion of this offering. Following the completion of this offering, we will not extend or maintain any personal loans, advances, or similar credit arrangements to or for any of our directors or executive officers, in compliance with Section 13(k) of the Securities Exchange Act of 1934.

(ii) On June 29, 2025, Mengxun HK declared a dividend of HK$3,000,000 to Mr. Meng WAN. The transaction was fully authorized by the written resolution of the sole director of Mengxun HK. As of August 31, 2025, the amount of unpaid dividend to Mr. Meng WAN was HK$3,000,000. No dividend was declared during the year ended August 31, 2024.

#### Policies and Procedures for Related Party Transactions
Our board of directors has created an audit committee in connection with this offering which will be tasked with review and approval of all related party transactions.

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#### DESCRIPTION OF SHARES
We are a Cayman Islands exempted company incorporated with limited liability and our affairs are governed by our memorandum and articles of association, as amended or restated from time to time, and the Companies Act (as revised) of the Cayman Islands, which is referred to as the "Cayman Companies Act below", and the common law of the Cayman Islands. A Cayman Islands exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a company that conducts its business mainly outside the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is prohibited from trading in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the exempted company carried on outside the Cayman Islands (and for this purpose can affect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to make its register of members open to inspection by shareholders of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

As of the date of this prospectus, our company's authorized share capital is US $50,000 divided into 500,000,000 Ordinary Shares of par value $0.0001 each. As of the date of this prospectus, 10,000,000 Ordinary Shares are issued and outstanding. Immediately upon the completion of this offering, assuming no exercise of the over-allotment option by the underwriters, there will be 15,000,000 Ordinary Shares issued and outstanding (or 15,750,000 Ordinary Shares if the underwriters exercise their over-allotment option in full).

Reference is made to our post-offering amended and restated memorandum and articles of association, which will become effective from the effective date of this registration statement, copies of which are filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred to in this section as, respectively, the "post-offering Memorandum" and "post-offering Articles"). The following description of our share capital and provisions of our post-offering Memorandum and Articles are summaries and do not purport to be complete.

#### Ordinary Shares
Our ordinary shares are issued in registered form, and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our ordinary shares will not receive a certificate in respect of such ordinary shares. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their ordinary shares. We may not issue shares or warrants to bearer.

Subject to the provisions of the Cayman Companies Act and our post-offering Articles regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. No share may be issued at a discount except in accordance with the provisions of the Cayman Companies Act. The directors may refuse to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.

At the completion of this offering, there will be [\*] ordinary shares issued and outstanding. Shares sold in this offering will be delivered against payment from the underwriters upon the closing of the offering in New York, New York, on or about [\*].

#### Dividends
The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. Our post-offering Articles provide that dividends may be out of any funds of the

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Company lawfully available for distribution. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose subject to the restrictions of the Cayman Companies Act, provided that in no circumstances may we pay a dividend out of share premium account if, following the date on which the dividend is proposed to be paid, our company would be unable to pay its debts as they fall due in the ordinary course of business.

#### Voting Rights
Any action required or permitted to be taken by the shareholders must be taken at a duly called and quorate annual or extraordinary general meeting of the shareholders entitled to vote on such action, or in lieu of a general meeting, be effected by a resolution in writing. A resolution put to the vote of the meeting shall be decided on a poll. On a poll, each shareholder is entitled to one (1) vote for each Ordinary Share on all matters that require a shareholder's vote.

A quorum required for a meeting of shareholders consists of one or more shareholders present and holding at least one-third of the outstanding Ordinary Shares of our Company that is entitled to vote and present in person or by proxy. Shareholders may be present in person or by proxy or, if the shareholder is a legal entity, by its duly authorized representative. Shareholders' meetings may be convened by our board of directors on its own initiative or upon a written requisition by any one or more shareholder(s) entitled to attend and vote at general shareholders' meetings of our company holding not less than 10% of the rights to vote at such meeting, deposited at the registered office of our company. Advance notice of at least five (5) clear days is required for the convening of our general shareholders' meeting.

An ordinary resolution to be passed at a duly constituted general meeting of the Company shall be passed by a simple majority of the votes vast by, or on behalf of, the shareholders who (being entitled to do so) vote in person or by proxy at that meeting, while a special resolution requires the affirmative vote of not less than two-thirds of the votes attaching to the Ordinary Shares cast by or on behalf of, the shareholders who (being entitled to do so) vote in person or by proxy at a meeting of which notice specifying the intention to propose the resolution as a special resolution has been duly given. A special resolution will be required for important matters such as a change of company name or making amendments to our post-offering Memorandum or Articles. Holders of the Ordinary Shares may, among other things, subdivide or consolidate their shares by passing an ordinary resolution.

#### Election of directors
Directors may be appointed by an ordinary resolution of our shareholders or by a resolution of the directors of the Company.

#### Meetings of directors
At any meeting of directors, a quorum will be present if two directors are present, unless otherwise fixed by the directors. A director represented by an alternate director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present. 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 of the directors.

#### Transfer of Ordinary Shares
Subject to our post-offering Articles relating to the transfer of Ordinary Shares and provided that such transfer complies with the applicable rules of the SEC, the Nasdaq and federal and state securities laws of the United States, our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in a common form or any other form prescribed by the Nasdaq or otherwise approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Shares which are not fully paid up or on which the Company has a lien.

If our directors refuse to register a transfer they shall, within one month after the date on which the instrument of transfer was lodged, send to the transferee notice of such refusal.

The registration of transfers may, on 14 clear days' notice, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 clear days in any year as our board may determine.

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#### Liquidation rights
If we are wound up, the shareholders may, subject to the Articles and any other sanction required by the Cayman Companies Act, pass an ordinary resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to set such value to any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees upon such trusts for the benefit of contributories as the liquidator shall think fit.

#### Calls on Shares and Forfeiture of Shares
Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 clear days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

#### Redemption of Shares
The Cayman Companies Act and our post-offering Articles permit us to purchase, redeem or otherwise acquire our own shares, subject to certain restrictions and requirements under the Cayman Companies Act, our post-offering Memorandum and Articles and any applicable requirements imposed from time to time by the Nasdaq, the SEC. In accordance with our post-offering Articles, we may issue shares with rights which, with the sanction of a special resolution passed by the shareholders, be varied so as to provide that those shares are to be redeemed or liable to be redeemed at the option of our Company or the holder is liable, to be redeemed. Under the Cayman Companies Act, the repurchase of any share may be paid out of our company's profits, out of our share premium account or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase, or, if authorized by the articles of association and subject to the Cayman Companies Act, out of capital. If the repurchase proceeds are paid out of our Company's capital, our Company must, immediately following such payment, be able to pay its debts as they fall due in the ordinary course of business. In addition, under the Cayman Companies Act, no such share may be repurchased (1) unless it is fully paid up, (2) if such repurchase would result in there no longer be any issued shares of our Company (other than shares held as treasury shares), and (3) unless the manner of repurchase (if not so authorized under the Memorandum and Articles) has first been authorized by a resolution of our shareholders. Under the Articles, our Company may repurchase its own shares on the terms and in the manner which our directors determine at the time of such repurchase. In addition, under the Cayman Companies Act, our Company may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result in there being no longer any issued shares of our Company (other than shares held as treasury shares).

#### Variations of Rights of Shares
The rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class or series), whether or not our company is being wound-up, may be varied with the consent in writing of the holders of two-thirds of the issued shares of that class or series or with the sanction of a resolution passed by at least a two-thirds majority of the holders of shares of the class or series present in person or by proxy and entitled to vote at a separate meeting of the holders of the shares of the class or series.

#### Changes in the number of shares we are authorized to issue and those in issue
We may from time to time by an ordinary resolution passed by our shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase or reduce (by cancellation of shares that have not been taken or agreed to be taken by any person) the authorized share capital of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subdivide our authorized and issued shares into a larger number of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate our authorized and issued shares into a smaller number of shares.

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#### Issuance of Additional Shares
Our post-offering Memorandum and Articles authorize our board of directors to issue additional Ordinary Shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

#### Inspection of Books and Records
Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information."

#### No preferred shares
As of the date of this prospectus, we do not have any preferred shares authorized, issued or outstanding.

#### Differences in Corporate Law
The Cayman Companies Act is derived, to a large extent, from that of England and Wales but does not follow recent United Kingdom statutory enactments, and accordingly there are significant differences between the Cayman Companies Act and the current Companies Act of England. In addition, the Cayman Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Cayman Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements*

The Cayman Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company and (b) a "consolidation" means the combination of two or more constituent companies into a new consolidated company and the vesting of the undertaking, property and liabilities of such companies in the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with, among other documents, a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the shareholders and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is affected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest of a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Except in certain limited circumstances, a dissenting shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her shares upon dissenting from a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, except for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by seventy-five percent (75%) in value of the shareholders or class of shareholders, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings,

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convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the arrangement is not one that would more properly be sanctioned under some other provision of the Cayman Companies Act.

When a takeover offer is made and accepted by holders of 90% of the shares affected within four months the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, or if a takeover offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

*Shareholders' Suits*

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to apply and follow the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) which permit a non-controlling shareholder to commence a class action against, or derivative actions in the name of, a company to challenge the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act which is illegal or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act which, although not ultra vires, requires authorization by a qualified (or special) majority (that is, more than a simple majority) which has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act which constitutes a "fraud on the minority" where the wrongdoers are themselves in control of the company.

*Indemnification of Directors and Executive Officers and Limitation of Liability*

The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person's own fraud, dishonesty, willful default or willful neglect. Our post-offering Articles provide to the extent permitted by Cayman Islands law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary's or officer's duties, powers, authorities or discretions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty, fraud, willful default or willful neglect.

To the extent permitted by the Cayman Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and executive officers that will provide such persons with additional indemnification beyond that provided in our articles of association.

#### Duties of 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 or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interests of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Cayman Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our amended articles of association, as amended and restated from time to time. We have the right to seek damages where certain duties owed by any of our directors are breached.

#### Shareholder Proposals
Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. The Delaware General Corporation Law does not provide shareholders an express right to put any proposal before the annual meeting of shareholders, but in keeping with common law, Delaware corporations generally afford shareholders an opportunity to make proposals and nominations provided that they comply with the notice provisions in the certificate of incorporation or bylaws. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

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The Cayman Companies Act does not provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in the company's memorandum and articles of association

#### Cumulative Voting
Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. Cayman Islands law does not prohibit cumulative voting, but our post-offering Articles do not provide for cumulative voting. As a result, our shareholders are not afforded any fewer protections or rights on this issue than shareholders of a Delaware corporation.

#### Removal of Directors
Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering Memorandum and Articles, any of our directors may be removed by ordinary resolution of our shareholders. The office of a director of our Company shall also be vacated if the director becomes bankrupt or makes any arrangement or composition with his creditors, is found to be or becomes of unsound mind, or resigns his office by notice in writing to our Company.

#### 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 or bylaws that are approved by its shareholders, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock or who or which is an affiliate or associate of the corporation and owned 15% or more of the corporation's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally.

The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper purpose and not with the effect of constituting fraud on the minority shareholders.

#### Dissolution; Winding Up
Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a super majority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, our Company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its shareholders or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its shareholders. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

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#### Variation of Rights of Shares
Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering Memorandum and Articles, the rights attached to any class or series of shares may, unless otherwise provided in the post-offering Articles or the terms of issue of the shares of that class or series, be varied or abrogated with the consent in writing of the holders of two-thirds of the issued shares of that class or series, or with the sanction of a resolution passed by at least a two-thirds majority of the shares of that class or series present in person or by proxy and entitled to vote at a separate meeting of the holders of the class or series.

#### Amendment of Governing Documents
Under the Delaware General Corporation Law, a corporation's certificate of incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote and the bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the certificate of incorporation, also be amended by the board of directors. Under the Cayman Companies Act, our post-offering Memorandum and Articles may be altered or amended by a special resolution of our shareholders.

#### Rights of Non-Resident or Foreign Shareholders
There are no limitations imposed by our post-offering Memorandum and Articles on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our post-offering Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.

#### Powers to Issue Shares
Under our post-offering Memorandum and Articles, subject as otherwise provided in our post-offering Articles, all shares for the time being and from time to time unissued shall be under the control of our board of directors, and may be, allotted, issued or otherwise disposed of in such manner, to such persons and on such terms as our board of directors, in their absolute discretion, may think fit.

#### Anti-money Laundering — Cayman Islands
In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "Regulations"). Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

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For the purposes of these exceptions, recognition of a financial institution, regulatory authority, or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any redemption payment to a shareholder if our directors or officers suspect or are advised that the payment of redemption proceeds to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person resident in the Cayman Islands knows or suspects or has reason for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

#### Data Protection in the Cayman Islands — Privacy Notice
This privacy notice explains the manner in which we collect, process, and maintain personal data about our investors pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated pursuant thereto (the "DPA").

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller," whilst certain of our service providers, affiliates, and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to us.

By virtue of your investment in our Company, we and certain of our service providers may collect, record, store, transfer, and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with any legal, tax, or regulatory obligation to which we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

Your personal data shall not be held by our Company for longer than necessary with regard to the purposes of the data processing.

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We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into our Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

#### Legislation of the Cayman Islands
The Cayman Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Act (Revised) (the "Substance Act") came into force in the Cayman Islands introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain "relevant activities," which in the case of exempted companies incorporated before January 1, 2019, applies in respect of financial years commencing July 1, 2019, onwards. However, it is anticipated that our Company may remain out of scope of the legislation or else be subject to more limited substance requirements.

#### Listing
We plan to list the Ordinary Shares on the Nasdaq Capital Market under the symbol "PNIG".

#### Transfer Agent and Registrar
The transfer agent and registrar for the Ordinary Shares is VStock Transfer, LLC.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon the completion of this Offering, we will have 5,000,000 Ordinary Shares sold in this Offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

Prior to this Offering, there has been no public market for our Ordinary Shares, and while we plan to apply to list our Ordinary Shares on Nasdaq, we cannot assure you that a regular trading market for our Ordinary Shares will develop or be sustained after this Offering. Future sales of substantial amounts of Ordinary Shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Ordinary Shares. Further, since a large number of our Ordinary Shares will not be available for sale shortly after this Offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Ordinary Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

#### Lock-Up Agreements
Our directors, officers and all holders of the Company's securities have agreed with the Representative, for a period of twelve (12) months from the pricing date of this offering, subject to certain customary exceptions, not to offer, sell or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company.

In addition, the Company and any successors of the Company has agreed for a period of six (6) months after the closing of this offering, not to, except in connection with this offering, (i) offer, sell or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, other than post-effective amendments to the Registration Statement of which this prospectus is a part. See "Underwriting — Lock-Up Agreements."

We cannot predict what effect, if any, future sales of our Ordinary Shares, or the availability of Ordinary Shares for future sale, will have on the trading price of our Ordinary Shares from time to time. Sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Ordinary Shares.

#### Rule 144
All of our Ordinary Shares outstanding prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Ordinary Shares then outstanding, in the form of Ordinary Shares or otherwise, which will equal approximately shares immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the Ordinary Shares on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

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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 Ordinary Shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such Shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

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#### TAXATION
The following description is not intended to constitute a complete analysis of all tax considerations relating to the acquisition, ownership, and disposition of our Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.

#### Cayman Islands Taxation
The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, as the case may be, nor will gains derived from the disposal of our ordinary shares be subject to Cayman Islands income or corporation tax.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (Revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

#### Hong Kong Taxation
The following summary of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding or selling Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisors regarding the tax consequences of purchasing, holding or selling Ordinary Shares. Under the current laws of Hong Kong:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue gains from the sale of Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains arising from the sale of Ordinary Shares, where the purchases and sales of Ordinary Shares are affected outside of Hong Kong such as, for example, on the New York Stock Exchange, should not be subject to Hong Kong profits tax.

According to the current tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Ordinary Shares would not be subject to any Hong Kong tax.

No Hong Kong stamp duty is payable on the purchase and sale of the Ordinary Shares.

#### Profits Tax
No tax is imposed in Hong Kong in respect of capital gains from the sale of property (such as the Ordinary Shares).

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Trading gains from the sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong Kong from such trade, profession or business will be chargeable to Hong Kong profits tax.

As from year of assessment of 2018/2019 onwards, Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.

#### Material United States Federal Income Tax Considerations
**Persons considering an investment in our Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our Ordinary Shares including the applicability of U.S. federal, state and local tax laws and non**-U**.S. tax laws.**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Ordinary Shares. This summary applies only to U.S. Holders that hold our Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("**IRS**") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• underwriters;

&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;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's officers or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders who are not U.S. Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Ordinary Shares through such entities.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary Shares.

#### Taxation of Dividends and Other Distributions on Our Ordinary Shares
Subject to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to the 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 Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the British Virgin Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for the purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the Nasdaq MKT. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our 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

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reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our 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 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 Sale or Other Disposition of Ordinary Shares
Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Ordinary Shares. Any capital gain or loss will be long-term if the Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. In the event that gains from the disposition of the Ordinary Shares are subject to tax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

#### Passive Foreign Investment Company Rules
A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other un-booked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution

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that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Ordinary Shares. Under these rules,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Ordinary Shares over the fair market value of such Ordinary Shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Ordinary Shares.

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#### Information Reporting and Backup Withholding
Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds US$50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON**-U**.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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#### UNDERWRITING
We are offering our Ordinary Shares as described in this prospectus through the underwriters named below. Cathay Securities, Inc. (the "Representative") is acting as the sole representative of the underwriters. Subject to the terms and conditions of the underwriting agreement between us and the Representative, we have agreed to sell to each underwriter named below, and each underwriter named below has severally agreed to purchase, at the public offering price set forth on the cover page of this prospectus less the underwriting discounts, the number of Ordinary Shares listed next to its name in the following table:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Shares** |
|  Cathay Securities, Inc. | 5000000 |
|  **Total** | 5000000 |

---

The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to various conditions and representations and warranties, including the approval of certain legal matters by their counsel and other conditions specified in the underwriting agreement. The Ordinary Shares are offered by the underwriters, subject to prior sale, when, as and if issued to and accepted by them. The underwriters reserve the right to withdraw, cancel or modify the offer to the public and to reject orders in whole or in part. The underwriters are obligated to take and pay for all the Ordinary Shares offered by this prospectus if any such Ordinary Shares are taken, other than those Ordinary Shares covered by the over-allotment option described below. A copy of the underwriting agreement will be filed as an exhibit to the registration statement of which this prospectus forms a part.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required to make in respect thereof.

#### Over-Allotment Option
We have granted to the underwriters an option, exercisable for forty-five (45) days from the date of this prospectus, to purchase up to an additional fifteen percent (15%) of the total number of Ordinary Shares to be offered by the Company at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The option may be exercised in whole or in part, and may be exercised more than once, during the 45-day option period. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. If any of these additional shares are purchased, the underwriters will offer the additional shares on the same terms as those on which the Ordinary Shares are offered.

#### Discounts and Expense Reimbursement
The underwriting discounts for the shares and the over-allotment shares are equal to seven percent (7%) of the public offering price per Ordinary Share.

The following table shows the underwriting fees payable to the Representative with this Offering:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Ordinary <br>Share** | **Per Ordinary <br>Share** | **Total** | **Total** |
|  Public offering price<sup>(1)</sup> | US$ | 4.00 | US$ | 20000000 |
|  Underwriting discounts<sup>(</sup><sup>2</sup><sup>)</sup> | US$ | 0.28 | US$ | 1400000 |
|  Proceeds, before expenses, to us | US$ | 3.72 | US$ | 18600000 |

---

____________

(1) Determined based on the lower end of the estimated range of the initial public offering price. Assumes the underwriters do not exercise their over-allotment option.

(2) We have agreed to pay the underwriters a discount equal to seven percent (7%) of the public offering price of this Offering. The fees do not include the expense reimbursement as described below.

We will reimburse the Representative for accountable out-of-pocket expenses not to exceed US$220,000 irrespective of whether this Offering is consummated. Such accountable out-of-pocket expenses include but are not limited to travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals. We paid an advance against accountable out-of-pocket expenses in the amount of

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US$50,000 to the Representative upon the execution of the engagement letter between us and the Representative. Any expense advance will be returned to us to the extent the Representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A). In addition, at the closing of the Offering, we will reimburse the Representative one percent (1%) of the gross proceeds of the Offering as non-accountable expenses.

We have agreed to deliver to the Representative a total amount of US$100,000 as the advance against reasonably anticipated accountable out-of-pocket expenses (the "Advance"). In the event the engagement period terminates prior to completion of the offering, the Representative shall return any portion of the Advance not used to pay its accountable out-of-pocket expenses actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that the total expenses payable by us in connection with the Offering, other than the underwriting discounts, will be approximately US$1,230,250, including a maximum aggregate reimbursement of US$220,000 of Representative's accountable expenses.

The foregoing does not purport to be a complete statement of the terms and conditions of the underwriting agreement and subscription agreement. A form of the underwriting agreement will be included as an exhibit to the registration statement of which this prospectus forms a part.

#### Right of First Refusal
We and the Representative agree that for a period of six (6) months from the closing of the Offering, we grant the Representative the right of first refusal to provide investment banking services to us on an exclusive basis and on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents (such right, the "Right of First Refusal"), which right is exercisable in the Representative's sole discretion. In the event the engagement letter between us and the Representative is terminated for any reason during the right of first refusal period, the right of first refusal shall remain in effect for a period of twelve (12) months from the date of termination, unless otherwise agreed by the parties in writing, provided that the Right of First Refusal may be terminated by us for "Cause" in accordance with FINRA Rule 5110(g)(5).

If the Representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to us under reasonable standard, we shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms presented to and declined by the Representative.

#### Tail Fee
We have also agreed to pay the Representative a tail fee equal to seven percent (7%) of the aggregate purchase price paid by each purchaser of securities, if we complete an offering with an investor introduced to us by the Representative and not-known to us before such introduction regarding an offering prior to the termination or expiration of the engagement letter between the Representative and us (collectively, the "Identified Parties") during the twelve (12) month period following the termination of such engagement letter. The Representative shall provide us with a list of the Identified Parties and proof of such communication in connection with the Offering.

#### Application for Nasdaq Listing
We will apply to list our Ordinary Shares on Nasdaq under the symbol "[\*]". We will not consummate and close this Offering without a listing approval letter from Nasdaq Capital Market. Our receipt of a listing approval letter is not the same as an actual listing on the Nasdaq Capital Market. The listing approval letter will serve only to confirm that, if we sell a number of Ordinary Shares in this Offering sufficient to satisfy applicable listing criteria, our Ordinary Shares will in fact be listed.

If our Ordinary Shares are listed on the Nasdaq Capital Market, we will be subject to continued listing requirements and corporate governance standards. We expect these new rules and regulations to significantly increase our legal, accounting and financial compliance costs.

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#### Indemnification
We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Lock-Up Agreements
Each of our directors, officers and all holders of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares of the Company) have agreed in writing to enter into a customary "lock-up" agreement in favor of the underwriters, agreeing not to, for a period of twelve (12) months starting from the pricing date of this Offering, (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company.

Each of the Company and any successors of the Company agreed, for a period of six (6) months from the closing date of the Offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company.

#### No Public Market Pricing
Prior to this Offering, there has been no public market for our securities in the U.S. and the public offering price for our Ordinary Shares will be determined through negotiations between us and the underwriters. Among the factors to be considered in these negotiations are prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development, and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which our Ordinary Shares will trade in the public market subsequent to this Offering or that an active trading market for our Ordinary Shares will develop and continue after this Offering.

#### Electronic Offer, Sale, and Distribution of Securities
A prospectus in electronic format may be delivered to potential investors by the Representative. The prospectus in electronic format will be identical to the paper version of such prospectus. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by the Representative is not part of the prospectus or the registration statement of which this Prospectus forms a part.

#### Price Stabilization, Short Positions
In connection with this Offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our Ordinary Shares. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in the Offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our Ordinary Shares in this Offering because such underwriter repurchases those shares in stabilizing or short covering transactions.

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Finally, the underwriters may bid for, and purchase, our Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq Capital Market, in the over-the-counter market, or otherwise.

#### Determination of Offering Price
The public offering price of the Ordinary Shares we are offering was determined by us in consultation with the Representative based on discussions with potential investors in light of the history and prospects of our Company, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, the public stock price for similar companies, general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant.

#### Foreign Regulatory Restrictions on Purchase of our Ordinary Shares
We have not taken any action to permit a public offering of our Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this Offering of our Ordinary Shares and the distribution of this prospectus outside the United States.

#### Offer Restrictions Outside the United States
No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Ordinary Shares the possession, circulation or distribution of this prospectus or any other material relating to us or the Ordinary Shares in any jurisdiction where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other material or advertisements in connection with the Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

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#### EXPENSES OF THE OFFERING
Set forth below is an itemization of the total expenses, excluding the underwriting discounts and commissions and non-accountable expense allowance, which are expected to be incurred in connection with the sale of Ordinary Shares in this Offering. With the exception of the registration fee payable to the SEC, the Nasdaq listing fee and the filing fee payable to FINRA, all amounts are estimates.

---

| | |
|:---|:---|
|  Securities and Exchange Commission Registration Fee | $3000 |
|  Nasdaq Capital Market Listing Fee | $70000 |
|  FINRA Filing Fee | $2250 |
|  Legal Fees and Other Expenses | $440000 |
|  Accounting Fees and Expenses | $270000 |
|  Printing and Engraving Expenses | $25000 |
|  Transfer Agent Expenses | $— |
|  Miscellaneous Expenses | $420000 |
|  **Total** | $1230250 |

---

The foregoing amounts exclude underwriting discounts and commissions and the non-accountable expense allowance payable to the underwriters. The estimated offering expenses set forth above will be paid from the net proceeds of this offering and are not reflected in the pro forma as adjusted capitalization table.

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#### LEGAL MATTERS
Concord & Sage PC is acting as counsel to our Company regarding U.S. securities law matters. The validity of the Ordinary Shares offered as a matter of Cayman Islands law hereby will be passed upon for us by Ogier. Certain legal matters with respect to U.S. federal securities law in connection with this Offering will be passed upon for the underwriters by VCL Law LLP. Legal matters as to Hong Kong law will be passed upon for us by SH Wong & Co. We may rely upon Ogier with respect to matters governed by Cayman Islands law and SH Wong & Co with respect to matters governed by Hong Kong law.

#### EXPERTS
The consolidated financial statements for the years ended August 31, 2025 and 2024 and for each of the fiscal years then ended included in this prospectus have been so included in reliance on the report of Assentsure PAC, an independent registered public accounting firm, given on the authority of such firm as experts in accounting and auditing. The office of Assentsure PAC is located at 180B Bencoolen Street, #03-01 The Bencoolen, Singapore 189648.

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#### ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated under the laws of the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions, and the availability of professional and support services. The Cayman Islands, however, may have a less exhaustive body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

All of our current operations are conducted outside of the United States and all of our current assets are located outside of the United States, with the majority of our operations and current assets being located in Hong Kong. A majority of our directors and executive officers are nationals or residents of jurisdictions other than the United States; specifically, [\*] and [\*] are nationals or residents of Hong Kong, and substantially all of their assets are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or any such persons, or to enforce in the United States any judgment obtained in the U.S. courts against us or any of such persons, including judgments based upon the civil liability provisions of the U.S. securities laws or any U.S. state or territory.

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

#### Cayman Islands
We rely on the opinion of Ogier, our Cayman Islands legal counsel, that there is uncertainty as to whether the courts of the Cayman Islands would:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have also received an opinion from Ogier that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. is given by a foreign court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;3. is final and conclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. is not in respect of taxes, a fine or a penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. was not obtained by fraud; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the United States courts under civil liability provisions of the securities laws if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. As the courts of the Cayman Islands have yet to rule on making such a determination, it is uncertain whether such civil liability judgments from United States courts would be enforceable in the Cayman Islands. A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

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Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

#### Hong Kong
According to SH Wong & Co, our counsel as to Hong Kong law, and their opinion which will be attached to this prospectus as Exhibit 8.2, there is currently no arrangement providing for the reciprocal enforcement of judgements between Hong Kong and the United States, as such judgments of United States courts will not be directly enforced in Hong Kong. However, under common law, a foreign judgment (including one from a federal or state court in the United States) obtained against the Company may generally be treated by the courts of Hong Kong as a cause of action in itself and sued upon as a debt between the parties. In a common law action for enforcement of a foreign judgment, the judgment creditor has to prove that (a) the judgment is in personam; (b) the judgment is in the nature of a monetary award; (c) the judgment is final and conclusive on the merits and has not been stayed or satisfied in full; and (d) the judgement is from a court of competent jurisdiction. The defenses available to the defendant in a common law action for enforcement of a foreign judgment include breach of natural justice, fraud and contrary to public policy of Hong Kong. In order to enforce the foreign judgment at common law, fresh proceedings must be initiated in Hong Kong, which involves issuing a Writ of Summons and Statement of Claim attaching the foreign judgment as proof of the debt.

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#### WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to underlying 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 Ordinary Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 to which this prospectus is a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As we are a foreign private issuer, we are exempt from some of the Exchange Act reporting requirements, the rules prescribing the furnishing and content of proxy statements to shareholders, and Section 16 short swing profit reporting for our officers and directors and for holders of more than 10% of our shares. 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.

The registration statements, reports and other information so filed can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

No 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.

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#### Index to Consolidated Financial Statements

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#T500) | F-2 |
|  [Consolidated Balance Sheets as of August 31, 2024 and 2025](#T501) | F-3 |
|  [Consolidated Statements of Operations and Comprehensive Income for the Years Ended August 31, 2024 and 2025](#T502) | F-4 |
|  [Consolidated Statements of Changes in Stockholders' Equity for the Years Ended August 31, 2024 and 2025](#T503) | F-5 |
|  [Consolidated Statements of Cash Flows for the Years Ended August 31, 2024 and 2025](#T504) | F-6 |
|  [Notes to the Consolidated Financial Statements](#T505) | F-7 |

---

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---

| | |
|:---|:---|
|  ![](tassentsure_logo.jpg) | **Assentsure PAC<br>UEN – 201816648N**<br> 180B Bencoolen Street #03-01 <br>The Bencoolen Singapore 189648 <br>*http://www.assentsure.com.sg* |

---

#### Report of Independent Registered Public Accounting Firm
To: The Shareholders and the Board of Directors of

Pacipic Nexus IntelliTech Group

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Pacipic Nexus IntelliTech Group and its subsidiaries (collectively, the "Company") as of August 31, 2025 and 2024 and the related consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows for each of the two years in the period ended August 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated balance sheets of the Company as of August 31, 2025 and 2024 and the related consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows for each of the two years in the period ended August 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the "PCAOB") and are required to be independent with respect to the Company in accordance with the United States 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 and in accordance with the auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Assentsure PAC

Singapore<br>November 4, 2025 except for Note 1, Note 15, Note 16 and Note 18 which is dated March 20, 2026.<br>We have served as the Company's auditor since 2025.<br>PCAOB ID: 6783

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#### PACIPIC NEXUS INTELLITECH GROUP<br>CONSOLIDATED BALANCE SHEETS<br>AS OF AUGUST 31, 2024 AND 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **Notes** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$(Note 2(e))** |
|  **ASSETS** |  |  |  |  |
|  **Current assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 24176454 | 15137699 | 1940730 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 4 | 6741578 | 5793951 | 742814 |
| &nbsp;&nbsp;&nbsp; Notes receivable, net | 5 | 2189987 |  |  |
| &nbsp;&nbsp;&nbsp; Inventories in transit | 6 | 89960659 | 32656667 | 4186753 |
| &nbsp;&nbsp;&nbsp; Prepayments, net | 7 | 8666045 | 1243442 | 159416 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs |  |  | 1329150 | 170404 |
|  **Total current assets** |  | **131734723** | **56160909** | **7200117** |
|  **Non-current assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net | 8 | 1165721 | 795947 | 102044 |
| &nbsp;&nbsp;&nbsp; Prepayment for development of an intangible asset | 9 | 3052000 |  |  |
| &nbsp;&nbsp;&nbsp; Intangible asset, net | 9 |  | 2950267 | 378239 |
|  **Total non-current assets** |  | **4217721** | **3746214** | **480283** |
|  **Total assets** |  | **135952444** | **59907123** | **7680400** |
|  **LIABILITIES AND EQUITY** |  |  |  |  |
|  **Current liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | 10 | 4020326 | 1831801 | 234846 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 11 | 54500 | 139051 | 17827 |
| &nbsp;&nbsp;&nbsp; Amount due to a related party | 12 | 31247275 | 32411707 | 4155347 |
| &nbsp;&nbsp;&nbsp; Tax payable |  | 27453 | 1104845 | 141647 |
| &nbsp;&nbsp;&nbsp; Deferred revenue (Contract liabilities) | 13 | 96147474 | 17004074 | 2180009 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current portion | 8 | 369774 | 388265 | 49778 |
|  **Total current liabilities** |  | **131866802** | **52879743** | **6779454** |
|  **Non-current liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, non-current portion | 8 | 795947 | 407682 | 52267 |
| &nbsp;&nbsp;&nbsp; Deferred tax liabilities | 14 | 503580 | 486794 | 62409 |
|  **Total non-current liabilities** |  | **1299527** | **894476** | **114676** |
|  **Total liabilities** |  | **133166329** | **53774219** | **6894130** |
|  **Shareholders' equity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary share, par value US$0.0001, 500,000,000 shares authorized; 10,000,000 shares issued and outstanding as of August 31, 2024 and 2025\* | 15 |  | 7800 | 1000 |
| &nbsp;&nbsp;&nbsp; Additional paid in capital |  | 10000 | 7800 | 1000 |
| &nbsp;&nbsp;&nbsp; Merger reserve |  |  | (5600) | (718) |
| &nbsp;&nbsp;&nbsp; Retained earnings |  | 2776115 | 6122904 | 784988 |
|  **Total shareholders' equity** |  | **2786115** | **6132904** | **786270** |
|  **Total liabilities and equity** |  | **135952444** | **59907123** | **7680400** |

---

____________

\* Retroactively presented for the effect of the proportional share cancellation and the reorganization for the Company's initial public offering (Note 1)

The accompanying notes are an integral part of these consolidated financial statements.

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#### PACIPIC NEXUS INTELLITECH GROUP<br>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br>FOR THE YEARS ENDED AUGUST 31, 2024 AND 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **For the Years Ended August 31,** | **For the Years Ended August 31,** | **For the Years Ended August 31,** |
|  | **Notes** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  **Revenue** |  | **74167473** | **123743446** | **15864544** |
|  **Cost of revenue** |  | **(67169338)** | **(110751957)** | **(14198969)** |
|  **Gross profit** |  | **6998135** | **12991489** | **1665575** |
|  **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses |  | (209280) | (1043872) | (133830) |
| &nbsp;&nbsp;&nbsp; General and administrative expenses |  | (3707497) | (4543027) | (582439) |
|  **Total operating expenses** |  | **(3916777)** | **(5586899)** | **(716269)** |
|  **Operating income** |  | **3081358** | **7404590** | **949306** |
| &nbsp;&nbsp;&nbsp; Interest income, net |  | 21365 | 2805 | 360 |
| &nbsp;&nbsp;&nbsp; Other income, net |  | 376614 |  |  |
|  **Income before taxes** |  | **3479337** | **7407395** | **949666** |
| &nbsp;&nbsp;&nbsp; Income tax expenses | 14 | (537497) | (1060606) | (135975) |
|  **Net income** |  | **2941840** | **6346789** | **813691** |
|  **Earnings per share attributable to ordinary shareholders of the Company's shareholders** |  |  |  |  |
|  Basic and diluted | 16 | 0.29 | 0.63 | 0.08 |
|  **Weighted average shares\* used in calculating basic and diluted net income per share:** |  | **10000000** | **10000000** | **10000000** |

---

____________

\* Retroactively presented for the effect of the share cancellation and the reorganization for the Company's initial public offering (Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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#### PACIPIC NEXUS INTELLITECH GROUP<br>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br>FOR THE YEARS ENDED AUGUST 31, 2024 AND 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares** | **<br>Ordinary shares** | **Additional <br>paid in<br>capital** | **Merger<br>reserve** | **(Accumulated <br>loss)/Retained<br>earnings** | **Total <br>shareholders'<br>(deficit)/ <br>equity** |
|  | **Shares\*** | **Amount** | **Additional <br>paid in<br>capital** | **Merger<br>reserve** | **(Accumulated <br>loss)/Retained<br>earnings** | **Total <br>shareholders'<br>(deficit)/ <br>equity** |
|  |  | **HK$** | **HK$** | | **HK$** | **HK$** |
|  **Balance as of August 31, 2023** | **10000000** | **—** | **10000** | **—** | **(165725)** | **(155725)** |
| &nbsp;&nbsp;&nbsp; Net income |  |  |  |  | 2941840 | 2941840 |
|  **Balance as of August 31, 2024** | **10000000** | **—** | **10000** | **—** | **2776115** | **2786115** |
| &nbsp;&nbsp;&nbsp; Reserves arising from reorganization under common control |  | 15600 | (10000) | (5600) |  |  |
| &nbsp;&nbsp;&nbsp; Share cancellation |  | (7800) | 7800 |  |  |  |
| &nbsp;&nbsp;&nbsp; Net income |  |  |  |  | 6346789 | 6346789 |
| &nbsp;&nbsp;&nbsp; Dividend declared (Note 12) |  |  |  |  | (3000000) | (3000000) |
|  **Balance as of August 31, 2025 in HK$** | **10000000** | **7800** | **7800** | **(5600)** | **6122904** | **6132904** |
|  **Balance as of August 31, 2025 in US$(Note 2(e))** | **10000000** | **1000** | **1000** | **(718)** | **784988** | **786270** |

---

____________

\* Retroactively presented for the effect of the share cancellation and the reorganization for the Company's initial public offering (Note 1)

The accompanying notes are an integral part of these consolidated financial statements

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#### PACIPIC NEXUS INTELLITECH GROUP<br> CONSOLIDATED STATEMENTS OF CASH FLOWS<br>FOR THE YEARS ENDED AUGUST 31, 2024 AND 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended August 31,** | **For the Year Ended August 31,** | **For the Year Ended August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$(Note 2(e))** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
|  Net income | 2941840 | 6346789 | 813691 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible asset |  | 101733 | 13043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax | 503580 | (16786) | (2152) |
| &nbsp;&nbsp;&nbsp; *Changes in operating assets and liabilities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | (4052181) | 947627 | 121491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable, net | 10830684 | 2189987 | 280768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories in transit | (40155508) | 57303992 | 7346665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments, net | 14757676 | 7422603 | 951616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (11249549) | (2188525) | (280580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 34500 | 84551 | 10840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax payable | 27453 | 1077392 | 138127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue (Contract liabilities) | 46088913 | (79143400) | (10146591) |
|  **Net cash provided by/(used in) operating activities** | **19727408** | **(5874037)** | **(753082)** |
|  **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for development of an intangible asset | (3052000) |  |  |
|  **Cash used in investing activities** | **(3052000)** | **—** | **—** |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances to a related party | (5078407) | (1835568) | (235329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs |  | (1329150) | (170404) |
|  **Cash used in financing activities** | **(5078407)** | **(3164718)** | **(405733)** |
|  Net increase/(decrease) in cash and cash equivalents | 11597001 | (9038755) | (1158815) |
|  **Cash and cash equivalents, beginning of year** | **12579453** | **24176454** | **3099545** |
|  **Cash and cash equivalents, end of year** | **24176454** | **15137699** | **1940730** |
|  **Supplemental disclosures of cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong profits tax paid | (5768) |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**1. BUSINESS OVERVIEW AND BASIS OF PRESENTATION**

Pacipic Nexus IntelliTech Group ("Pacipic Nexus") was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on August 25, 2025 that conducts its operations in Hong Kong through Meng Xun Machinery (Hong Kong) Limited ("Mengxun HK"), its indirect wholly owned operating subsidiary. Upon incorporation, one Ordinary Share was allotted and issued to Vistra (Cayman) Limited and was subsequently transferred to Ms. Xinmei SHI, and later transferred to Star Wings Ventures Limited ("Star Wings") on September 22, 2025. Star Wings is owned as to 55% by Ms. Xinmei SHI and 45% by Mr. Meng WAN. Pacipic Nexus conducts its primary operations through its subsidiaries, Bole Ventures Limited ("Mengxun BVI") and Mengxun HK that are incorporated and domiciled in Hong Kong ("collectively referred to as the "Company").

#### Reorganization
Mengxun BVI was incorporated in the British Virgin Islands on July 9, 2025 as an exempted company. On September 12, 2025, Mengxun BVI acquired 100% equity interest in Mengxun HK from Mr. Meng WAN. Mengxun HK became Mengxun BVI's wholly owned subsidiary. Mengxun BVI as investing holding company conducts its primary operations through Mengxun HK after the acquisition.

Pacipic Nexus carried out a series of transactions to reorganize the corporate structure. Pursuant to the reorganization, on September 22, 2025, the Company acquired the entire issued share capital of Mengxun BVI from its then sole shareholder Mr. Meng WAN in consideration of the Company issuing 15,999,999 Ordinary Shares of par value of US$0.0001 of the Company to Mr. Meng Wan's designee, Star Wings. As a result, Mengxun BVI became a wholly owned subsidiary of the Company and Star Wings increased its shareholding in the Company to 16,000,000 Ordinary Shares.

On September 22, 2025, the Company allotted and issued an aggregate of 4,000,000 Ordinary Shares to five shareholders at par value of US$0.0001. Upon completion of the share allotment, Ms. Haiyuan TANG, Ms. Dingrong ZHOU, Ms. Birong LIN, Ms. Siu Ching KWOK and Ms. Qiwen LU, each holds 900,000 Ordinary Shares, 900,000 Ordinary Shares, 800,000 Ordinary Shares, 800,000 Ordinary Shares and 600,000 Ordinary Shares, respectively.

The Company completed a reorganization on September 22, 2025 following which Mengxun BVI and Mengxun HK came under the control of Pacipic Nexus.

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 the Company.

On February 20, 2026, the Company effected a proportional share cancellation pursuant to which an aggregate of 10,000,000 Ordinary Shares were cancelled on a pro rata basis from all shareholders on a pro rata basis, reducing the total issued and outstanding Ordinary Shares from 20,000,000 to 10,000,000. No consideration was paid and no liabilities were extinguished in connection with the share cancellation.

The share cancellation was accounted for as a capital reduction within shareholders' equity, resulting in a reclassification between share capital and additional paid-in capital, with no impact on total shareholders' equity.

All share and per share amounts presented in the consolidated financial statements have been retroactively adjusted, as of the earliest period presented, to reflect the share cancellation.

<u><u>Description of subsidiaries incorporated and controlled by the Company</u></u>

---

| | | |
|:---|:---|:---|
|  **Name** | **Background** | **Effective ownership** |
|  Bole Ventures Limited | Investment holding | 100% |
|  Meng Xun Machinery (Hong Kong) Limited | Principally engaged in trading of industrial machineries | 100% |

---

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***(a) Basis of presentation***

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 in conformity with the requirements of the Securities Exchange Commission ("SEC"). Additionally, these consolidated financial statements have been audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB").

***(b) Principles of consolidation***

The consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany balances and transactions have been eliminated in consolidation.

***(c) Use of estimates***

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions are evaluated regularly based on historical experience, current conditions, and reasonable and supportable forecasts of future economic conditions.

**Significant accounting estimates** reflected in the Company's consolidated financial statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Incremental borrowing rate** used in the recognition of right-of-use assets and lease liabilities under **ASC 842 (Leases)**, which is determined based on the Company's cost of borrowing, adjusted for the specific term and the economic environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Allowance for credit losses** on accounts receivable under **ASC 326 (Credit Losses)**, which is determined based on historical collection experience, the creditworthiness of individual customers, and expected changes in macroeconomic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Useful lives of intangible asset**, which are determined based on the Company's experience with similar assets and expected usage patterns.

These estimates involve significant judgment and are subject to uncertainty, particularly in areas affected by market volatility, economic conditions, or customer-specific factors. Management regularly reviews and updates its estimates based on changes in these conditions and other relevant factors.

Given the inherent uncertainty in estimating future outcomes, actual results may differ from these estimates, and such differences could have a material impact on the Company's financial position and results of operations. Management performs sensitivity analysis on critical accounting estimates to assess the potential impact of changes in assumptions and to ensure that the estimates remain reasonable under a range of possible outcomes.

***(d) Functional currency and foreign currency translation***

The Company uses the Hong Kong dollar ("HK$") as its reporting currency. The functional currency of the Company and its subsidiaries is the HK$, as determined based on the criteria outlined in Accounting Standards Codification ("ASC") Topic 830, Foreign Currency Matters. The functional currency is assessed based on the primary economic environment in which the Company and its subsidiaries operate. The Company periodically reviews its functional currency determination to ensure that it continues to reflect the underlying economic conditions of its operations.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency using the exchange rate at the balance sheet date, while non-monetary items measured at historical cost are translated using the exchange rates in effect on the transaction date. Translation adjustments related to monetary assets and liabilities arising from exchange rate fluctuations are recognized as exchange gains or losses in the consolidated statements of comprehensive income.

The Company carefully monitors its exposure to foreign currency fluctuations and manages foreign currency risk by assessing significant movements in exchange rates, particularly in respect of its key trading partners. No material foreign currency translation adjustments were recognized in other comprehensive income for the years ended August 31, 2024, and 2025, as most transactions and balances were denominated in the functional currency of the Company and its subsidiaries. Should the Company engage in material transactions or hold significant balances in currencies other than the functional currency, foreign currency translation adjustments will be recognized in other comprehensive income.

***(e) Convenience translation***

The Company's operations are principally conducted in Hong Kong, where the Hong Kong dollar (HK$) is the functional currency, and all the revenues are denominated in HK$. For the convenience of the readers of our consolidated financial statements, we have provided translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders' equity, and consolidated statements of cash flows from HK$ to U.S. dollars (US$) as of and for the year ended August 31, 2025. These translations have been made at a fixed exchange rate of US$1.00 = HK$7.8, which is the pegged rate as determined by the linked exchange rate system in Hong Kong.

These translations are provided solely for informational purposes and should not be construed as representations that the HK$ amounts could be converted into US$ at that or any other rate. The exchange rate used may differ from actual exchange rates on the balance sheet date or subsequent dates, and readers should be aware of potential exchange rate fluctuations. We do not intend for these translated amounts to comply with the provisions of U.S. GAAP regarding functional currency translation, and they are not intended to be a substitute for the HK$ amounts reported in accordance with U.S. GAAP.

The convenience translation presented does not reflect the impact of any fluctuations in foreign exchange rates during the period and should not be relied upon as an accurate measure of actual exchange effects or a reflection of future trends. All financial information should be interpreted in conjunction with the official HK$ amounts presented in the consolidated financial statements.

***(f) Fair value of financial instruments***

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, in accordance with ASC 820, Fair Value Measurement. The Company determines fair value measurements for assets and liabilities that are either required or permitted to be recorded or disclosed at fair value. These measurements consider the principal or most advantageous market in which the transaction would occur and use assumptions that market participants would employ in pricing the asset or liability.

The Company follows the fair value hierarchy established under ASC 820, which prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy consists of three levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Observable inputs, such as quoted prices (unadjusted) for identical assets or liabilities in active markets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Other inputs that are directly or indirectly observable in the market place, such as quoted prices for similar assets or liabilities, interest rates, and yield curves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Unobservable inputs supported by little or no market activity, which require management's judgment or estimates.

The Company uses market, cost, and income approaches to measure the fair value of assets and liabilities depending on the nature of the item and the availability of relevant inputs. For financial instruments classified under Level 2, fair value is typically determined using observable market data, such as interest rate curves and credit spreads, in conjunction with internally developed models. For instruments classified under Level 3, the Company uses internally developed valuation models that include unobservable inputs, such as discounted cash flows, projected revenue, and assumptions regarding market conditions and risk factors.

The Company's financial assets and liabilities primarily consist of cash and cash equivalents, accounts receivable, notes receivable, accounts payable, amount due to a related party, accrued expenses and deferred revenue (contract liabilities). As of August 31, 2025, the carrying values of these financial instruments approximate their fair values. This is due to their short-term maturities for most instruments, and, in the case of bank borrowings, the use of floating interest rates that reset periodically based on observable market benchmarks, aligning the carrying amounts closely with fair value.

The Company distinguishes between recurring and non-recurring fair value measurements. Recurring measurements are those that are required at each balance sheet date, such as certain marketable securities, while non-recurring measurements are triggered by events such as asset impairments or the sale of significant assets.

Management reviews its fair value measurements regularly and adjusts assumptions as necessary to reflect current market conditions and risks. For Level 3 fair value measurements, management performs sensitivity analysis to evaluate the impact of changes in unobservable inputs on the fair value of assets and liabilities.

***(g) Cash and cash equivalents***

Cash and cash equivalents include cash on hand, demand deposits, and highly liquid investments with original maturities of three months or less at the date of purchase. These investments are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

The Company's cash and cash equivalents are unrestricted as to withdrawal and use. Management regularly reviews its cash management practices to ensure that the Company's liquidity needs are met and monitors the financial health of the institutions where funds are held.

If applicable, the Company discloses any significant cash balances held in foreign currencies and evaluates whether the associated foreign exchange risks are material to its financial position.

As of the balance sheet date, all cash and cash equivalents are recorded at their carrying value, which approximates fair value due to their short-term maturities.

***(h) Accounts receivable, net***

Accounts receivable primarily consist of amounts due from the Company's customers. These balances are recorded net of an allowance for credit losses, which is established in accordance with ASC 326, Financial Instruments — Credit Losses.

The Company estimates its allowance for credit losses using a forward-looking model that incorporates historical loss experience, current conditions, and reasonable and supportable forecasts of future economic conditions. The allowance is determined through Portfolio-level analysis, which applies a historical loss rate to pools of receivables with similar risk characteristics, adjusted for expected changes in the macroeconomic environment and industry trends.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Management evaluates receivables based on factors such as the aging of receivables, historical collection patterns, and the customer's ability to pay, as well as broader economic factors that may affect the collectability of receivables. Significant judgments include evaluating the impact of economic downturns, industry-specific risks, and other external factors on customer creditworthiness.

Receivables are written off against the allowance when all reasonable collection efforts have been exhausted and management determines that the likelihood of collection is remote. The timing of the write-off is based on specific criteria, including the length of time a receivable has been past due, customer bankruptcy, and other significant credit events.

As of August 31, 2024 and 2025, the Company didn't have any allowance for credit losses on the accounts receivable balances.

***(i) Notes receivable, net***

Notes receivable primarily consist of short-term, negotiable instruments received from customers in the ordinary course of business. As of the balance sheet dates, substantially all bills receivable were held by the Company's banking partners for collection under specific collection agreements. These balances are recorded at their face amount, which approximates amortized cost, net of an allowance for credit losses, which is established in accordance with ASC 326, Financial Instruments — Credit Losses.

The Company estimates its allowance for credit losses on notes receivable using a forward-looking model. However, due to the fact that these instruments were (i) held by credit-worthy financial institutions for immediate collection, (ii) demonstrated a historical collection rate of 100%, and (iii) were fully collected shortly after the year-end, the Company has determined that no allowance for credit losses was required as of the balance sheet dates. The assessment incorporated the specific low-risk profile of these bank-held collection items, and no adjustments for reasonable and supportable forecasts of future economic conditions were deemed necessary.

Management evaluates notes receivable based on factors such as the credit quality of the collecting banks, the historical collection patterns of such instruments, and the short-term nature of the bills. Significant judgment is applied in assessing the minimal credit risk associated with these specific instruments, supported by their subsequent full collection.

As of August 31, 2024 and 2025, the Company didn't have any allowance for credit losses on the notes receivable balances.

***(j) Inventories, net***

Inventories are stated at the lower of cost or net realizable value. Cost of inventories is determined using the first-in, first-out method. Inventories include inventories in transit, which represents goods that have been shipped from suppliers but have not yet been received and accepted by the end-users. These goods are recognized as inventory when the risks and rewards of ownership have been transferred to the Company, typically upon shipment from the supplier under FOB terms, even though physical possession has not been taken.

The Company reviews inventories for obsolescence and slow-moving items periodically and records an allowance when the carrying value exceeds net realizable value. This review includes assessment of inventory in transit based on shipment duration, contractual acceptance terms, and communication with customers regarding potential acceptance issues. As of August 31, 2024 and 2025, the write-downs of inventories, including inventories in transit, were nil and nil, respectively.

***(k) Contract Assets and Contract Liabilities***

Contract assets represent the Company's right to consideration in exchange for goods or services that have been transferred to the customer, but for which billing has not yet occurred under the terms of the contract. Contract assets are recognized when the Company satisfies a performance obligation and has a right to payment, but the

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

payment is conditional on something other than the passage of time (e.g., future performance or acceptance of goods or services by the customer). Contract assets are evaluated for expected credit losses in accordance with ASC 326 and are measured at the net realizable value.

Contract liabilities represent the billings to date, as allowed under the terms of a contract, but not yet recognized as contract revenue using the Company's revenue recognition policy or cash received in advance of revenue recognition for services that have yet to performed or goods that have not yet been accepted for performance obligations that have yet to be satisfied. Contract liabilities arise when billings exceed the amount of revenue recognized based on the Company's revenue recognition policy under ASC 606. Revenue is recognized over time or at a point in time as performance obligations are satisfied, depending on the nature of the contract and the specific terms of the agreement.

Contract assets and liabilities are classified as current or non-current depending on the timing of when the performance obligations are expected to be satisfied and when the related billings will occur. The Company regularly reviews its estimates of transaction prices, performance obligations, and the progress toward satisfaction of those obligations.

Any significant changes in contract assets and liabilities are disclosed separately in the consolidated financial statements and are primarily driven by the timing of the satisfaction of performance obligations and the receipt of customer payments.

***(l) Intangible assets, net***

Intangible assets are carried at cost less accumulated amortization and any recorded impairment. These assets are amortized using the straight-line method over their estimated useful economic lives, which are determined based on the nature of the asset and the period over which the asset is expected to generate economic benefits. The estimated useful lives for major categories of intangible assets are as follows:

---

| | |
|:---|:---|
|  **Category** | **Estimated useful life** |
|  Smart Cloud Intelligent Manufacturing System | 5 years |

---

Residual values are generally considered immaterial for intangible assets and are not factored into the amortization calculation. The Company reviews amortization methods, useful lives, and residual values annually to ensure they remain appropriate based on the asset's continued utility and economic benefit to the Company.

***(m) Impairment of long-lived assets***

The Company evaluates its long-lived assets, including right-of-use assets and intangible asset with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be fully recoverable. Indicators of impairment include, but are not limited to, significant adverse changes in market conditions, a decline in the operating performance of an asset group, changes in the use of the assets, regulatory or economic changes, or plans to sell or dispose of the assets.

When such events or changes in circumstances are identified, the Company performs a recoverability test by comparing the carrying amount of the asset group to the sum of the future undiscounted cash flows expected to be generated by the asset group over its remaining useful life. If the carrying amount exceeds the sum of the expected undiscounted cash flows, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying amount exceeds the fair value of the asset group.

Fair value is typically determined by discounting the expected future cash flows to present value using a rate commensurate with the risk associated with the asset group. When market prices are not readily available, the Company may also consider appraisals or other market-based valuation techniques.

The carrying amount of long-lived assets includes any accumulated depreciation and amortization. Impairment losses are recognized in the period in which the impairment occurs and are recorded as part of operating expenses. For the years ended August 31, 2024, and 2025, the Company did not recognize any impairment of its long-lived assets.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

***(n) Revenue recognition***

The Company follows the guidance in ASC 606, Revenue from Contracts with Customers, to recognize revenue from contracts with customers. The core principle of ASC 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identification of the contract(s) with the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identification of the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determination of the transaction price, including any variable consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocation of the transaction price to the performance obligations in the contract based on their relative standalone selling prices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognition of revenue when, or as, the Company satisfies a performance obligation.

#### Nature of Revenue and Customer Contracts
The Company's principal revenue stream is derived from the trading of industrial machineries to end-users in Chinese Mainland. The Company operates through two types of contractual arrangements: (1) tripartite agreements involving the Company, end-users, and import agents; and (2) bilateral agreements directly between the Company and end-users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Identification of the Customer:** In all arrangements, the end-user is identified as the customer under ASC 606. In tripartite agreements, the import agent acts as a facilitator on behalf of the end-user, typically handling logistics, customs clearance, or payment processing. The Company's performance obligation is to transfer the specified machinery to the end-user.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Material Contract Terms:** 

**– Duration:** Both types of arrangements are for the sale of specified machinery and are typically single-transaction contracts with a defined scope. The contractual relationship for the sale is effectively co-terminus with the fulfillment of the single performance obligation (i.e., delivery and customer acceptance). They do not constitute ongoing, long-term service agreements.

**– Payment Terms:** Commonly include a significant advance payment, with the balance due upon or before the customer's acceptance of the goods.

**– Transfer of Control and Acceptance:** Control transfers, and revenue is recognized, only upon the end-user's formal signing of an Acceptance Certificate after inspection and testing.

**–** Rights and Obligations of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company's Obligations: To supply the specified machinery that conforms to contractual specifications, arrange for its shipment, and facilitate its delivery to the agreed location for customer inspection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• End-User's (Customer's) Obligations: To make agreed-upon payments and to conduct timely inspection and acceptance of the goods upon delivery. The end-user bears the cost and risk associated with the goods after formal acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Import Agent's Role (in tripartite agreements): To act on behalf of the end-user in handling import logistics, customs clearance, and, in some cases, payment transfer. The import agent does not assume the rights or obligations of a principal buyer.

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#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

**– Termination/Cancellation:** Cancellation by the end-user after order confirmation typically results in the forfeiture of advance payments.

**– Warranty:** Primary warranty services are provided by the equipment manufacturers; the Company facilitates but does not assume the primary obligation.

#### Principal versus Agent Assessment
The Company follows the guidance in ASC 606 when determining whether it is acting as a principal or an agent. The Company has determined it acts as a principal in all transactions based on an assessment of control as defined in ASC 606-10-55-36 to 55-40. The Company obtains control of the specified machinery before it is transferred to the customer, as evidenced by the following indicators:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Inventory Risk and Control Before Transfer:** The Company bears inventory risk during the period from when the goods are shipped from the supplier (under terms such as FOB or CIF) until the end-user's formal acceptance. The Company holds legal title and is responsible for the goods during transit. This is supported by contractual terms where the risk of loss transfers to the Company upon shipment from the supplier, and the end-user's right to the asset and obligation to pay are conditional upon its inspection and acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Primary Responsibility:** The Company is primarily responsible for the fulfillment of the contract, including sourcing the machinery and managing quality, performance, and after-sales issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Pricing Discretion:** The Company has full discretion in establishing the selling price to the end-user, as evidenced by profit margins ranging from approximately 1.0% to 21.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Control over Inventory in Transit:** The Company concludes it has control over inventory in transit because (i) it holds the significant risks and rewards of ownership during this period, and (ii) it has the practical ability to direct the use of the identified asset. While not a common practice, the Company's contractual rights and obligations do not preclude it from, subject to economic consequences, redirecting the specific inventory before customer acceptance. Neither the end-user nor the import agent has this ability, as they do not have the right to direct the use of, or obtain substantially all the remaining benefits from, the specific machinery during transit.

As the principal in the contract, the Company recognizes revenue at the gross amount to which it is entitled from its customers.

#### Timing of Revenue Recognition
Revenue is recognized at a point in time when control of the machinery transfers to the customer. Control transfers upon the customer's formal acceptance of the goods, as evidenced by the joint signing of the Acceptance Certificate by the customer and the Company. At this point, the customer has obtained the ability to direct the use of and obtain substantially all of the remaining benefits from the machinery.

#### Disaggregation of Revenue
The Company has considered the guidance in ASC 606-10-50-5 through 50-7. As revenue is derived 100% from the sale of industrial machinery within a single geographical market (Chinese Mainland), the revenue information presented in the consolidated statements of operations, combined with the disclosure of significant customer concentrations (see Note 3), is considered to depict the nature, amount, timing, and uncertainty of revenue and cash flows in a meaningful way. Further disaggregation would not provide additional decision-useful information.

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#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Warranty
The Company provides assurance-type warranties on the machinery sold. However, the primary warranty services are fulfilled directly by the equipment manufacturers. The Company acts as an intermediary to facilitate warranty services between customers and manufacturers but does not assume primary warranty obligations. These warranty arrangements do not constitute separate performance obligations and do not impact the timing or amount of revenue recognition. No material warranty reserves were established for the years ended August 31, 2024 and 2025, as historical claim experience has been immaterial.

***(o) Cost of revenues***

Cost of revenue primarily consists of the cost of industrial machineries and incremental transportation expenses incurred for the sales and delivery of machineries.

Costs are recognized as incurred in the same period as the related revenues, in accordance with ASC 606.

The Company has considered ASC 340-40 and determined that no costs meet the criteria for capitalization, as all costs are directly tied to performance obligations that are satisfied within the same reporting period.

***(p) Selling and marketing expenses***

Selling and marketing expenses include direct and indirect costs incurred in connection with promoting and selling the Company's products and services. These expenses primarily consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing service fees paid to third-party vendors for advertising, promotions, and other marketing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salaries, benefits, and bonuses for in-house sales and marketing personnel involved in selling the Company's products and services;

Selling and marketing expenses are recognized as incurred, consistent with the period in which the related services are rendered or the corresponding revenue is recognized.

The Company regularly evaluates the effectiveness of its marketing strategies and sales channels, ensuring that selling and marketing expenses are aligned with the Company's overall business objectives.

***(q) General and administrative expenses***

General and administrative expenses primarily consist of salaries, bonuses, and benefits for employees involved in general corporate functions, such as finance, human resources, legal, and executive management. These expenses also include depreciation and amortization related to assets used in corporate activities, legal and professional service fees, office expenses, insurance premiums, short-term rental costs for office spaces, and other administrative costs.

General and administrative expenses are recognized as incurred, in accordance with the matching principle, ensuring that expenses are recorded in the same period as the related revenues or activities. Depreciation and amortization expenses are recognized based on the estimated useful lives of the related assets and in accordance with the Company's depreciation and amortization policies.

Other costs classified as general and administrative expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Office supplies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Travel and entertainment expenses related to corporate functions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insurance premiums

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#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Short-term rental costs are accounted for in accordance with ASC 842 (Leases). All general and administrative expenses are reviewed periodically to ensure they reflect the current needs and activities of the Company.

***(r) Employee benefits***

The Company's full-time employees in Hong Kong participate in a government-mandated defined contribution plan, known as the Mandatory Provident Fund ("MPF"). Under the MPF system, the Company makes contributions based on a statutory percentage of the employees' salaries, up to a maximum contribution of HK$1,500 (US$192) per month per employee. Employees are also required to make matching contributions to their MPF accounts.

The Company recognizes MPF contributions as an expense in the period in which the related employee services are rendered, in accordance with ASC 715 (Compensation — Retirement Benefits). Contributions are made monthly and are fully vested to the employees at the time of contribution. The Company has no further legal or constructive obligations beyond the contributions made under this defined contribution plan.

All full-time employees are eligible to participate in the MPF plan upon commencing employment. The Company regularly reviews its compliance with the applicable Hong Kong laws and regulations regarding employee retirement benefits.

***(s) Taxation***

<u><u>Income Taxes</u></u>

Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.

Deferred income taxes are provided using the assets and liabilities method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statement of operations and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more-likely-than-not that some portion of, or all of the deferred tax assets will not be realized.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company considers possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.

As of August 31, 2025, the tax years ended August 31, 2024 and 2025 remain subject to examination by the relevant tax authorities in Hong Kong, the Company's major tax jurisdiction.

*<u>*<u>Uncertain tax positions</u>*</u>*

The Company applies the provisions of ASC topic 740 ("ASC 740"), Accounting for Income Taxes, to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the consolidated financial statements. The benefit of a tax position is recognized if a tax return

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

position or future tax position is "more likely than not" to be sustained under examination based solely on the technical merits of the position. Tax positions that meet the "more likely than not" recognition threshold is measured, using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and or developments with respect to tax audits, and the expiration of the statute of limitations. Additionally, in future periods, changes in facts and circumstances, and new information may require the Company to adjust the recognition and measurement of estimates with regards to changes in individual tax position. Changes in recognition and measurement of estimates are recognized in the period in which the change occurs.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its statements of operations and comprehensive income for the years ended August 31, 2024 and 2025, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

***(t) Comprehensive income***

The Company has adopted FASB Accounting Standard Codification Topic 220 ("ASC 220") "Comprehensive income", which establishes standards for reporting and the presentation of comprehensive income (loss), its components and accumulated balances.

There was no other comprehensive income/(loss) for the years ended August 31, 2024 and 2025, respectively.

***(u) Leases***

The Company accounts for leases under ASC Topic 842, Leases. At the inception of a contract, the Company determines whether the arrangement contains a lease by evaluating whether the Company obtains the right to control the use of an identified asset for a period in exchange for consideration.

Right-of-use assets and lease liabilities are recognized at the commencement date of the lease. Lease liabilities are initially measured at the present value of the unpaid lease payments, discounted using the interest rate implicit in the lease, if readily determinable. If the implicit rate is not available, the Company uses its incremental borrowing rate, which is determined based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.

The right-of-use asset is initially measured at cost, which includes the amount of the initial lease liability, adjusted for any lease incentives received, initial direct costs incurred, and lease payments made prior to commencement. Right-of-use assets are recognized in the Company's consolidated balance sheet within "right-of-use assets," and operating lease liabilities are included within "lease liabilities."

The Company reviews right-of-use assets for impairment in accordance with the impairment guidance under ASC 360, *Property, Plant, and Equipment* ("ASC 360"). All right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. No impairment was recognized for the years ended August 31, 2024, and 2025.

The Company classifies leases as either operating or finance leases at lease inception. Operating leases are recognized in the consolidated balance sheet and expensed over the lease term on a straight-line basis. Finance leases result in the recognition of both interest expense and amortization of the right-of-use asset over the lease term.

Lease liabilities are remeasured when there is a change in the lease term, a change in the assessment of an option to purchase the underlying asset, or if there is a modification to the terms of the lease. Adjustments to lease liabilities are reflected in corresponding changes to the right-of-use asset.

Short-term leases (with lease terms of 12 months or less) and leases with variable payments are not recognized as lease liabilities. Instead, lease expenses for these leases are recognized on a straight-line basis over the lease term.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Company discloses the terms and assumptions related to leases, including lease maturities, discount rates, and the timing of lease payments, in the notes to the consolidated financial statements, in accordance with ASC 842.

***(v) Related party transaction***

A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the company's securities (ii) the Company's management and or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

***(w) Segment reporting***

ASC 280, *Segment Reporting*, ("ASC 280"), establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers.

The Company operates as a single reportable segment, which is the trading of industrial machineries, as defined by ASC 280, with the Chief Operating Decision Maker (CODM), identified as the Chief Executive Officer, reviewing consolidated results for the purpose of allocating resources and assessing performance. The Company's revenue for the years ended August 31, 2024 and August 31, 2025 were generated from trading of industrial machineries.

The CODM reviews financial information on a consolidated basis, using Operating Income as the primary measure of segment performance. Operating Income is defined as revenue less cost of goods sold and operating expenses, excluding interest income and income taxes.

The CODM regularly receives and reviews the following expense categories, which are included in the segment's measure of profit or loss.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** | **For the year ended August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$<br> (Note 2(e))** |
|  Revenue – sales of industrial machineries | 74167473 | 123743446 | 15864544 |
|  Cost of revenue – cost of industrial machineries | (67169338) | (110751957) | (14198969) |
|  Gross profit | 6998135 | 12991489 | 1665575 |
|  Selling and marketing expenses |  |  |  |
|  – Marketing and exhibition expenses |  | (425872) | (54599) |
|  – Staff costs | (209280) | (618000) | (79231) |
|  | (209280) | (1043872) | (133830) |
|  General and administrative expenses |  |  |  |
|  – Staff costs | (2020680) | (2526060) | (323854) |
|  – Amortization of intangible asset |  | (101733) | (13043) |
|  – Office rental expenses | (418560) | (442560) | (56738) |
|  – Consultancy fees | (784000) | (985133) | (126299) |
|  – Others | (484257) | (487541) | (62505) |
|  | (3707497) | (4543027) | (582439) |
|  Operating income | 3081358 | 7404590 | 949306 |

---

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

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The following table presents the geographic allocation of long-lived assets, based on the location where the assets are primarily used:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$<br> (Note 2(e))** |
|  Chinese Mainland | 4217721 | 3746214 | 480283 |
|  **Total Long-Lived Assets** | **4217721** | **3746214** | **480283** |

---

As of August 31, 2024, long-lived assets consisted of operating lease right-of-use assets, net of HK$1,165,721 and a prepayment for the development of an intangible asset of HK$3,052,000. As of August 31, 2025, long-lived assets consisted of operating lease right-of-use assets of HK$795,947 and an intangible asset, net of HK$2,950,267. All of these assets are utilized to support the Company's operations related to its customers in Chinese Mainland.

***(x) Deferred offering costs***

The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A "Expenses of Offering". Deferred offering costs consist of corporate secretarial, industry research, legal and other expenses incurred through the balance sheet date that are directly related to the intended initial public offer ("IPO"). Deferred offering costs will be charged to shareholders' equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. As of August 31, 2025, the Company capitalized HK$1,329,150 (US$170,404) of deferred offering costs. Such costs will be deferred until the closing of the IPO, at which time the deferred costs will be offset against the offering proceeds.

***(y) Recent accounting pronouncements***

ASC 326 (Credit Losses): In May 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-05 as an update to ASU 2016-13, Financial Instruments — Credit Losses (Topic 326). ASU 2016-13 introduced the expected credit losses methodology for measuring credit losses on financial assets measured at amortized cost, replacing the incurred loss model. This update also modified the accounting for available-for-sale debt securities, requiring individual assessment of credit losses when the fair value is less than the amortized cost. The Company irrevocably elected the fair value option for certain financial assets to align with the transition relief provided by ASU 2019-05. The Company adopted this standard effective April 1, 2022, for annual and interim reporting periods beginning January 1, 2023, in line with the delayed effective date for non-public entities as provided by ASU 2019-10. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

ASC 280 (Segment Reporting): In November 2023, FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses. The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures. The amendments will be applied retrospectively to all prior periods presented in the consolidated financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company considered that the impact of this amended guidance does not have material impact to its consolidated financial statements.

ASC 740 (Income Taxes): In December 2023, FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This update requires additional quantitative and qualitative disclosures about income taxes to provide financial statement users with greater transparency regarding an entity's tax risk and tax planning strategies. The ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company plans to adopt this guidance effective January 1, 2025, and does not anticipate any material impact on its consolidated financial statements.

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

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

In December 2019, FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This update simplifies various areas of accounting for income taxes, including removing certain exceptions under ASC 740 and simplifying the accounting for franchise taxes partially based on income. The Company adopted ASU 2019-12 effective April 1, 2021, and applied the amendments as required either retrospectively or prospectively, based on the specific provision. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

In July 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows.

In November 2023, the FASB issued guidance to enhance disclosure of expenses of a public entity's reportable segments. The new guidance requires a public entity to disclose: (1) on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, (2) on an annual and interim basis, an amount for other segment items (the difference between segment revenue less the significant expenses disclosed under the significant expense principle and each reported measure of segment profit or loss), including a description of its composition, (3) on an annual and interim basis, information about a reportable segment's profit or loss and assets previously required to be disclosed only on an annual basis, and (4) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and how to allocate resources. The new guidance also clarifies that if the CODM uses more than one measure of a segment's profit or loss, one or more of those measures may be reported and requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures. The guidance is effective for the current fiscal year 2024 annual reporting, and in the first quarter of 2025 for interim period reporting, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company considered that the impact of this amended guidance does not have material impact to its consolidated financial statements.

In December 2023, the FASB issued guidance to enhance transparency of income tax disclosures, On an annual basis the new guidance requires a public entity to disclose: (1) specific categories in the rate reconciliation, (2) additional information for reconciling items that are equal to or greater than 5% of the amount computed by multiplying income(or loss) from continuing operations before income tax expense (or benefit) by the applicable statutory income tax rate, (3) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, with foreign taxes disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid, (4) income (or loss) from continuing operations before income tax expense (or benefit)disaggregated between domestic and foreign, and (5) income tax expense (or benefit) from continuing operations disaggregated between federal (national), state and foreign. The guidance is effective for fiscal year 2025 annual reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. We do not expect the adoption of this accounting standard to have an impact on our Consolidated Financial Statements but will require certain additional disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

#### Geographic Information
The Company generates its revenue from customers, i.e. the end-users of the industrial machineries, located in Chinese Mainland, Vietnam and India for the years ended August 31, 2024 and 2025. Revenues are attributed to geographic regions based on the location of the customers.

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The following table presents revenues from external customers by geographic area for the years ended August 31, 2024, and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended August 31,** | **For the Years Ended August 31,** | **For the Years Ended August 31,** | **For the Years Ended August 31,** | **For the Years Ended August 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$ <br>(Note 2(e))** | **%** |
|  Chinese Mainland | 73109597 | 98.6 | 123743446 | 15864544 | 100 |
|  Vietnam | 764796 | 1.0 |  |  |  |
|  India | 293080 | 0.4 |  |  |  |
|  | **74167473** | **100** | **123743446** | **15864544** | **100** |

---

**3. CONCENTRATION OF RISKS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Political, social and economic risks***

The main operations of the Company are located in Hong Kong. Accordingly, the Company's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Hong Kong, as well as by the general state of the economy in Hong Kong. The Company's results may be adversely affected by changes in the political, regulatory and social conditions in Hong Kong. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.

The Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Interest rate risk***

The Company is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management, the Company reviews and takes appropriate steps to manage its interest rate exposure on its interest-bearing assets and liabilities. The Company has not been exposed to material risks due to changes in market interest rates and has not used any derivative financial instruments to manage the interest risk exposure during the years presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Credit risk***

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and notes receivable. These assets are subject to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment. As of the years ended August 31, 2024 and 2025, approximately HK$24,176,454 and HK$15,137,699 (US$1,940,730) were deposited with financial institutions located in Hong Kong, respectively. In accordance with the relevant regulations in Hong Kong, the maximum insured bank deposit amount is HK$800,000 (year ended August 31, 2024: HK$500,000) for each financial institution. The bank deposit amounts of the Company that are were not covered by the insurance were approximately HK$23,176,454 and HK$13,537,699 (US$1,735,602) as of the years ended August 31, 2024 and 2025 respectively. While the Company believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Concentration risk***

There were three and two customers from whom revenues individually represent greater than 10% of the total revenues of the Company for the fiscal years ended August 31, 2024 and 2025, respectively. The total sales to these customers accounted for approximately 67.6% and 71.1% of total revenues for the fiscal years ended August 31, 2024

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

**3. CONCENTRATION OF RISKS** (cont.)

and 2025, respectively. There were four and three customers individually represent greater than 10% of the total gross accounts receivable of the Company as of August 31, 2024 and 2025 respectively. The total receivables from these customers accounted for approximately 98.0% and 92.7% of the Company's accounts receivable as of August 31, 2024 and 2025 respectively.

The following customers accounted for 10% or more of revenue for the years ended August 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended August 31,** | **For the Year Ended August 31,** | **For the Year Ended August 31,** | **For the Year Ended August 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Customer A | 27222200 | 36.7 | 8193150 | 6.6<br> \* |
|  Customer B | 11492000 | 15.5 |  |  |
|  Customer C | 11407500 | 15.4 |  |  |
|  Customer D |  |  | 58678560 | 47.4 |
|  Customer E |  |  | 29339280 | 23.7 |

---

____________

\* Represents less than 10%

The following customers accounted for 10% or more of the Company's gross accounts receivable as of August 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of <br>August 31, 2024** | **As of <br>August 31, 2024** | **As of <br>August 31, 2025** | **As of <br>August 31, 2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Customer A | 862016 | 12.8 | 423068 | 7.3<br> \* |
|  Customer B | 1173515 | 17.4 | 1186820 | 20.5 |
|  Customer F | 732348 | 10.9 | 732335 | 12.6 |
|  Customer G | 3836343 | 56.9 |  |  |
|  Customer H |  |  | 3451728 | 59.6 |

---

____________

\* Represents less than 10%

There were three and two suppliers from whom purchases individually represent greater than 10% of the total cost of revenue of the Company for the fiscal years ended August 31, 2024 and 2025, respectively. The total cost of revenue from these suppliers accounted for approximately 98.7% and 99.1% of the Company's total cost of revenue for the fiscal years ended August 31, 2024 and 2025, respectively. There were two and two suppliers from whom payables individually represent greater than 10% of the total accounts payable of the Company as of August 31, 2024 and 2025 respectively. The total accounts payable from these suppliers accounted for approximately 100% and 100% of the Company's accounts payable as of August 31, 2024 and 2025 respectively.

The following supplier accounted for 10% or more of cost of revenue for the years ended August 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended August 31,** | **For the Year Ended August 31,** | **For the Year Ended August 31,** | **For the Year Ended August 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Supplier A | 32286605 | 48.1 | 83492100 | 75.4 |
|  Supplier B | 24139832 | 35.9 | 26235252 | 23.7 |
|  Supplier C | 9886500 | 14.7 |  |  |

---

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

**3. CONCENTRATION OF RISKS** (cont.)

The following suppliers accounted for 10% or more of the Company's accounts payable as of August 31, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of <br>August 31, 2024** | **As of <br>August 31, 2024** | **As of <br>August 31, 2025** | **As of <br>August 31, 2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Supplier C | 1009569 | 25.1 | 1039055 | 56.7 |
|  Supplier A | 3010757 | 74.9 | 792746 | 43.3 |

---

**4. ACCOUNTS RECEIVABLE, NET**

The following table provides a summary of the Company's accounts receivable and the allowance for credit losses as of August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$<br> (Note 2(e))** |
|  Accounts receivable | 6741578 | 5793951 | 742814 |
|  Less: allowance for the credit losses |  |  |  |
|  Net accounts receivable | 6741578 | 5793951 | 742814 |

---

#### Credit Quality and Expected Credit Loss Assessment
The Company utilizes a portfolio analysis approach to estimate the allowance for credit losses, compartmentalizing accounts receivable into pools based on shared risk characteristics such as customer type, geographic location, industry, and historical payment patterns. The allowance for credit losses is determined using historical loss rates, adjusted for current conditions and reasonable, supportable forward-looking information, including macroeconomic factors such as industry trends, market volatility, and the broader economic environment.

#### Subsequent Event — Full Collection of Outstanding Balances
As of August 31, 2025, based on the Company's assessment of the credit quality of its customers and historical collection patterns, no allowance for credit losses was considered necessary. This assessment has been validated by the subsequent full collection of all outstanding accounts receivable balances that existed as of that date. The Company's accounts receivable are considered to be fully realizable based on the strong credit quality of its customer base and established collection history.

The Company monitors credit risk on a portfolio basis and evaluates the adequacy of the allowance for credit losses on a quarterly basis. Any adjustments to the allowance are based on the overall risk profile of the portfolios and reflect management's best estimate of potential credit losses.

**5. NOTES RECEIVABLE, NET**

The following table provides a summary of the Company's notes receivable under collection and the allowance for credit losses as of August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$<br> (Note 2(e))** |
|  Notes receivable | 2189987 |  |  |
|  Less: allowance for the credit losses |  |  |  |
|  Notes receivable, net | 2189987 | **—** | **—** |

---

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**5. NOTES RECEIVABLE, NET** (cont.)

The Company holds certain notes receivable that are under collection by banking institutions. These notes are presented at their carrying amount, which approximates fair value. The Company's exposure to credit risk associated with these notes is limited due to the following factors:

— The notes are held and collected by reputable banking institutions on behalf of the Company;

— The Company does not bear principal credit risk once the notes are deposited for collection, as the banks act as collecting agents;

— The Company retains the right to pursue recourse in the event of non-payment, though such instances are historically immaterial.

All notes receivable as of August 31, 2024 were fully settled by the collecting banks. Accordingly, no allowance for credit losses was deemed necessary as of the balance sheet date, which has been validated by the subsequent successful collection of all outstanding notes.

The Company continues to monitor the status of notes under collection through regular communication with the appointed banking institutions.

**6. INVENTORIES IN TRANSIT**

As of August 31, 2024 and 2025, inventories in transit consisted of the following balances:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$(Note 2(e))** |
|  Inventories in transit | 89960659 | 32656667 | 4186753 |
|  Less: allowance for inventory obsolescence |  |  |  |
|  Inventories in transit, net | **89960659** | **32656667** | **4186753** |

---

**7. PREPAYMENTS, NET**

Prepayments, net consisted of the following as of August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$ <br>(Note 2(e))** |
|  **Prepayments** |  |  |  |
|  Advances to suppliers<sup>(i)</sup> | 8533091 | 824929 | 105760 |
|  Prepaid expenses | 132954 | 418513 | 53656 |
|  | **8666045** | **1243442** | **159416** |

---

____________

(i) Advances to suppliers represent prepayments made by the Company for the cost of industrial machineries. These prepayments are made in the normal course of business to secure the timely delivery of products and services necessary for the Company's operations.

As of August 31, 2025, the Company's advances to suppliers totaled HK$824,929. These amounts are expected to be recognized as cost of revenue in the next financial year, as the associated performance obligations are satisfied, and the goods and services are received.

Risk Management of Advances to Suppliers: The Company monitors the creditworthiness of its suppliers to mitigate the risk of non-performance or delays. Management reviews the advances to suppliers regularly to assess any potential impairment and has determined that no allowance for credit losses was necessary as of August 31, 2024 and 2025.

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

**7. PREPAYMENTS, NET** (cont.)

Impairment Considerations: The Company assesses advance to suppliers and prepaid expenses for potential impairment at each reporting date. As of August 31, 2024 and 2025, no impairments were recognized for advance to suppliers and prepaid expenses.

**8. LEASES**

The Company leases office space from third parties under non-cancellable operating lease agreements. The Company determines if an arrangement is, or contains, a lease at the inception of the contract based on the terms of the agreement and whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use (ROU) assets and corresponding lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term.

As the rates implicit in the Company's leases are not readily determinable, the Company used its incremental borrowing rate at the commencement date to determine the present value of lease payments. The incremental borrowing rate was estimated using market rates available for similar instruments with similar terms, adjusted for the Company's credit risk and the lease term. The weighted average discount rate for operating leases as of August 31, 2025 and 2024 was 5%.

The Company's lease agreements do not contain any material guarantees or restrictive covenants, and the Company has no finance leases or sublease activities as of August 31, 2025.

The Company elected the short-term lease exemption under ASC 842 for certain lease arrangements that have a lease term of 12 months or less and do not contain purchase options. The Company expenses these short-term leases on a straight-line basis over the lease term and does not recognize ROU assets or lease liabilities on the consolidated balance sheet for these leases.

The following table summarizes the supplemental consolidated balance sheet information related to operating leases as of August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$ <br>(Note 2(e))** |
|  Operating lease right-of-use assets, net | 1165721 | 795947 | 102044 |
|  Operating lease liabilities, current | 369774 | 388265 | 49778 |
|  Operating lease liabilities, non-current | 795947 | 407682 | 52267 |
|  Weighted average remaining lease terms – operating lease (months) | 36 | 24 | 24 |
|  Weighted average discount rate – operating lease | 5% | 5% | 5% |

---

The following table summarizes the cash flow and expense information related to operating leases for the years ended August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended August 31,** | **Year ended August 31,** | **Year ended August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$<br> (Note 2(e))** |
|  Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
|  Operating cashflows used in operating lease | 352163 | 369774 | 47407 |
|  Operating lease expense<sup>(i)</sup> | 418560 | 418560 | 53662 |

---

____________

(i) The Company also has another short-term lease arrangement with a lease period from Jul 1, 2025 to March 31, 2026 and carries a monthly expense of HK$12,000. The total short-term lease expense for the years ended August 31, 2024, and 2025, were Nil and HK$24,000 (US$3,077), respectively, which was charged to general and administrative expenses.

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

**PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**8. LEASES** (cont.)

#### Maturity of Lease Liabilities
The following table summarizes the maturity analysis of the Company's undiscounted cash flows for operating leases as of August 31, 2025:

---

| | |
|:---|:---|
|  | **As of<br> August 31,<br> 2025** |
|  | **HK$** |
|  FY2025/26 | 418560 |
|  FY2026/27 | 418560 |
|  Total undiscounted lease payment | 837120 |
|  less: imputed interest | (41173) |
|  **Total lease liabilities** | **795947** |

---

The Company's leases do not contain any significant renewal options, escalation clauses or purchase options.

**9. PREPAYMENT FOR DEVELOPMENT OF AN INTANGIBLE ASSET/INTANGIBLE ASSET, NET**

The Company's intangible asset consists of a Smart Cloud Intelligent Manufacturing System, a computer software platform that is not an integral part of a computer-controlled machine. The intangible asset is capitalized at cost, which includes development costs paid to the system developer and other directly attributable costs of preparing the asset for its intended use.

Capitalization Criteria: Development costs are capitalized when they meet the criteria for recognition as an intangible asset under ASC 350. Specifically, only costs incurred during the application development stage are capitalized. Costs incurred to enhance or extend the performance of the asset beyond its original specifications are also capitalized if they meet the recognition criteria. Maintenance costs or costs incurred during the preliminary project stage are expensed as incurred.

As at August 31, 2024, the Company incurred a payment of HK$3,052,000 in advance to a third-party developer for work that meets the capitalization criteria which was recognized as "Prepayment for development of intangible asset" within non-current assets. Such prepayment are subsequently transferred to the cost of intangible asset upon the Company's acceptance of the related deliverables or milestones, as control of the asset is obtained, on July 1, 2025.

Following initial recognition, the intangible asset is carried at cost less accumulated amortization and any accumulated impairment losses. The asset is amortized on a straight-line basis over its estimated useful life of 5 years, reflecting the period over which the Company expects to derive economic benefits from the asset.

As of August 31, 2024 and 2025, the balances of the intangible asset are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$(Note 2(e))** |
|  Smart Cloud Intelligent Manufacturing System |  | 3052000 | 391282 |
|  | **—** | **3052000** | **391282** |
|  Less: accumulated amortization |  | (101733) | (13043) |
|  Intangible asset, net | **—** | **2950267** | **378239** |

---

Amortization: Amortization of the intangible asset began in July 2025 when the asset was ready for its intended use. The timing of amortization reflects the asset's readiness for economic use, regardless of its actual deployment or operational use. Amortization expenses for the years ended August 31, 2024, and 2025, were Nil and HK$101,733 (US$13,043), respectively. Amortization is calculated on a straight-line basis over the asset's useful life of 5 years.

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**9. PREPAYMENT FOR DEVELOPMENT OF AN INTANGIBLE ASSET/INTANGIBLE ASSET, NET** (cont.)

Impairment Considerations: The Company reviews its prepayment for development of intangible and intangible asset for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The impairment test compares the carrying amount to the undiscounted future cash flows expected to result from the use of the asset. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and the fair value of the asset. For the years ended August 31, 2024, and 2025, no impairment indicators were identified, and no impairment losses were recognized.

**10. ACCOUNTS PAYABLE**

The following table presents the balances of accounts payable as of August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$ <br>(Note 2(e))** |
|  Accounts payable | **4020326** | **1831801** | **234846** |

---

Accounts payable represent amounts due to suppliers for purchase cost of industrial machineries.

#### Payment Terms
The Company's accounts payable are current liabilities, typically require payment before shipment, depending on the terms negotiated with each supplier. The Company's payment practices aim to align with standard industry terms and cash flow management practices.

#### Liquidity and Risk Management
The Company regularly assesses its liquidity needs and monitors its ability to meet short-term obligations. As of August 31, 2025, the Company's liquid assets (cash and cash equivalents and accounts receivable) are not sufficient to cover its total current liabilities.

The Company's ability to meet its short-term obligations is primarily dependent on the cash flows generated from future operations. Management believes that the ongoing cash inflows from these operations will provide adequate resources to settle its current liabilities as they become due.

The Company does not anticipate any liquidity constraints in settling remaining payables and maintains adequate working capital reserves to ensure the timely settlement of all liabilities.

**11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**

The following table presents the balances of accrued expenses and other current liabilities as of August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **As of August 31,** | **As of August 31,** | **As of August 31,** |
| | **2024** | **2025** | **2025** |
| | **HK$** | **HK$** | **US$(Note 2(e))** |
|  Payroll and welfare payables | 34500 | 119051 | 15263 |
|  Accrued expenses | 20000 | 20000 | 2564 |
|  | **54500** | **139051** | **17827** |

---

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

**PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES** (cont.)

**Payroll and Welfare Payables:** The payroll and welfare payables represent amounts owed to employees for services rendered and the associated mandatory provident fund (MPF) contributions. Under the Hong Kong MPF Scheme, the Company is required to make contributions based on a percentage of qualified employees' salaries. The Company recognized employee benefit expenses of HK$2,229,960 and HK$3,144,060 (US$403,085) for the years ended August 31, 2024, and 2025, respectively.

#### Composition of Accrued Expenses
Accrued expenses primarily consist of amounts due for office operating expenses related to ongoing operational activities. These expenses are recognized as liabilities when the Company has received the services but has not yet paid for them as of the balance sheet date.

#### Timing and Classification
All amounts recorded in accrued expenses and other current liabilities are classified as current liabilities and are expected to be settled within 12 months of the balance sheet date. These liabilities represent the Company's short-term obligations and are due in the normal course of business operations.

#### Employee Benefit Accrual Methodology
The Company calculates its employee benefit liabilities, including MPF contributions, based on statutory requirements and internal compensation policies. Contributions are calculated as a percentage of each eligible employee's gross salary and are accrued monthly in accordance with ASC 710 (Compensation). The contributions are made to the MPF on behalf of employees as required under the Hong Kong Legislative Council's regulations.

#### Liquidity Management
The Company continually monitors its cash flow and liquidity to ensure that it can meet its short-term obligations, including accrued expenses and employee benefits. As of August 31, 2025, the Company has sufficient cash reserves to settle these liabilities as they become due. The Company does not anticipate any liquidity constraints that would impact its ability to meet these obligations in a timely manner.

**12. RELATED PARTY TRANSACTIONS**

The table below sets forth the major related party as of August 31, 2024 and 2025:

---

| | |
|:---|:---|
|  **Name of the related party** | **Relationship with the Company** |
|  Meng WAN | CEO and shareholder of the Company and director of Mengxun HK |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Amount due to related party**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$ <br>(Note 2(e))** |
|  Meng Wan | (31247275) | (32411707) | (4155347) |
|  **Total amount due to a related party – non trade** | **(31247275)** | **(32411707)** | **(4155347)** |

---

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**12. RELATED PARTY TRANSACTIONS** (cont.)

These balances are unsecured, interest-free, and without a fixed repayment term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Related party transactions**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended August 31,** | **For the year ended August 31,** | **For the year ended August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$ <br>(Note 2(e))** |
|  Payment on behalf of the Company by Meng WAN | 6705126 | 4464049 | 572314 |
|  Payment on behalf of Meng WAN by the Company | 7293942 | 8274211 | 1060796 |
|  Loan advanced to the Company from Meng WAN | 216642 | 3374218 | 432592 |
|  Loan advanced to Meng Wan from the Company | 4706233 | 1399624 | 179439 |
|  Dividend declared to Meng WAN<sup>(i)</sup> |  | 3000000 | 384615 |

---

____________

(i) On June 29, 2025, Mengxun HK declared a dividend of HK$3,000,000 to Mr. Meng WAN. The transaction was fully authorized by the written resolution of the sole director of Mengxun HK. As of August 31, 2025, the amount of unpaid dividend to Mr. Meng WAN was HK$3,000,000. No dividend was declared during the year ended August 31, 2024.

**13. DEFERRED REVENUE (CONTRACT LIABILITIES)**

The following table summarizes the balances of deferred revenue (contract liabilities) and the movement during the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$ <br>(Note 2(e))** |
|  Deferred revenue (Contract liabilities): |  |  |  |
|  Balance at beginning of the year | 50058561 | 96147474 | 12326599 |
|  Additions | 65369462 | 17004074 | 2180009 |
|  Revenue recognized during the year | (19280549) | (96147474) | (12326599) |
|  Balance at end of year | **96147474** | **17004074** | **2180009** |

---

Contract liabilities consist of deferred revenue, which represents billings or cash received in advance of revenue recognition for services that have yet to be performed or for performance obligations that have yet to be satisfied. Deferred revenue is recognized as revenue once the Company satisfies the performance obligations under the contract, which typically involves the delivery of goods, or the achievement of specific milestones outlined in the contract.

As of August 31, 2024, the contract liabilities balance was HK$96,147,474, which was fully recognized as revenue during the year ended August 31, 2025. As of August 31, 2025, contract liabilities totaled HK$17,004,074 (US$2,180,009), which is expected to be recognized as revenue in the next financial year, upon the satisfaction of the associated performance obligations.

The Company's contract liabilities primarily relate to advance billings for sales of industrial machineries, where payment is received before goods are delivered and formal acceptance of the goods by the customers.

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

**14. INCOME TAXES**

#### Cayman Islands
The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.

#### British Virgin Islands
Mengxun BVI is incorporated in British Virgin Islands and conducts its primary business operations through the subsidiary in Hong Kong. Under the current laws of British Virgin Islands, British Virgin Islands levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and the Company is therefore not subject to tax on income or capital gains arising in British Virgin Islands. Additionally, upon payments of dividends by the Company to its shareholders, no British Virgin Islands withholding tax will be imposed.

#### Hong Kong
Mengxun HK is subject to a two-tiered income tax rate in Hong Kong. The first HK$2,000,000 of profits are taxed at a rate of 8.25%, while any remaining profits are taxed at the standard rate of 16.5%.

The following table summarizes the composition of income tax expense for the years ended August 31, 2024, and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended August 31,** | **For the years ended August 31,** | **For the years ended August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$ <br>(Note 2(e))** |
|  Current income tax expense | 33917 | 1077392 | 138127 |
|  Deferred tax expenses / (income) | 503580 | (16786) | (2152) |
|  | **537497** | **1060606** | **135975** |

---

#### Tax Rate Reconciliation
The reconciliation between the Hong Kong statutory income tax rate applicable to the Company's profits and the income tax expense is presented below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended August 31,** | **For the years ended August 31,** | **For the years ended August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$(Note 2(e))** |
|  Profit before provision for income taxes | 3479337 | 7407395 | 949666 |
|  Income tax expenses computed at statutory rate | 574091 | 1222221 | 156695 |
|  Tax effect of preferential tax rate | (35417) | (165000) | (21154) |
|  Tax effect of expenses not deductible for tax purpose | 3848 | 3848 | 493 |
|  Tax effect of income not subject to tax | (3525) | (463) | (59) |
|  Tax effect of tax deduction | (1500) |  |  |
|  Total income tax expense | **537497** | **1060606** | **135975** |

---

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**14. INCOME TAXES** (cont.)

#### Deferred Taxes
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Company's deferred tax liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$<br> (Note 2(e))** |
|  **Deferred tax liabilities, net, beginning balance:** |  |  |  |
|  Accelerated tax depreciation |  | 503580 | 64561 |
|  **Total deferred tax liabilities** | **—** | **503580** | **64561** |
|  Charged to consolidated statement of operations: |  |  |  |
|  Accelerated tax depreciation | 503580 | (16786) | (2152) |
|  **Deferred tax liabilities, net, ending balance** | **503580** | **486794** | **62409** |

---

#### Realization of Deferred Tax Assets
The realization of the net deferred tax assets is dependent upon several factors, including future reversals of existing taxable temporary differences and the generation of adequate future taxable income. The Company evaluates the potential realization of deferred tax assets on an entity-by-entity basis, considering both positive and negative evidence.

The Company assesses deferred tax assets under the "more-likely-than-not" criteria, based on recurring profitability and the expected availability of future taxable income to offset temporary differences and tax loss carry forwards. Tax loss carry forwards are assessed with respect to their expiration periods and the probability of future taxable income sufficient to utilize these losses.

For the years ended August 31, 2024, and 2025, the Company did not have any unutilized tax loss.

#### Uncertain Tax Positions
In accordance with ASC 740-10, the Company evaluates each uncertain tax position based on its technical merits, and measures any unrecognized benefits associated with tax positions. Each position is reviewed individually, considering past audits, interpretations of tax law, and developments in tax regulations. The Company assesses whether it is more likely than not that a tax position will be sustained upon examination by the relevant tax authorities, based solely on the technical merits of the position.

As of August 31, 2024, and 2025, the Company did not have any significant unrecognized uncertain tax positions. The Company also did not accrue any liability, interest, or penalties related to uncertain tax positions, as there were no positions where it was determined that an unfavourable outcome was probable.

The Company continues to monitor developments in tax law and evaluates any changes in its tax positions on a quarterly basis. Should any uncertain tax positions arise in the future, the Company will measure and record any potential liabilities in accordance with ASC 740.

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**15. EQUITY**

*Ordinary shares*

The Company was incorporated as an exempted company with limited liability under the laws of the Cayman Islands on August 25, 2025 with authorized share capital of US$50,000 divided into 500,000,000 ordinary shares of par value US$0.0001 each.

On September 22, 2025, the Company completed a reorganization, following which Mengxun BVI and Mengxun HK came under the control of Pacipic Nexus. In connection with the reorganization, an aggregate of 20,000,000 ordinary shares were issued and outstanding.

On February 20, 2026, the Company effected a proportional share cancellation pursuant to which an aggregate of 10,000,000 Ordinary Shares were cancelled on a pro rata basis from all shareholders, reducing the total issued and outstanding Ordinary Shares from 20,000,000 to 10,000,000. No consideration was paid and no liabilities were extinguished in connection with the share cancellation.

All share and per share amounts presented in these consolidated financial statements have been retroactively adjusted to reflect the share cancellation.

**16. EARNINGS PER SHARE**

The following table sets forth the computation of basic and diluted earnings per share for the years ended August 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$<br> (Note 2(e))** |
|  ***Numerator:*** |  |  |  |
|  Numerator for basic and diluted earnings per share – net income attributable to the Company's shareholders | 2941840 | 6346789 | 813691 |
|  ***Denominator:*** |  |  |  |
|  Denominator for basic and diluted net income per share – weighted average number of shares\* | 10000000 | 10000000 | 10000000 |
|  **Basic and diluted earnings per share:** | **0.29** | **0.63** | **0.08** |

---

____________

\* *Retroactively presented for the effect of the share cancellation and the reorganization for the Company's initial public offering.*

#### Explanation of EPS Calculation
Basic earnings per share is calculated by dividing the net income attributable to the Company's shareholders by the weighted average number of ordinary shares outstanding during the period. For the years ended August 31, 2024, and 2025, the Company had 10,000,000 ordinary shares outstanding, and there were no changes in the number of shares during the periods presented.

Diluted earnings per share is calculated by dividing net income attributable to the Company's shareholders by the weighted average number of shares outstanding during the period, including the effect of all potentially dilutive securities, if any.

#### No Potential Dilutive or Anti-Dilutive Securities
As of August 31, 2024, and 2025, the Company did not have any options, warrants, convertible securities, or other instruments that could potentially dilute the earnings per share calculation. Therefore, the Company's basic earnings per share and diluted earnings per share are the same for both years.

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

#### PACIPIC NEXUS INTELLITECH GROUP<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**16. EARNINGS PER SHARE** (cont.)

#### Additional Information
The weighted average number of shares used in the calculation of EPS remained consistent at 10,000,000 ordinary shares for the years ended August 31, 2024, and 2025. There were no changes in the number of shares issued or outstanding during these periods.

**17. COMMITMENTS AND CONTINGENCIES**

***(a) Commitments***

As of August 31, 2024, and 2025, the Company had no capital expenditure commitments or other significant contractual obligations. The Company continuously monitors its capital needs and has the financial flexibility to adjust to future investment requirements. The Company has no plans for material capital expenditures at this time.

***(b) Contingencies***

The Company has outstanding bank guarantees issued by financial institutions on its behalf. As of August 31, 2024, and 2025, the total amount of outstanding guarantees was EUR 135,000 and Nil respectively. These guarantees are provided to third parties in the ordinary course of business, primarily related to the purchase of industrial machineries. The Company's obligations under these guarantees are contingent upon the occurrence of future events, such as failure to perform under specified contractual terms. Management believes the likelihood of any material outflow of resources to settle these obligations is remote. Accordingly, no liability has been recognized in the financial statements for these guarantees.

The Company may become involved in legal proceedings, investigations, and regulatory actions arising in the ordinary course of business. These proceedings could include disputes with vendors, customers, or regulatory bodies. The outcomes of such proceedings are inherently uncertain, and while the Company does not currently anticipate that any such matters will have a material adverse effect on its financial position, results of operations, or cash flows, it continues to assess legal risks on an ongoing basis.

As of August 31, 2024, and 2025, the Company was not a party to any material legal or administrative proceedings that would require disclosure under ASC 450 (Contingencies). The Company has established internal controls to monitor and assess the potential impact of legal and regulatory risks, and regularly consults with external legal counsel to ensure that any developments are accounted for in accordance with U.S. GAAP.

The Company continually monitors developments in its legal environment and updates its assessments regularly. If any legal proceedings are anticipated to result in a loss that is both probable and reasonably estimable, the Company will recognize a provision for that loss in accordance with ASC 450. However, as of August 31, 2024, and 2025, no such provisions have been recognized.

Additionally, the Company does not expect any significant contingencies in the near term that would materially impact its financial position or operations.

**18. SUBSEQUENT EVENTS**

The Company evaluated all subsequent events and transactions that occurred after the balance sheet date through the date of this report, which is the date the consolidated financial statements were available to be issued.

On February 20, 2026, the Company effected a proportional share cancellation pursuant to which an aggregate of 10,000,000 Ordinary Shares were cancelled on a pro rata basis from all shareholders, reducing the total issued and outstanding Ordinary Shares from 20,000,000 to 10,000,000. No consideration was paid and no liabilities were extinguished in connection with the share cancellation.

These events did not result in any adjustments to the consolidated financial statements as of August 31, 2025.

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

Until March 20, 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.

#### 5,000,000 Ordinary Shares

#### Pacipic Nexus IntelliTech Group

#### ––––––––––– ––––––––––––––––––––––
Prospectus dated , 2026

#### –––––––––––––––––––––––––––––––––
![](tcathay_logo.jpg)

------

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

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers
Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 7. Recent Sales of Unregistered Securities
During the past three years, we have issued the following securities. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering. No underwriter was involved in these issuances of securities.

The share numbers disclosed below reflect the number of Ordinary Shares issued at the time of issuance and have not been adjusted to reflect the subsequent proportional share cancellation effected on February 20, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number of <br>Ordinary <br>Shares** | **Consideration** |
|  Vistra (Cayman) Limited | August 25, 2025 | 1 | $0.0001 |
|  STAR WINGS VENTURES LIMITED | September 22, 2025 | 15999999 | $1599.9999 |
|  Haiyuan TANG | September 22, 2025 | 900000 | $90 |
|  Dingrong ZHOU | September 22, 2025 | 900000 | $90 |
|  Birong LIN | September 22, 2025 | 800000 | $80 |
|  Siu Ching KWOK | September 22, 2025 | 800000 | $80 |
|  Qiwen LU | September 22, 2025 | 600000 | $60 |

---

#### Item 8. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this registration statement:

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **Description of Exhibit** |
|  1.1\*\* | [Form of Underwriting agreement](ea026385605ex1-1.htm) |
|  3.1\*\* | [Memorandum and Articles of Association, as currently in effect](ea026385605ex3-1.htm) |
|  3.2\*\* | [Form of the post-offering Memorandum and Articles of Association, to be adopted with effect from the effective date of this registration statement](ea026385605ex3-2.htm) |
|  4.1\*\* | [Registrant's specimen certificate evidencing Ordinary Shares](ea026385605ex4-1.htm) |
|  5.1\*\* | [Opinion of Ogier regarding the validity of the Ordinary Shares being registered](ea026385605ex5-1.htm) |
|  5.2\*\* | [Opinion of Guangdong Shengdian Law Firm, PRC counsel of the Registrant](ea026385605ex5-2.htm) |
|  8.1\*\* | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea026385605ex5-1.htm) |
|  8.2\*\* | [Opinion of SH Wong & Co regarding certain Hong Kong legal matters](ea026385605ex8-2.htm) |
|  10.1\*\* | [Form of Indemnification Agreement between the registrant and its officers and directors](ea026385605ex10-1.htm) |
|  10.2\*\* | [Form of Director Agreement between the registrant and its directors](ea026385605ex10-2.htm) |
|  10.3\*\* | [Form of Independent Director Agreement between the registrant and its independent directors](ea026385605ex10-3.htm) |
|  10.4\*\* | [Form of Employment Agreement between the registrant and its officers](ea026385605ex10-4.htm) |

---

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

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **Description of Exhibit** |
|  10.5\*\* | [English translation of sales contract between Supplier A and MENG XUN MACHINERY (HONG KONG) LIMITED dated as of \[\*\]](ea026385605ex10-5.htm) |
|  21.1\*\* | [List of Subsidiaries](ea026385605ex21-1.htm) |
|  23.1\*\* | [Consent of Assentsure PAC, an independent registered public accounting firm](ea026385605ex23-1.htm) |
|  23.2\*\* | [Consent of Migo Corporation Limited](ea026385605ex23-2.htm) |
|  23.3\*\* | [Consent of Ogier (included in Exhibit 5.1)](ea026385605ex5-1.htm) |
|  23.4\*\* | [Consent of SH Wong & Co (included in Exhibit 8.2)](ea026385605ex8-2.htm) |
|  23.5\*\* | [Consent of Guangdong Shengdian Law Firm (included in Exhibit 5.2)](ea026385605ex5-2.htm) |
|  24.1\*\* | [Power of attorney (included on signature page)](#T2024) |
|  107\*\* | [Filing Fee Table](ea026385605ex-fee.htm) |

---

____________

\*\* Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or has been included in the consolidated financial statements or notes thereto.

#### Item 9. Undertakings.
The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act 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 SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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, 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, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser

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

with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on March 20, 2026.

---

| | |
|:---|:---|
|  **Pacipic Nexus IntelliTech Group** | **Pacipic Nexus IntelliTech Group** |
|  By: | */s/ Ximing HUANG* |
|  Name: | Ximing HUANG |
|  Title: | Chief Financial Officer and Director |

---

#### POWER OF ATTORNEY
KNOW ALL BY THOSE PRESENT, that each person whose signature appears below hereby constitutes and appoints each of Ximing HUANG and Xinmei SHI, his or her true and lawful agent, proxy, and attorney-in-fact, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign, and file with the SEC any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, together with all schedules and exhibits thereto; (2) act on, sign, and file such certificates, instruments, agreements, and other documents as may be necessary or appropriate in connection therewith; (3) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act; and (4) take any and all actions that may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying, and confirming all that such agent, proxy, and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  */s/ Ximing HUANG* | Chief Financial Officer and Director | March 20, 2026 |
|  Name: Ximing HUANG | (principal financial and accounting officer) |  |
|  */s/ Meng WAN* | Chief Executive Officer | March 20, 2026 |
|  Name: Meng WAN | (principal executive officer) |  |
|  */s/ Xinmei SHI* | Chairwoman of the Board of Directors | March 20, 2026 |
|  Name: Xinmei SHI |  |  |
|  */s/ Alvin WANG* | Independent Director Nominee | March 20, 2026 |
|  Name: Alvin WANG |  |  |
|  */s/ Ngo Yin TSANG* | Independent Director Nominee | March 20, 2026 |
|  Name: Ngo Yin TSANG |  |  |
|  */s/ Pak Ching Dominic WONG* | Independent Director Nominee | March 20, 2026 |
|  Name: Pak Ching Dominic WONG |  |  |

---

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

#### SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of Pacipic Nexus IntelliTech Group, has signed this registration statement or amendment thereto in New York, NY on March 20, 2026.

---

| | |
|:---|:---|
|  **Authorized U.S. Representative Congency <br>Global Inc.** | **Authorized U.S. Representative Congency <br>Global Inc.** |
|  By: | */s/ Colleen A. De Vries* |
|  Name: | Colleen A. De Vries |
|  Title: | Senior Vice-President on behalf of <br>Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**PACIPIC NEXUS INTELLITECH GROUP** 

**FORM OF UNDERWRITING AGREEMENT**

[●], 2026

Cathay Securities, Inc.

40 Wall St., Suite 3600

New York, NY 10005

*As the Representative of several Underwriters named on Schedule A hereto*

Ladies and Gentlemen:

The undersigned, Pacipic Nexus IntelliTech Group, a company incorporated under the laws of the Cayman Islands (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with Cathay Securities, Inc. (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of [●] ordinary shares, par value US$0.0001 per share ("**Shares**" or "**Ordinary Shares**"), of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriters up to an additional [●] Shares, representing 15% of the Firm Shares sold in the offering (the "**Option Shares**"), if and to the extent that the Representative shall have determined to exercise, on behalf of the Underwriters, the right to purchase such Option Shares granted to the Underwriters in Section 1(c) hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities**." The offering and sale of the Securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1.** <u>Purchase and Sale of Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of [●] Firm Shares at a purchase price (net of underwriting discounts) of $[●] per share (the "**Purchase Price**"). The Underwriters, severally and not jointly, agrees to purchase from the Company the Firm Shares set forth opposite its name on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made at [●] A.M., Eastern time, on the [●]th Business Day following the effective date of the Registration Statement ("**Effective Date**") or at such time as shall be agreed upon by the Representative and the Company, at the offices of VCL Law LLP (the **"Underwriters' Counsel**"**)** or at such other place 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 the Firm Shares through the facilities of Depository Trust Company (the "**DTC**") for the accounts of the Underwriters 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 the Firm Shares 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 one (1) Business Days 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;(c) <u>Option Shares</u>. The Company hereby agrees to issue and sell to the Underwriters the Option Shares, and the Underwriters shall have the option to purchase, severally and not jointly, in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price (the "**Over-Allotment Option Purchase Price**"). The Company and the Underwriters agree that the Underwriters may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day after the Effective Date, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) business day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such additional closing date ("**Additional Closing Date**") as the number of Firm Shares set forth in <u>Schedule A</u> hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date, as the case may be, by giving written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iv) any Additional Closing Date. Payment for the Option Shares shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business days in advance of such payment at the office of VCL Law LLP on any Additional Closing Date, or at such other place on the same or such other date and time, as shall be designated in writing by the Representative. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Underwriters for the applicable Option Shares. Delivery of the Option Shares shall be made through the facilities of DTC, unless the Representative shall otherwise instruct.

**2.** <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), the Closing Date, and the applicable Additional Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-[●]), including any related prospectus or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as 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;(B) The prospectus to be filed pursuant to Rule 424(b) under the Act after the execution and delivery of this Agreement by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Act is required, the prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is hereinafter called 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;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means 5:00 p.m. Eastern Time, on the date of this Agreement, or such other time as agreed to 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;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on Nasdaq</u>. The Shares will be approved for listing on the Nasdaq Capital Market ("**Nasdaq**") by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of any preliminary prospectus ("**Preliminary Prospectus**"), the Prospectus or the Registration Statement or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement, the Disclosure Materials, and the Prospectus and any post-effective amendments thereto, at the time the Registration Statement became effective, complied in all material respects with the requirements of the Act and the 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;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(c)(i)(B)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriters consists solely of the Underwriters' names (the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Any issuer free writing prospectus(es) as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**") and Preliminary Prospectus(es), when taken together as a whole (collectively, the "**Disclosure Materials**"), do not contain 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, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change in Business</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, and except as otherwise specifically stated therein: (A) there have been no events, individually or in the aggregate, that have occurred that would have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company and its subsidiaries, taken as a whole, or the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Securities, or to consummate the transactions contemplated in the Registration Statement, the Disclosure Materials, and the Prospectus (each of such effects and changes a "**Material Adverse Effect**" and a "**Material Adverse Change**," respectively); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has not: (A) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) declared or paid any dividend or made any other distribution on or in respect to its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Accountants</u>. To the best of the Company's knowledge, Assentsure PAC, whose report is filed with the Commission as part of the Registration Statement, is an independent registered public accountant as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement, the Disclosure Materials, and the Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles ("GAAP"), consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein. The Registration Statement discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses, if any. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, (i) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital, (iii) there has not been any change in the share capital of the Company or any of its subsidiaries, or any grants under any currently in-effect stock compensation plan, (iv) there has been no change related to stock compensation plans, if any, and, (v) there has not been any material adverse change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Authorized Capital; Options, etc</u>. The Company has the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Disclosure Materials, and the Prospectus. Based on the assumptions stated in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company will have on the Closing Date and any Additional Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement, the Disclosure Materials and the Prospectus, on the Effective Date, the Closing Date and any Additional Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment by the Underwriters in accordance with the terms hereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities. Upon the sale and delivery of these Securities, and payment therefor, pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Disclosure Materials, and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered by the parties hereto, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as the enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association or bylaws (as the same may be amended from time to time, the "**Charter**"); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or business constituted as of the date hereof, except such violation or breach that would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Defaults; Violations</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries when taken as a whole and that are not otherwise disclosed in the Registration Statement, the Prospectus or Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, taken as a whole, and that are not otherwise disclosed in the Registration Statement, the Prospectus or Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus except, any non-compliance, in each case, would not reasonably be expected to 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;(ii) <u>Transactions Contemplated Herein</u>. The Company has the corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and the consents, authorizations, approvals, and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "Management" in the Prospectus and the beneficial owners of 5% or greater of the Company's outstanding voting securities immediately prior to the Offering (the "**Insiders**") as well as in the lock-up agreement in the form attached hereto as <u>Annex IV</u> provided to the Underwriters 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;(o) <u>Litigation; Governmental Proceedings</u>. Except as disclosed in the Registration Statement, Disclosure Materials and the Prospectus, there is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company or, to the best of the Company's knowledge, any executive officer or director that has not been disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus or in connection with the Company's listing application for the listing of the Securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the Cayman Islands as of the date hereof and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company or any Insider has not made any direct or indirect payments (in cash, securities or otherwise) or reached any arrangements, agreements, or understanding with any person or entity relating to any finder's fee, consulting fee or similar arrangement, in consideration of such person or entity raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company, within the twelve months prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>FINRA Affiliation</u>. To the best of the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriters, no Insiders have any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the best knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof), (ii) made, offered, promised or authorized any direct or indirect unlawful payment or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, the "**Anti-Corruption Laws**"); the Company and its subsidiaries have conducted their businesses in compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the Offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to Underwriters or to Underwriters' Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Lock-Up Period.</u>

&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's officers, directors, and all holders of securities of the Company, including any securities convertible into or exercisable or exchangeable for such securities, as listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**") have agreed pursuant to executed lock-up agreements in the form attached hereto as <u>Annex IV</u> that for a period of twelve (12) months from the pricing date of this Offering, such persons and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any securities of the Company, including Shares or any securities convertible into or exercisable or exchangeable for the share capital of the Company, without the prior written consent of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriters, it will not, for a period of six (6) months from the closing of this Offering, (A) 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 share capital of the Company or any securities convertible into or exercisable or exchangeable for the share capital of the Company; (B) file or cause to be filed any registration statement with the Commission relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for the share capital of the Company or (C) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of share capital of the Company, whether any such transaction described in clause (A), (B) or (C) above is to be settled by delivery of the share capital of the Company or such other securities, in cash or otherwise. The restrictions contained in this section (ii) shall not apply to the Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Subsidiaries</u>. The subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Registration Statement, the Disclosure Materials and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Registration Statement, the Disclosure Materials and the Prospectus. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus and is duly qualified to do business under the laws of each jurisdiction which requires such qualification. Exhibit 21.1 of the Registration Statement lists all the Company's significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Act) and the Registration Statement sets forth the ownership of all of such subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Disclosure Materials and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Board of Directors</u>. The board of directors of the Company is comprised of the persons set forth under the section of the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At least one member of the board of directors of the Company qualifies as an "audit committee financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a majority of the persons serving on the board of directors qualify as "independent" as defined under the rules of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Materials and the Prospectus, the Company has taken all necessary actions to ensure that, on the Effective Date, it will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement, the Disclosure Materials and the Prospectus, will not be, an "investment company" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Material Labor Disputes</u>. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the best of the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Intellectual Property</u>. Except as described in the Registration Statement, the Disclosure Materials and the Prospectus, the Company and each of its subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its subsidiaries as currently carried out and as described in the Registration Statement, the Disclosure Materials, and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole, except as disclosed in the Registration Statement. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Taxes</u>.

&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 its subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (A) no material issues have been raised (or are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "**taxes**" means all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, no transaction, stamp, capital or other issuance, registration, transfer or withholding taxes or duties are payable in the Cayman Islands ("**Cayman**"), the British Virgin Islands ("**BVI**") and the Hong Kong Special Administrative Region ("**Hong Kong**") to any taxation authority of the relevant countries in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement, the Disclosure Materials, and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Board of Directors</u>. The Company's board of directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of Nasdaq and the board of directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of Nasdaq. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the board of directors has not been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>No Integration.</u> Neither the Company nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Money Laundering</u>. The operations of the Company and the subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**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, or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Office of Foreign Assets Control</u>. Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is (A) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "Sanctions"), (B) located, organized, or resident in a country or territory that is the subject or target of comprehensive Sanctions (a "Sanctioned Jurisdiction"), and the Company will not directly or indirectly use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding, is the subject or the target of Sanctions or with a Sanctioned Jurisdiction (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; neither the Company nor any of its subsidiaries is engaged in, or has, at any time in the past five years, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the Company and its subsidiaries have instituted, and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>No Immunity</u>. None of the Company, its subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of Cayman, BVI, Hong Kong, the State of New York or United States federal law; and, to the extent that the Company, its subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Free Transferability of Dividends or Distributions</u>. All dividends and other distributions declared and payable on the Shares may under current laws and regulations of Cayman, BVI and Hong Kong be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of Cayman, BVI or Hong Kong in accordance with, and all such payments made to holders thereof or therein who are non-residents of Cayman, BVI or Hong Kong will not be subject to income, withholding or other taxes under, the laws and regulations of Cayman, BVI or Hong Kong, or any political subdivision or taxation authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in Cayman, BVI or Hong Kong or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in Cayman, BVI or Hong Kong or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Choice of Law</u>. The choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of Cayman, BVI and Hong Kong and will be observed and given effect by courts in Cayman, BVI and Hong Kong, subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in Cayman, BVI and Hong Kong. The Company has the power to submit, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 14</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Recognition of Judgments</u>. Except as described under the section "Enforceability of Civil Liabilities" in the Prospectus, the courts of Cayman, BVI and Hong Kong would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Preliminary Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliates is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of its affiliates is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Dividends and Distributions</u>. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, no subsidiaries of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's securities, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary's property or assets to the Company or any other subsidiary of the Company.

**3.** <u>Offering</u>. Upon authorization of the release of the Securities by the Underwriters, the Underwriters propose to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.

**4.** <u>Covenants of the Company</u>. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriters' Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the Disclosure Materials or the Prospectus, the Company shall furnish to the Underwriters and Underwriters' Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object within 36 hours of delivery thereof to Underwriters' Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the Disclosure Materials or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) 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 preventing or suspending its use or the use of the Disclosure Materials, the Prospectus, or the initiation of any proceedings to remove, suspend or terminate from listing the Securities from any securities exchange upon which the Securities are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the Registration Statement, the Disclosure Materials, and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Underwriters' Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Underwriters' Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. On the Business Day next succeeding the date of this Agreement, and from time to time thereafter, the Company will furnish to the Underwriters copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern Time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will use its best efforts, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the Offering or sale of the Securities of such jurisdictions as the Underwriters may designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) During three months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Representative, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will deliver to the Underwriters the lock-up agreements of the Lock-Up Parties on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriters' prior written consent, for a period ending at 5:00 P.M., Eastern Time, on the first Business Day following the twenty-fifth (25th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "Use of Proceeds" in the Prospectus and will not invest or otherwise use the proceeds received by the Company from its sale of the Securities in such a manner as would require the Company or any of the subsidiaries to register as an investment company under the Investment Company Act of 1940, as amended. Without the prior written consent of the Underwriters, except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or shareholders or to pay any accrued salaries or bonuses to any employees or former employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its best efforts to effect and maintain the listing of the Shares on Nasdaq for at least three (3) years after the Effective Date, unless such listing is terminated as a result of a transaction approved by the holders of a majority of the voting securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date and any Additional Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) Business Days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "Electronic Prospectus" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

**5.** <u>Representations and Warranties of the Underwriters</u>.

The Underwriters represent and agree that, unless they obtain the prior written consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute a "free writing prospectus," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "Permitted Free Writing Prospectus." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6.** <u>Consideration; Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven percent (7.0%) of the aggregate gross proceeds raised in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a non-accountable expense allowance of one percent (1.0%) of the gross proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an accountable expense allowance of up to $220,000.00, including, among other things, all reasonable fees and expenses of the Underwriters' outside legal counsel; any reasonable costs and expenses incurred in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Underwriters; and the costs associated with bound volumes and mementos in such quantities as the Underwriters may reasonably request (the "Accountable Out-of-Pocket Expenses"). The Company has advanced an amount of [$100,000.00] (the "**Advances**") to the Representative in anticipation of any Accountable Out-of-Pocket Expenses to be incurred by the Underwriters. Any expense item over US$5,000 incurred by the Representative shall require prior written or email approval of the Company. The Representative shall promptly return to the Company the Advances against the Accountable Out-of-Pocket Expenses, to the extent that such Accountable Out-of-Pocket Expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Representative agree that the Representative shall have an irrevocable right of first refusal (the "**Right of First Refusal**") for a period of six (6) months from the closing of the Offering, to provide investment banking services to the Company on an exclusive basis in all matters for which investment banking services are sought by the Company on terms that are the same or more favorable to the Company comparing to the terms offered to the Company by other underwriters or placement agents, which right is exercisable at the Representative's sole and exclusive discretion. For these purposes, investment banking services shall include, without limitation, (a) acting as the lead manager for any underwritten public offering and (b) acting as the exclusive placement agent or initial purchaser in connection with any private offering of securities of the Company, provided, however, that such right shall be subject to FINRA Rule 5110(g). The Representative shall notify the Company of its intention to exercise the Right of First Refusal under this Section 6 within fifteen (15) business dates following the receipt of the Company's written notification of its financing needs. Any decision by the Representative to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of the Representative and shall be subject to general market conditions. If the Representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to the Company under reasonable standard, the Company shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms declined by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters reserve the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriters' aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not the transactions contemplated by this Agreement, the Registration Statement, the Disclosure Materials, and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to bear all costs and expenses incident to the Offering, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all filing fees in connection with filings with FINRA's Public Offering System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 8</u>, <u>9</u> and <u>11(d)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material Adverse Change, (i) the Company will pay, less the amount of the Advances previously paid, all Accountable Out-of-Pocket Expenses (including but not limited to fees and disbursements of Underwriters' Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $220,000, including the Advances, and (ii) to the extent that the Underwriters' Accountable Out-of-Pocket Expenses are less than the Advances, the Underwriters will return to the Company that portion of the Advances not offset by actual expenses.

**7.** <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Firm Shares as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Underwriters' Counsel pursuant to this <u>Section 7</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this <u>Section 7</u>, the terms "Closing Date" and "Closing" shall refer to the Closing Date for the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern Time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Underwriters. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the Disclosure Materials and the Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the Disclosure Materials, and the Prospectus or otherwise) shall have been complied with to the Underwriters' satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall not have reasonably determined, and advised the Company, that the Registration Statement, the Disclosure Materials or the Prospectus, or any amendment thereof or supplement thereto, contains an untrue statement of fact which, in the Underwriters' reasonable opinion, is material, or omits to state a fact which, in the Underwriters' reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received, in form reasonably satisfactory to the Underwriters and Underwriters' counsel of (i) favorable legal opinions from Ogier, Cayman legal counsel to the Company dated as of the Closing Date and addressed to the Representative, (ii) favorable legal opinions from SH Wong & Co, the Hong Kong legal counsel to the Company, dated as of the Closing Date and addressed to the Representative and (iii) favorable legal opinions and negative assurance letter from Concord & Sage PC, U.S. legal counsel to the Company, dated as of the Closing Date and addressed to the Representative. Copies of such opinions shall have been provided to the Underwriters with consent from such counsels. Additionally, the Underwriters shall have received on the Closing Date an opinion and negative assurance letter from VCL Law LLP, counsel for the Underwriters, dated the Closing Date, each in form and substance reasonably satisfactory to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received a certificate from the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers' Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 7</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure Materials, and the Prospectus pursuant to the Regulations which are not so included, and (vii) subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Materials, and the Prospectus, there has not been any Material Adverse Change or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date, the Underwriters shall have received a certificate of the Company signed by the Chief Executive Officer of the Company (the "**CEO's Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date, certifying: (i) that each of the Charter is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's board of directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company; (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of this Agreement and on the Closing Date, the Underwriters shall have received "comfort" letters from Assentsure PAC (the "**Auditor Comfort Letter**") as of each such date, addressed to the Representative and in form and substance satisfactory to the Underwriters and Underwriters' Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) business days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the date of this Agreement and on the Closing Date, the Company shall have furnished to the Representative, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Underwriters, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative, substantially in the form attached hereto as <u>Annex III</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the share capital or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, or properties of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Underwriters, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Securities are registered under the Exchange Act and, as of the Closing Date, the Securities shall be listed and admitted and authorized for trading on Nasdaq and satisfactory evidence of such action shall have been provided to the Underwriters. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on the Nasdaq, nor will the Company have received any information suggesting that the Commission or the Nasdaq is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall have furnished the Underwriters and Underwriters' Counsel with such other certificates, opinions or documents as they may have reasonably requested.

**8.** <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriters and each person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) 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 Regulations, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), 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 not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, 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 not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 8</u> to the extent that it is not materially prejudiced as a result thereof). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 8</u> or <u>Section 9</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

**9.** <u>Contribution</u>. In order to provide for contribution in circumstances in which the indemnification provided for in Section 8 is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from persons, other than the Underwriters, who may also be liable for contribution, including persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters 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 or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 9 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section 9: (iii) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (iv) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this Section 9, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (iii) and (iv) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 9</u> or otherwise. As used herein, a "Person" refers to an individual or entity.

**10.** <u>Survival of Representations and Agreements</u>. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>, <u>13</u> and <u>14</u>, the indemnity agreements contained in <u>Section 8</u> and the contribution agreements contained in <u>Section 9</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 8</u>, <u>9</u>, <u>13</u> and <u>14</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u> and <u>Section 15</u>. For the avoidance of doubt, in the event of termination the Underwriters will be reimbursed Accountable Out-of-Pocket Expenses subject to the limit in <u>Section 6(d)</u> and <u>Section 11(d)</u> below, in compliance with FINRA Rules 5110.

**11.** <u>Effective Date of Agreement; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriters and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 11</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>8</u>, <u>9</u>, <u>13</u> and <u>14</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriters will in the immediate future materially disrupt, the market for the Company's securities or securities in general; or (ii) trading on the New York Stock Exchange or the Nasdaq Stock Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the NYSE Euronext or Nasdaq or by order of the Commission, by FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriters, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Agreement shall be terminated pursuant to any of the provisions hereof, or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented Accountable Out-Of-Pocket Expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110 less the amount of the Advances previously paid by the Company).

**12.** <u>Notices</u>. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Cathay Securities, Inc.

40 Wall St., Suite 3600

New York, NY 10005

Email: shell.li@cathaysecurities.com

Attention: Xiaoyu Li

with a copy (which shall not constitute notice) to Underwriter's Counsel at:

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Email: fliu@vcllegal.com

Attention: Fang Liu

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

Pacipic Nexus IntelliTech Group

Address: [●]

Email: [●]

Attention: [●]

with a copy (which shall not constitute notice) to the Company's Counsel at:

Concord & Sage PC

Address: [●]

Email: [●]

Attention: [●]

**13.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling persons, directors, officers, employees and agents referred to in <u>Sections 8</u> and <u>9</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such persons and their respective successors and assigns, and not for the benefit of any other person. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

**14.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the conflict of laws principles thereof. Each of the parties hereto hereby submits to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York (each, a "New York Court") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints [Cogency Global Inc.] as its authorized agent (the "**Authorized Agent**"), upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of three years from the date of this Agreement.

**15.** <u>Default of Underwriters</u>. If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in <u>Schedule A</u> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that, in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this <u>Section 15</u> by an amount in excess of one-ninth (1/9) of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Disclosure Materials, in the Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

**16.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**17.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**18.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**19.** <u>Waiver, etc.</u> The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 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 legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the Disclosure Materials, the Prospectus, the offering of the securities or the transactions contemplated hereby.

**20.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. 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 of the Company's Securities, 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 the Underwriters have not 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 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.

**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**22.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

**23.** <u>Time is of the Essence.</u> Time shall be of the essence of this Agreement. As used herein, the term "Business Day" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

*[Signature Page Follows]*

 

 

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

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| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| **Pacipic Nexus IntelliTech Group** | **Pacipic Nexus IntelliTech Group** | **Pacipic Nexus IntelliTech Group** |
| By: |  |  |
|  | Name: | Xinmei SHI |
|  | Title: | Chairwoman of the Board of Directors |

---

Accepted by the Representative

as of the date first written above

Acting on behalf of itself and as Representative of the Underwriters named in <u>Schedule A</u> hereto

---

| | | |
|:---|:---|:---|
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: |  |  |
|  | Name: | Xiaoyu Li |
|  | Title: | Chief Executive Officer |

---

*[Signature Page to Underwriting Agreement]*

 

 

**SCHEDULE A**

---

| | | |
|:---|:---|:---|
| **Underwriters** | **Number of Firm<br> Shares to<br> Be Purchased** | **Purchase Price** |
| Cathay Securities, Inc. | [●] | $[●] |
| **Total** | [●] | $**[●]** |

---

**SCHEDULE B**

Lock-Up Parties

---

| |
|:---|
| &nbsp;&nbsp;**Name** |
| &nbsp;&nbsp;Xinmei SHI |
| &nbsp;&nbsp;Meng WAN |
| &nbsp;&nbsp;Ximing HUANG |
| &nbsp;&nbsp;Yonglin GU |
| &nbsp;&nbsp;Ngo Yin TSANG |
| &nbsp;&nbsp;Kit Lam LAM |
| &nbsp;&nbsp;STAR WINGS VENTURES LIMITED |
| &nbsp;&nbsp;TANG HAIYUAN |
| &nbsp;&nbsp;ZHOU DINGRONG |
| &nbsp;&nbsp;LIN BIRONG |
| &nbsp;&nbsp;KWOK SIU CHING |
| &nbsp;&nbsp;LU QIWEN |

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Annex I

**PACIPIC NEXUS INTELLITECH GROUP** 

**FORM OF OFFICERS' CERTIFICATE**

[●], 2026

The undersigned, Mr. Meng WAN, Chief Executive Officer, and Ms. Ximing HUANG, Chief Financial Officer, of Pacipic Nexus IntelliTech Group , a company incorporated under the laws of the Cayman Islands (the "**Company"**), pursuant to Section 7(d) of the Underwriting Agreement, dated as of [●], 2026 by and between the Company and Cathay Securities, Inc., as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such officer has carefully examined the Registration Statement, the Disclosure Materials, and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Disclosure Materials, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading.

2. Subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Materials, or the Prospectus, there has not been any Material Adverse Changes or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business.

3. To the best of his or her knowledge after reasonable investigation, as of the Closing Date, the representations and warranties of the Company in the Underwriting Agreement are true and correct in all material respects (except for those representations and warranties qualified as to materiality, which shall be true and correct in all respects and except for those representations and warranties which refer to facts existing at a specific date, which shall be true and correct as of such date) and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior to the Closing Date.

4. To the best of his or her knowledge after reasonable investigation, as of the Closing Date, the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding.

5. There are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure Materials, and the Prospectus pursuant to the Regulations which are not so included.

6. No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof or the qualification of the Securities for offering or sale, nor suspending or preventing the use of the Disclosure Materials and the Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of his or her knowledge, is contemplated by the Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, I have, on behalf of the Company, signed this certificate as of the date first written above.

 <br> Name: Meng WAN <br> Title: Chief Executive Officer

 <br> Name: Ximing HUANG <br> Title: Chief Financial Officer

*[Signature Page of Officers' Certificate]*

 

 

Annex II

**PACIPIC NEXUS INTELLITECH GROUP** 

**FORM OF CEO'S CERTIFICATE**

[●], 2026

The undersigned, Meng WAN, hereby certifies that he is the duly elected chief executive officer of Pacipic Nexus IntelliTech Group, a company incorporated under the laws of the Cayman Islands (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(e) of the Underwriting Agreement, dated as of [●], 2026, by and between the Company and Cathay Securities, Inc., as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his capacity as Secretary of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the board of directors of the Company (the "**Board**") either at a meeting or meetings properly held or by the unanimous written consent of each member of the Company's Board and any committee of or designated by the Company's Board relating to the public offering contemplated by the Underwriting Agreement. All of such resolutions were duly adopted, have not been amended, modified or rescinded and remain in full force and effect; and such resolutions are the only resolutions adopted by the Board or by any committee of or designated by the Board relating to the public offering contemplated by the Underwriting Agreement.

2. Attached hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together with any and all amendments thereto. No action has been taken to further amend, modify, or repeal such charter documents, which remain in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its shareholders, directors, or officers in contemplation of the filing of any such amendment or other document or in contemplation of the liquidation or dissolution of the Company prior to the consummation of the transactions contemplated by the Underwriting Agreement.

3. Attached hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the memorandum and articles of association of the Company and any and all amendments thereto. No action has been taken to further amend, modify, or repeal such memorandum and articles of association, which remain in full force and effect in the attached form as of the date hereof.

4. Attached hereto as <u>Exhibit D are</u> (i) a true and complete copy of a Certificate of Good Standing of the Company, dated close to the date of this certificate; and (ii) true and complete copies, dated close to the date of this certificate , showing the subsidiaries of the Company are duly organized and in good standing under the laws of their respective place of organization or incorporation.

5. Each person listed below has been duly elected or appointed to the positions indicated opposite its name and is duly authorized to sign the Underwriting Agreement and each of the documents in connection therewith on behalf of the Company, and the signature appearing opposite such person's name below is its genuine signature.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Name</u>** | **<u>Position</u>** | **<u>Signature</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meng WAN | Chief Executive Officer | ______________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ximing HUANG | Chief Financial Officer | ______________________ |

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This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

 <br> Name: Meng WAN <br> Title: Chief Executive Officer

*[Signature Page of CEO's Certificate]*

 

 

<u>Annex III</u>

**PACIPIC NEXUS INTELLITECH GROUP** 

**FORM OF CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[●], 2026

The undersigned, Ms. Ximing HUANG, hereby certifies that she is the duly elected, qualified, and acting Chief Financial Officer of Pacipic Nexus IntelliTech Group, a company incorporated under the laws of the Cayman Islands (the "**Company**"), and that as such she is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(g) of the Underwriting Agreement, dated as of [●], 2026 by and between the Company and Cathay Securities, Inc., as the representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
am providing this certificate in connection with the offering of the securities described in the Registration Statement, the Disclosure
Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
am familiar with the accounting, operations, records systems and internal controls of the Company and have participated in the preparation
of the Registration Statement, the Disclosure Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
Company's financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus present fairly,
in all material respects, the financial condition of the Company and its subsidiaries and their results of operations for the periods
presented in the Registration Statement, the Disclosure Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I
have reviewed the disclosure in the Registration Statement, the Disclosure Materials, and the Prospectus, including the financial and
operating information and data identified and circled by VCL Law LLP in the Registration Statement, the Disclosure Materials, and the
Prospectus attached hereto as <u>Exhibit A</u>, and to the best of my knowledge such information is correct, complete and accurate
in all material respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

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|:---|:---|
| **Pacipic Nexus IntelliTech Group** | **Pacipic Nexus IntelliTech Group** |
| By: |  |
| Name: | Ximing HUANG |
| Title: | Chief Financial Officer |

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*[Signature Page of CFO's Certificate]*

 

 

<u>Annex IV</u>

**Form of Lock-Up Agreement**

[●], 2026

Cathay Securities, Inc.

40 Wall St., Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands Cathay Securities, Inc., as the representative of the several underwriters (the "Representative"), proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Pacipic Nexus IntelliTech Group, a company incorporated under the laws of the Cayman Islands (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of ordinary shares of the Company, par value US$0.0001 per share (the "**Shares**").

To induce the Representative to continue its efforts in connection with the Initial Public 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 twelve (12) months from the pricing date of the Initial Public Offering (the "**Lock-Up Period**"), (1) 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, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other agreement 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) above or this clause (2) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (3) make any written 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; or (4) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (e) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options or (f) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, provided that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement; <u>provided</u> 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 and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "Change of Control" shall mean any transaction or series of related transactions pursuant to which any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (i) the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" Shares that the undersigned may purchase in the Initial Public Offering, (ii) 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 publication date of a press release by the Company for such 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 a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will be no other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; <u>provided</u> that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "10b5-1" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriters, successors, and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if 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, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

This lock-up agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

[**SIGNATURE PAGE TO FOLLOW**]

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|:---|:---|
| Very truly yours, | Very truly yours, |
| By: | __________________________________________ |
| Name: | __________________________________________ |
| Address: |  |

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*[Signature Page of Lock-up Agreement]*

## Exhibit 3.1

**Exhibit 3.1**

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| ![](ea026385605_ex3-1img2.jpg) | ![](ea026385605_ex3-1img1.jpg) |

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THE COMPANIES ACT (AS AMENDED)

Company Limited by Shares

ARTICLES OF ASSOCIATION

OF

Pacipic Nexus IntelliTech Group

1. In these Articles Table A in the Schedule to the Statute does not apply and, unless
there be something in the subject or context inconsistent therewith,

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|:---|:---|
| "Articles" | means the Articles as originally framed or as from time to time altered by Special Resolution. |
| "Auditors" | means the persons for the time being performing the duties of auditors of the Company. |
| "Company" | means the above named Company. |
| "debenture" | means debenture stock, mortgages, bonds and any other such securities of the Company whether constituting a charge on the assets of the Company or not. |
| "Directors" | means the directors for the time being of the Company. |
| "dividend" | includes bonus. |
| "fully paid" | shall bear the meaning as ascribed to it in the Statute. |
| "Member" | shall bear the meaning as ascribed to it in the Statute. |
| "month" | means calendar month. |
| "paid-up" | means paid-up and/or credited as paid-up. |

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| *Registrar of Companies* |  | *Auth Code: K17592074905* |
| *Auth Code: J40616626486* |  | *www.verify.gov.ky* |

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|:---|:---|
| "registered office" | means the registered office for the time being of the Company. |
| "Seal" | means the common seal of the Company and includes every duplicate seal. |
| "Secretary" | includes an Assistant Secretary and any person appointed to perform the duties of Secretary of the Company. |
| "share" | includes a fraction of a share. |
| "Special Resolution" | has the same meaning as in the Statute and includes a resolution approved in writing as described therein. |
| "Statute" | means the Companies Act of the Cayman Islands as amended and every statutory modification or re-enactment thereof for the time being in force. |
| "written" and <br> "in writing" | include all modes of representing or reproducing words in visible form. |

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Words importing the singular number only include the plural number and vice versa.

Words importing the masculine gender only include the feminine gender.

Words importing persons only include corporations.

2. The business of the Company may be commenced as soon after incorporation as the
Directors shall see fit, notwithstanding that part only of the shares may have been allotted.

3. The Directors may pay, out of the capital or any other monies of the Company,
all expenses incurred in or about the formation and establishment of the Company including the expenses of registration.

**CERTIFICATES FOR SHARES**

4. Certificates representing shares of the Company shall be in such form as shall
be determined by the Directors. Such certificates may be under Seal. All certificates for shares shall be consecutively numbered or otherwise
identified and shall specify the shares to which they relate. The name and address of the person to whom the shares represented thereby
are issued, with the number of shares and date of issue, shall be entered in the register of Members of the Company. All certificates
surrendered to the Company for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like
number of shares shall have been surrendered and cancelled. The Directors may authorise certificates to be issued with the seal and authorised
signature(s) affixed by some method or system of mechanical process.

5. Notwithstanding Article 4 of these Articles, if a share certificate be defaced,
lost or destroyed, it may be renewed on payment of a fee of one dollar (US$l.00) or such less sum and on such terms (if any) as to evidence
and indemnity and the payment of the expenses incurred by the Company in investigating evidence, as the Directors may prescribe.

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| *Registrar of Companies* |  | *Auth Code: K17592074905* |
| *Auth Code: J40616626486* |  | *www.verify.gov.ky* |

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![](ea026385605_ex3-1img1.jpg)

 

**ISSUE OF SHARES**

6. Subject to the provisions, if any, in that behalf in the Memorandum of Association
and to any direction that may be given by the Company in general meeting and without prejudice to any special rights previously conferred
on the holders of existing shares, the Directors may allot, issue, grant options over or otherwise dispose of shares of the Company (including
fractions of a share) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting,
return of capital or otherwise and to such persons, at such times and on such other terms as they think proper PROVIDED ALWAYS that, notwithstanding
any provision to the contrary contained in these Articles of Association, the Company shall be precluded from issuing bearer shares, warrants,
coupons or certificates.

7. The Company shall maintain a register of its Members and every person whose name
is entered as a Member in the register of Members shall be entitled without payment to receive within two months after allotment or lodgement
of transfer (or within such other period as the conditions of issue shall provide) one certificate for all his shares or several certificates
each for one or more of his shares upon payment of fifty cents (US$0.50) for every certificate after the first or such less sum as the
Directors shall from time to time determine provided that in respect of a share or shares held jointly by several persons the Company
shall not be bound to issue more than one certificate and delivery of a certificate for a share to one of the several joint holders shall
be sufficient delivery to all such holders.

**TRANSFER OF SHARES**

8. The instrument of transfer of any share shall be in writing and shall be executed
by or on behalf of the transferor and the transferor shall be deemed to remain the holder of a share until the name of the transferee
is entered in the register in respect thereof.

9. The Directors may in their absolute discretion decline to register any transfer
of shares without assigning any reason therefor. If the Directors refuse to register a transfer they shall notify the transferee within
two months of such refusal.

10. The registration of transfers may be suspended at such time and for such periods
as the Directors may from time to time determine, provided always that such registration shall not be suspended for more than 45 days
in any year.

**REDEEMABLE SHARES**

11. (a) Subject to the provisions of the Statute and the Memorandum of Association, shares may be issued on the terms that they are, or at the
option of the Company or the holder are, to be redeemed on such terms and in such manner as the Company, before the issue of the shares,
may by Special Resolution determine and the rights attaching to any issued shares may, subject to the provisions of these Articles, by
special resolution, be varied so as to provide that such shares are to be or are liable to be so redeemed.

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| *Registrar of Companies* |  | *Auth Code: K17592074905* |
| *Auth Code: J40616626486* |  | *www.verify.gov.ky* |

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![](ea026385605_ex3-1img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the Statute and the Memorandum of Association, the
Company may purchase its own shares (including fractions of a share), including any redeemable shares, provided that the manner of purchase
has first been authorised by the Company in general meeting and may make payment therefor in any manner authorised by the Statute, including
out of capital and provided that the Company may not redeem or purchase any of its shares if, as a result of the redemption or purchase,
there would no longer be any issued shares of the Company other than shares held as treasury shares.

12. Subject to the provisions of these Articles, the manner and any of the terms of
any such redemption or purchase of shares may be determined by either the Company by ordinary resolution or by the Directors. The Company
may make a payment in respect of the redemption or purchase of its own shares otherwise than out of its profits, share premium account,
or the proceeds of a fresh issue of shares.

**TREASURY SHARES**

13. The Company may, subject to the provisions of the Act, acquire, hold and dispose
of its own shares as treasury shares.

**VARIATION OF RIGHTS OF SHARES**

14. If at any time the share capital of the Company is divided into different classes
of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, whether
or not the Company is being wound up, be varied with the consent in writing of the holders of three-fourths of the issued shares of that
class, or with the sanction of a Special Resolution passed at a general meeting of the holders of the shares of that class.

The provisions of these Articles relating to general meetings shall apply to every such general meeting of the holders of one class of shares except that the necessary quorum shall be one person holding or representing by proxy at least one-third of the issued shares of the class and that any holder of shares of the class present in person or by proxy may demand a poll.

15. 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.

**COMMISSION ON SALE OF SHARES**

16. The Company may in so far as the Statute from time to time permits pay a commission
to any person in consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally for any shares of the Company.
Such commissions may be satisfied by the payment of cash or the lodgement of fully or partly paid-up shares or partly in one way and partly
in the other. The Company may also on any issue of shares pay such brokerage as may be lawful.

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| *Registrar of Companies* |  | *Auth Code: K17592074905* |
| *Auth Code: J40616626486* |  | *www.verify.gov.ky* |

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![](ea026385605_ex3-1img1.jpg)

**NON-RECOGNITION OF TRUSTS**

17. No person shall be recognised by the Company as holding any share upon any trust
and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future, or partial interest in any share, or any interest in any fractional part of a share, or (except only as is otherwise provided
by these Articles or the Statute) any other rights in respect of any share except an absolute right to the entirety thereof in the registered
holder.

**LIEN ON SHARES**

18. The Company shall have a first and paramount lien and charge on all shares (whether
fully paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements
to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person,
whether a Member or not, but the Directors may at any time declare any share to be wholly or in part exempt from the provisions of this
Article. The registration of a transfer of any such share shall operate as a waiver of the Company's lien (if any) thereon. The
Company's lien (if any) on a share shall extend to all dividends or other monies payable in respect thereof.

19. The Company may sell, in such manner as the Directors think fit, any shares on
which the Company has a lien, but no sale shall be made unless a sum in respect of which the lien exists is presently payable, nor until
the expiration of fourteen days after a notice in writing stating and demanding payment of such part of the amount in respect of which
the lien exists as is presently payable, has been given to the registered holder or holders for the time being of the share, or the person,
of which the Company has notice, entitled thereto by reason of his death or bankruptcy.

20. To give effect to any such sale the Directors may authorise some person to transfer
the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised in any such transfer,
and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity
or invalidity in the proceedings in reference to the sale.

21. The proceeds of such sale shall be received by the Company and applied in payment
of such part of the amount in respect of which the lien exists as is presently payable and the residue, if any, shall (subject to a like
lien for sums not presently payable as existed upon the shares before the sale) be paid to the person entitled to the shares at the date
of the sale.

**CALL ON SHARES**

22. (a) The Directors may from time to time make calls upon the Members in respect of any monies unpaid on their shares (whether on account of
the nominal value of the shares or by way of premium or otherwise) and not by the conditions of allotment thereof made payable at fixed
terms, provided that no call shall be payable at less than one month from the date fixed for the payment of the last preceding call,
and each Member shall (subject to receiving at least fourteen days notice specifying the time or times of payment) pay to the Company
at the time or times so specified the amount called on the shares. A call may be revoked or postponed as the Directors may determine.
A call may be made payable by instalments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A call shall be deemed to have been made at the time when the resolution of the Directors
authorising such call was passed.

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| *Auth Code: J40616626486* |  | *www.verify.gov.ky* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

23. If a sum called in respect of a share is not paid before or on a day appointed
for payment thereof, the persons from whom the sum is due shall pay interest on the sum from the day appointed for payment thereof to
the time of actual payment at such rate not exceeding ten per cent per annum as the Directors may determine, but the Directors shall be
at liberty to waive payment of such interest either wholly or in part.

24. Any sum which by the terms of issue of a share becomes payable on allotment or
at any fixed date, whether on account of the nominal value of the share or by way of premium or otherwise, shall for the purposes of these
Articles be deemed to be a call duly made, notified and payable on the date on which by the terms of issue the same becomes payable, and
in the case of non-payment all the relevant provisions of these Articles as to payment of interest forfeiture or otherwise shall apply
as if such sum had become payable by virtue of a call duly made and notified.

25. The Directors may, on the issue of shares, differentiate between the holders as
to the amount of calls or interest to be paid and the times of payment.

26. (a) The Directors may, if they think fit, receive from any Member willing to advance the same, all or any part of the monies uncalled and
unpaid upon any shares held by him, and upon all or any of the monies so advanced may (until the same would but for such advances, become
payable) pay interest at such rate not exceeding (unless the Company in general meeting shall otherwise direct) seven per cent per annum,
as may be agreed upon between the Directors and the Member paying such sum in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No such sum paid in advance of calls shall entitle the Member paying such sum to
any portion of a dividend declared in respect of any period prior to the date upon which such sum would, but for such payment, become
presently payable.

**FORFEITURE OF SHARES**

27. (a) If a Member fails to pay any call or instalment of a call or to make any payment required by the terms of issue on the day appointed
for payment thereof, the Directors may, at any time thereafter during such time as any part of the call, instalment or payment remains
unpaid, give notice requiring payment of so much of the call, instalment or payment as is unpaid, together with any interest which may
have accrued and all expenses that have been incurred by the Company by reason of such non-payment. Such notice shall name a day (not
earlier than the expiration of fourteen days from the date of giving of the notice) on or before which the payment required by the notice
is to be made, and shall state that, in the event of non-payment at or before the time appointed the shares in respect of which such
notice was given will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the requirements of any such notice as aforesaid are not complied with, any
share in respect of which the notice has been given may at any time thereafter, before the payment required by the notice has been made,
be forfeited by a resolution of the Directors to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited
share and not actually paid before the forfeiture.

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| *Auth Code: J40616626486* |  | *www.verify.gov.ky* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A forfeited share may be sold or otherwise disposed of on such terms and in such
manner as the Directors think fit and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors
think fit.

28. A person whose shares have been forfeited shall cease to be a Member in respect
of the forfeited shares, but shall, notwithstanding, remain liable to pay to the Company all monies which, at the date of forfeiture were
payable by him to the Company in respect of the shares together with interest thereon, but his liability shall cease if and when the Company
shall have received payment in full of all monies whenever payable in respect of the shares.

29. A certificate in writing under the hand of one Director or the Secretary of the
Company that a share in the Company has been duly forfeited on a date stated in the declaration shall be conclusive evidence of the fact
therein stated as against all persons claiming to be entitled to the share. The Company may receive the consideration given for the share
on any sale or disposition thereof and may execute a transfer of the share in favour of the person to whom the share is sold or disposed
of and he shall thereupon be registered as the holder of the share and shall not be bound to see to the application of the purchase money,
if any, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture,
sale or disposal of the share.

30. The provisions of these Articles as to forfeiture shall apply in the case of non-payment
of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share
or by way of premium as if the same had been payable by virtue of a call duly made and notified.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

31. The Company shall be entitled to charge a fee not exceeding one dollar (US$l.00)
on the registration of every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of
distringas, or other instrument.

**TRANSMISSION OF SHARES**

32. In case of the death of a Member, the survivor or survivors where the deceased
was a joint holder, and the legal personal representatives of the deceased where he was a sole holder, shall be the only persons recognised
by the Company as having any title to his interest in the shares, but nothing herein contained shall release the estate of any such deceased
holder from any liability in respect of any shares which had been held by him solely or jointly with other persons.

33. (a) Any person becoming entitled to a share in consequence of the death or bankruptcy or liquidation or dissolution of a Member (or in any
other way than by transfer) may, upon such evidence being produced as may from time to time be required by the Directors and subject
as hereinafter provided, elect either to be registered himself as holder of the share or to make such transfer of the share to such other
person nominated by him as the deceased or bankrupt person could have made and to have such person registered as the transferee thereof,
but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of
a transfer of the share by that Member before his death or bankruptcy as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the person so becoming entitled shall elect to be registered himself as holder
he shall deliver or send to the Company a notice in writing signed by him stating that he so elects.

34. A person becoming entitled to a share by reason of the death or bankruptcy or liquidation
or dissolution of the holder (or in any other case than by transfer) shall be entitled to the same dividends and other advantages to which
he would be entitled if he were the registered holder of the share, except that he shall not, before being registered as a Member in respect
of the share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the Company PROVIDED
HOWEVER that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer
the share and if the notice is not complied with within ninety days the Directors may thereafter withhold payment of all dividends, bonuses
or other monies payable in respect of the share until the requirements of the notice have been complied with.

**AMENDMENT OF MEMORANDUM OF ASSOCIATION, CHANGE OF LOCATION OF**

**REGISTERED OFFICE & ALTERATION OF CAPITAL**

35. (a) Subject to and in so far as permitted by the provisions of the Statute, the Company may from time to time by ordinary resolution alter
or amend its Memorandum of Association otherwise than with respect to its name and objects and may, without restricting the generality
of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the share capital by such sum to be divided into shares of such amount
or without nominal or par value as the resolution shall prescribe and with such rights, priorities and privileges annexed thereto, as
the Company in general meeting may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate and divide all or any of its share capital into shares of larger amount
than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by subdivision of its existing shares or any of them divide the whole or any part
of its share capital into shares of smaller amount than is fixed by the Memorandum of Association or into shares without nominal or par
value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cancel any shares which at the date of the passing of the resolution have not
been taken or agreed to be taken by any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All new shares created hereunder shall be subject to the same provisions with
reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as the shares in the original share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the Statute, the Company may by Special Resolution
change its name or alter its objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to Article 11 hereof and subject to the provisions of the Statute,
the Company may by Special Resolution reduce its share capital and any capital redemption reserve fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the Statute, the Company may by resolution of the
Directors change the location of its registered office.

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**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

36. For the purpose of determining Members entitled to notice of or to vote at any
meeting of Members or any adjournment thereof, or Members entitled to receive payment of any dividend, or in order to make a determination
of Members for any other proper purpose, the Directors of the Company may provide that the register of Members shall be closed for transfers
for a stated period but not to exceed in any case 40 days. If the register of Members shall be so closed for the purpose of determining
Members entitled to notice of or to vote at a meeting of Members such register shall be so closed for at least ten days immediately preceding
such meeting and the record date for such determination shall be the date of the closure of the register of Members.

37. In lieu of or apart from closing the register of Members, the Directors may fix
in advance a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting of the Members
and for the purpose of determining the Members entitled to receive payment of any dividend the Directors may, at or within 90 days prior
to the date of declaration of such dividend fix a subsequent date as the record date for such determination.

38. If the register of Members is not so closed and no record date is fixed for the
determination of Members entitled to notice of or to vote at a meeting of Members or Members entitled to receive payment of a dividend,
the date on which notice of the meeting is mailed or the date on which the resolution of the Directors declaring such dividend is adopted,
as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any
meeting of Members has been made as provided in this section, such determination shall apply to any adjournment thereof.

**GENERAL MEETING**

39. (a) Subject to paragraph (c) hereof, the Company shall within one year of its incorporation and in each year of its existence thereafter
hold a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it. The annual general
meeting shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by them, it
shall be held at the registered office on the second Wednesday in December of each year at ten o'clock in the morning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall be presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company is exempted as defined in the Statute it may but shall not be obliged
to hold an annual general meeting.

40. (a) The Directors may whenever they think fit, and they shall on the requisition of Members of the Company holding at the date of the deposit
of the requisition not less than one-tenth of such of the paid-up capital of the Company as at the date of the deposit carries the right
of voting at general meetings of the Company, proceed to convene a general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The requisition must state the objects of the meeting and must be signed by the
requisitionists and deposited at the registered office of the Company and may consist of several documents in like form each signed by
one or more requisitionists.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors do not within 21 days from the date of the deposit of the requisition
duly proceed to convene a general meeting, the requisitionists, or any of them representing more than one-half of the total voting rights
of all of them, may themselves convene a general meeting, but any meeting so convened shall not be held after the expiration of three
months after the expiration of the said 21 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A general meeting convened as aforesaid by requisitionists shall be convened in
the same manner as nearly as possible as that in which general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

41. At least five days notice shall be given of an annual general meeting or any other
general meeting. Every notice shall be exclusive of the day on which it is given or deemed to be given and of the day for which it is
given and shall specify the place, the day and the hour of the meeting and the general nature of the business and shall be given in manner
hereinafter mentioned or in such other manner if any as may be prescribed by the Company PROVIDED that a general meeting of the Company
shall, whether or not the notice specified in this regulation has been given and whether or not the provisions of Article 40 have been
complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting called as an annual general meeting by all the
Members entitled to attend and vote thereat or their proxies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other general meeting by a majority in number of the Members
having a right to attend and vote at the meeting, being a majority together holding not less than 75 per cent in nominal value or in the
case of shares without nominal or par value 75 per cent of the shares in issue, or their proxies.

42. The accidental omission to give notice of a general meeting to, or the non-receipt
of notice of a meeting by any person entitled to receive notice shall not invalidate the proceedings of that meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

43. No business shall be transacted at any general meeting unless a quorum of Members
is present at the time when the meeting proceeds to business; two Members present in person or by proxy shall be a quorum provided always
that if the Company has one Member of record the quorum shall be that one Member present in person or by proxy.

44. A resolution (including a Special Resolution) in writing (in one or more counterparts)
signed by all Members for the time being entitled to receive notice of and to attend and vote at general meetings (or being corporations
by their duly authorised representatives) shall be as valid and effective as if the same had been passed at a general meeting of the Company
duly convened and held.

45. If within half an hour from the time appointed for the meeting a quorum is not
present, the meeting, if convened upon the requisition of Members, shall be dissolved and in any other case it shall stand adjourned to
the same day in the next week at the same time and place or to such other time or such other place as the Directors may determine and
if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting the Members present shall
be a quorum.

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46. The Chairman, if any, of the Board of Directors shall preside as Chairman at every
general meeting of the Company, or if there is no such Chairman, or if he shall not be present within fifteen minutes after the time appointed
for the holding of the meeting, or is unwilling to act, the Directors present shall elect one of their number to be Chairman of the meeting.

47. If at any general meeting no Director is willing to act as Chairman or if no Director
is present within fifteen minutes after the time appointed for holding the meeting, the Members present shall choose one of their number
to be Chairman of the meeting.

48. The Chairman may, with the consent of any general meeting duly constituted hereunder,
and shall if so directed by the meeting, adjourn the meeting from time to time and from place to place, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a general
meeting is adjourned for 30 days or more, notice of the adjourned meeting shall be given as in the case of an original meeting; save as
aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned general meeting.

49. At any general meeting a resolution put to the vote of the meeting shall be decided
on a show of hands unless a poll is, before or on the declaration of the result of the show of hands, demanded by the Chairman or any
other Member present in person or by proxy.

50. Unless a poll be so demanded a declaration by the Chairman that a resolution has
on a show of hands been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the Company's
Minute Book containing the Minutes of the proceedings of the meeting shall be conclusive evidence of that fact without proof of the number
or proportion of the votes recorded in favour of or against such resolution.

51. The demand for a poll may be withdrawn.

52. Except as provided in Article 54, if a poll is duly demanded it shall be taken
in such manner as the Chairman directs and the result of the poll shall be deemed to be the resolution of the general meeting at which
the poll was demanded.

53. In the case of an equality of votes, whether on a show of hands or on a poll,
the Chairman of the general meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled to a second
or casting vote.

54. A poll demanded on the election of a Chairman or on a question of adjournment shall
be taken forthwith. A poll demanded on any other question shall be taken at such time as the Chairman of the general meeting directs and
any business other than that upon which a poll has been demanded or is contingent thereon may be proceeded with pending the taking of
the poll.

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**VOTES OF MEMBERS**

55. Subject to any rights or restrictions for the time being attached to any class
or classes of shares, on a show of hands every Member of record present in person or by proxy at a general meeting shall have one vote
and on a poll every Member of record present in person or by proxy shall have one vote for each share registered in his name in the register
of Members.

56. In the case of joint holders of record the vote of the senior who tenders a vote,
whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority
shall be determined by the order in which the names stand in the register of Members.

57. A Member of unsound mind, or in respect of whom an order has been made by any court,
having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver, curator bonis, or other
person in the nature of a committee, receiver or curator bonis appointed by that court, and any such committee, receiver, curator bonis
or other persons may vote by proxy.

58. No Member shall be entitled to vote at any general meeting unless he is registered
as a shareholder of the Company on the record date for such meeting nor unless all calls or other sums presently payable by him in respect
of shares in the Company have been paid.

59. No objection shall be raised to the qualification of any voter except at the general
meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed at such general
meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the Chairman of the general meeting
whose decision shall be final and conclusive.

60. On a poll or on a show of hands votes may be given either personally or by proxy.

**PROXIES**

61. 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. A proxy need not be a Member of the Company.

62. 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.

63. The instrument appointing a proxy may be in any usual or common form and may be
expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument appointing a proxy shall
be deemed to include the power to demand or join or concur in demanding a poll.

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64. A vote given in accordance with the terms of an instrument of proxy shall be valid
notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was
executed, or the transfer of the share in respect of which the proxy is given provided that no intimation in writing of such death, insanity,
revocation or transfer as aforesaid shall have been received by the Company at the registered office before the commencement of the general
meeting, or adjourned meeting at which it is sought to use the proxy.

65. Any corporation which is a Member of record of the Company may in accordance with
its Articles or in the absence of such provision by resolution of its Directors or other governing body authorise such person as it thinks
fit to act as its representative at any meeting of the Company or of any class of Members of the Company, and the person so authorised
shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it
were an individual Member of record of the Company.

66. Shares of its own capital belonging to the Company or held by it in a fiduciary
capacity shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding
shares at any given time.

**DIRECTORS**

67. There shall be a Board of Directors consisting of not less than one or more than
twelve persons (exclusive of alternate Directors) PROVIDED HOWEVER that the Company may from time to time by ordinary resolution increase
or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by
a resolution of, the subscribers of the Memorandum of Association or a majority of them.

68. The remuneration to be paid to the Directors shall be such remuneration as the
Directors shall determine. Such remuneration shall be deemed to accrue from day to day. The Directors shall also be entitled to be paid
their travelling, hotel and other expenses properly incurred by them in going to, attending and returning from meetings of the Directors,
or any committee of the Directors, or general meetings of the Company, or otherwise in connection with the business of the Company, or
to receive a fixed allowance in respect thereof as may be determined by the Directors from time to time, or a combination partly of one
such method and partly the other.

69. The Directors may by resolution award special remuneration to any Director of
the Company undertaking any special work or services for, or undertaking any special mission on behalf of, the Company other than his
ordinary routine work as a Director. Any fees paid to a Director who is also counsel or solicitor to the Company, or otherwise serves
it in a professional capacity shall be in addition to his remuneration as a Director.

70. A Director or alternate Director may hold any other office or place of profit
under the Company (other than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to
remuneration and otherwise as the Directors may determine.

71. A Director or alternate Director may act by himself or his firm in a professional
capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a Director or
alternate Director.

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72. A shareholding qualification for Directors may be fixed by the Company in general
meeting, but unless and until so fixed no qualification shall be required.

73. A Director or alternate Director of the Company may be or become a director or
other officer of or otherwise interested in any company promoted by the Company or in which the Company may be interested as shareholder
or otherwise and no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits received
by him as a director or officer of, or from his interest in, such other company.

74. No person shall be disqualified from the office of Director or alternate Director
or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or
any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way
interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable
to account to the Company for any profit realised by any such contract or transaction by reason of such Director holding office or of
the fiduciary relation thereby established. A Director (or his alternate Director in his absence) shall be at liberty to vote in respect
of any contract or transaction in which he is so interested as aforesaid PROVIDED HOWEVER that the nature of the interest of any Director
or alternate Director in any such contract or transaction shall be disclosed by him or the alternate Director appointed by him at or prior
to its consideration and any vote thereon.

75. A general notice that a Director or alternate Director is a shareholder of any
specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient disclosure
under Article 74 and after such general notice it shall not be necessary to give special notice relating to any particular transaction.

**ALTERNATE DIRECTORS**

76. Subject to the exception contained in Article 84, a Director who expects to be
unable to attend Directors' Meetings because of absence, illness or otherwise may appoint any person to be an alternate Director
to act in his stead and such appointee whilst he holds office as an alternate Director shall, in the event of absence therefrom of his
appointor, be entitled to attend meetings of the Directors and to vote thereat and to do, in the place and stead of his appointor, any
other act or thing which his appointor is permitted or required to do by virtue of his being a Director as if the alternate Director were
the appointor, other than appointment of an alternate to himself, and he shall *ipso facto* vacate office if and when his appointor
ceases to be a Director or removes the appointee from office. Any appointment or removal under this Article shall be effected by notice
in writing under the hand of the Director making the same.

**POWERS AND DUTIES OF DIRECTORS**

77. The business of the Company shall be managed by the Directors (or a sole Director
if only one is appointed) who may pay all expenses incurred in promoting, registering and setting up the Company, and may exercise all
such powers of the Company as are not, from time to time by the Statute, or by these Articles, or such regulations, being not inconsistent
with the aforesaid, as may be prescribed by the Company in general meeting required to be exercised by the Company in general meeting
PROVIDED HOWEVER that no regulations made by the Company in general meeting shall invalidate any prior act of the Directors which would
have been valid if that regulation had not been made.

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78. The Directors may from time to time and at any time by powers of attorney appoint
any company, firm, person or body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys
of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the
Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such powers of attorney
may contain such provisions for the protection and convenience of persons dealing with any such attorneys as the Directors may think fit
and may also authorise any such attorney to delegate all or any of the powers, authorities and discretions vested in him.

79. All cheques, promissory notes, drafts, bills of exchange and other negotiable
instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case
may be in such manner as the Directors shall from time to time by resolution determine.

80. The Directors shall cause minutes to be made in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors (including those represented thereat by an alternate
or by proxy) present at each meeting of the Directors and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings at all meetings of the Company and of the Directors
and of committees of Directors.

81. The Directors on behalf of the Company may pay a gratuity or pension or allowance
on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants
and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

82. The Directors may exercise all the powers of the Company to borrow money and to
mortgage or charge its undertaking, property and uncalled capital or any part thereof and to issue debentures, debenture stock and other
securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

**MANAGEMENT**

83. (a) The Directors may from time to time provide for the management of the affairs of the Company in such manner as they shall think fit and
the provisions contained in the three next following paragraphs shall be without prejudice to the general powers conferred by this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors from time to time and at any time may establish any committees,
local boards or agencies for managing any of the affairs of the Company and may appoint any persons to be members of such committees or
local boards or any managers or agents and may fix their remuneration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Directors from time to time and at any time may delegate to any such committee,
local board, manager or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise
the members for the time being of any such local board, or any of them to fill up any vacancies therein and to act notwithstanding vacancies
and any such appointment or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the
Directors may at any time remove any person so appointed and may annul or vary any such delegation, but no person dealing in good faith
and without notice of any such annulment or variation shall be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any such delegates as aforesaid may be authorised by the Directors to subdelegate
all or any of the powers, authorities, and discretions for the time being vested in them.

**MANAGING DIRECTORS**

84. The Directors may, from time to time, appoint one or more of their body (but not
an alternate Director) to the office of Managing Director for such term and at such remuneration (whether by way of salary, or commission,
or participation in profits, or partly in one way and partly in another) as they may think fit but his appointment shall be subject to
determination *ipso facto* if he ceases from any cause to be a Director and no alternate Director appointed by him can act in his
stead as a Director or Managing Director.

85. The Directors may entrust to and confer upon a Managing Director any of the powers
exercisable by them upon such terms and conditions and with such restrictions as they may think fit and either collaterally with or to
the exclusion of their own powers and may from time to time revoke, withdraw, alter or vary all or any of such powers.

**PROCEEDINGS OF DIRECTORS**

86. Except as otherwise provided by these Articles, the Directors shall meet together
for the despatch of business, convening, adjourning and otherwise regulating their meetings as they think fit. Questions arising at any
meeting shall be decided by a majority of votes of the Directors and alternate Directors present at a meeting at which there is a quorum,
the vote of an alternate Director not being counted if his appointor be present at such meeting. In case of an equality of votes, the
Chairman shall have a second or casting vote.

87. A Director or alternate Director may, and the Secretary on the requisition of
a Director or alternate Director shall, at any time summon a meeting of the Directors by at least two days notice in writing to every
Director and alternate Director which notice shall set forth the general nature of the business to be considered unless notice is waived
by all the Directors (or their alternates) either at, before or after the meeting is held and PROVIDED FURTHER if notice is given in person,
by cable, telex or telecopy the same shall be deemed to have been given on the day it is delivered to the Directors or transmitting organisation
as the case may be. The provisions of Article 42 shall apply *mutatis mutandis* with respect to notices of meetings of Directors.

88. The quorum necessary for the transaction of the business of the Directors may be
fixed by the Directors and unless so fixed shall be two, a Director and his appointed alternate Director being considered only one person
for this purpose, PROVIDED ALWAYS that if there shall at any time be only a sole Director the quorum shall be one. For the purposes of
this Article an alternate Director or proxy appointed by a Director shall be counted in a quorum at a meeting at which the Director appointing
him is not present.

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89. The continuing Directors may act notwithstanding any vacancy in their body, but
if and so long as their number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors
the continuing Directors or Director may act for the purpose of increasing the number of Directors to that number, or of summoning a general
meeting of the Company, but for no other purpose.

90. The Directors may elect a Chairman of their Board and determine the period for
which he is to hold office; but if no such Chairman is elected, or if at any meeting the Chairman is not present within five minutes after
the time appointed for holding the same, the Directors present may choose one of their number to be Chairman of the meeting.

91. The Directors may delegate any of their powers to committees consisting of such
member or members of the Board of Directors (including Alternate Directors in the absence of their appointors) as they think fit; any
committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the Directors.

92. A committee may meet and adjourn as it thinks proper. Questions arising at any
meeting shall be determined by a majority of votes of the members present, and in the case of an equality of votes the Chairman shall
have a second or casting vote.

93. All acts done by any meeting of the Directors or of a committee of Directors (including
any person acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was some defect in the
appointment of any Director or alternate Director, or that they or any of them were disqualified, be as valid as if every such person
had been duly appointed and qualified to be a Director or alternate Director as the case may be.

94. Members of the Board of Directors or of any committee thereof may participate in
a meeting of the Board or of such committee by means of conference telephone or similar communications equipment by means of which all
persons participating in the meeting can hear each other and participation in a meeting pursuant to this provision shall constitute presence
in person at such meeting. A resolution in writing (in one or more counterparts), signed by all the Directors for the time being or all
the members of a committee of Directors (an alternate Director being entitled to sign such resolution on behalf of his appointor) shall
be as valid and effectual as if it had been passed at a meeting of the Directors or committee as the case may be duly convened and held.

95. (a) A Director may be represented at any meetings of the Board of Directors by a proxy appointed by him in which event the presence or vote
of the proxy shall for all purposes be deemed to be that of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of Articles 61-64 shall *mutatis mutandis* apply to the appointment
of proxies by Directors.

**VACATION OF OFFICE OF DIRECTOR**

96. The office of a Director shall be vacated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if he gives notice in writing to the Company that he resigns the office of Director;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if he absents himself (without being represented by proxy or an alternate Director
appointed by him) from three consecutive meetings of the Board of Directors without special leave of absence from the Directors, and they
pass a resolution that he has by reason of such absence vacated office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if he dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if he is found a lunatic or becomes of unsound mind.

**APPOINTMENT AND REMOVAL OF DIRECTORS**

97. The Company may by ordinary resolution appoint any person to be a Director and
may in like manner remove any Director and may in like manner appoint another person in his stead.

98. The Directors shall have power at any time and from time to time to appoint any
person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors but so that the total amount of Directors
(exclusive of alternate Directors) shall not at any time exceed the number fixed in accordance with these Articles.

**PRESUMPTION OF ASSENT**

99. A Director of the Company who is present at a meeting of the Board of Directors
at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered
in the Minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the Secretary of
the meeting before the adjournment thereof or shall forward such dissent by registered mail to such person immediately after the adjournment
of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

**SEAL**

100. (a) The Company may, if the Directors so determine, have a Seal which shall, subject to paragraph (c) hereof, only be used by the authority
of the Directors or of a committee of the Directors authorised by the Directors in that behalf and every instrument to which the Seal
has been affixed shall be signed by one person who shall be either a Director or the Secretary or Secretary-Treasurer or some person
appointed by the Directors for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may have for use in any place or places outside the Cayman Islands
a duplicate Seal or Seals each of which shall be a facsimile of the Common Seal of the Company and, if the Directors so determine, with
the addition on its face of the name of every place where it is to be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Director, Secretary or other officer or representative or attorney may without
further authority of the Directors affix the Seal of the Company over his signature alone to any document of the Company required to be
authenticated by him under Seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A document to be executed as a Deed shall be executed by a Director or other person
authorised by the Directors for that purpose.

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**OFFICERS**

101. The Company may have a President, a Secretary or Secretary-Treasurer appointed
by the Directors who may also from time to time appoint such other officers as they consider necessary, all for such terms, at such remuneration
and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors from time to time prescribe.

**DIVIDENDS, DISTRIBUTIONS AND RESERVE**

102. Subject to the Statute, the Directors may from time to time declare dividends
(including interim dividends) and distributions on shares of the Company outstanding and authorise payment of the same out of the funds
of the Company lawfully available therefore.

103. The Directors may, before declaring any dividends or distributions, set aside such
sums as they think proper as a reserve or reserves which shall at the discretion of the Directors, be applicable for any purpose of the
Company and pending such application may, at the like discretion, be employed in the business of the Company.

104. No dividend or distribution shall be payable except out of the profits of the Company,
realised or unrealised, or out of the share premium account or as otherwise permitted by the Statute.

105. Subject to the rights of persons, if any, entitled to shares with special rights
as to dividends or distributions, if dividends or distributions are to be declared on a class of shares they shall be declared and paid
according to the amounts paid or credited as paid on the shares of such class outstanding on the record date for such dividend or distribution
as determined in accordance with these Articles but no amount paid or credited as paid on a share in advance of calls shall be treated
for the purpose of this Article as paid on the share.

106. The Directors may deduct from any dividend or distribution payable to any Member
all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

107. The Directors may declare that any dividend or distribution be paid wholly or partly
by the distribution of specific assets and in particular of paid up shares, debentures, or debenture stock of any other company or in
any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they
think expedient and in particular may issue fractional certificates and fix the value for distribution of such specific assets or any
part thereof and may determine that cash payments shall be made to any Members upon the footing of the value so fixed in order to adjust
the rights of all Members and may vest any such specific assets in trustees as may seem expedient to the Directors.

108. Any dividend, distribution, interest or other monies payable in cash in respect
of shares may be paid by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint
holders, to the holder who is first named on the register of Members or to such person and to such address as such holder or joint holders
may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Any one of two
or more joint holders may give effectual receipts for any dividends, bonuses, or other monies payable in respect of the share held by
them as joint holders.

109. No dividend or distribution shall bear interest against the Company.

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**CAPITALISATION**

110. The Company may upon the recommendation of the Directors by ordinary resolution
authorise the Directors to capitalise any sum standing to the credit of any of the Company's reserve accounts (including share premium
account and capital redemption reserve fund) or any sum standing to the credit of profit and loss account or otherwise available for distribution
and to appropriate such sum to Members in the proportions in which such sum would have been divisible amongst them had the same been a
distribution of profits by way of dividend and to apply such sum on their behalf in paying up in full unissued shares for allotment and
distribution credited as fully paid up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts
and things required to give effect to such capitalisation, with full power to the Directors to make such provisions as they think fit
for the case of shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue
to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members
interested into an agreement with the Company providing for such capitalisation and matters incidental thereto and any agreement made
under such authority shall be effective and binding on all concerned.

**BOOKS OF ACCOUNT**

111. The Directors shall cause proper books of account to be kept with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all sums of money received and expended by the Company and the matters in respect
of which the receipt or expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all sales and purchases of goods by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the assets and liabilities of the Company.

Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

112. The Directors shall from time to time determine whether and to what extent and
at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to
the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account or book
or document of the Company except as conferred by Statute or authorised by the Directors or by the Company in general meeting.

113. The Directors may from time to time cause to be prepared and to be laid before
the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as
may be required by law.

**AUDIT**

114. The Company may at any annual general meeting appoint an Auditor or Auditors of
the Company who shall hold office until the next annual general meeting and may fix his or their remuneration.

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115. The Directors may before the first annual general meeting appoint an Auditor or
Auditors of the Company who shall hold office until the first annual general meeting unless previously removed by an ordinary resolution
of the Members in general meeting in which case the Members at that meeting may appoint Auditors. The Directors may fill any casual vacancy
in the office of Auditor but while any such vacancy continues the surviving or continuing Auditor or Auditors, if any, may act. The remuneration
of any Auditor appointed by the Directors under this Article may be fixed by the Directors.

116. Every Auditor of the Company shall have a right of access at all times to the books
and accounts and vouchers of the Company and shall be entitled to require from the Directors and Officers of the Company such information
and explanation as may be necessary for the performance of the duties of the auditors.

117. Auditors shall at the next annual general meeting following their appointment
and at any other time during their term of office, upon request of the Directors or any general meeting of the Members, make a report
on the accounts of the Company in general meeting during their tenure of office.

**NOTICES**

118. Notices shall be in writing and may be given by the Company to any Member either
personally or by sending it by post, cable, telex or telecopy to him or to his address as shown in the register of Members, such notice,
if mailed, to be forwarded airmail if the address be outside the Cayman Islands.

119. (a) Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre-paying and posting a
letter containing the notice, and to have been effected at the expiration of 60 hours after the letter containing the same is posted
as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where a notice is sent by cable, telex, telecopy or electronic message, service
of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting organisation and to
have been effected on the day the same is sent as aforesaid.

120. A notice may be given by the Company to the joint holders of record of a share
by giving the notice to the joint holder first named on the register of Members in respect of the share.

121. A notice may be given by the Company to the person or persons which the Company
has been advised are entitled to a share or shares in consequence of the death or bankruptcy of a Member by sending it through the post
as aforesaid in a pre-paid letter addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt,
or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option of the
Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

122. Notice of every general meeting shall be given in any manner hereinbefore authorised to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every person shown as a Member in the register of Members as of the record date
for such meeting except that in the case of joint holders the notice shall be sufficient if given to the joint holder first named in the
register of Members.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every person upon whom the ownership of a share devolves by reason of his being
a legal personal representative or a trustee in bankruptcy of a Member of record where the Member of record but for his death or bankruptcy
would be entitled to receive notice of the meeting; and

No other person shall be entitled to receive notices of general meetings.

**WINDING UP**

123. If the Company shall be wound up the liquidator may, with the sanction of a Special
Resolution of the Company and any other sanction required by the Statute, divide amongst the Members in specie or kind the whole or any
part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for such purpose set such value
as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the
Members or different classes of Members. The liquidator may with the like sanction, vest the whole or any part of such assets in trustees
upon such trusts for the benefit of the contributories as the liquidator, with the like sanction, shall think fit, but so that no Member
shall be compelled to accept any shares or other securities whereon there is any liability.

124. If the Company shall be wound up, and the assets available for distribution amongst
the Members as such shall be insufficient to repay the whole of the paid-up capital, such assets shall be distributed so that, as nearly
as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the
commencement of the winding up on the shares held by them respectively. And if in a winding up the assets available for distribution amongst
the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess
shall be distributed amongst the Members in proportion to the capital paid up at the commencement of the winding up on the shares held
by them respectively. This Article is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions.

**INDEMNITY**

125. The Directors and officers for the time being of the Company and any trustee for
the time being acting in relation to any of the affairs of the Company and their heirs, executors, administrators and personal representatives
respectively shall be indemnified out of the assets of the Company from and against all actions, proceedings, costs, charges, losses,
damages and expenses which they or any of them shall or may incur or sustain by reason of any act done or omitted in or about the execution
of their duty in their respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful
neglect or default respectively and no such Director, officer or trustee shall be answerable for the acts, receipts, neglects or defaults
of any other Director, officer or trustee or for joining in any receipt for the sake of conformity or for the solvency or honesty of any
banker or other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any
insufficiency of any security upon which any monies of the Company may be invested or for any other loss or damage due to any such cause
as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the wilful neglect
or default of such Director, Officer or trustee.

**FINANCIAL YEAR**

126. Unless the Directors otherwise prescribe, the financial year of the Company shall
end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.

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**AMENDMENTS OF ARTICLES**

127. Subject to the Statute, the Company may at any time and from time to time by Special
Resolution alter or amend these Articles in whole or in part.

**TRANSFER BY WAY OF CONTINUATION**

128. If the Company is exempted as defined in the Statute, it shall, subject to the
provisions of the Statute and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate
under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

For and on behalf of

Vistra (Cayman) Limited

of P. O. Box 31119

Grand Pavilion,<br> Hibiscus Way, <br> 802 West Bay Road, <br> Grand Cayman, <br> KY1 - 1205 <br> Cayman Islands <br> Corporation

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|:---|
| /s/ Nicholas Messum |
| (Sd.) Authorised Signatory |
| Nicholas Messum |

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|:---|:---|
| DATED 25th day of August, 2025 |  |
| WITNESS to the above signature :- |  |
|  | /s/ Anielka Rankine |
|  | (Sd.) Anielka Rankine |
|  | of P. O. Box 31119 |
|  | Grand Pavilion, |
|  | Hibiscus Way, |
|  | 802 West Bay Road, |
|  | Grand Cayman, |
|  | KY1 - 1205 |
|  | Cayman Islands |

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## Exhibit 3.2

**Exhibit 3.2**

**Companies Act (Revised)**

**Company Limited by Shares**

&nbsp;&nbsp;**AMENDED AND RESTATED<br> Memorandum of association<br> of<br> Pacipic Nexus IntelliTech Group**

(Adopted by special resolution passed on [●] and with effect from [●])

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**Pacipic Nexus IntelliTech Group**

(Adopted by special resolution passed on [●] and with effect from [●])

1 The name of the Company is Pacipic Nexus IntelliTech Group.

2 The Company's registered office will be situated at the offices of Vistra (Cayman) Limited, P. O. Box 31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under the Banks and Trust
Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under the Companies Management
Act (Revised).

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| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

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| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

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8 The share capital of the Company is USD50,000 divided into 500,000,000 Ordinary Shares of par value USD0.0001 each. Subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

**Companies Act (Revised)**

**Company Limited By Shares**

**AMENDED AND RESTATED<br> articles of association<br> of<br> Pacipic Nexus IntelliTech Group.<br>** 

<br> (Adopted by special resolution passed on [●] and with effect from [●])

**Contents**

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| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 4 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 5 |
| **2** | **Shares** | **5** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 5 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 6 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | Trusts not recognised | 6 |
| Security interests | Security interests | 6 |
| Power to vary class rights | Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | No bearer Shares or warrants | 7 |
| Treasury Shares | Treasury Shares | 7 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | Register of Members | 8 |
| Annual Return | Annual Return | 8 |
| **3** | **Share certificates** | **8** |
| Issue of share certificates | Issue of share certificates | 8 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 9 |
| **4** | **Lien on Shares** | **9** |
| Nature and scope of lien | Nature and scope of lien | 9 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 10 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 10 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 10 |
| Application of proceeds of sale | Application of proceeds of sale | 11 |
| **5** | **Calls on Shares and forfeiture** | **11** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 11 |
| Time when call made | Time when call made | 11 |
| Liability of joint holders | Liability of joint holders | 11 |
| Interest on unpaid calls | Interest on unpaid calls | 12 |
| Deemed calls | Deemed calls | 12 |
| Power to accept early payment | Power to accept early payment | 12 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 12 |
| Notice of default | Notice of default | 12 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 13 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 13 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 13 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 14 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 14 |
| **6** | **Transfer of Shares** | **14** |
| Form of Transfer | Form of Transfer | 14 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 14 |
| Suspension of transfers | Suspension of transfers | 15 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 15 |
| Notice of refusal to register | Notice of refusal to register | 15 |
| **7** | **Transmission of Shares** | **15** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 15 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 16 |
| Indemnity | Indemnity | 16 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 16 |

---

i

---

| | | |
|:---|:---|:---|
| **8** | **Alteration of capital** | **17** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 17 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 17 |
| Reducing share capital | Reducing share capital | 18 |
| **9** | **Redemption and purchase of own Shares** | **18** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 18 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 18 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 18 |
| **10** | **Meetings of Members** | **19** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 19 |
| Power to call meetings | Power to call meetings | 19 |
| Content of notice | Content of notice | 20 |
| Period of notice | Period of notice | 20 |
| Persons entitled to receive notice | Persons entitled to receive notice | 21 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 21 |
| **11** | **Proceedings at meetings of Members** | **21** |
| Quorum | Quorum | 21 |
| Lack of quorum | Lack of quorum | 22 |
| Chairman | Chairman | 22 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 22 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 22 |
| Security | Security | 23 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 23 |
| Method of voting | Method of voting | 23 |
| Taking of a poll | Taking of a poll | 23 |
| Chairman's casting vote | Chairman's casting vote | 24 |
| Written resolutions | Written resolutions | 24 |
| Sole-Member Company | Sole-Member Company | 25 |
| **12** | **Voting rights of Members** | **26** |
| Right to vote | Right to vote | 26 |
| Rights of joint holders | Rights of joint holders | 26 |
| Representation of corporate Members | Representation of corporate Members | 26 |
| Member with mental disorder | Member with mental disorder | 27 |
| Objections to admissibility of votes | Objections to admissibility of votes | 27 |
| Form of proxy | Form of proxy | 27 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 28 |
| Voting by proxy | Voting by proxy | 29 |
| **13** | **Number of Directors** | **29** |
| **14** | **Appointment, disqualification and removal of Directors** | **29** |
| First Directors | First Directors | 29 |
| No age limit | No age limit | 29 |
| Corporate Directors | Corporate Directors | 30 |
| No shareholding qualification | No shareholding qualification | 30 |
| Appointment of Directors | Appointment of Directors | 30 |
| Board's power to appoint Directors | Board's power to appoint Directors | 30 |
| Removal of Directors | Removal of Directors | 30 |
| Resignation of Directors | Resignation of Directors | 31 |
| Termination of the office of Director | Termination of the office of Director | 31 |

---

ii

---

| | | |
|:---|:---|:---|
| **15** | **Alternate Directors** | **31** |
| Appointment and removal | Appointment and removal | 31 |
| Notices | Notices | 32 |
| Rights of alternate Director | Rights of alternate Director | 32 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 32 |
| Status of alternate Director | Status of alternate Director | 33 |
| Status of the Director making the appointment | Status of the Director making the appointment | 33 |
| **16** | **Powers of Directors** | **33** |
| Powers of Directors | Powers of Directors | 33 |
| Directors below the minimum number | Directors below the minimum number | 33 |
| Appointments to office | Appointments to office | 34 |
| Provisions for employees | Provisions for employees | 34 |
| Exercise of voting rights | Exercise of voting rights | 34 |
| Remuneration | Remuneration | 35 |
| Disclosure of information | Disclosure of information | 35 |
| **17** | **Delegation of powers** | **36** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 36 |
| Local boards | Local boards | 36 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 37 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 37 |
| Borrowing Powers | Borrowing Powers | 37 |
| Corporate Governance | Corporate Governance | 38 |
| **18** | **Meetings of Directors** | **38** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 38 |
| Calling meetings | Calling meetings | 38 |
| Notice of meetings | Notice of meetings | 38 |
| Use of technology | Use of technology | 38 |
| Quorum | Quorum | 38 |
| Chairman or deputy to preside | Chairman or deputy to preside | 38 |
| Voting | Voting | 39 |
| Recording of dissent | Recording of dissent | 39 |
| Written resolutions | Written resolutions | 39 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 39 |
| **19** | **Permissible Directors' interests and disclosure** | **40** |
| **20** | **Minutes** | **40** |
| **21** | **Accounts and audit** | **40** |
| Auditors | Auditors | 41 |
| **22** | **Record dates** | **41** |
| **23** | **Dividends** | **41** |
| Source of dividends | Source of dividends | 41 |
| Declaration of dividends by Members | Declaration of dividends by Members | 42 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 42 |
| Apportionment of dividends | Apportionment of dividends | 43 |
| Right of set off | Right of set off | 43 |
| Power to pay other than in cash | Power to pay other than in cash | 43 |
| How payments may be made | How payments may be made | 43 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 44 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 44 |

---

iii

---

| | | |
|:---|:---|:---|
| **24** | **Capitalisation of profits** | **44** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 44 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 45 |
| **25** | **Share Premium Account** | **45** |
| Directors to maintain share premium account | Directors to maintain share premium account | 45 |
| Debits to share premium account | Debits to share premium account | 45 |
| **26** | **Seal** | **45** |
| Company seal | Company seal | 45 |
| Duplicate seal | Duplicate seal | 46 |
| When and how seal is to be used | When and how seal is to be used | 46 |
| If no seal is adopted or used | If no seal is adopted or used | 46 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 46 |
| Validity of execution | Validity of execution | 46 |
| **27** | **Indemnity** | **47** |
| Release | Release | 47 |
| Insurance | Insurance | 47 |
| **28** | **Notices** | **48** |
| Form of notices | Form of notices | 48 |
| Electronic communications | Electronic communications | 48 |
| Persons entitled to notices | Persons entitled to notices | 49 |
| Persons authorised to give notices | Persons authorised to give notices | 49 |
| Delivery of written notices | Delivery of written notices | 49 |
| Joint holders | Joint holders | 50 |
| Signatures | Signatures | 50 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 50 |
| Date of giving notices | Date of giving notices | 50 |
| Saving provision | Saving provision | 51 |
| **29** | **Authentication of Electronic Records** | **51** |
| Application of Articles | Application of Articles | 51 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 51 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 52 |
| Manner of signing | Manner of signing | 52 |
| Saving provision | Saving provision | 52 |
| **30** | **Transfer by way of continuation** | **53** |
| **31** | **Winding up** | **53** |
| Distribution of assets in specie | Distribution of assets in specie | 53 |
| No obligation to accept liability | No obligation to accept liability | 54 |
| **32** | **Amendment of Memorandum and Articles** | **54** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 54 |
| Power to amend these Articles | Power to amend these Articles | 54 |

---

iv

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated<br> Articles of Association**

**of**

**Pacipic Nexus IntelliTech Group**

(Adopted by special resolution passed on [●] and with effect from [●])

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes vast by, or on behalf of, the Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Ordinary Share** means an ordinary share in the capital of the Company, having the rights set out in these Articles;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any premium payable in respect
of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has not been
fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a duly constituted general meeting of the Company or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes cast by, or on behalf of, the Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.16;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known
by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The words **written** and **in writing** include all modes of representing or reproducing words
in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record
is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any requirements as to execution or signature under the Articles including the execution of the Articles
themselves can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending a meeting, such person's
presence at a general meeting of Members (or any meeting of the holders of any class of Shares), which may be satisfied by means of such
person or, if a corporation or other non-natural person, its duly authorized representative (or, in the case of any Member, a proxy which
has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in
the case of any meeting at which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual
Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The headings in these Articles are intended for convenience only and shall not affect the interpretation
of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over
or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Power to vary class rights**

2.9 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to
the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

2.10 For the purpose of Article 2.11(b), all the provisions of these Articles relating to general meetings
apply, mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

2.11 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

2.13 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.14 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.15 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

2.16 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

2.17 Nothing in Article 2.18 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.18 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.19 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

2.20 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

2.21 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. If the Directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

3.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal or executed in such other
manner as the Directors determine.

3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act (to the extent applicable).

3.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered in
the name of a Member (whether solely or jointly with others). The lien is for all monies payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen (14) Clear Days after that notice is deemed to be given under these
Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such manner as the Board determines.

4.5 To the maximum extent permitted by law, the Directors shall incur no personal liability to the Member
concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any person to execute an instrument of transfer
of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default Shares shall not be affected by any irregularity or invalidity
in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable to the Company for all
monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default Shares. That person shall
also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that
sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without any allowance for
the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate
for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid
on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days'
notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required
by the notice.

5.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

5.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member
in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If a call remains unpaid after it has become due and payable the Directors may give to the person from
whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will
be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share
in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the Board determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors may authorise some person
to execute an instrument of transfer of the Share to the transferee. The Directors may accept the surrender for no consideration of any
Share in accordance with the Act.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all monies which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a Director or the Secretary shall be conclusive
evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Form of Transfer**

6.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with the applicable Designated Stock Exchange Rules (if such Shares are listed on a Designated Stock Exchange), a Member may freely transfer
Shares to another person by completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock Exchange
(if such Shares are listed on the Designated Stock Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares of any class in question are not listed on or subject to the rules of any Designated
Stock Exchange, the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid
Up or on which the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share
unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate (if any) for the
Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the
transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (if such Shares are listed on a Designated Stock Exchange) any applicable fee of such maximum sum as the
Designated Stock Exchanges may determine to be payable, or such lesser sum as the Board may from time to time require, related to the
transfer is paid to the Company.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as the
Directors may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not
be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If the Directors refuse to register a transfer of any Shares of any class not listed on a Designated Stock
Exchange, they shall within one month after the date on which the instrument of transfer was lodged with the Company send to each of the
transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If the person elects to become the holder of the Share, he must give notice to the Company to that effect.
For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument of
transfer.

7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify
the Company and the Directors against any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights
attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of
the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in
the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than
the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name
is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the applicable Designated Stock Exchange Rules) be
obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Board, in accordance
with these Articles.

10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree
on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

10.6 The requisition must be in writing and given by one or more Members who together hold at least ten per
cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

10.8 Should the Directors fail to call a general meeting within 21 Clear Days' from the date of receipt
of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute a quorum and the
remaining Directors are unable to agree on the appointment of additional Directors, any one or more Members who together hold at least
five (5) per cent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified
in the notice of meeting which shall include as an item of business the appointment of additional Directors.

10.10 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.13 At least five (5) Clear Days' notice must be given to Members for any general meeting.

10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors (if appointed).

10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

10.18 In addition, where a notice of meeting is published on a website proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to which
the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that represent not less than
one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than seven (7) Clear Days, whether because of a lack of quorum
or otherwise, Members shall be given at least seven (7) Clear Days' notice of the date, time and place of the adjourned meeting and the
general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a
Virtual Meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers
that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
time when that can occur.

**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the meeting shall be entitled to a second or casting
vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution as if the same were
being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse, being a period of [five (5) Clear Days] beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of five (5) Clear Days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 14 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution may
be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time having
first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in writing or
given by Electronic Record and shall otherwise be given to the Company in accordance with Article 28 (*Notices*) prior to the written
resolution taking effect.

11.16 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

11.17 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

11.18 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

**Sole-Member Company**

11.19 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting and all Members holding Shares of a particular class of Shares are entitled
to vote at a meeting of the holders of that class of Shares.

12.2 Members may vote in person or by proxy.

12.3 On a poll, a Member shall have one vote for each Share he holds, unless any Share carries special voting
rights.

12.4 No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in
the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

12.8 The authorisation may be for any period of time, and must be delivered to the Company before the commencement
of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.12 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman
Islands or elsewhere) in matters concerning mental disorder may vote by that Member's receiver, *curator bonis* or other person
authorised in that behalf appointed by that court.

12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.16.

12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18 will affect
the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject to the following Articles, the Directors may, in the notice convening any meeting or adjourned
meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be
deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting
to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the
Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment
of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by
the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place specified in the notice convening the meeting or in any form of appointment of proxy
sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at
his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received in respect of the
same Share for use at the same meeting and in respect of the same matter, the one which is last validly delivered or received (regardless
of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards that Share. lf
the Company is unable to determine which appointment was last validly delivered or received, none of them shall be treated as valid in
respect of that Share.

12.23 The Board may at the expense of the Company send forms of appointment of proxy to the Members by post
(that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise (with or without provision for their return
by pre-paid post) for use at any general meeting or at any separate meeting of the holders of any class of Shares, either blank or nominating
as proxy in the alternative any one or more of the Directors or any other person. lf for the purpose of any meeting invitations to appoint
as proxy a person or one of a number of persons specified in the invitations are issued at the Company's expense, they shall be
issued to all (and not to some only) of the Members entitled to be sent notice of the meeting and to vote at it. The accidental omission
to send such a form of appointment or to give such an invitation to, or the non-receipt of such form of appointment by, any Member entitled
to attend and vote at a meeting shall not invalidate the proceedings at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at
the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however that the Company may by
Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number
of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles
about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be
required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill
a vacancy or as an additional Director.

14.6 The remaining Director(s) may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment
shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require as determined
by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these
Articles, the Board shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or
as an addition to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance
with these Articles.

**Term of office** 

14.10 An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered
as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing him.

15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. lf there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting or providing for the payment of remuneration to the
Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business
including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction
to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (to the extent applicable) such disclosure is in compliance with the applicable Designated Stock Exchange
Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-Directors so long as the majority of those persons are Directors. For so
long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors
as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as Shares are listed on a Designated Stock Exchange, the Board shall, bu only if required
by the Designated Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance
committee. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in
these Articles. Each of the audit committee, compensation committee and nominating and corporate governance committee (if so established)
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the Directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other
securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking
(if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or (to the extent applicable)
the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the
Company, which shall be intended to set forth the guiding principles and policies of the Company and the Board on various corporate governance
related matters as the Board shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal
the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding a meeting if all Directors sign a document
or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a
Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were
not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or
alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the applicable Designated Stock Exchange Rules
and disqualification by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed
contract or transaction notwithstanding that he may be interested therein provided the Director discloses to his fellow directors the
nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he does
so his vote shall be counted and he may be counted in the quorum at any meeting of the Directors at which any such contract or transaction
or proposed contract or transaction shall come before the meeting for consideration.

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|:---|:---|
| 20 | Minutes |

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20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and begin on 1 January in each year.

**Auditors**

21.4 The Directors may appoint or remove an Auditor of the Company who shall hold office on such terms as the
Directors determine, provided that for so long as Shares are listed on a Designated Stock Exchange, such appointment or removal shall
be made in accordance with the applicable Designated Stock Exchange Rules.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may,
by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary
Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Company.

22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the Directors may fix any time and
date as the record date for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) calling a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declaring or paying a dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) making or issuing an allotment of Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) conducting any other business required pursuant to these Articles.

22.2 The record date may be before or after the date on which a dividend, allotment or issue is declared, paid
or made.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the Directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that
purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or
not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

24.2 The amount resolved to be capitalised must be appropriated to the Members who would have been entitled
to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in
either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member or as that
Member directs. The Directors may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

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| | |
|:---|:---|
| 26 | Seal |

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**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business
or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or
Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty, fraud, wilful default and wilful neglect.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty, fraud, wilful default
and wilful neglect.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty, fraud, wilful default and wilful neglect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred
to in paragraph (a) is or was interested.

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|:---|:---|
| 28 | Notices |

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**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the applicable Designated Stock Exchange Rules,
any notice to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the applicable Designated Stock Exchange Rules and to any other rules which the Company
is bound to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice
or other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;(B) By leaving it at the Member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp;(C) By posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;48 hours after the date it was posted |
| &nbsp;&nbsp;(D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(E) By publication on a website | &nbsp;&nbsp;24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

## Exhibit 4.1

**Exhibit 4.1**

![](ea026385605_ex4-1img1.jpg)

Pacipic Nexus IntelliTech Group NUMBER CERT.9999 INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS $0.0001 PAR VALUE ORDINARY SHARES SHARES \*\*\*\*\*\*\*9,000,000,000\*\*\*\*\*\*\* CUSIP 999999ZZ9 ORDINARY SHARES THIS CERTIFIES THAT \* SPECIMEN \* \* NINE BILLION AND 00/100 \* Is The Owner of FULLY PAID AND NON - ASSESSABLE SHARES OF ORDINARY SHARES OF Pacipic Nexus IntelliTech Group Transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. Dated: JANUARY 01, 2009 COUNTERSIGNED AND REGISTERED: VSTOCK TRANSFER, LLC Transfer Agent and Registrar Chief Financial Officer By: AUTHORIZED SIGNATURE

## Exhibit 5.1

**Exhibit 5.1**

![](ea026385605_ex5-1img1.jpg)

---

| | |
|:---|:---|
| **Pacipic Nexus IntelliTech Group**<br> P.O. Box 31119<br> Grand Pavilion, Hibiscus Way<br> 802 West Bay Road, Grand Cayman<br> KY1 - 1205<br> Cayman Islands | **D: +852 3656 6054**<br> **E: nathan.powell@ogier.com**<br> **D: +852 3656 6061**<br> **E: florence.chan@ogier.com** |

---

Reference: FYC/AGC/514760.00001

20 March 2026

Dear Sirs

**Pacipic Nexus IntelliTech Group (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended to date (the **Act**). The Registration Statement relates to the offering by the Company (the **Offering**) of 5,000,000 ordinary shares of US$0.0001 par value each of the Company (the **Ordinary Shares**), plus an option to issue up to an amount of Ordinary Shares equal to 15 percent (15%) of the total number of Ordinary Shares sold in the Offering solely to cover the over-allotment option to be granted to the underwriters (the **Underwriters**) (collectively, the **IPO Shares**).

We are furnishing this opinion as Exhibits 5.1 and 8.1 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in Schedule 1. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents and conducted the following search:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company dated 25 August 2025 issued by the Registrar of Companies of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the memorandum and articles of association of the Company adopted at incorporation (the **Memorandum and Articles**);

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, Cayman Islands and Guernsey laws<br>Floor 11 Central Tower <br> 28 Queen's Road Central Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | &nbsp;&nbsp;**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<br> Cecilia Li | &nbsp;&nbsp; <br> Yuki Yan<br> David Lin<br> Alan Wong<br> Janice Chu<br> Zhao Rong Ooi<br> Rachel Huang\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup> | &nbsp;&nbsp;\* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page **2** of **5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the form of the amended and restated memorandum and articles of association of the Company to be adopted
by the Company with effect from the effectiveness of the Registration Statement (the **Post IPO Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of good standing dated 19 March 2026 (the **Good Standing Certificate**) issued by the Registrar in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the register of directors and officers of the Company filed with the Registrar on 25 August 2025 (the **ROD**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the register of members of the Company provided by the Company on 20 February 2026 (the **ROM**,
and together with the ROD, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a certificate from a director of the Company dated 20 March 2026 as to certain matters of facts (the **Director's Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the written resolutions of the directors of the Company dated 20 March 2026 approving the Company's filing
of the Registration Statement and issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected by us on
20 March 2026 (the **Register of Writs**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Registration Statement.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copies 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) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Good Standing Certificate, the Registers and the Director's Certificate is accurate
and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all copies of the Registration Statement are true and correct copies and the Registration Statement conform
in every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us
in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Board Resolutions were duly passed in accordance with the Memorandum and Articles and remains in full force an 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 transactions contemplated by the Documents which has not been properly disclosed in the Board Resolutions;

Page **3 of 5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the directors nor the shareholders of the Company have taken any steps to appoint a liquidator
of the Company, restructuring officer and no receiver has been appointed over any of the Company's property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have
any implication in relation to the opinions expressed herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company will duly adopt the Post IPO Memorandum and Articles to take effect prior to the issuance
of the IPO Shares and upon the issuance of the IPO Shares, the Company will receive consideration for the full issue price thereof which
shall be equal to at least the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any IPO Shares and none of the IPO Shares have been offered or issued to residents of the Cayman Islands; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) prior to and upon the issuance of the IPO Shares, the Company currently will be able to pay its liabilities
as they fall due.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar under the laws of the Cayman Islands.

**Authorised Share Capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares of par
value US$0.0001 each.

**Valid Issuance of IPO Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The IPO Shares to be issued pursuant to the Offering have been duly authorised for issuance, and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued and allotted in accordance with the Registration Statement, the Board Resolutions and the Post
IPO Memorandum and Articles, and against full payment of the consideration as set out in the Registration Statement, which shall not be
less than the par value per IPO Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such issuance of IPO Shares has been duly registered in the Company's register of members as fully paid
shares, will be validly issued, fully paid
and non-assessable. 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.

Page **4** of **5**

**Registration Statement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The statements contained in the Registration Statement in the section headed "*Cayman Islands Taxation*" and "*Enforcement of Civil Liabilities* ",
in so far as they purport to summarise the laws or regulations of the Cayman Islands, are accurate in all material respects and that such
statements constitute our opinion.

4 Limitations and Qualifications

4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion,
made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references
in the documents we reviewed to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Registration Statement (or as to how the commercial terms of the Offering reflect the intentions
of the parties), 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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as to whether the acceptance, execution or performance of the Company's obligations under the documents
reviewed by us will result in the breach of or infringe any other agreement, deed or document (other than, to the extent expressly provided
herein, the Memorandum and Articles) entered into by or binding on the Company.

4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect of the Company must be filed with the Registrar, together with payment
of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register
of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition
or retention for the benefit of the public of the Cayman Islands.

4.3 In **good standing** means only that
as of the date of this opinion the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar.
We have made no enquiries into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required
to make under the laws of the Cayman Islands other than the Companies Act.

**Page 5 of **5**

5 Governing law of this opinion

5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this opinion.

5.2 Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that legislation as amended to,
and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforcement of Civil Liabilities*" and "*Legal Matters*" of 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 Act or the Rules and Regulations of the Commission thereunder.

This opinion may be used only in connection with the offer and sale of the IPO Shares while the Registration Statement is effective.

---

| |
|:---|
| Yours faithfully |
| /s/ Ogier |
| **Ogier** |

---

## Exhibit 5.2

**Exhibit 5.2**

---

| | |
|:---|:---|
| ![](ea026385605_ex5-2img1.jpg) | Legal Opinion on Certain PRC Legal Matters |

---

Guangdong Shengdian Law Firm

17/F and 25/F, Block A, International Innovation Center, 1006 Shennan Avenue,<br> Futian District, Shenzhen, 518026 P. R. China<br> Tel: +86 755 8366 3333

March 20, 2026

---

| | |
|:---|:---|
| **To:** | **Pacipic Nexus IntelliTech Group** |

---

Vistra (Cayman) Limited, P. O. Box 31119 Grand Pavilion, Hibiscus Way

802 West Bay Road, Grand Cayman, KY1 — 1205

Cayman Islands

***Re: Legal Opinion on Certain PRC Legal Matters***

 ****

Dear Sir/Madam,

We are qualified lawyers of the People's Republic of China (the "**PRC**", for the purpose of this legal opinion, excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan Region), and are qualified to issue opinions on the laws and regulations of the PRC effective as of the date hereof (the "**PRC Laws**").

We have acted as the PRC counsel for Pacipic Nexus IntelliTech Group (the "**Company**") , a company incorporated under the laws of the Cayman Islands, in connection with (i) the proposed initial public offering (the "**Offering**") of a certain number of Ordinary Shares of the Company (the "**Ordinary Shares**"), as set forth in the Company's registration statement on Form F-1, including drafts, and all amendments or supplements thereto (the "**Registration Statement**"), to be filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, in relation to the Offering, and (ii) the Company's proposed listing of its Ordinary Shares on the Nasdaq Capital Market, or Nasdaq (the "**Listing**").

In connection with the Offering, we have been asked to provide this opinion as to certain matters relating to the Company and its subsidiaries operating in the PRC (excluding the related parties as disclosed in the Registration Statement).

For the purposes of this opinion, we have examined the originals or copies, certified or otherwise identified to our satisfaction, of documents provided to us by the Company and such other documents, corporate records, certificates issued by governmental authorities in the PRC and officers of the Company and other instruments as we have deemed necessary or advisable for the purpose of rendering this Opinion, including, without limitation, originals or copies of the certificates issued by the PRC Authorities and officers of the Company (collectively, the "**Documents**").

In our examination of the Documents and for the purpose of rendering this opinion, we have assumed without further inquiry:

(A) the genuineness of all signatures, seals and chops, and the authenticity of all Documents submitted to
us as originals and the conformity with originals of the Documents submitted to us as copies and the authenticity of such originals;

(B) the Documents as submitted to us remain in full force and effect up to the date of this opinion, and have
not been revoked, amended, revised, modified or supplemented as of the date of this opinion except as otherwise indicated in such Documents;

(C) the truthfulness, accuracy, fairness and completeness of the Documents as well as all factual statements
contained in the Documents;

(D) that all information (including factual statements) provided to us by the Company in response to our inquiries
for the purpose of this opinion is true, accurate, complete and not misleading and that the Company has not withheld anything in response
to our inquiries that, if disclosed to us, would reasonably cause us to alter this opinion in whole or in part;

(E) that all Governmental Authorizations and other official statement or documentation were obtained from
the competent Governmental Authorities by lawful means in due course;

(F) that all the information retrieved through the official website is genuine and valid;

(G) that all Documents are legal, valid, binding and enforceable under all such laws as govern or relate to
them other than PRC Laws. Where important facts were not independently established to us, we have relied upon certificates issued by Government
Authorities and representatives of the Company with proper authority in each case; and

(H) that this opinion is limited to matters of the PRC Laws effective as 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.

---

| | |
|:---|:---|
| ![](ea026385605_ex5-2img1.jpg) | Legal Opinion on Certain PRC Legal Matters |

---

The following terms as used in this Opinion are defined as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**"PRC Authorities"** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**"Governmental Authorizations"** | &nbsp;&nbsp;means any approval, consent, permit, authorization, filing, registration, exemption, waiver, endorsement, annual inspection, qualification and license required by the PRC Laws to be obtained from any PRC Authorities. |
| &nbsp;&nbsp;**"Registration Statement"** | &nbsp;&nbsp;means the registration statement in Form F-1, including all amendments or supplements thereto, under the United States Securities Act of 1933, as amended, filed with the United States Securities and Exchange Commission (the "SEC") relating to the offering by the Company of the Ordinary Shares. |
| &nbsp;&nbsp;**"Overseas Listing Trial Measures"** | &nbsp;&nbsp;Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, and relevant guidelines, released by China Securities Regulatory Commission, which became effective on March 31, 2023. |

---

**I. Opinions**

Based on the foregoing examinations and assumptions and subject to the disclosures contained in the Registration Statement and the qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned and PRC legal adviser can reach:

1. Based on the Company's confirmation and our examination on the results of searches undertaken by us against
the Company and all its subsidiaries on March 20, 2026 of the online database as set out in Schedule 1, the Company has not established
any subsidiary in the PRC. The Company maintains a representative office in mainland China. Pursuant to the Regulations on the Administration
of Registration of Resident Representative Offices of Foreign Enterprises, representative offices do not have legal person status and
are not permitted to engage in profit-making activities. Based on the foregoing, and subject to the assumptions and qualifications set
forth herein, we are of the opinion that the Company does not constitute a domestic enterprise conducting an indirect overseas offering
under the Overseas Listing Trial Measures as of the date of this opinion. However, there are substantial uncertainties regarding the interpretation
and application of PRC Laws and future PRC laws and regulations, 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.

2. Based on the Company's confirmation and compliance review, and in accordance with the relevant provisions of the Overseas Listing Trial
Measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company does not fall within the category of "domestic enterprises directly offering and listing securities overseas," as defined in Article 2, Paragraph 1 of the Overseas Listing Trial Measures, which refers to joint-stock companies incorporated in the PRC that directly offer and list securities in overseas markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company also does not meet the criteria for "domestic enterprises indirectly offering and listing securities overseas" as stipulated in the second paragraph of Article 2 and Article 15 of the Overseas Listing Trial Measures, that is the Company does not simultaneously meet the following two conditions in the Overseas Listing Trial Measures that is required filing with the China Securities Regulatory Commission about the Listing: (a) For enterprises located in the PRC, any single indicator—including operating revenue, total profit, total assets, or net assets—from the most recent fiscal year exceeds 50% of the corresponding audited consolidated financial statement data of the Company for the same period; (b) The Company conducts its principal business operations within the PRC or maintains its principal place(s) of business within the PRC, or the majority of its senior management responsible for business operations and management are PRC citizens or have their usual residences within the PRC.

3. To the best of our knowledge and our understanding, and the confirmation of the Company, under PRC Laws,
no consent, approval, authorization or order of PRC Authorities, including without limitation the China Securities Regulatory Commission,
is required for the Listing.

---

| | |
|:---|:---|
| ![](ea026385605_ex5-2img1.jpg) | Legal Opinion on Certain PRC Legal Matters |

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**II. Qualifications**

This Opinion is subject to the following qualifications:

This Opinion is subject to (i) certain equitable, legal or statutory principles in affecting the enforceability of contractual rights generally under concepts of public interest, interests of the state, national security, reasonableness, good faith and fair dealing, and applicable statutes of limitation; (ii) any circumstances in connection with formulation, execution or implementation of any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, or coercionary at the conclusions thereof; (iii) judicial discretion with respect to the availability of indemnifications, remedies or defenses, the calculation of damages, the entitlement to attorney fees and other costs, the waiver of immunity from jurisdiction of any court or from legal process; and (iv) the legally vested discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

This Opinion only encompasses opinions on legal aspects and relates only to PRC Laws effective as of the date of this Opinion and we express no opinion as to any laws other than PRC Laws. There is no guarantee that any of such PRC Laws will not be changed, amended, replaced or revoked in the immediate future or in the longer term with or without retroactive effect.

This Opinion is given for use only by the Company but not for the use by any other person or for any other purposes. Without our prior written consent, this Opinion (including its drafts or supplements) shall not, in whole or in part, be copied, reproduced or disclosed to any other person in accordance with PRC Laws, except where the disclosure of this opinion is required to be made by applicable laws or is required in order to establish a defense to any legal or regulatory proceedings or investigation, or is requested by any court, regulatory or governmental authority, in each case, (i) on a non-reliance basis and (ii) with a prior written notice provided to us unless such prior written notice is not permissible under the applicable laws or otherwise not practicable.

This opinion is delivered solely for the purpose of and in connection with the Registration Statement to be submitted to the U.S. Securities and Exchange Commission after the date of this opinion and may not be used for any other purpose without our prior written consent.

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 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.

Yours faithfully,

/s/ Guangdong Shengdian Law Firm

Guangdong Shengdian Law Firm

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| | |
|:---|:---|
| ![](ea026385605_ex5-2img1.jpg) | Legal Opinion on Certain PRC Legal Matters |

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**Schedule 1**

**The Online Database**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **序号<br> No.** | &nbsp;&nbsp;**名称 <br> Name** | &nbsp;&nbsp;**网址** <br> **Website** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;国家企业信用信息公示系统 | &nbsp;&nbsp;https://www.gsxt.gov.cn/index.html |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;企查查 | &nbsp;&nbsp;https://www.qcc.com/ |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;中国执行信息公开网 | &nbsp;&nbsp;https://zxgk.court.gov.cn/ |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;最高人民法院失信被执行人信息查询平台 | &nbsp;&nbsp;https://zxgk.court.gov.cn/shixin/ |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;中国裁判文书网 | &nbsp;&nbsp;https://wenshu.court.gov.cn/ |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;人民法院公告网 | &nbsp;&nbsp;https://rmfygg.court.gov.cn/ |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;百度 | &nbsp;&nbsp;https://www.baidu.com/ |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;必应 | &nbsp;&nbsp;https://cn.bing.com/ |

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## Exhibit 8.2

**Exhibit 8.2**

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| | | |
|:---|:---|:---|
| **SH WONG & CO** |  |  |
| **王世雄律师行** |  |  |
| In association with Wong & Chun Lawyers | Office: | Unit 4404, 44/F, Hopewell Centre, 183 Queen's East Road, Hong Kong . |
|  | Tel : | 2126 7008 email: simon.wong@shwongandco.com |
| Partner:Wong Sai Hung |  |  |

---

Our Ref : Date: 20 March 2026 <br> Your Ref :

Pacipic Nexus IntelliTech Group

Unit 802, Level 8

Admiralty Center Tower II

18 Harcourt Road

Admiralty, Hong Kong

---

| | |
|:---|:---|
| Re: | **<u>Hong Kong Legal Opinion in relation to Pacipic Nexus IntelliTech Group</u>** |

---

We are qualified lawyers of Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and as such are qualified to issue this opinion (this "**Opinion**") on the laws and regulations of Hong Kong effective as of the date hereof.

We were engaged (the "**Engagement**") as Hong Kong counsel to Pacipic Nexus IntelliTech Group (the "**Company"**), a company incorporated under the laws of the Cayman Islands, and its subsidiary established in Hong Kong in connection with (a) the proposed initial public offering (the "**Offering**") of certain number of ordinary shares, par value of US$0.0001 per share (the "**Ordinary Shares**"), of the Company, by the Company as set forth in the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the Offering; and (b) the Company's proposed listing of the Ordinary Shares on the Nasdaq Capital Market.

**A.** **Assumptions** 

In rendering this Opinion, we have assumed without independent investigation that (the "**Assumptions**"):-

(i) all signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a
person duly authorized by such party to execute the same, all documents (the "**Documents**") submitted to us in relation
to the Engagement as originals are authentic, and all documents submitted to us as certified or photo static copies conform to the originals;

(ii) each of the parties to the Documents, (a) if a legal person or other entity, is duly organized and is
validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation; or (b) if an individual, has
full capacity for civil conduct; each of them, has full power and authority to execute, deliver and perform its/her/his obligations under
such documents to which it is a party in accordance with the laws of its jurisdiction of organization or incorporation or the laws that
it/she/he is subject to;

(iii) the Documents remain in full force and effect on the date of this Opinion and have not been revoked, amended
or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination
has occurred, with respect to any of such Documents after they were submitted to us for the purposes of this Opinion; and

(iv) the laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Opinions** 

Subject to the Assumptions and the Qualifications, we are of the Opinion that:-

(i) the statements set forth in the Registration Statement under the captions "Risk Factors",
"Regulations", "Corporate History and Structure", "Taxation", "Enforcement of Civil Liabilities",
"Management's Discussion and Analysis of Financial Condition and Results of Operations" (other than the financial statements
and related schedules and other financial data contained therein to which we express no opinion) and "Legal Matters" in each
case insofar as such statements purport to describe or summarize the Hong Kong legal matters stated therein as at the date hereof, are
true and accurate in all material respects, and fairly present and summarize in all material respects the Hong Kong legal matters stated
therein as at the date hereo.

**SH WONG & Co**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Qualifications** 

Our opinion expressed above is subject to the following qualifications ("**Qualifications**"):-

(i) our Opinion is limited to the laws of Hong Kong of general application on the date hereof. We have made
no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than Hong Kong. Accordingly, we express
or imply no opinion directly or indirectly on the laws of any jurisdiction other than Hong Kong;

(ii) the laws of Hong Kong referred to herein are laws and regulations publicly available and currently in
force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof,
will not be changed, amended or revoked in the future with or without retrospective effect;

(iii) our Opinion is subject to the effects of (a) certain legal or statutory principles affecting the enforceability
of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and
applicable statutes of limitation; (b) any circumstance in connection with formulation, execution or performance of any legal documents
that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful
form; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their authority
in Hong Kong;

(iv) this Opinion is issued based on the laws of Hong Kong that are currently in effect. For matters not explicitly
provided under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the
laws of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

(v) we may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on
certificates and confirmations of responsible officers of the Company and public searches conducted in Hong Kong;

(vi) this Opinion is intended to be used in the context which is specifically referred to herein. It should
be read as a whole and each paragraph of the Opinion should not be read independently; and

(vii) as used in this Opinion, the expression "to our best knowledge" or similar language with reference
to matters of fact refers to the current actual knowledge of the solicitors of this firm who have worked on matters for the Company in
connection with the Offering and the transactions contemplated thereunder. We have not undertaken any independent investigation to determine
the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from
our representation of the Company or the rendering of this Opinion.

We hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement.

**In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.**

Yours faithfully,

/s/ SH Wong & Co

**SH Wong & Co**

## Exhibit 10.1

**Exhibit 10.1**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "**Agreement**") is entered into as of [DATE] by and between PACIPIC NEXUS INTELLITECH GROUP, a Cayman Islands company (the "**Company**"), and the undersigned, a director and/or an officer of the Company ("**Indemnitee**"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "**Board of Directors**") 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:

***Expenses*** 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.

***Indemnifiable Event*** 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.

***Participant*** means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

***Proceeding*** 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;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 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;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;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 Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <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;5. <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 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 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 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;1. <u>Notice and Cooperation by Indemnitee</u>. Indemnitee shall, as a condition precedent to their 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 actions 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; 2. <u>Indemnification Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Advancement of Expenses.* 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) *Reimbursement of Expenses.* 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) *Determination by the Reviewing Party.* If the Company reasonably believes that it is not obligated under this Agreement to indemnify Indemnitee, the Company shall, within 10 days after Indemnitee's written request for an advancement or reimbursement of Expenses, notify 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 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 their indemnification right in accordance with Section C.3 below.

&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;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;5. <u>Defense to Indemnification</u>, Burden of Proof and Presumptions. 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 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;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;7. <u>Company Participation</u>. Subject to Section B.5, the Company shall not be liable to indemnify 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;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 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. "**Disinterested Director**" 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 "**Independent Counsel**" 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 Indemnitee 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 Indemnitee's 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 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) "**Independent Counsel**" 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 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 "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. 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;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;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;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;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 Indemnitee may have ceased to serve in any such capacity at the time of any Proceeding.

&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 prohibition by the U.S. Securities and Exchange Commission (the "**SEC**") 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 an obligation 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;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 Indemnitee's former or current capacity at the Company, whether or not Indemnitee 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;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;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;3. <u>Assignment</u>; Binding Effect. 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;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;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;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;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:

**PACIPIC NEXUS INTELLITECH GROUP**

Attention: **Chief Executive Officer**

and to Indemnitee at their address last known to the Company.

&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.

**PACIPIC NEXUS INTELLITECH GROUP**

---

| | |
|:---|:---|
| By: | /s/ Ximing HUANG |
| Name: | Ximing HUANG |
| Title: | Chief Financial Officer and Director |

---

**Indemnitee**

Signature:   <br> Name:

[Signature Page to Indemnification Agreement]

## Exhibit 10.2

**Exhibit 10.2**

**PACIPIC NEXUS INTELLITECH**

**GROUP**

**Unit 802, Level 8, Admiralty Center**

**Tower II, 18 Harcourt Road, Admiralty, Hong Kong**

**[Date]**

**Re: Director Offer Letter** – **[Director Name]**

Dear [Director Name]:

PACIPIC NEXUS INTELLITECH GROUP, a Cayman Islands limited liability company (the "**Company**" or "**we**"), is pleased to offer you a position as director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as a member of Board of Director, this letter agreement (the "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination and Compensation Committees and shall begin upon Company's listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the Nasdaq Capital Market for a term of one year. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "**Board**") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as Director (hereinafter, your "**Duties**"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Com</u>p<u>ensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $[ ] for each calendar year of service under this Agreement on a pro-rated basis, payable on a quarterly basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Polic</u>y.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assi</u>g<u>nment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "**Confidential Information**" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentialit</u>y.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownershi</u>p.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, **"Inventions")** and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resi</u>g<u>nation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governin</u>g <u>Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire A</u>g<u>reement; Amendment; Waiver; Counter</u>p<u>arts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>.** The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowled</u>g<u>ement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **PACIPIC NEXUS INTELLITECH GROUP** | **PACIPIC NEXUS INTELLITECH GROUP** |
| By: |  |
|  | [Name in print] |
|  | [Title] |

---

**AGREED AND ACCEPTED:**

By:   <br> [Director Name]

## Exhibit 10.3

**Exhibit 10.3**

**PACIPIC NEXUS INTELLITECH GROUP**

**Unit 502, 20-20A, Chung Ying Building,<br> Connaught Road West, Sheung Wan, Hong Kong**

**[Date]**

**Re: Independent Director Offer Letter** – **[Director Name]**

Dear [Director Name]:

PACIPIC NEXUS INTELLITECH GROUP, a Cayman Islands limited liability company (the "**Company**" or "**we**"), is pleased to offer you a position as an independent director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as a member of Board of Director, this letter agreement (the "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination and Compensation Committees and shall begin upon Company's listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the Nasdaq Capital Market for a term of one year. Your term as an Independent Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "**Board**") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director, [Chair/member] of the Nominating and Corporate Governance Committee, [Chair/member] of the Audit Committee and [Chair/member] of the Compensation Committee (hereinafter, your "**Duties**"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Com</u>p<u>ensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $[ ] for each calendar year of service under this Agreement on a pro-rated basis, payable on a quarterly basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Polic</u>y.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assi</u>g<u>nment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "**Confidential Information**" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentialit</u>y.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownershi</u>p.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, **"Inventions")** and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resi</u>g<u>nation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governin</u>g <u>Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire A</u>g<u>reement; Amendment; Waiver; Counter</u>p<u>arts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>.** The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowled</u>g<u>ement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **PACIPIC NEXUS INTELLITECH GROUP** | **PACIPIC NEXUS INTELLITECH GROUP** |
| By: |  |
|  | [Name in print] |
|  | [Title] |

---

**AGREED AND ACCEPTED:**

By:   <br> [Director Name]

## Exhibit 10.4

**Exhibit 10.4**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "**Agreement**"), is entered into as of [DATE], by and between PACIPIC NEXUS INTELLITECH GROUP, a company incorporated and existing under the laws of Cayman Islands (the "**Company**"), and [ ], an individual (the "**Executive**"). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the "**Group**").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. POSITION

The Executive hereby accepts a position of [ ] of the Company (the "**Employment**").

&nbsp;&nbsp;&nbsp;&nbsp;2. TERM

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be [ ] years, commencing on [ ] (the "**Effective Date**"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the [ ]-year term, the Employment shall be automatically extended for successive 1-year terms unless either party gives the other party hereto a 1-month prior written notice to terminate the Employment prior to the expiration of the then current term or unless terminated earlier pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3. PROBATION

There is no probationary period.

&nbsp;&nbsp;&nbsp;&nbsp;4. DUTIES AND RESPONSIBILITIES

The Executive's duties at the Company will include all jobs assigned by the Company's board of directors (the "**Board**").

The Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company, as may be amended from time to time (the "**Articles of Association**"), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;5. NO BREACH OF CONTRACT

The Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a "**Competitor**"), provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere, <u>provided however</u>, that the Executive shall notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign from any board or similar body which he/she may then serve if the Board reasonably determines, and notifies the Executive in writing that the Executive's service on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; and (iii) the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;6. LOCATION

The Executive will be based in [ ], until both parties hereto agree to change otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;7. COMPENSATION AND BENEFITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compensation</u>. The Executive's cash compensation (inclusive of any statutory
social welfare reserves that the Company may be required to set aside for the Executive under applicable law) shall be provided by the
Company in a separate schedule A attached hereto ()"**Schedule A**") or as specified in a separate agreement between the
Executive and the Company's designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or
the compensation committee of the Board. The cash compensation may be paid by the Company, a subsidiary or affiliated entity or a combination
thereof, as designated by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share
incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. The Executive is eligible for participation in any standard employee
benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement
plan, life insurance plan, health insurance plan and travel/holiday plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TERMINATION OF THE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company.</u> The Company may terminate the Employment for cause, at any time, without
 notice or remuneration, if the Executive (1) commits any serious or persistent breach or
 non-observance of the terms and conditions of the Employment; (2) is convicted of a criminal
 offence other than one which, in the opinion of the Board, does not affect the Executive's
 position as an employee of the Company, bearing in mind the nature of the Executive's
 duties and the capacity in which the Executive is employed; (3) willfully disobeys a lawful
 and reasonable order; (4) misconducts himself/herself and such conduct is inconsistent with
 the due and faithful discharge of the Executive's material duties hereunder; (5) is
 guilty of fraud or dishonesty; or (6) is habitually neglectful in his/her duties. The Company
 may terminate the Employment without cause at any time with a 1-month prior written notice
 to the Executive or by payment of 1 month's salary in lieu of notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive.</u> The Executive may terminate the Employment at any time with a 1-month
 prior written notice to the Company. In addition, the Executive may resign prior to the expiration
 of the Agreement if such resignation or an alternative arrangement with respect to the Employment
 is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Executive's Employment
under this Agreement shall be communicated by written notice of termination from the terminating party to the other party in accordance
with the provisions of Section 20 below. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon
in effecting the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. CONFIDENTIALITY AND NONDISCLOSURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Executive hereby agrees at all times
during the term of his/her Employment and after termination of the Executive's Employment under this Agreement, to hold in the strictest
confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written
consent of the Company, any Confidential Information. The Executive understands that "**Confidential Information**" means
any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group's
licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services,
customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive
became acquainted during the term of his/her Employment), supplier lists and suppliers, software, developments, inventions, processes,
formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances,
information about the suppliers, joint ventures, licensors, licensees, distributors, and other persons with whom the Group does business,
information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive
by or obtained by the Executive from the Group, its affiliates, or their clients, customers, or partners, either directly or indirectly,
in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected
to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available
and known to the public through no fault of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Executive understands that all documents (including
computer records, facsimile and e- mail) and materials created, received or transmitted in connection with his/her work or using the facilities
of the Group are property of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive's
Employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all
documents and materials of any nature pertaining to his/her work with the Company and will provide prompt written certification of his
compliance with this Agreement. Under no circumstances will the Executive have, following his/her termination, in his/her possession any
property of the Group, or any documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Executive agrees that he/she has not and
will not, during the term of his/her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former
employer or other person or entity with which the Executive has an agreement or duty to keep in confidence, or (ii) bring into the premises
of the Group any document or confidential or proprietary information belonging to such former employer, person or entity unless consented
to in writing by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against
all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection
with any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information</u>. The Executive recognizes that the Group may have received, and in
 the future may receive, from third parties their confidential or proprietary information
 subject to a duty on the Group's part to maintain the confidentiality of such information
 and to use it only for certain limited purposes. The Executive agrees that the Executive
 owes the Group and such third parties, during the Executive's Employment by the Company
 and thereafter, a duty to hold all such confidential or proprietary information in the strictest
 confidence and not to disclose it to any person or firm and to use it in a manner consistent
 with, and for the limited purposes permitted by, the Group's agreement with such third
 party.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;10. WITHHOLDING TAXES

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;11. NOTIFICATION OF NEW EMPLOYER

In the event that the Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;12. ASSIGNMENT

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;13. SEVERABILITY

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;14. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;15. REPRESENTATIONS

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her Employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 15. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;16. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;17. ARBITRATION

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators in New York, New York, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction. Each party to this agreement agrees that it will not challenge the jurisdiction or venue provisions as provided in this Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;18. AMENDMENT

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;19. WAIVER

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;20. NOTICES

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party), (ii) delivered by hand, (iii) otherwise delivered against receipt therefor, or (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;21. COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;22. NO INTERPRETATION AGAINST DRAFTER

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

*[Remainder of this page has been intentionally left blank.]*

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **PACIPIC NEXUS INTELLITECH GROUP** | **PACIPIC NEXUS INTELLITECH GROUP** |
| By: |  |
| Name: | Xinmei SHI |
| Title: | Director, Chairwoman of the Board of Directors |
| **Executive** | **Executive** |
| Signature: |  |
| Name: | Meng WAN |

---

*[Signature Page to Employment Agreement]*

**Schedule A**

Annual compensation is US$[ ].

## Exhibit 10.5

**Exhibit 10.5**

![](ea026385605_ex10-5img1.jpg)

7O,OOO 8,1?0000 1 .9,dT0S): Contract f24(Contract No.): B M(Date): 2024 - 06 - 17 • The Buyer: Meng Xun Mach i nery (Hong Kong) L i m i ted A I : 6@AA 'zJ•JtBtg 3 1 tgt¥MAJk 1e IO how • Address: 1801, 18 / F, Wah Po Commercial Building, 3 Hau Fuk Street, Tslm Sha Tsul, Kowloon, Hong Kong • 80 III(Zip code): rg Jâ(Tel): 11 R(Fax): The Seller: Address: 1iâ(Tel). /6&(Fax): USA(Contact Person): (l) 6l?lb8tl (contract content) 6 ¥€q6 \ T2. ¥g& N&&&&. ENABLE. 3£éBB&T@BWfr/¥fBA: Thle contract Is made by and between the Buyer and Seller, whereby the Buyer agreee to buy and the Seller agrees to sell the under - mentloned goods and / or service according to the terma and conditions etipuIated'below: Hz .0.(Confidential)

![](ea026385605_ex10-5img2.jpg)

![](ea026385605_ex10-5img3.jpg)

t!/) 06‹Y¥t Documents of Shipment): The Seller shall present the following documents to the buyer: Full set of clean on Board Ocean Bill of Lading. (2) @R 3 D, 86 & IN Invoice in trlpllcate lndlcatlng Contract No. and shipping mark. () BB1 3 D, E •6 €. #€. 61Bf0 RR ¥& & 8 6 . Packing Ilet In trlpllcate wlth lndlcatlon of both grose and net welghte and each Item packed. After the goods are completely loaded, the Seller shall Immediately fax to notlfy the Buyer within 3 working days of the Contract number, name of commodlty, quantlty, grose welght, Involved value, name of the carrying vessel and the date of salllng . (14) flWD4â(Inspecflon of Goods): 6 @ CIQ R 4 t@#fit ¥ rt . aS€ 1 &/ Bfitg ¥ . In caae CIQ In China requeete the sampling lnepectlon of the goods, the parties will accept euch Inspection . (15) @ /$4G@ (Warranty Perlod) The Warranty Péirlod ehall end thirty - elx (36) months after shipment from the factory of the Seller . However, for the followlng parts or unlts of the goods, no warranty service shall be provided : batterles, lamps, fuees, and flltere (for center through option) . J $ y {R & (Content of Warrant y) (12) ¥ £G6 Uf8Xâ 30 XR âA1t€& "@OBX4/J/EB" PT9. The buyer shal I Drov ide the Cus toar C I earance Shee t of import ing ror paymen t wi th in 30 days after fini sh i ng the cus tons c 1 earance. @@@&{terms of Shipment): &"= #/iR@ & R B Ai8 II tg 2010 SIB #T@ A Ai6¥6@7J. The trade terms appeared In the Contract are eub]ect to INCOTERMS 2010. @@@$$ItShlpplng Advt¢e): P 8• A@BB/i2 . XI 6 3 TI/T D R fi" PM fi ttf & 6 fi t€ €B. (t3) X¥@&. &6 fa Dur i ng the Warrant y Per iod, the Se Her or any service company to be des i gnated by the Se fler shall repair or supp ly the replac event parts in exchange for the defect ive parts of the goods eh i ch the Sell er conf i rms that the Se Her is respons ib Ie for, i. thout add i t i ona I charge . ii. tsoBiia H . & fsznTi8nT &«iGi &a$ a. A S etaf9 . I n sp i te of the above I teas a. and b. of Clause 5, even dur i ng the Warrant y Period, the Seller or the service cocpany shal1 charge separate fees accord i ng to i ts 14a i ntenance Ser vi ce Fee Table, for the fo I I ovings: s 0& .g.(Confidential)

![](ea026385605_ex10-5img4.jpg)

Defects due to incorrect repairing, conversion, movement, or the incorrect handling according to instructions, which are caused by the End - User, Buyer, or any party other relevant third party after the goods delivery . z) Ja 6 a % & tufun/t . \ £ new . IB 1 bR fi v 0 'Ja/t c AB/ 9 aa a‹t £1 1@ @fg • Defects in parts which were supplied or designated by the Buyer (or End - User) or customized to conform to the specifications of the Buyer (or End - User); and defects regarded to have resulted from any of the above. 1!1fLJUf1• Affirmative Defects regarded to have resulted from the use of the goods in combination with those parts, peripheral devices or software which are not supplied or designated by the Seller . Affirmative Defects regarded to have resulted from usage in a condition other than those described in manual, or defects regarded to have resulted from imperfection to perform inspection and maintenance as described in manual . ; . " - - , , ‹ Defects regarded to have resulted from the usage in improper circumstances. «› \*› \* , X ›Lg it it A /4 J‹ ‹'Uh NJ fJ \ ' all 'I I fi NJ lit f9 ƒ Defects arising from fires, floods, earthquakes, lightening and any other Force Majeure. 7s It\* \ ttr J! ‹/\* ii fiñ nr4. When the goods are resold, transferred, or leased. ^) f\*I All ñ G /éf‹J /t / fé In \* I fi /U oA6 ƒ When the goods are relocated to any other country after the operation. 1 h ‹ I o r t gti i ri g s t a t e s t he en t i re ] i all i ] i t y and i e s pon . s i li i 1 i t y o I t h ‹ • Se l 1 er f'‹a r t h ‹\* yoo‹l s i' ‹›v e i erl my I h i s Con I ion' t, uritl i s i n 1 i eu o I" ‹in y ex p res s ed or i rnp 1 i eel s : it' rnti t y w i t h res pec I I he re I o . (16) &ifiPQ(Intellectual Property) : UIF IN. .(Contidential)

![](ea026385605_ex10-5img5.jpg)

c. responsibility, defend any claim or suit brought against the Buyer based on a claim that the goods or any part thereof constitute an infringement of any patent, copyright or other intellectual property right (hereinafter referred to as '\*Intellectual Property Right") of any third party, and shall pay any damages that may be finally awarded in such suit and any settlement amount. In the event such a claim or suit Is brought against the Buyer, the Buyer shall inform the Seller in writing immediately, and shall fully cooperate with the Seller. In addition, at any stage of the defense of such a claim or suit, the Seller may, at its expense and option, either procure for the Buyer the rights to continue using the goods, replace the same with non - infringing goods, modify the goods so they become non - infringing or buy back the goods at a reasonable price. I" :t X . 1. new m cr• 1'J lily F f0J fr . II/›1 tñ - ..â If 4 /J T 'ñr . b. The Seller shall have no liability about the part when the decision in the above suit is based on the finding that the use of the goods or any part thereof furnished hereunder in combination with product not supplied or specified by the Seller or modification of the goods by the Buyer after delivery from the Seller, constitutes the infringement of the Intellectual Property Right. ' I . »‹. . /i. / w! '// ‹I› ".fy I. rJ ‹ .:1 4 J›!fh \ IJ 4 "J" \ flilfilv i"l NoMithstanding the above Item a. of Clause 18, the Seller shall have no liability for an infringement of any patents which may be caused by the use of the goods in a manufacturing process of the Buyer in a manner infringing any patent of any third party. d. . J2 I / " J "iJi xt› ! ifJ II" Eli i:! ' ƒ txT //J /1 ñ/ . The foregoing states the entire liabllity and responsibility of the Seller to the Buyer for Intellectual Property Right infringement and Is in lieu of any express or implied warranty with respect thereto. (17) @&(ConfIdentlaIlty)@6A@@(Security Usage): \ •' I I B TJ' I I T\* 1 ," 3 ‹I , 1 ‹ I • 1 a . b\|J \ . (« T\* (. ' . 1 ‹ ñ r : Each party shall hold in confidence any information which may be disclosed by the other party and is marked as confidential at the time of disclosure (hereinafter referred to as "Confidential Information"), and shall not discloee the same to any third party for a period of three (3) years from the disclosure . However, the Confidential Information shall not be deemed to include the following information : (1) l 2 Tér'/ \* N , a " 1 ^ 17 /› - / 44 " 4 /x\*n Nté›x F . " 1 ' . a a éL é B — e E Information which is publicly available at the date of disclosure, or which becomes publicly available by people outside the recipient party without the recipient party's breach of this Contract after the date of disclosure ; ?¿ (2) a‹.. a u« a , Information which is already in the possession of the recipient party at the date of disclosure by the disclosure party; (3) » ".›/ ‹ , }f[E , ,(Confidential)

![](ea026385605_ex10-5img6.jpg)

Information which ie lawfully disclosed by a third party; (4) aa z seTeasvau aa‹z.t.. Information which has been or will be hereafter developed by the recipient Independently. The buyer guarantee that the seller's product never be used for the development, production, uee of etockplllng of weapons of mass destructlon (nuclear weapons, blologlcal weapons, chemlcal weapons, or missiles) Neither party ehall be liable to the other party for failure or delay In the performance of any of Its obllgatlona under thls Contract for the time and to the extent euch fallure or delay Is caused by fire, flood, earthquake, governmental action or regulation, or other contlngencles beyond the reasonable control of auch party ; provlded that If such perty Ie so delayed for a perlod of one hundred and twenty (120) days, the other party shall have the right, at lte election, to termlnate thle Contract wlthout further llablllty to such party . s tzpa (Dl»put« 9 ettIem«nt) : (18) All disputes In connectlon wlth thla Contract or the execution hereof ehall be appealed to the court where the Seller Is located by any parties. 20) @\| † \|@@(Effect tve Dete) : The effectlve date of this Contract ehall be signed by seller and buyer, If necessary, of both partlee, whichever ie later. UNtTEA A1tg " This contract la agreed at Shanghai. After elx(6) months fromthe delivery date, If the buyer doee not pay the foreeald delivery payments before delivery and take the goods, or the buyer doee not aek for the reet gooda or eervlces, thia contract wlll be deemed to be terminated automatlcally by the buyer . Alao the seller has the right to clalm the relevant loeeee caused by the buyer . The contract Ie written In both Chinese and English verslone . Any Inconsistency with the content between the Chlneae version and English version, the Chlneee version ahall prevall .

![](ea026385605_ex10-5img7.jpg)

// J J \ \* i < ! \ ›l 'J '‹'I / 1 f • ' . \ (r The equipment in this contract can be delivered only after permission is approved by Japanese government due to exporting control . The buyer should supply the documents whiCh is required to apply for the permission . The delivery date in this contract would be deferred if exporting permission is delayed, and the contract would be cancelled if the exporting permission is denied because of the buyer's qualification . The buyer / the seller would not take the responsibility for breach of contract when the delivery date is delayed and/or the contract is cancelled because the exporting permission is delayed or cancelled . The B uyer: Mot Xu» Mach i I e r y (Hong Koi g) L i nJ i tell » TH E SELLER ' I I Bank Namr. SWIFT CODE '›!L (USD)

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF PACIPIC NEXUS INTELLITECH GROUP**

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| | | | |
|:---|:---|:---|:---|
| **Subsidiaries** | **Place of Incorporation** | **Incorporation Time** | **Percentage Ownership** |
| MENG XUN MACHINERY (HONG KONG) LIMITED | Hong Kong | March 25, 2015 | 100% |
| BOLE VENTURES LIMITED | British Virgin Islands | July 9, 2025 | 100% |

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## Exhibit 23.1

**Exhibit 23.1**

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| | |
|:---|:---|
| ![](ea026385605_ex23-1img1.jpg) | **Assentsure PAC**<br> **UEN – 201816648N**<br> 180B Bencoolen Street #03-01<br> The Bencoolen Singapore 189648<br> http://www.assentsure.com.sg |

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**Consent of Independent Registered Public Accounting Firm**

We consent to the inclusion of our report, dated November 4, 2025, except for Note 1, Note 15, Note 16 and Note 18 as to which date is March 20, 2026, with respect to the consolidated financial statements of Pacipic Nexus IntelliTech Group and its subsidiaries, included in this Registration Statement on Form F-1. We also consent to the reference to our firm under the heading "Experts" in this Registration Statement.

/s/ Assentsure PAC

Singapore

March 20, 2026

## Exhibit 23.2

**Exhibit 23.2**

![](ea026385605_ex23-2img1.jpg)

Date: March 20, 2026

The Board of Management

**Meng Xun Machinery (Hong Kong) Limited**

Unit 802, Level 8,

Admiralty Centre Tower II,

18 Harcourt Road,

Hong Kong

**<u>Re: Consent Letter</u>**

Ladies and Gentlemen,

We understand that Meng Xun Machinery (Hong Kong) Limited (the "Company") plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our research reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

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| |
|:---|
| Yours faithfully, |
| For and on behalf of |
| Migo Corporation Limited |
| /s/ Juliana Lai |
| Juliana Lai |
| Director of Project |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Pacipic Nexus IntelliTech Group**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | Ordinary Shares, par value US$0.0001 per share | (1) | 457(o) | 5000000 | $5.00 | $25000000.00 | 0.0001381 | $3452.50 |
| Fees to be Paid | Equity | Ordinary Shares, par value US$0.0001 per share | (2) | 457(o) | 750000 | $5.00 | $3750000.00 | 0.0001381 | $517.87 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $28750000.00 |  | 3970.37 |
| 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: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $3970.37 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The registration fee for securities is based on an estimate of the Proposed Maximum Aggregate Offering Price of the securities, assuming the sale of the maximum number of shares at the highest expected offering price, and such estimate is solely for the purpose of calculating the registration fee pursuant to Rule 457(o).

&nbsp;&nbsp;&nbsp;&nbsp;(2) The registration fee for securities is based on an estimate of the Proposed Maximum Aggregate Offering Price of the securities, assuming the sale of the maximum number of shares at the highest expected offering price, and such estimate is solely for the purpose of calculating the registration fee pursuant to Rule 457(o). Reflects the additional shares that the underwriter has the option to purchase to cover over-allotments, if any.