# EDGAR Filing Document

**Accession Number:** 0002049184
**File Stem:** 0001493152-25-014600
**Filing Date:** 2025-9
**Character Count:** 959648
**Document Hash:** 3033a9e05fb85f842bbe611fde004f96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-014600.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001493152-25-014600

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 41

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAO Holding Ltd.
- **CENTRAL INDEX KEY:** 0002049184
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289723
- **FILM NUMBER:** 251333484

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TSING YI INDUSTRIAL CENTRE PHASE 1
- **STREET 2:** UNIT A4, 5/F NOS. 1-33 CHEUNG TAT ROAD
- **CITY:** TSING YI, NEW TERRITORIES
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** (852) 3955 2301

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TSING YI INDUSTRIAL CENTRE PHASE 1
- **STREET 2:** UNIT A4, 5/F NOS. 1-33 CHEUNG TAT ROAD
- **CITY:** TSING YI, NEW TERRITORIES
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

**As filed with the U.S. Securities and Exchange Commission on September 23, 2025.**

**Registration No. 333-289723**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**Amendment No. 2 to**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**BAO Holding Limited**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

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| | | |
|:---|:---|:---|
| **British Virgin Islands** | **7376** | **Not Applicable** |
| (State or Jurisdiction of<br> Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**Unit A4, 5/F**

**Tsing Yi Industrial Centre Phase 1**

**Nos. 1-33 Cheung Tat Road**

**Tsing Yi, New Territories**

**Hong Kong**

**(852) 3955 2301** 

*(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**

**(212) 947-7200**

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

***Copies to:***

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| | |
|:---|:---|
| **Darrin M. Ocasio, Esq.**<br>**Sharon Carroll, Esq.**<br> **Matthew Siracusa, Esq.**<br> **Sichenzia Ross Ference Carmel LLP**<br> **1185 Avenue of the Americas, 31st floor**<br> **New York, NY 10036**<br> **Tel: 212-930-9700** | **Fang Liu, Esq.**<br> **VCL Law LLP**<br> **1945 Old Gallows Road, Suite 260**<br> **Vienna, VA 22182**<br> **Tel: 703-919-7285** |

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

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

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

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

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

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

Emerging growth company ☒

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

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

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

**The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission of which this prospectus is a part is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.**

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

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**BAO Holding Limited**

![](logo_001.jpg)

**1,500,000** **Class A Ordinary Shares**

This is a firm commitment initial public offering of 1,500,000 Class A ordinary shares of BAO Holding Limited (the "**Company**" or "**we**", "**us**"), par value $0.0001 per share (the "**Class A Ordinary Shares**"). The estimated initial public offering price for the Class A Ordinary Shares in the offering is expected to be between $4.00 and $5.00 per Class A Ordinary Share.

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

We have a dual class share structure consisting of Class A Ordinary Shares, being the shares being offered to the public, and Class B Ordinary Shares, which are registered in the name of Ever Topmax Limited, a company wholly-owned by our Founder and Chairman, Mr. Lee Yat Lung Andrew. Immediately prior to the completion of this offering, we will have 15,050,000 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares issued and outstanding. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share is entitled to one vote. Each Class B Ordinary Share is entitled to five votes, and is convertible into one Class A Ordinary Share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

As a result of our dual class structure, the holders of the Class B Ordinary Shares will have control over 59% of the entire issued voting shares of our Company at the close of the offering. See the risk factor entitled "*Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial*" on page 37 for a discussion of material risks associated with our dual class structure.

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 19 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

Upon completion of this Offering, Ever Topmax Limited, a company wholly-owned by Mr. Lee Yat Lung Andrew, our founder and Chairman will be the beneficial owner of an aggregate of 7,013,300 Class A Ordinary Shares which will represent approximately 42.38% of the then total issued and outstanding Class A Ordinary Shares , (assuming the underwriter does not exercise its Over-Allotment Option), and the beneficial owner of 1,402,660 Class B Ordinary Shares, representing 100% of the total issued and outstanding Class B Ordinary Shares. As a result, Ever Topmax will, therefore, have the right to control 59.53% of our voting rights. As a result, following the completion of this offering, we will be a "controlled company" within the meaning of Nasdaq's listing rules. As a "controlled company," we will be permitted to elect to rely, and may elect to rely, on certain exemptions from corporate governance requirements, including that: (1) a majority of our board of directors consists of "independent directors" as defined under the rules of Nasdaq; (2) our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee purpose and responsibilities; and (3) our director nominations be made, or recommended to the full board of directors, by our independent directors or by a nominations committee that is composed entirely of independent directors and that we adopt a written charter or board resolution addressing the nominations process. Also, as long as Ever Topmax Limited beneficially owns a majority of the voting power of our outstanding ordinary shares, it will generally be able to control the outcome of matters submitted to our shareholders for approval, including the election of directors, without the approval of our other shareholders. See the risk factor entitled "*We are a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies".* and the sections titled "Management—Controlled Company" and "Principal Shareholders", for further information.

We are a British Virgin Islands ("**BVI**") business company with limited liability. As a holding company with no material operations, our operations are conducted by our indirect wholly-owned subsidiary, Boxasone Limited ("**BoxAO**" or "**Operating Subsidiary**"), in Hong Kong, a special administrative region of the People's Republic of China (the "**PRC**"). This is an offering of the Class A Ordinary Shares of BAO Holding Limited, the holding company incorporated in BVI, instead of shares of BoxAO, our operating entity in Hong Kong. You may never directly hold any equity interest in our operating entity.

We and our subsidiaries are not based in mainland China and do not have operations in mainland China. We currently do not have or intend to set up any subsidiary in mainland China, and do not foresee the need to enter into any contractual arrangements with a variable interest entity ("**VIE**") to establish a VIE structure in mainland China. For the year ended March 31, 2025 and 2024, we generated approximately 100.0% and 100.0% of our revenues from Hong Kong, respectively. Pursuant to the Basic Law of the Hong Kong Special Administrative Region (the "**Basic Law**"), which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. The Basic Law expressly provides that the national laws of the PRC which may be listed in Annex III of the Basic Law shall be confined to those relating to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong. The basic policies of the PRC regarding Hong Kong as a special administrative region of the PRC are reflected in the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems".

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

We are also aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland Chinese companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In addition, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to whether in the future we will be required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities. If we and our subsidiaries (i) do not receive or maintain such permissions or approvals, should such approvals be required in the future by the PRC government, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we are required to obtain such permissions or approvals in the future, our operations and financial condition could be materially adversely affected, and our ability to offer securities to investors could be significantly limited or completely hindered and the securities currently being offered may substantially decline in value and become worthless. As advised by our PRC counsel, Guangdong Wesley Law Firm, as of the date of this prospectus, on the basis that (i) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (ii) the Company and its subsidiaries do not have any business operations in mainland China; (iii) the Company currently does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China; (iv) none of the clients of the Company and its subsidiaries are located in mainland China and, (v) it does not have any operation in the PRC, nor does it have any partnership or cooperation with any PRC entity or individual; (vi) it currently does not have, nor does it plan to have, any investment, such as owning or leasing any asset, in the PRC; (vii) it has not employed any PRC natural persons; and (viii) no revenue of the Company is generated from the PRC, and have not engaged in any data processing related to the collection, storage, use, or processing of personal information of personnel within PRC for the purpose of providing services to personnel within PRC, we are not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities; specifically, we are currently not required to obtain any permission or approval from the China Securities Regulatory Commission (the "**CSRC**"), the Cyberspace Administration of China (the "**CAC**") or any other PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign investors. The laws and regulations of mainland China do not currently have any material impact on our business, financial condition or results of operations and we are currently not subject to the PRC government's direct influence or discretion over the manner in which we conduct our business activities outside of mainland China.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what potential impact such modified or new laws and regulations will have on Our Company's daily business operation, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. If there is significant change to current political arrangements between mainland China and Hong Kong, the PRC government intervenes or influences operations of companies operated in Hong Kong like us, or exerts more control through change of laws and regulations over offerings conducted overseas and/or foreign investment in issuers like us, it may result in a material change in our operations and/or the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risk Factors - Risks Related to Our Corporate Structure" beginning on page 19 and "Risk Factors — Risks Related to Doing Business in Hong Kong" beginning on page 26 of this prospectus for more information.

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

The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering- *A recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.*" on page 32 of this prospectus for more information.

We are permitted under the laws of BVI to provide funding to our subsidiary BoxAO through loans or capital contributions without restrictions on the amount of the funds. There are no restrictions or limitation under the laws of BVI on our Company's ability to distribute earnings from its businesses, including subsidiaries, to the U.S. investors. BoxAO is permitted under the laws of Hong Kong to provide funding to our Company through dividend distribution without restrictions on the amount of the funds. Both our Company and BoxAO 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 our Company or its subsidiaries has any dividend payout policy, and each entity needs to comply with applicable law or regulations with respect to transfer of funds, dividends and distributions with other entities. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. For the financial year ended March 31, 2023, BoxAO has declared a dividend of HK$2.50 per share totaling HK$2,375,000 to its shareholders on September 30, 2022. There are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HKD into foreign currencies and the remittance of currencies out of Hong Kong. See *"Dividend Policy"* on page 44 and "Risk Factors – Risks Related to Our Corporate Structure – *In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors*." on page 26 of this prospectus for more information.

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

**Neither the 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.**

This prospectus does not constitute, and there will not be, an offering of securities to the public in the British Virgin Islands.

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| | | | |
|:---|:---|:---|:---|
|  | **Per Class A<br> Ordinary Share** | **Total Without<br> Over-Allotment Option** | **Total With<br> Over-Allotment Option** |
| Public offering price <sup>(1)</sup> | $4.50 | $6750000 | $7762500 |
| Underwriting discounts <sup>(2)</sup> | $0.315 | $472500 | $543375 |
| Proceeds to us before offering expenses <sup>(3)</sup> | $4.185 | $6277500 | $7219125 |

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(1) Assumed
 an initial public offering price of $4.50 per Class A Ordinary Share, being the midpoint of the range set forth on the cover
 page of this registration statement.

(2) Represents
 underwriting discounts equal to seven percent (7%) per Class A Ordinary Share. Does not include a non-accountable expense allowance
 equal to one percent (1%) of the gross proceeds received by us from this offering, payable to the underwriters.

(3) The
 total estimated expenses related to this offering are set forth in the section entitled "Expenses Relating to This Offering."
 We have agreed to reimburse the representative up to a maximum of US$250,000 for out-of-pocket accountable expenses. See "Underwriting"
 on page 100 of this prospectus for a description of these arrangements.

We have granted the underwriters a 45-day option to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering, solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount.

The underwriters expect to deliver our Class A Ordinary Shares to purchasers in this offering on or about [●], 2025, subject to satisfaction of customary closing conditions.

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|:---|:---|
| ![](logo_003.jpg) | ![](logo_004.jpg) |

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**The date of this prospectus is [●], 2025**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#a_001) | 3 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | 4 |
| [DEFINITIONS](#a_003) | 5 |
| [PROSPECTUS SUMMARY](#a_004) | 7 |
| [RISK FACTORS](#a_005) | 19 |
| [USE OF PROCEEDS](#b_001) | 42 |
| [CAPITALIZATION](#b_002) | 43 |
| [DIVIDEND POLICY](#b_003) | 44 |
| [DILUTION](#b_004) | 45 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#b_005) | 46 |
| [HISTORY AND CORPORATE STRUCTURE](#b_006)<br>| 51 |
| [INDUSTRY OVERVIEW](#sk_003) | 53 |
| [BUSINESS](#sk_001) | 56 |
| [REGULATORY ENVIRONMENT AND THE LAWS AND REGULATIONS OF HONG KONG](#sk_002) | 66 |
| [MANAGEMENT](#J_001) | 72 |
| [PRINCIPAL SHAREHOLDERS](#J_002) | 79 |
| [RELATED PARTY TRANSACTION](#J_003) | 80 |
| [DESCRIPTION OF SHARES AND CERTAIN BVI COMPANY CONSIDERATIONS](#J_004) | 81 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#J_005) | 91 |
| [MATERIAL TAX CONSIDERATIONS](#J_006) | 93 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#J_007) | 98 |
| [UNDERWRITING](#J_008) | 100 |
| [EXPENSES RELATED TO THIS OFFERING](#J_009) | 104 |
| [LEGAL MATTERS](#J_010) | 105 |
| [EXPERTS](#J_011) | 106 |
| [WHERE YOU CAN FIND MORE INFORMATION](#J_012) | 107 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#sk_004) | F-1 |

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

You should not assume that the information contained in the Registration Statement of which this prospectus is a part is accurate as of any date other than the date hereof, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares being registered in the Registration Statement of which this prospectus forms a part.

No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this Offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

**ABOUT THIS PROSPECTUS**

Neither we, nor the underwriters have authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither we, nor the underwriters take responsibility for, nor provide any assurance about the reliability of, any information that others may give you. This prospectus is an offer to sell only the securities offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

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 Class A Ordinary Shares and the distribution of this prospectus outside the United States.

We are incorporated under the laws of the BVI as a business company with limited liability and a majority of our outstanding securities are owned by non-U.S. residents. Under the rules of the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC, as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

This reorganization of the Company was completed on January 17, 2025.

Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with international financing reporting standards ("**IFRS**").

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

Our reporting currency is the Hong Kong dollar. We make no representation that the Hong Kong dollar or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Hong Kong dollars, as the case may be, at any particular rate or at all.

This prospectus contains translations of certain HK$ amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader. The relevant exchange rates are listed below:

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| | | |
|:---|:---|:---|
|  | For the Year Ended March 31, | For the Year Ended March 31, |
|  | 2025 | 2024 |
| Period Average HK$: US$ exchange rate | 7.7799 | 7.8259 |

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

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "plan," "expect," "intend," "should," "seek," "estimate," "will," "aim" and "anticipate" or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical facts included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we will file with the SEC, other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties and assumptions, certain of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in "Risk Factors" and the following:

● our business and operating strategies and our various measures to implement such strategies;

● our operations and business prospects, including development and capital expenditure plans for our existing business;

● changes in policies, legislation, regulations or practices in the industry and place in which we operate that may affect our business operations;

● our financial condition, results of operations and dividend policy;

● changes in political and economic conditions and competition in the business in which we operate;

● the regulatory environment and industry outlook in general;

● catastrophic losses from man-made or natural disasters, such as fires, floods, windstorms, earthquakes, diseases, epidemics, other adverse weather conditions or natural disasters, war, international or domestic terrorism, civil disturbances and other political or social occurrences;

● the loss of key personnel and the inability to replace such personnel on a timely basis or on terms acceptable to us;

● the overall economic environment and general market and economic conditions in Hong Kong;

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

● our ability to anticipate and respond to changes in consumer performances, tastes and trends; and

● legal, regulatory and other proceedings arising out of our operations.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference 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 or performance may be materially different from what we expect.

**DEFINITIONS**

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| "Articles of Association" | means the articles of association of our Company adopted on December 13, 2024, as amended from time to time, a copy of which is filed as Exhibit 3.1 to this Registration Statement. |
| "Business Day" | means a day (other than a Saturday, Sunday or public holiday in the U.S.) on which licensed banks in the U.S. are generally open for normal business to the public.<br>|
| "BoxAO" or "Operating Subsidiary" | means BoxasOne Limited, a company incorporated in Hong Kong. |
| "BVI" | means the British Virgin Islands. |
| "China" or the "PRC"<br>"Class A Ordinary Share(s)"<br>"Class B Ordinary Share(s)" | <br> means the People's Republic of China, including the special administrative regions of Hong Kong.<br>means ordinary class A share(s) with par value of US$0.0001 each of our Company and with the right to one vote per ordinary share and no right of convertibility into Class B Ordinary Shares under any circumstances.<br>means class B ordinary share(s) with par value of US$0.0001 each of our Company and with the right to five votes per ordinary share and the right of convertibility into Class A Ordinary Shares at any time at the option of the holder thereof on a 1 to 1 basis. |
| "Companies Act" | means the BVI Business Companies Act, as amended, supplemented or otherwise modified from time to time. |
| "Companies Ordinance" | means the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Company", "the Company", or "our Company" | means BAO Holding Limited, a company incorporated in the BVI as a business company with limited liability on December 2, 2024. |
| "Employees' Compensation Ordinance" | means the Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Ever Topmax" | means Ever Topmax Limited, a company incorporated in the BVI with limited liability and wholly-owned by Mr. Lee. |
| "Exchange Act" | means the United States Securities Exchange Act of 1934, as amended. |
| "FINRA"<br>| means Financial Industry Regulatory Authority, Inc. |
| "First Mark" | means First Mark Development Limited, a company incorporated in the BVI with limited liability and wholly-owned by Mr. Chan Ming Yin Billy, a co-founder of our group. |
| "Forever Brand" | means Forever Brand Limited, a company incorporated in the BVI with limited liability and wholly-owned by our Company.<br>|
| "Heroic Master" | means Heroic Master Limited, a company incorporated in the BVI and wholly-owned by Ms. Sin Ka Ka, a co-founder of our group. |
| "HK$," "Hong Kong dollars" or "HK dollars" | means Hong Kong dollars, the lawful currency of Hong Kong. |
| "Independent Third Party(ies)" | means a person or company who or which is independent of and is not a 5% beneficial owner (as defined in Rule 13d-3 promulgated under the Exchange Act) of, does not control and is not controlled by or under common control with any 5% owner and is not the spouse or descendant (by birth or adoption) of any 5% beneficial owner of the Company. |

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| "IT"<br>"Limitation Ordinance" | means information technology.<br>means the Limitation Ordinance (Chapter 347 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Listing" | means the listing of our Class A Ordinary Shares on the Nasdaq Capital Market or other national securities exchange. |
| "Mandatory Provident Fund Schemes Ordinance" | means the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Memorandum of Association" or "Memorandum" | means the amended and restated memorandum of association of our Company adopted on December 13, 2024 and as supplemented, amended or otherwise modified from time to time, a copy of which is filed as Exhibit 3.1 to our Registration Statement of which this prospectus forms a part. |
| "Minimum Wage Ordinance" | means the Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "MPF" | means mandatory provident fund to be contributed by an employer in accordance with the Mandatory Provident Fund Schemes Ordinance. |
| "MPF Authority" | means the Mandatory Provident Fund Scheme Authority of Hong Kong. |
| "Mr. C Y Chan | means Mr. Chan Chun Ying, our Chief Executive Officer and an executive director of our group. |
| "Mr. Lee"<br>| means Mr. Lee Yat Lung Andrew, our Chairman and an executive director, and the indirect controlling shareholder of our Company.<br>|
| "Mr. Sin" | means Mr. Sin Chi Keung Mega, our Chief Technical Officer and a co-founder of our group. |
| "Ms. Au-Yeung"<br>| means Ms. Au-Yeung Pui Yee, our Chief Financial Officer and a co-founder of our group.<br>|
| "Offering" | means the offer of Class A Ordinary Shares by our Company pursuant to this prospectus. |
| "Regulation S" | means Regulation S under the U.S. Securities Act. |
| "Sarbanes Oxley Act" | means The Sarbanes-Oxley Act of 2002. |
| "SEC" | means the United States Securities and Exchange Commission. |
| "Securities Act" | means the Securities Act of 1933, as amended. |
| "Supreme Encounter" | <br> means Supreme Encounter Limited, a company incorporated in the BVI and wholly-owned by Mr. Sin. |
| "U.S.," "United States" or "US" | means the United States of America. |
| "US$" or "U.S. dollars" | means United States dollars, the lawful currency of the United States of America.<br>|
| "Wisdom Bridge" | means Wisdom Bridge Group Limited, a company incorporated in the BVI and wholly-owned by Mr. Au Wai Yin, a co-founder of our group. |

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**PROSPECTUS SUMMARY**

*This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that may be important to you, and we urge you to read this entire prospectus carefully, including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and our combined financial statements and notes to those statements, included elsewhere in this prospectus, before deciding to invest in our Class A Ordinary Shares. This prospectus includes forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements" on page 4.*

**Overview**

We are a Hong Kong-based IT solutions provider specializing in leveraging analytics and programming expertise to deliver customized software development and technology solutions. Our services are designed to optimize business performance, address industry-specific operational challenges, and unlock new business opportunities for our clients. Operating through our subsidiary, BoxAO, we serve a diverse range of industries, including network services, retail chains, laundry services, pharmacy sales, building management, amusement parks, wholesale, and distribution.

We provide customized software tailored to each client's unique requirements. Our business is uniquely positioned in the custom software sector, offering the capability to deploy and integrate sensors, controls, and other hardware, such as smart displays, kiosks, lockers, and vending machines, to deliver autonomous or semi-autonomous solutions. With our pluggable core modules, we can efficiently develop software for clients across various industries, enabling us to complete customizations in significantly shorter timeframes.

**Our Competitive Strengths**

The market for IT services is highly competitive, and we anticipate this competition will intensify. However, we believe the following key strengths set us apart from our competitors and will continue to drive our growth and success:

● *Our Scalable Technology*. Our core modules and plugins are highly scalable across industries with minimal production costs. By customizing software solutions that incorporate our core modules and plugins to meet the specific needs of each client, we adopt a cost-efficient approach. This scalability allows us to achieve higher operating margins as we grow our client base.

● *Our Deep Domain Knowledge and Specialization in Selected Industry Verticals*. We possess deep domain knowledge and expertise in industry verticals including network service, retail chain store and laundry service. We leverage footprint and network of highly-talented IT professionals to provide comprehensive capabilities in software development services and consulting services. We believe that our robust emerging technology capabilities and solid track record of execution empower us to lead digital transformation for our clients.

● *Our Comprehensive Offering*. We provide comprehensive service offerings including the IT solutions, sale of peripheral hardware, as well as consulting and technical support services. As a result, we are able to generate revenue from a wide range of clientele; and

● *Our Dynamic Management and Professional Team with Proven Track Record*. Our management team has extensive experience in Hong Kong. Notably, our Chief Executive Officer, Mr. C Y Chan, has more than 30 years of technical and operational experiences in the IT and Telecom industry. Our Chief Technical Officer, Mr. Sin, has more than 29 years of experience in IT industry. As such, we have already established a seasoned management team with deep industry expertise in several markets where we have enjoyed similar success.

**Our Growth Strategies**

We have developed and plan to implement the following strategies to drive the expansion and growth of our business:

● *Solidify our industry position by increasing market share.* By consistently delivering high quality services and solutions, we aim to generate additional revenue from our existing clients, including network service provider, retail chain store, and laundry service provider. We will also continue to promote our comprehensive services and solutions to attract new clients in these industries, where we can leverage our deep domain knowledge and expertise.

● *Leverage domain expertise to expand into new industry segments.* As we continue to build expertise and accumulate deep domain knowledge in the network service, retail chain store, and laundry service industry verticals, we plan to extend our services to other industry verticals. This will involve leveraging our experience and knowledge, and partnering with leading industry experts from other sectors to extend our service offerings.

● *Attract, train, incentivize and retain talented professionals.* We recognize that our success greatly depends on our ability to attract, train, incentivize and retain talented professionals. To enhance our talent pool, we will consider sponsoring competitions in the IT industry in Hong Kong to bolster our reputation among young professionals. We also plan to collaborate with tertiary institutions to establish campus hiring initiatives, bursary programs, and scholarship opportunities.

● *Capture new growth opportunities through strategic alliances and acquisitions.* We will continue to pursue selective alliances and acquisitions to enhance our industry-specific technology and service delivery capabilities. By acquiring, collaborating with, and integrating targeted companies, we aim to enhance our ability to better serve our clients. Our focus will be on enhancing our technological capabilities, deepening relationships with key clients, expanding our service offerings, and growing our geographic presence in Hong Kong.

**Corporate Information**

We were incorporated in the BVI on December 2, 2024. Our registered office in the BVI is located at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, BVI. Our administrative office is located at Unit A4, 5/F, Tsing Yi Industrial Centre Phase 1, Nos. 1-33 Cheung Tat Road, Tsing Yi, New Territories, Hong Kong. Our telephone number is +852 3955 2301. The information contained on our website (https://boxasone.com/) does not form part of this prospectus. Our agent for service of process in the United States is Cogency Global, Inc., 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

**Risks and Challenges**

Investing in our Class A Ordinary Shares involves risks. You should carefully read and consider all of the information contained in this prospectus (including in "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our combined financial statements and the notes thereto) before making an investment decision.

For example, see "*Risk Factors Relating to Doing Business in Hong Kong*" beginning on page 26 for a detailed discussion about the number of risks relating to an investment in our Company arising from the legal system in China, including but not limited to:

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| risks and uncertainties regarding the enforcement of laws and that rules and regulations in China can change quickly with little advance notice – see "*Risk Factors – Risks Relating to Doing Business in Hong Kong - The economic, political and social conditions of the PRC as well as its government policies may adversely affect our business and results of operations*" on page 25. |
| the risk 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 China-based issuers, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares – see "*Risk Factors – Risk Relating to Doing Business in Hong Kong*" that begins "*Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business*" on page 26. |
| any actions by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-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 Class A Ordinary Shares to significantly decline or be worthless – see "*Risk Factors – Risk Relating to Doing Business in Hong Kong*" that begins "*Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business*" on page 26. |
| the risk that future audit reports will not be prepared by auditors who are inspected by the PCAOB and, as such, future investors may be deprived of the benefits of inspection and trading in our Class A Ordinary Shares may be prohibited – see "*Risk Factors – Risks Relating to Doing Business in Hong Kong*" that begins "*A recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors*" on page 32. |
| 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 see "*Risk Factors - Risks Relating to Doing Business in Hong Kong*" that begins "*A recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors*" on page 32. |
| to the extent we inadvertently conclude that we do need permission or approval from the PRC regarding certain regulatory matters, or the laws or regulations change requiring approval, we may be subject to penalties or be unable to operate our business or offer our Class A Ordinary Shares as planned as discussed further in "*Risk Factors – Risks Relating to Doing Business in Hong Kong.*". |

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The risks summarized below are qualified by reference to "*Risk Factors*" beginning on page 19 of this prospectus, which you should carefully consider before making a decision to invest in our Class A Ordinary Shares. If any of these risks actually occurs, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our Class A Ordinary Shares would likely decline, and you may lose all or part of your investment. In reviewing this prospectus, you should bear in mind that past results are no guarantee of future performance. See "*Special Note Regarding Forward-Looking Statements*" on page 4 for a discussion of forward-looking statements, and the significance of forward-looking statements in the context of this prospectus.

The following is a summary of what our management views as our most significant risk factors including but not limited to the following:

● We have a limited operating history. It will be difficult for you to evaluate our current business performance and future prospects and may increase the risks associated with your investment.

● If our IT solutions contain serious errors, defects, security vulnerabilities or bugs, our business, financial condition and results of operations could be adversely affected.

● If our customers are unable to execute user acceptance test or are unsatisfactory of the results therein, our business, financial condition and results of operations could be adversely affected.

● If we fail to obtain the capital necessary to fund our operations and to grow our business, our business performance, financial condition and our ability to continue as a going concern will be adversely affected.

● If we fail to expand the features and capabilities of our solutions or effectively respond to the rapidly evolving IT solutions market in Hong Kong, our business, financial condition, results of operations and growth prospects would be materially and adversely affected.

● Failure to attract new customers and/or retain existing customers would adversely affect our business, financial condition and results of operations.

● The market in which we participate is highly competitive, and if we do not compete effectively, our operating results could be adversely affected.

● We are exposed to risks related to concentration of earnings, and it may have a material adverse effect on our financial condition and results of operations.

● Our business is subject to system and data security risks, and our existing security measures may be inadequate to address these risks, making our systems susceptible to compromise, which could materially adversely affect our business, results of operations, financial condition and prospects.

● Future investments or acquisitions may not be successful.

● Our project completion cycle can be unpredictable and longer than expected, and may lead to increased time and expense that could affect our operating results.

● Our growth is reliant on our sales and marketing strategies. Failure on effective marketing may harm our ability to increase our customer base and spending on ineffective marketing may adversely affect our financial results.

● If we are unable to develop, maintain, and enhance our brand and reputation in a cost-effective manner, our growth strategies may be hindered and our business may be adversely affected.

● If we are unable to effectively recruit, retain and train qualified software developers, our growth strategies may be hindered and our business may be adversely affected.

● Natural disasters and other catastrophic or force majeure events could materially and adversely affect our business.

● We rely on our CEO, CTO and our key management and professional staff. The loss of key team members could affect our operations and our business may be severely disrupted.

● Any unexpected and prolonged disruption to the access of our business premises may adversely affect our business.

● The economic, political and social conditions of the PRC as well as its government policies may adversely affect our business and results of operations.

● Risks and uncertainties relating to doing business in the jurisdictions in which our Operating Subsidiary operates (including the PRC and Hong Kong), beginning on page 25 of this prospectus.

● In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors, beginning on page 26 of this prospectus and discussed in more detail on page 15 under "*Transfers of Cash to and from our Subsidiaries*."

● The Chinese regulatory authorities could disallow our organizational 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.

● The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and could result in significant losses and you may not be able to resell your Class A Ordinary Shares at or above the offering price.

● 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 BVI law.

● Because we are a BVI company and all of our business is conducted in Hong Kong 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 foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.

**Holding Foreign Companies Accountable Act**

The Holding Foreign Companies Accountable Act, or HFCA, Act was enacted on December 18, 2020. The HFCA Act states if the United States Securities and Exchange Commission, or the SEC or the Securities and Exchange Commission, determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the Public Company Accounting Oversight Board of the United States, or PCAOB, for two 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 June 22, 2021, the U.S. Senate passed a bill which, if passed by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two years. Our auditor, TAAD LLP, or TAAD, the independent registered public accounting firm that issues the audit report included in this prospectus, as an auditor of companies that are operating in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess TAAD's compliance with applicable professional standards. TAAD is headquartered in the United States.

**Recent Regulatory Developments in the PRC**

Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China, including cracking down on certain illegal activities in the securities market, enhancing supervision over Chinese-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement.

For example, on June 10, 2021, the Standing Committee of the National People's Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security. **In light of recent events indicating greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, we may be subject to a variety of PRC laws, changes in regulatory actions in Hong Kong and other obligations regarding data protection and any other rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business and the offering. It remains uncertain as to how any such regulatory measures will be interpreted or implemented. See more detailed discussion of this risk factor on page 19 of this prospectus.**

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

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

On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022, replacing the former Measures for Cybersecurity Review (2020) issued on April 13, 2020. Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operators (together with the operators of critical information infrastructure, the "Operators") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, and any online platform operator who controls more than one million users' personal information must undergo a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

We do not expect to be subject to the cybersecurity review by the China Securities Regulatory Commission ("CSRC") and the Cyberspace Administration of China ("CAC") in relation to this Offering, given that: (1) our Operating Subsidiary is incorporated in Hong Kong and is located in Hong Kong, not a PRC domestic company, (2) we have no subsidiary, variable interest entity ("VIE") structure or any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China ("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 currently expect the Measures for Cybersecurity Review (2021) and the PRC Personal Information Protection Law to have an impact on our business, operations or this Offering as we do not believe that our Operating Subsidiary would be deemed to be an "Operator" on the basis that (i) our Operating Subsidiary is incorporated in Hong Kong, not a PRC domestic company, and operates in Hong Kong without any subsidiary or VIE structure in mainland China; (ii) as of date of this prospectus, our Operating Subsidiary has not engaged in any data processing related to the collection, storage, use, or processing of personal information of personnel within PRC for the purpose of providing services to personnel within PRC, and that data processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities; (iii) all of the data our Operating Subsidiary has collected is stored in servers located in Hong Kong; and (iv) as of the date of this prospectus, our Operating Subsidiary has not been informed by any PRC governmental authority of any requirement that it files for a cybersecurity review or a CSRC review. An "Operator" is required to file for cybersecurity review before listing in the United States.

On February 17, 2023, the CSRC issued the Trial Overseas Listing Measures, which came into effect on March 31, 2023. Under the Trial Overseas Listing Measures, a domestic enterprise conducting overseas issuance and listing (includes direct and indirect overseas issuance and listing) shall conduct and complete relevant filing procedures with the CSRC. Any overseas issuance and listing conducted by an issuer that concurrently meets the following conditions shall be determined as indirect overseas issuance and listing by a domestic enterprise: (i) 50% or more of its operating revenue, total profit, total assets or net assets as recorded in its audited consolidated financial statements for the most recent fiscal year is being accounted for by domestic companies; and (ii) the main parts of its business activities are conducted in mainland China, its principal places of business are located in mainland China, or the senior management in charge of its business operation and management are mostly Chinese citizens or domiciled in mainland China.

Based on the above mentioned, given that (i) the group currently does not have, nor do it currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) it is not controlled by any PRC entity or individual; (iii) it does not have any operation in the PRC, nor does it have any partnership or cooperation with any PRC entity or individual; (iv) it currently does not have, nor does it plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China; and (vi) no revenue of the Company is generated from the PRC, this Offering shall not be deemed as a domestic enterprise that indirectly offer or list securities on an overseas stock exchange, nor does it requires filing or approvals from the CSRC. We are not subject to any PRC laws and regulations except to those applicable to Hong Kong listed in Annex III of the Basic Law. We believe, and we have been advised by our PRC legal counsel, Guangdong Wesley Law Firm, that we do not need permission or approval from the Chinese government to operate our business or offer our Class A Ordinary Shares. As such, we have not applied for and we have not been denied any permissions or approvals.

Further, as of the date of this prospectus, in the opinion of our PRC legal counsel, Guangdong Wesley Law Firm, the Company is not considered a domestic enterprise under the Trial Measures and the Trial Measures do not apply to the Company, and its listing on Nasdaq does not require fulfilling the filing procedure to 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. If we or our Operating Subsidiary inadvertently conclude that such approvals are not required, we may be required to make corrections, be given a warning, be fined between RMB 1 million and RMB 10 million, warn the responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million, fine the controlling shareholder not less than RMB 1 million but not more than RMB 10 million, prevent the Company from entering the securities market and our ability to offer or continue to offer our Class A Ordinary Shares to investors could be significantly limited or completed hindered, which could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. Our group may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of the PRC, limit our operations in the PRC, delay or restrict the repatriation of the proceeds from this Offering into the PRC 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.

However, since these statements and regulatory actions are new and under development, it is highly uncertain how soon the legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our Operating Subsidiary, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on U.S. or other foreign exchanges. If any of our Operating Subsidiary is deemed to be an "Operator," or if Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law or the Trial Overseas Listing Measures becomes applicable to our Operating Subsidiary, the business operation of our Operating Subsidiary and the listing of our Class A Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and our Operating Subsidiary becomes subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. If our Operating Subsidiary fails to receive or maintain such permissions or if the required approvals are denied, our Operating Subsidiary may become subject to fines and other penalties which may have a material adverse effect on our business, operations and financial condition and may hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

Additionally, due to long arm provisions under the current PRC laws and regulations, we are also subject to the risks of uncertainty about any future actions the Chinese government or authorities in Hong Kong may take in this regard.

Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our Operating Subsidiary's business, it may intervene in or influence our operations. Such governmental actions (i) could result in a material change in our Operating Subsidiary's operations; (ii) could hinder our ability to continue to offer securities to investors or list on an exchange; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline in value or become worthless.

**Implications of Being a "Controlled Company"**

Upon completion of this Offering, Ever Topmax will be the beneficial owner of an aggregate of 7,013,300 Class A Ordinary Shares which will represent approximately 42.38% of the then total issued and outstanding Class A Ordinary Shares, assuming the underwriters do not exercise their Over-Allotment Option. In addition, Ever Topmax will be the beneficial owner of 1,402,660 Class B Ordinary Shares, representing 100% of the total issued and outstanding Class B Ordinary Shares. As a result, Ever Topmax will, therefore, have the right to control 59.53% of our voting rights. We will be a "controlled company" within the meaning of the Nasdaq Stock Market Rules and therefore eligible for certain exemptions from the corporate governance requirements of the Nasdaq listing rules. For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors;

● an exemption from the rule that director nominees be selected or recommended for selection by either a majority of the independent directors or a nomination committee comprised solely of independent directors; and

● an exemption from the rule that a majority of our board of directors consist of independent directors.

As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements although we currently do not intend to rely on the exemptions.

In addition, Ever Topmax will be able to exert significant control over our management and affairs, including approval of significant corporate transactions. Our status as a controlled company could cause our Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

**Implications of Our Being an Emerging Growth Company**

As a company with less than US$1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include:

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

● 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";

● 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;

● 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);

● are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;

● 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

● will not be required to conduct an evaluation of our internal control over financial reporting for two years.

We will take advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year in which the fifth anniversary of the completion of this Offering occurs, (2) the last day of the fiscal year in which we have total annual gross revenue of at least US$1.235 billion, (3) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which means the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700.0 million as of the prior December 31, and (4) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior three-year period. We may choose to take advantage of some, but not all, of the available exemptions. We have included two years of selected financial data in this prospectus in reliance on the first exemption described above. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold stock.

**Implications of Our Being a Foreign Private Issuer**

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

● we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

● 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;

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

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

● 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

● 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.

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

In addition, as a company incorporated in the BVI, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance listing requirements. These practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements of the Nasdaq.

**Transfer of cash to and from our subsidiaries**

Our business is primarily conducted through our wholly-owned subsidiary BoxAO in Hong Kong. We, as the BVI holding company, will rely on dividends paid by BoxAO as well as the intermediary wholly owned subsidiary incorporated in the BVI, Forever Brand, for our Company's working capital and cash needs, including the funds necessary to pay any dividends.

On April 20, 2025, the Company declared a dividend of HK$56.2568 per share totalling HK$6,150,000 to its shareholders and paid to the Company's shareholders fully in June 2025. For the years ended March 31, 2025 and 2024, there were no transfer or distributions between the holding company and our subsidiaries If we decide to pay dividends on any of our Class A Ordinary Shares, as a holding company, we will depend on the receipt of funds from our subsidiaries through dividend payments. We are permitted under the laws of the BVI to provide funding to our operating subsidiaries through loans and/or capital contributions without restriction on the amount of the funds loaned or contributed.

We currently intend to retain all of our available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends or distributions in the foreseeable future. We do not have a formal cash management policy. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering operating and financial results, cashflow situation, business conditions and strategies, future operations and earnings, taxation considerations, interim dividends paid, if any and capital requirements and expenditure plans and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. There are risks related to the fact that the PRC government may restrict our ability to transfer cash outside of Hong Kong or fund operations outside of Hong Kong. See the risk factor on page 26 under "*Risks Related to Doing Business in Hong Kong – In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors."*

*British Virgin Islands.* Under BVI law, the board of directors of our BVI subsidiary may authorize payment of a dividend to its shareholders as such time and of such an amount as they determine if they are satisfied on reasonable grounds that immediately following the dividend the value of our assets will exceed our liabilities and we will be able to pay our debts as they become due.

*Hong Kong*. Under Hong Kong law, dividends may only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. As at the date of this prospectus, there are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollars into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between the Company and its subsidiaries, across borders and to U.S. investors, nor are there any restrictions or limitations on distributing earnings from our business and subsidiaries to the Company and U.S. investors. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.

Investors in our Class A Ordinary Shares should note that, to the extent cash in the business is in Hong Kong or a Hong Kong entity, the funds may not be available to fund operations or for other use outside of the PRC and Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of these subsidiaries by the PRC government or Hong Kong Government to transfer cash. See the risk factor on page 26 under "*Risks Related to Doing Business in Hong Kong – In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors."*

**Corporate Structure**

We were incorporated in the BVI on December 2, 2024. Our registered office in the BVI is at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, BVI. Our principal executive office is at Unit A4, 5/F, Tsing Yi Industrial Centre Phase 1, Nos. 1-33 Cheung Tat Road, Tsing Yi, New Territories, Hong Kong. Our telephone number is +852 3955 2301. Our website address is <u>https://boxasone.com</u>. The information contained on our website does not form part of this prospectus. Our agent for service of process in the United States is Cogency Global, Inc., 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

The chart below sets out our corporate structure after giving effect to an internal reorganization, which was completed on January 17, 2025.

![](formdrs_001.jpg)

A description of our Operating Subsidiary is set out below.

BoxAO was incorporated in Hong Kong as a private company limited by shares on June 13, 2018. Since 2018, BoxAO has been wholly-owned by Forever Brand. Following an internal group reorganization completed on January 17, 2025, BoxAO became our indirect wholly-owned subsidiary. Since its incorporation, BoxAO has been carrying on the business of the provision of IT solutions in Hong Kong to its customers.

The PRC government may, in the future, disallow our corporate structure, which restrictions would likely result in a material change in our operations and/or in the value of our Class A Ordinary Shares. Such restrictions may cause the value of our Class A Ordinary Shares to decline significantly in value or be rendered worthless.

**THE OFFERING**

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| | |
|:---|:---|
| **Offering Price** | The offering price will be between US$4.00 and US$5.00 per Class A Ordinary Share. |
| **Class A Ordinary Shares offered by us** | 1,500,000 Class A Ordinary Shares (or 1,725,000 Class A Ordinary Shares if the underwriters exercise their Over-Allotment Option in full). |
| **Ordinary shares issued and outstanding prior to this Offering** | 16,452,660 ordinary shares, comprised of 15,050,000 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares |
| **Ordinary shares issued and outstanding immediately after this Offering** | 17,952,660 ordinary shares, comprised of 16,550,000 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares (or 18,177,660 Class A Ordinary Shares if the underwriters exercise their Over-Allotment Option in full). |
| **Over-Allotment Option** | We have granted to the underwriters a 45-day option to purchase from us up to an additional 15% of the Class A Ordinary Shares sold in this Offering solely to cover over allotment, if any, at the initial offering price less underwriting discounts. |
| **Voting Rights** | Each holder of Class A Ordinary Shares is entitled to one vote per share. Each holder of Class B Ordinary Shares is entitled to five votes per share. |
| **Conversion Rights** | Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Class B Ordinary Shares are convertible into Class A Ordinary Shares at any time at the option of the holder thereof on a 1 to 1 basis. |
| **Gross Proceeds** | US$6,750,000 (assuming the offer price at the mid-point price of US$4.50 per Class A Ordinary Share) |
| **Use of proceeds** | We estimate that we will receive net proceeds from this Offering of up to US$5,657,088 (assuming the Over-Allotment Option is not exercised) and up to US$6,588,588 (assuming the Over-Allotment Option is exercised in full), based on an assumed price to the public in this Offering of US$4.50 (being the estimated mid-point of the offer price range stated on the cover of this prospectus), after deducting underwriting fees and commissions and estimated Offering expenses. We currently intend to use the net proceeds from this Offering for the following purposes: (i) approximately 25% for research and development for product development to expand and enhance our current product and service offerings; (ii) approximately 25% for acquiring other companies, technologies, or assets that can enhance our business operations, market presence, or technological capabilities; (iii) approximately 25% for recruiting new employees or specialists to strengthen our team, such as finance, IT, sales, or other departments critical to our growth and success; (iv) approximately 15% for branding and marketing, including participation in industry events and exhibitions and public relations activities; and (v) the balance for working capital and other general corporate purposes. |
| **Dividend policy** | Our board of directors will take into account, among other things, the following factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b) cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim dividends paid, if any; (g) capital requirements and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions; (j) any restrictions on payment of dividends; and (k) any other factors that our board of directors may consider relevant. It is our current policy to retain all earnings for use by the Company in its business. See "*Dividend Policy*" for more information. |
| **Lock-up** | We, each of our directors and executive officers and our principal shareholders have agreed, subject to certain exceptions, for a period of 180 days after the closing of the Offering, not to, except in connection with this Class A Offering, 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 Class A Ordinary Shares or any other securities convertible into or exercisable or exchangeable for Class A 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 Class A Ordinary Shares. |
| **Risk factors** | Investing in our Class A Ordinary Shares involves risks. See "*Risk Factors*" beginning on page 19 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| **Listing** | We plan to apply for the listing of the Class A Ordinary Shares on the Nasdaq Capital Market. |
| **Proposed trading symbol** | BAO |
| **Transfer agent** | VStock Transfer, LLC |
| **Payment and settlement** | The underwriters expect to deliver the Class A Ordinary Shares against payment therefor through the facilities of the Depository Trust Company on [●], 2025. |

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**RISK FACTORS**

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

**Risks Relating to Our Business and Industry**

***We have a limited operating history. It will be difficult for you to evaluate our current business performance and future prospects and may increase the risks associated with your investment****.*

We have a limited operating history for an investor to evaluate our business performance, operating results and prospects. We began our operations in 2018. Our limited historical financial data may not serve as an adequate basis for accurate prediction of our ability to operate in a rapidly evolving market and achieve our expansion plans. Our limited operating history may make it difficult for you to evaluate the risks and uncertainties associated with our operations. As a company with a limited operating history, our ability to forecast our future results or operations is limited and is subject to a number of risks and uncertainties, including our ability to plan for our future growth. You should consider our prospects and future profitability in light of the risks, uncertainties, and difficulties encountered by any new company. Such risks and uncertainties may affect our ability to develop and maintain our range of services for our customers and business partners and to compete with our competitors.

Our historical results of operations and financial performance may not be indicative of our future performance. We cannot assure you that we can be able to increase revenue in the future, and neither can we guarantee that our business expansion will be as successful as expected or that we can achieve profitability in the future.

Owing to our limited operating history, our business model has not been fully proven. If our assumptions about the risks and uncertainties that underlie our business planning are incorrect or changed as a result of market fluctuations, our operation and financial results could differ materially from our expectations and our business performance could be affected. We cannot assure you that we have fully addressed the risks and uncertainties that we may face in the future, and if we fail to do so, our business, financial condition, and results of operations could be adversely affected.

***If our IT solutions contain serious errors, defects, security vulnerabilities or bugs, our business, financial condition and results of operations could be adversely affected.***

Our reputation and capability to attract and retain customers, to a large extent, depend on the reliability of our IT solutions and applications. Our customers have high expectations towards the quality and performance of our solutions in relation to the content, features, services, sensibility, etc., thereof. Though we constantly perform tests on our IT solutions, we may not be able to completely eliminate the possibility of errors, defects, security vulnerabilities, or bugs resulting from internal and/or third-party mistakes that are difficult to detect and correct, such as connectivity failure, natural disasters, and cyber-attacks that are beyond our control. Our IT solutions may not be perfectly and adequately designed and we may not be able to eliminate the risk of poor performance. There may be defects in the functionality of our IT solutions and applications, and any errors, failure or bugs may result in:

● early
 termination of our contracts with customers;

● loss
 of recurring customers;

● negative
 influence on our reputation;

● weakening
 of our competitive position;

● claims
 by customers for their sustained losses;

● impairment
 of our ability to attract new customers; and

● increased
 operation costs such as research and development expenses.

***If our customers are unable to execute user acceptance test or are unsatisfactory of the results therein, our business, financial condition and results of operations could be adversely affected.***

Once our customers have accepted the results of the user acceptance tests, our service is deemed to be completed and the invoice for final payment is then issued to the customers. During the execution of the user acceptance test, our customers will test our project deliverables to determine whether the project deliverables can handle the required tasks and execute functions in accordance with the specifications. We normally run our project deliverables through user acceptance tests or a software auditing program before presenting the same to our customers. Nonetheless, there is no assurance that all the bugs, errors or flaws in our solutions, if any, have been detected and corrected. Should our customers find our solutions unsatisfactory, we may have to amend our project deliverables and the user acceptance test may need to be performed multiple times until our project deliverables are acceptable to our customers. If we are unable to resolve all problems that arise from the project deliverables or if our customers are unable to execute a user acceptance test due to customers' internal difficulties, the occurrence of natural disasters and other catastrophic or force majeure events, such as health epidemics, cyberattack, power loss, telecommunications failure, political unrest, terrorist attacks, war, riots, and other geo-political unrest, the completion of our project may be postponed indefinitely. We may, as a result, not be able to receive our final payment and our project efforts may be in vain. Any interruptions, delays, or failures resulting from our inadequacies, unperceived events or actions beyond our control could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***If we fail to obtain the capital necessary to fund our operations and to grow our business, our business performance, financial condition and our ability to continue as a going concern will be adversely affected.***

We may need to raise additional funds in the future to support our business expansion and continued development and research. We may need to sell equity or debt securities to raise additional funds, which, however, may be difficult for us. The sale of additional securities will also likely dilute our existing shareholders. Additional financing may not be available in amounts or on terms satisfactory to us or at all. We may be unable to raise additional funds due to various factors, including our financial condition and the general condition of the financial markets. If we fail to raise additional funds, our expansion plans may be ceased or delayed whereby our business may not grow at the rate we expect and as a result, investors' perceptions of our business and our prospects may be adversely affected.

***If we fail to expand the features and capabilities of our solutions or effectively respond to the rapidly evolving IT solutions market in Hong Kong, our business, financial condition, results of operations and growth prospects would be materially and adversely affected.***

The growth of our business is mainly dependent on our ability to adjust, enhance and integrate our IT solutions with a variety of software platforms, hardware, network, cloud and other technologies. We need to continuously modify and enhance our services to adapt to changes and innovation in these technologies. Inability to modify our solutions or services to adapt to changes will hinder our ability to deliver services to our customers

As an IT solution service provider, we expand our business by expanding the features and capabilities of our IT solutions that leverage cutting-edge technologies with a view to help our customers achieve digitalization of their operations. We also face the challenge of the rapidly evolving technologies, changing industry standards, continued launch of new services by other market players and increasingly diversified customer needs and preferences.

However, the process of research and development is complex and may require significant time and spending. We are unable to provide an accurate projection on the financial impact that new technologies may bring. If we invest in research and development that does not achieve significant commercial success, we may not be able to recover both our initial development cost and opportunity cost (i.e. reallocation of human and financial resources which could have brought other sources of income and opportunities). The failure to efficiently develop cloud-based solutions that are satisfactory to customers' needs may result in financial loss and may further lead to a loss of potential and existing customers.

Our financial performance may deteriorate for reasons, some of which are beyond our control, such as increase in market players, reduction in market size, shift in customer preference and change in government policy or local economic condition etc.

We believe our revenue growth depends on a number of factors, including, but not limited to, our ability to:

● expand our customer base, attract new customers and retain existing customers;

● achieve widespread acceptance and use of our IT solutions to address evolving needs of our customers;

● provide effective and timely customer support;

● adapt and respond to rapidly evolving technologies, changing industry standard and new services launched by other market players;

● enhance our technology infrastructure and maintain the security and reliability of our IT solutions and ensure privacy of the data we obtained through and utilized across our IT solutions;

● price our IT solutions effectively;

● comply with existing and new applicable laws and regulations and respond to changes in the regulatory regime and environment;

● maintain and enhance our relationship with major stakeholders such as our cloud-service providers and other suppliers;

● improve our operational efficiency;

● capitalize growth opportunities;

● attract, retain and motivate talented employees to support our business growth;

● expand our business to other overseas markets, such as the Southeast Asian market;

● compete with other market players and new market entrants, some of which may have substantially greater resources than us.

If we are unable to effectively address these risks, our prospects, business, financial condition and results of operations could be materially and adversely affected.

***Failure to attract new customers and/or retain existing customers would adversely affect our business, financial condition and results of operations.***

We do not sign long-term agreements with our customers and we are often not our customer's exclusive IT solution service providers. Our customers generally engage us for one-off set up of their desired projects or, depending on the nature of the projects, engage us for provision of maintenance services on a yearly basis. We believe that our ability to attract new customers or retain our existing customers on terms favorable to us is crucial for us to increase our revenue. As a strategy to reach out to more customers, we rely on our business relationships with and recommendations from our existing customers to which some of them are market leaders in their industries. However, we cannot assure you that our existing customers would recommend our services to their peers who may be their competitors. If this strategy turns out to be less effective than we expect, we may not be able to maintain our existing level of revenue or profitability. On the other hand, if our competitors introduce lower-cost and/or differentiated solutions or services that are perceived to compete favorably with ours, our ability to attract new customers and renew or upsell existing customers based on pricing, technology and functionality could be impaired. As a result, we may be unable to renew our agreements with existing customers, attract new customers or develop new business from existing customers, in particular, if we lose any of our key customers or if our customers reduce their purchase of our solutions, our business, financial condition, and results of operations would be adversely affected.

In addition, certain factors beyond our control may also adversely affect our ability to retain customers. For instance, any group restructuring or changes in economic conditions of our customers and/or factors affecting our customers' industries such as market conditions, development in regulatory requirements and release of new government policies whereby our customers may as a result cancel or reduce their subscription for our IT solutions or services. As a result, our business, financial condition, and results of operations would be adversely affected.

***The market in which we participate is highly competitive, and if we do not compete effectively, our operating results could be adversely affected.***

The market for IT solution service providers in Hong Kong is rapidly evolving and competitive. We face competition in various aspects of our business, including, among others, the comprehensiveness and adaptability of our IT solutions, ability to continuously innovate services and solutions, and expertise in developing industry specific solutions. Some of our competitors can devote significantly more resources than us in relation to the development, promotion and sales of their services and many have the ability to initiate or withstand substantial price competition. Some of our competitors may have longer operating history, established strong brand recognition, more established relationship with technology partners and customers, robust technological capabilities and significant financial resources which enable them to offer comparable technology solutions or own similar business scale to us at a lower price. Current or potential competitors of similar size of us may also be acquired by international or large- scale technology companies with significantly greater resources and therefore gain competitive advantages. In order to attract more customers, new entrants into the industry may offer competitive pricing that we cannot keep up with. Our competitors may also establish cooperative relationships among themselves or with third parties that may further enhance their service offerings or resources and ability to compete. With the introduction of new technologies and entry of new market participants, we expect competition to continue to intensify in the future. There is no guarantee that we will be able to sustain our competitive advantage or to effectively implement our business strategies. If our competitors are successful in bringing their solutions or services to the market earlier than us, or if their solutions or services are less expensive or more technologically capable than ours coupled with pricing pressure and increased competition, our business, operation and financial performance could be adversely affected.

Furthermore, since there are essentially no geographical limits for technology related services, our potential customers are not limited to the option of engaging local companies like us. We therefore face competition from both global and local market players.

Intensifying competition may also result in certain developments in our industry, such as downward competitive pressure on the service fees we charge, expansion by existing competitors, adoption by our competitors of innovative technology solutions or comparatively effective branding efforts, any of which may have a material adverse impact on our financial condition, results of operations and growth prospects. Increased investments made and lower prices or innovative services offered by our competitors may require us to divert significant managerial, financial and human resources in order to remain competitive, and ultimately may place a greater pressure on us to maintain our market share and negatively impact the revenues growth and profitability of our business.

As we intend to expand our operation to overseas markets, we may face competition from a larger number of prestigious companies with greater brand recognition, better developed systems, wider market acceptance and larger existing customer base.

If we are not able to compete effectively, the number of our customers may decrease and our market share and profitability may be negatively affected, which could materially and adversely affect our business, financial condition, results of operations and prospects, as well as our reputation.

***We are exposed to risks related to concentration of earnings, and it may have a material adverse effect on our financial condition and results of operations.***

We currently derive a substantial portion of our total revenue from contracts secured with a few customers. For the year ended March 31, 2025, three customers accounted for 43.9%, 18.1%, and 10.0% of the Company's total revenue, respectively. For the year ended March 31, 2024, four customers accounted for 28.6%, 28.5%, 22.5% and 12.6% of the Company's total revenue, respectively. We cannot guarantee that the volume of revenue we earn from our major customers will remain consistent in the future. Any substantial change in our business relationships with these customers, whether due to actions by our competitors, regulatory authorities, industry factors or otherwise, could have a material adverse effect on our business, financial condition, cash flows and results of operations.

***Our business is subject to system and data security risks, and our existing security measures may be inadequate to address these risks, making our systems susceptible to compromise, which could materially adversely affect our business, results of operations, financial condition and prospects.***

As an IT solution service provider in Hong Kong, we are expected to be the target of cyberattacks, distributed denial of service attacks, hacking and phishing attacks, security breaches, computer malware, and other malicious internet-based activities, our business is therefore subject to these risks. While we have adopted and implemented security protocol, network protection mechanisms, applicable recovery system or other defense procedures, we cannot assure you that these measures are, or will be, adequate to prevent any of such attacks and protect us from any network or service interruptions, system failures or data losses. We may not be able to anticipate or prevent all techniques that could be used to obtain unauthorized access to our systems because such techniques may change frequently and are generally not detected until an incident has occurred. Additionally, we cannot be certain that we will be able to address any vulnerabilities in our solutions that we may become aware of in the future. Attacks or security breaches could delay or interrupt our services provided to our customers and their end-customers, damage our reputation and brand, expose us to risks of potential litigation and liabilities, and require us to expend significant capital and other resources to alleviate problems caused by such attacks or security breaches.

Furthermore, any security incident, if happens to us, or to others, such as our customers, may lead to public disclosures and widespread negative publicity for us or our customers who may lose confidence in the security of our solutions. Concerns regarding privacy, data protection, and information security may cause some of our customers to stop using our solutions and decline to renew their subscriptions, and make it harder for us to attract new customers. To the extent we do not effectively address these risks, our business, financial condition, results of operations, and prospects could be materially adversely affected.

***Future investments or acquisitions may not be successful.***

In addition to organic growth, we may take advantage of opportunities to invest in or acquire additional businesses, services, assets or technologies. However, we may fail to select appropriate investment or acquisition targets, or we may not be able to negotiate optimal arrangements, including arrangements to finance any acquisitions. Acquisitions and integrations of new assets and businesses into our own would require significant capital and our management attention and could result in a diversion of resources away from our existing business. Investments and acquisitions could result in the use of substantial amounts of cash, increased leverage, potentially dilutive issuances of equity securities, goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired business, and the invested or acquired assets or businesses may not generate the financial results we expect.

***Our project completion cycle can be unpredictable and longer than expected, and may lead to increased time and expense that could affect our operating results.***

The timing of project completion may fluctuate and may be difficult to predict. The length of our sales cycle, from project design to completion is generally four to six months but can vary substantially from customer to customer. In certain cases, our work can extend over a year and exceed our initial prediction. Owing to the customized services that we provide to our customers, we often require a longer discussion process with our customers and frequent adjustments to our services if we are unable to meet our customer's requests. Customers, larger organizations in particular, often undertake long evaluation process due to their organizational structure and approval requirements, which can lengthen the duration of our projects and delay completion. Customers may also demand additional features or adjustments to our work. As a result, we may be unable to accurately predict duration of our projects and be unable to efficiently allocate human resources for our coexisting projects, which may adversely affect our efficiency and require us to hire more employees than needed. If expectations for our project cycle are not accurate, it may lead to increased time and expense and could adversely affect our operating results.

***Our growth is reliant on our sales and marketing strategies. Failure on effective marketing may harm our ability to increase our customer base and spending on ineffective marketing may adversely affect our financial results.***

Our ability to expand our customer base and gain wider market exposure partially depend on the effectiveness of our marketing efforts. We market our solutions mainly through our in-house direct sales team. We plan to deploy additional resources to strengthen our sales team and organize more marketing activities such as hosting seminars and conferences among students in tertiary institutions, industry players and potential customers, which will require us to make substantial expenditures but may not yield increased revenue. To the extent that these marketing activities lead to increased revenue, the additional revenue generated could nevertheless be insufficient to offset the increased expenses we incur. If we fail to maintain and enhance our market share, our pricing power may decline as compared to that of our competitors and we may lose existing or prospective customers, which could materially and adversely affect our business, results of operations and financial condition There is also no assurance that any increase in our marketing expenditures will lead to our anticipated results, which, if unsuccessful, may even result in financial loss and our business may be significantly harmed.

***If we are unable to develop, maintain, and enhance our brand and reputation in a cost-effective manner, our growth strategies may be hindered and our business may be adversely affected.***

Our brand and reputation is one of the decisive factors in attracting new customers who determine whether to engage us for our services. We believe that our brand name and reputation are important corporate assets that differentiate our services from those of our competitors. As such, we have strategically offered services at a lower than market price for reputable and large-scale customers at the early stages of our business, with the aims to build our profile and to enhance reputation. However, our brand and reputation may be harmed and will be susceptible to factors, including but not limited to:

● issues
 that arise with our services;

● unsatisfied
 services provided to customers;

● statements
 made by former and existing customers, competitors, service providers and others;

● regulatory
 enquiries or enforcement actions taken against us or our employees;

● negative
 publicity relating to our services and our personnel; and

● involvement
 in disputes and legal proceedings.

We cannot assure that such negative events will not happen in the future. If these events happen and we fail to recover from destruction to our brand and reputation successfully, we may experience a significant decline in demand for our services, decrease in investor confidence, reduction of the value of our brand and ultimately result in a material adverse effect to our business and prospects.

***If we are unable to effectively recruit, retain and train qualified software developers, our growth strategies may be hindered and our business may be adversely affected.***

Our growth strategy is, in part, reliant on our ability to attract and retain highly qualified software developers including software engineers, programmers and coders. We face intense competition with both information technology related and non-related large enterprises in recruiting programmers and project managers. We compete with many other companies for employees with expertise in designing, developing and managing software and applications. Some of our competitors in Hong Kong may have greater resources and may be able to offer better remuneration package to software developers than us. Our ability to recruit talented personnel and retain existing employees may be affected if our compensation package and employee benefits are perceived as unattractive.

If we are unable to retain skilled employees and attract new personnel suitable for our business, we may not be able to accomplish our business objectives. We may have to increase in training expenses and may have to divert extra time and resources for training led by higher-level employees. We cannot assure you that we will be able to retain, recruit and train competent professionals. Our quality of work may be affected and it may jeopardize our ability to meet our customers' expectations. We may also experience constraints that will hinder our ability to adopt our growth strategies. Failure in maintaining a skillful and talented team of capable individuals could have a material adverse effect on our business, results of operations and financial condition.

***Natural disasters and other catastrophic or force majeure events could materially and adversely affect our business.***

Occurrence of natural disasters and other catastrophic or force majeure events, such as health epidemics, cyberattack, power loss, telecommunications failure, political unrest, terrorist attacks, war, riots, and other geo- political unrest could lead to damage and disruption to our operation and may affect our business or the economy as a whole. In the event of natural disaster or catastrophic events, we may experience corruption or loss of data, dissipation of trade secrets, system malfunction, and interruption of our service. We may not be able to operate our business and may endure system interruptions, delay in research and development, halt in system maintenance, reputation harm, degradation of infrastructure and suspension of service. We are highly susceptible to factors that specifically affect Hong Kong, and we may have to temporarily suspend our services under any event that results in disruption to our critical business functions in Hong Kong. Any such events affecting our ability to conduct normal business operations could materially impact our business, financial condition and operating results.

***We rely on our CEO, CTO and our key management and professional staff. The loss of key team members could affect our operations and our business may be severely disrupted.***

We have an experienced and capable management team, including our CEO and CTO, who are responsible for managing our daily operations and customer relations, implementing our business strategies, pricing, overseeing financial performance and supervising employees. They are the key for our internal and external management. If we lose any members of our management team, we may face difficulties in executing our current plans and strategies, our business could be harmed and our growth prospects may be inhibited. negotiating, planning, pricing, new product development and product execution

On the other hand, execution of customer's requests and operation of our business is dependent on our highly skilled personnel, which consist of high-level developers who are able to perform advanced technical services. Because we operate in a relatively new industry that requires highly skilled technical personnel, our future success is vastly dependent on the talents, their experiences, and contributions they may provide. If we lose our high-level developers including software engineers, programmers and coders, we may not be able to efficiently direct our front-end, back-end and application developers, which will limit our ability to accurately execute our customers' instructions. We may also experience difficulties in hiring and retaining such personnel with desired qualifications with a competitive salary. These factors could disrupt our operations and have a material adverse effect on our business.

***Our Chairman and executive director, Mr. Lee Yat Lung Andrew, concurrently holds executive officer and director positions with another public company, and as a result, Mr. Lee may not have sufficient time to allocate to progress the Company's business efforts in an expeditious manner, which may negatively impact our business.***

Our Chairman and executive director, Mr. Lee Yat Lung Andrew, works full time for the Company in addition to serving as the Chairman of the Board of Directors and Chief Executive Officer of Global Engine Group Holding Limited, a Nasdaq-listed company ("GLE"). Mr. Lee devotes approximately thirty (30) hours per week to the Company and approximately thirty (30) hours per week to GLE. Mr. Lee's concurrent service for GLE may result in his time and resources being diverted from his Chairman and executive director roles with the Company. Mr. Lee is a key member of our management team with extensive industry experience, and his concurrent roles with GLE may divert his attention away from that of managing the Company, which may have a material adverse effect on the Company's financial performance.

***Any unexpected and prolonged disruption to the access of our business premises may adversely affect our business.***

As we have only one business premise in Hong Kong, if there is any unexpected and prolonged disruption of usage or access to our business premises, such as fire or power failure and we cannot timely relocate our business premises to another suitable location with well-equipped facilities, the normal operation of our group and thus our business, results of operations and financial position will be adversely affected.

***The economic, political and social conditions of the PRC as well as its government policies may adversely affect our business and results of operations.***

The vast majority of our customers are operating in Hong Kong. Our business and results of operations may indirectly be adversely affected by changes in political, economic and social conditions or the relevant policies of the PRC government, such as changes in laws and regulations (or the interpretations thereof), measures which might be introduced to control inflation, changes in the rate or method of taxation, the imposition of additional restrictions on currency conversion and the imposition of additional export restrictions. Furthermore, a significant portion of economic activities in the PRC are export-driven and, therefore, are affected by developments in the economies of the principal trading partners of the PRC and other export-driven economies. In the past, the PRC government has implemented a number of measures to prevent the PRC economy from overheating and their current policy is to boost domestic spending. Many of the economic reforms undertaken by the PRC government are unprecedented and may be subject to change, revision or abolition. We can offer no assurance that the PRC government will continue to pursue a policy of economic and social reform. The policies and other measures taken by the PRC government to regulate the PRC economy and social condition may adversely affect our operating and financial results.

***Risks relating to litigation against our directors and officers.***

We currently do not maintain insurance policies to cover some of the risk exposure for our directors and officers. We might, in the future, decide to maintain D&O insurance for our management and directors but there can be no assurance that we will be able to retain D&O insurance at reasonable rates or at all, or in amounts adequate to cover all such legal costs and expenses. We have agreed in writing to indemnify our current directors against general liabilities and legal costs incurred, suffered or sustained by the directors in connection with acting as a director, subject to specified exclusions. Nevertheless, without D&O insurance, the amounts we would pay to indemnify our directors should they be subject to any legal, regulatory or administrative action in connection with acting as a director for us could have a material adverse impact on our results of operations and financial condition. Such actions may result in substantial costs and, among other things, divert the attention of management and our employees.

**Risks Relating to Doing Business in Hong Kong**

***Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations and rules and the enforcement of laws of the Chinese government may also occur and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.***

Our operations are located in Hong Kong. In addition, PRC laws and regulations may be interpreted and applied inconsistently by different Hong Kong or PRC agencies or authorities, and may be inconsistent with our current policies and practices. New laws, regulations, and other government directives in the PRC that apply to our Operating Subsidiary in Hong Kong may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other PRC or Hong Kong government actions may:

● intervene or interfere with our operations at any time;

● delay or impede our development;

● result in negative publicity or increase our operating costs;

● require significant management time and attention; and/or

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

Any such interventions or actions could result in a material negative change in our operations, which could also negatively impact the value of our Class A Ordinary Shares.

Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China, including the regulation of certain activities in the United States and global securities markets, enhancing supervision over PRC-based companies listed overseas using VIE structures, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since some of these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list on a U.S. or other foreign exchange.

The PRC government may exert more supervision and regulations over offerings conducted overseas and foreign investment in the PRC or HK-based issuers, which may result in a material change in our operations and/or the value of our Class A Ordinary Shares, or even our ability to continue to offer securities to investors, in which case the value of our Class A Ordinary Shares could significantly decline or become worthless.

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 achieve 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 measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

***In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors.***

Further, there are currently no restrictions or limitations under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between BAO Holding Limited, the ultimate holding company, and BoxAO, the wholly-owned operating subsidiary in Hong Kong. However, the PRC government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to fund operations outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business outside of Hong Kong and may affect our ability to receive funds from BoxAO See "*Transfers of Cash to and from our Subsidiaries*" on page 15 for more detailed discussion.

***The Chinese regulatory authorities could disallow our organizational 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.***

We are exposed to various risks and uncertainties stemming from the interpretations and implementations of laws and regulations in the PRC. These include, but are not limited to, the regulatory scrutiny of PRC companies' overseas listings. Furthermore, we are susceptible to potential risks and uncertainties associated with future actions undertaken by the PRC government, which could potentially result in the disallowance of our organizational structure. Such an outcome would likely lead to a substantial transformation in our operational activities, and as a consequence, the value of our Class A Ordinary Shares may experience a significant depreciation or even become worthless.

***We may become subject to a variety of PRC laws and other regulations regarding data protection or cybersecurity, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations.***

We may become subject to a variety of laws and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection, although we do not believe that we are currently subject to any such laws or regulations. These laws and regulations are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting, particularly with respect to foreign laws. In particular, there are numerous laws and regulations regarding privacy and the collection, sharing, use, processing, disclosure, and protection of personal information and other user data. Such laws and regulations often vary in scope, may be subject to differing interpretations, and may be inconsistent among different jurisdictions.

We obtain information about various aspects of our operations as well as regarding our employees and third parties. We also maintain information about various aspects of our operations as well as regarding our employees. The integrity and protection of our customer, employee and company data is critical to our business. Our customers and employees expect that we will adequately protect their personal information. We are required by applicable laws to keep strictly confidential the personal information that we collect, and to take adequate security measures to safeguard such information.

On November 7, 2016, the Standing Committee of the PRC National People's Congress issued the Cyber Security Law of the PRC, or Cyber Security Law, which became effective on June 1, 2017.

Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information, and may only collect users' personal information necessary to provide their services. Providers are also obliged to provide security maintenance for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under the relevant laws and regulations.

The Civil Code of the PRC (issued by the PRC National People's Congress on May 28, 2020 and effective from January 1, 2021) provides the main legal basis for privacy and personal information infringement claims under the Chinese civil laws. PRC regulators, including the CAC, the Ministry of Industry and Information Technology, and the Ministry of Public Security have been increasingly focused on regulation in the areas of data security and data protection.

The PRC regulatory requirements regarding cybersecurity are constantly evolving. For instance, various regulatory bodies in China, including the CAC, the Ministry of Public Security and the State Administration for Market Regulation have interpreted and enforced data privacy and protection laws and regulations within their respective areas.

In November 2016, the Standing Committee of China's National People's Congress passed the CSL, which became effective in June 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation of the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification, shutting down the websites, and revocation of business license or relevant permits. In April 2020, the CAC and certain other PRC regulatory authorities promulgated the Cybersecurity Review Measures, which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services which do or may affect national security. On July 10, 2021, the CAC issued a revised draft of the Measures for Cybersecurity Review for public comments ("Draft Measures"), which required that, in addition to "operator of critical information infrastructure," any "data processor" carrying out data processing activities that affect or may affect national security should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The CAC has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." The cybersecurity review will also investigate the potential national security risks from overseas initial public offerings. On June 10, 2021, the Standing Committee of the National People's Congress promulgated the PRC Data Security Law, which took effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for entities and individuals handling personal data, including that no entity or individual may acquire such data by stealing or other illegal means, and the collection and use of such data should not exceed the necessary limits. The costs of compliance with, and other burdens imposed by, CSL and any other cybersecurity and related laws may limit the use and adoption of our products and services and could have an adverse impact on our business.

On December 28, 2021, thirteen PRC regulatory agencies, namely, the CAC, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, the Ministry of Commerce, the State Administration for Market Regulation, CSRC, the People's Bank of China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022. The Measures for Cybersecurity Review (2021) required that, among others, in addition to "operator of critical information infrastructure" any "operator of network platform" holding personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review.

According to the temporary application of Chinese laws related to cybersecurity to companies within China, companies established in Hong Kong are not within the scope of application. The Company is therefore currently not required to obtain regulatory approval from the CAC nor any other PRC authorities for its and its subsidiaries' operations in HK.

We do not expect to be subject to the cybersecurity review by the CAC, given that: (i) using our products and services do not require providing users' personal information; (ii) we possess minimum amount, if not none of personal information in our business operations; (iii) data processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities and (iv) our operations are in HK, a Special Autonomous Region apart from mainland PRC. However, detailed implementation and interpretation related to network security are still under development. If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we will take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us, where applicable and necessary.

We cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed, or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties, which could materially and adversely affect our business, financial condition, and results of operations.

We believe that we have been in compliance with the data privacy and personal information requirements of the CAC. Neither the CAC nor any other PRC regulatory agency or administration has contacted the Company in connection with the Company's or its subsidiaries' operations.

We may be subject to a variety of laws and other obligations regarding data protection in HK. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") came into force on 20 December 1996. The PDPO states that any person who controls the collection, holding, processing or use of personal data (the "data user") shall not do any act, or engage in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the "Data Protection Principles") unless the act or practice, as the case may be, is required or permitted under the PDPO. Personal data means any data (a) relating directly or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly ascertained; and (c) in a form in which access to or processing of the data is practicable.

The Data Protection Principles set out that (1) personal data must be collected in a lawful and fair way, for a purpose directly related to a function or activity of the data user. Data subjects must be notified of the purpose for which the data is to be used and the classes of persons to whom the data may be transferred. Data collected should be adequate but not excessive; (2) personal data must be accurate and should not be kept for a period longer than necessary for the fulfillment of the purpose for which the data is or is to be used; (3) personal data must be used for the purpose for which the data is collected or for a directly related purpose unless voluntary and explicit consent with a new purpose is obtained from the data subject; (4) a data user shall take practicable steps to safeguard any personal data held against unauthorized or accidental access, processing, erasure, loss or use; (5) a data user shall take practicable steps so that its policies and practices in relation to personal data, the kind of personal data it holds and the main purposes for which the personal data is or is to be used for are made known to the public; and (6) a data shall be entitled to request access to personal data and must be allowed to correct the personal data if it is inaccurate.

Moreover, the Personal Data (Privacy) (Amendment) Ordinance 2021 (the "PDPAO") came into effect on 8 October 2021. It amends the PDPO, particularly to: (i) criminalize doxing, i.e. unconsented disclosure of personal information of targeted individuals and groups; (ii) introduce a cessation notice regime to tackle doxing with extra-territorial reach; and (iii) substantially expand the investigation and enforcement powers of the Privacy Commissioner for Personal Data, in contexts beyond doxing.

We are of the view that we are not likely to be in breach of the PDPO and the PDPAO, for the following reasons: (i) using our products and services do not require providing applicable users' personal information and (ii) we possess a minimum amount, if not none of the personal information in our business operations. Nonetheless, we are subject to laws and regulations relating to the collection, storage, use, processing, transmission, retention, security and transfer of personal information and other data. The interpretation and application of laws, regulations and standards on data protection and privacy may continue to evolve. We cannot assure you that the governmental authorities will not interpret or implement the laws or regulations in ways that negatively affect us. We may be subject to investigations and inspections by government authorities regarding our compliance with laws and regulations on data privacy, and we cannot assure you that our practices will always fully comply with all applicable rules and regulatory requirements. In addition, laws, regulations and standards on data protection and privacy continue to develop and may vary from jurisdiction to jurisdiction. Complying with emerging and changing international requirements may cause us to incur substantial costs or require us to change our business practices.

***The Opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the future.***

On February 17, 2023, with the approval of the State Council, the CSRC released the Trial Overseas Listing Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Overseas Listing Measures, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; if a domestic company fails to complete the 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 order to rectify, warnings, 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; (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 combined financial statements for the same period; (ii) its major operational activities are carried out in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer are mostly Chinese citizens or are domiciled in China; 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 an initial public offering 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, given that (i) the group currently does not have, nor do it currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) it is not controlled by any PRC entity or individual; (iii) it does not have any operation in the PRC, nor does it have any partnership or cooperation with any PRC entity or individual; (iv) it currently does not have, nor does it plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China; and (vi) no revenue of the Company is generated from the PRC, this Offering shall not be deemed as a domestic enterprise that indirectly offer or list securities on an overseas stock exchange, nor does it requires filing or approvals from the CSRC. We are not subject to any PRC laws and regulations except to those applicable to Hong Kong listed in Annex III of the Basic Law. We do not need permission or approval from the Chinese government to operate our business or offer our Class A Ordinary Shares. As such, we have not applied for and we have not been denied any permissions or approvals. We believe, and we have been advised by our PRC legal counsel, Guangdong Wesley Law Firm, that we do not need permission or approval from the Chinese government to operate our business or offer our Class A Ordinary Shares. As such, we have not applied for and we have not been denied any permissions or approvals.

Further, as of the date of this prospectus, in the opinion of our PRC legal counsel, Guangdong Wesley Law Firm, the Company is not considered a domestic enterprise under the Trial Measures and the Trial Measures do not apply to the Company, and its listing on NASDAQ does not require fulfilling the filing procedure to 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. If we or our Operating Subsidiaries inadvertently conclude that such approvals are not required, we may be required to make corrections, be given a warning, be fined between RMB 1 million and RMB 10 million, warn the responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million, fine the controlling shareholder not less than RMB 1 million but not more than RMB 10 million, prevent the Company from entering the securities market and our ability to offer or continue to offer our Class A Ordinary Shares to investors could be significantly limited or completed hindered, which could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. Our group may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of the PRC, limit our operations in the PRC, delay or restrict the repatriation of the proceeds from this Offering into the PRC 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.

On February 24, 2023, the CSRC revised the Archives Rules issued in 2009. The Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises ("the revised Archives Rules") came into effect on March 31, 2023. In the overseas listing activities of domestic companies, 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. Where a domestic company provides or publicly discloses to the relevant securities companies, securities service institutions, overseas regulatory authorities and other entities and individuals, or provides or publicly discloses through its overseas listing entity, any document or material involving any state secret or any work secret of any governmental agency, it shall report to the competent authority for approval in accordance with the law, and submit to the secrecy administration department for filing. Securities companies and securities service organizations shall comply with the confidentiality and archive management requirements, and keep the documents and materials properly. Securities companies and securities service institutions that provide domestic enterprises with relevant securities services for overseas issuance and listing of securities shall keep the working papers they compile (such as the records of working plan and procedure, evidence and supporting materials related to the services which are obtained and prepared by the aforementioned service providers) within the territory of the PRC. If such working papers need to be taken abroad, approval shall be obtained in accordance with relevant provisions.

The Trial Overseas Listing Measures, and the revised Archives Rules as enacted, do not presently subject us to additional compliance requirements because we are not considered a PRC-based "domestic company" and are instead subject to general application of the Basic Law. However, we cannot assure you that they will not apply to us in the future. If they do eventually apply to us, we cannot assure you that we will be able to get the clearance of filing procedures under the Trial Overseas Listing Measures on a timely basis, or at all. Any failure by us to fully comply with new regulatory requirements, including but limited to the failure to complete the filing procedures with the CSRC if required, may significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our Class A Ordinary Shares to significantly decline in value or become worthless.

Additionally, due to long arm provisions under the current PRC laws and regulations, we are also subject to the risks of uncertainty about any future actions the Chinese government or authorities in Hong Kong may take in this regard.

Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our Hong Kong Operating Subsidiary's business, it may intervene in or influence our operations. Such governmental actions (i) could result in a material change in our Operating Subsidiary's operations; (ii) could hinder our ability to continue to offer securities to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline in value or become worthless.

***The Hong Kong legal system is subject to uncertainties in the interpretation and enforcement of PRC laws and regulations.***

Hong Kong is a Special Administrative Region of the PRC. Following British colonial rule from 1842 to 1997, China assumed sovereignty under the "one country, two systems" principle. The Hong Kong Special Administrative Region's constitutional document, the Basic Law, prescribes that Hong Kong's current sovereignty will remain in effect for 50 years.

The PRC legal system is based on written statutes and prior court decisions have limited value as precedents. We cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our customers.

***We may be affected by adverse changes in the political, economic, regulatory or social conditions in Hong Kong.***

Our operations in HK are subject to special PRC considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. Our operating results may be adversely affected by changes in the political and social conditions in HK, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. Similarly, Hong Kong's economy differs from the economies of most developed countries in many respects, including the amount of PRC government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. Economic conditions in Hong Kong are sensitive to global economic conditions. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations and prospects.

***A recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.***

On April 21, 2020, former SEC chairman Jay Clayton and former PCAOB chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.

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 two 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 U.S.

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 June 22, 2021, the U.S. Senate passed the Consolidated Appropriations Act, which was signed into law by President Biden and contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the delisting of our Company and the prohibition of trading in our securities if the PCAOB is unable to inspect our accounting firm at such future time. A termination in the trading of our securities due to an involuntary delisting or any restriction on the trading in our securities would be expected to have a negative impact on the Company as well as on the value of our securities, should we face heightened operational and legal risks in relation to HFCAA compliance.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

On December 16, 2021, PCAOB announced the PCAOB determinations relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.

The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.

On August 26, 2022, the PCAOB announced that it had signed the SOP with the CSRC and the Ministry of Finance of China. The SOP Agreement establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP 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 firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction.

On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. The PCAOB's December 15, 2022 determination may be subsequently vacated and does not automatically grant a grace period. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and resumed regular inspections in early 2023. It continues pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA, if needed. Even though the PCAOB's December 15, 2022 determination significantly reduces the risk of an involuntary delisting under the HFCAA, it does not eliminate other requirements for companies with PRC operating entities' operations in China like us under both the HFCAA and SEC guidance.

Our auditor, TAAD LLP, an independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Our auditor is headquartered in the United States. As of the date of this prospectus, our auditor is not subject to the PCAOB determinations announced by the PCAOB on December 16, 2021 relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong because of a position taken by one or more authorities in the PRC or Hong Kong.

**Risks Relating to Our Initial Public Offering and Ownership of Our Class A Ordinary Shares**

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

The offering price for our Class A Ordinary Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Class A Ordinary Shares following our Offering. If you purchase our Class A Ordinary Shares in our Offering, you may not be able to resell those Class A Ordinary Shares at or above the offering price. We cannot assure you that our Class A Ordinary Shares' offering price, or the market price following our Offering, will equal or exceed prices in privately negotiated transactions of our Class A Ordinary Shares that have occurred from time to time prior to our initial public Offering. The market price of our Class A Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

● actual or anticipated fluctuations in our revenue and other operating results;

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

● actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

● announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

● price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

● lawsuits threatened or filed against us; and

● other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

In addition, the trading price of our Class A Ordinary Shares is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors, akin to the performance and fluctuation of the market prices of other companies with business operations located mainly in HK or the PRC that have listed their securities in the United States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings. The trading performances of the securities of these Chinese companies after their offerings may affect the general perception and attitude of investors toward Chinese companies listed in the United. Consequently, these factors may impact the trading performance of our shares, notwithstanding our actual operating performance.

In addition to market and industry factors, the price and trading volume for our Class A Ordinary Shares may be highly volatile for factors specific to our own operations, including the following:

● variations in our revenues, earnings and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

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

● potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which our Class A Ordinary Shares will trade.

In the past, shareholders of public companies have often brought securities class action suits against 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 suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***We may not maintain the listing of our Class A Ordinary Shares on the Nasdaq, which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.***

We intend to list our Class A Ordinary Shares on the Nasdaq concurrently with this Offering. In order to continue listing our Class A Ordinary Shares on the Nasdaq, we must maintain certain financial and share price levels, and we may be unable to meet these requirements in the future. We cannot assure you that our Class A Ordinary Shares will continue to be listed on the Nasdaq in the future. If the Nasdaq delists our Class A Ordinary Shares and we are unable to list our Class A Ordinary Shares on another national securities exchange, we will endeavor to have our Class A Ordinary Shares quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our Class A Ordinary Shares;

● reduced liquidity for our Class A Ordinary Shares;

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

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

As long as our Class A Ordinary Shares are listed on the Nasdaq, U.S. federal law prevents or preempts states from regulating their sale of those listed Class A Ordinary Shares. However, the law does permit states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of those listed Class A Ordinary Shares. Further, if our Class A Ordinary Shares are no longer listed on the Nasdaq, we would be subject to regulations in each state in which we offer our Class A Ordinary Shares.

***Future issuances or sales, or perceived issuances or sales, of substantial amounts of Class A Ordinary Shares in the public market could materially and adversely affect the prevailing market price of the Class A Ordinary Shares and our ability to raise capital in the future.***

The market price of our Class A Ordinary Shares could decline as a result of future sales of substantial amounts of our Class A Ordinary Shares in the public market after the completion of this Offering, or the perception that these sales could occur. Future sales, or perceived sales, of substantial amounts of the shares could adversely affect the market price of our Class A Ordinary 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 15,050,000 Class A Ordinary Shares outstanding. The Class A Ordinary Shares sold in this Offering will be freely tradable without restriction or further registration under the Securities Act, and Class A 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 under the Securities Act and applicable lock-up agreements. There will be 16,550,000 Class A Ordinary Shares outstanding immediately after this Offering assuming the Over-Allotment Option is not exercised. In connection with this Offering, our directors and officers named in the section "Management," and certain shareholders have agreed not to sell any shares until 180 days after the date of this prospectus without the prior written consent of the underwriters, subject to certain exceptions. However, the underwriters may release these securities from these restrictions at any time. See "*Underwriting*" and "*Shares Eligible for Future Sale*" for a more detailed description of the restrictions on selling our securities after this Offering.

***Short selling may drive down the market price of our Class A 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. Since 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 negative opinions 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 negative opinions of short sellers, 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. If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or defend our Company. This situation will be costly and time-consuming and distract our management from developing our growth. If such allegations are not proven to be groundless, we and our business operations will be severely affected and you could sustain a significant decline in the value of our Class A Ordinary Shares.

***Because we may not expect to pay dividends in the foreseeable future, you may rely on price appreciation of our Class A Ordinary Shares for a return on your investment.***

We currently intend to retain 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 may not expect to pay any cash dividends or make any distributions in the foreseeable future. Therefore, you should not rely on an investment in our Class A Ordinary Shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of BVI law. 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 securities will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value after this Offering or even maintain the price at which you purchased our Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment.

***Because our offering price is substantially higher than our net tangible book value per Class A Ordinary Share, you will experience immediate and substantial dilution.***

If you purchase Class A Ordinary Shares in the assumed completion of this Offering, you will pay substantially more than the corresponding amount paid by existing shareholder for their shares and more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of US$4.17 per Class A Ordinary Share, representing the difference between our net tangible book value per Class A Ordinary Share of US$0.01 as of March 31, 2025, after giving effect to a cash dividend of HK$6,150,000 declared on April 20, 2025 and paid fully in June 2025 and the net proceeds to us from this Offering, assuming no change to the number of Class A Ordinary Shares offered by us as stated on the cover page of this prospectus and an assumed public offering price of US$4.50 per Class A Ordinary Share (being the mid-point range of US$4.00 and US$5.00 per Class A Ordinary Share). See "*Dilution*" for a more complete description of how the value of your investment in our Class A Ordinary Shares will be diluted upon the completion of this Offering.

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

We plan to use the net proceeds of this Offering as discussed under "Use of Proceeds". However, our management will have considerable discretion in the application of the net proceeds received by us in this Offering. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase our share price. The net proceeds from this Offering may be placed in investments that do not produce income or that lose value.

***If we become 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 our Company will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year 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, in future taxable years, 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. We treat our affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we combine their operating results in our combined 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 Tax Considerations — Passive Foreign Investment Company Considerations*" on page 96.

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

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, including the election of directors, amendment of memorandum and articles of association and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to five (5) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, Mr. Lee, our Chairman, director, and the Controlling Shareholder, through the entity Ever Topmax, will beneficially own approximately 42.38% of our outstanding Class A Ordinary Shares and 100% of our Class B Ordinary Shares, representing 59.53% of the total voting power of the aggregate voting power of our Company immediately following the completion of this Offering, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***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, Mr. Lee indirectly beneficially owns approximately 46.60% of our issued and outstanding Class A Ordinary Shares through Ever Topmax. Mr. Lee who is also our Chairman and executive director, controls 100% of the issued share capital of Ever Topmax. Upon completion of this Offering, he will be the beneficial owner of an aggregate of 7,013,300 Class A Ordinary Shares which will represent 42.38% of the then total issued and outstanding Class A Ordinary Shares or 41.81% if the Over-Allotment Option is exercisable in full. In addition, Ever Topmax holds 1,402,660 Class B Ordinary Shares which together with the 7,013,300 Class A Ordinary Shares held by it, will control 59.53% our entire voting issued capital.

Accordingly, Ever Topmax, or Mr. Lee through Ever Topmax, 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 Ever Topmax, 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 Class A Ordinary Shares. For more information regarding our principal shareholders and their affiliated entities, see "*Principal Shareholder*" on page 79.

***We are a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.***

Upon the completion of this Offering, we will be a "controlled company" as defined under the rules of Nasdaq. For so long as we remain a controlled company under that definition, we are permitted to elect to rely, and will rely, on certain exemptions from corporate governance rules, including:

● an exemption from the rule that a majority of our board of directors must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Accordingly, a majority of the members of our board of directors might not be independent directors and our nomination and compensation committees might not consist entirely of independent directors upon closing of the Offering. Our status as a controlled company could cause our Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. We currently do not plan to rely on these exemptions although we may in the future elect to so rely.

***As a company incorporated in the BVI, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards.***

As a foreign private issuer that has applied to list our Class A Ordinary Shares on Nasdaq, we may rely on provisions in the Nasdaq corporate governance listing standards that allow us to follow BVI 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 may be exempt from the Nasdaq regulations that require a listed U.S. company to:

● require non-management directors to meet on a regular basis without management present; and

● seek shareholders' approval for the implementation of certain equity compensation plans and issuances of Class A Ordinary 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.

***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 BVI law.***

We are a business company incorporated under the laws of the BVI with limited liability. Our corporate affairs are governed by our Memorandum and Articles of Association, the Companies Act and the common law of the BVI. 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 BVI law are, to a large extent, governed by the common law of the BVI. The common law of the BVI is derived in part from comparatively limited judicial precedent in the BVI as well as from the English common law, which is generally persuasive authority, but is not binding, on a court in the BVI. The rights of our shareholders and the fiduciary duties of our directors under BVI law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions of the United States. In particular, the BVI has a different body of securities laws than the United States. In addition, BVI companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the BVI of judgments obtained in the United States, although the courts of the BVI will, in certain circumstances, recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

Shareholders of BVI business companies like us have no general rights under BVI law to inspect corporate records (other than the Memorandum and Articles of Association) or to obtain copies of lists of shareholders of these companies. Our directors are not required under our Memorandum and Articles of Association to make our corporate records available for inspection by our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the BVI, 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 will 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, 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 Shareholder than they would as shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "*Certain BVI Company Considerations — Differences in Corporate Law*."

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

Prior to the completion of this Offering, we have been a private company with limited accounting personnel. Furthermore, prior to the completion of this Offering, our management has not performed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. Effective internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed to prevent fraud.

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

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

In addition, if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may be unable to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. Generally speaking, if we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could, in turn, limit our access to capital markets, harm our results of operations and lead to a decline in the trading price of our Class A Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities laws and subject us to potential delisting from Nasdaq to regulatory investigations and to civil or criminal sanctions.

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

We are an "emerging growth company," as defined in the JOBS Act, 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 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 are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● 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;

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

● 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

● the selective disclosure rules by issuers of material non-public information under Regulation FD.

However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies. Moreover, we will be 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 the 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.

***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. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter. Accordingly, the next determination will be made with respect to us on September 30, 2025. 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 were to lose our foreign private issuer status, we would 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 also would be required to comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders would become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we would 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 would incur significant additional legal, accounting and other expenses that we do not incur as a foreign private issuer.

***We will incur significantly increased costs and devote substantial amount of our management's time as a result of becoming a public company and the eventual listing of our Class A Ordinary Shares on the Nasdaq.***

As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, we will incur additional legal, accounting and other expenses as a public reporting company that we did not incur as a private company, 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 the Nasdaq rules, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that 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 of becoming a public company or the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure create uncertainty for public companies, increasing legal and financial compliance costs and make 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 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.

***Future financing may cause a dilution in your shareholding or place restrictions on our operations.***

We may need to raise additional funds immediately after the completion of this Offering or in the future to finance further expansion of our capacity and business relating to our existing operations, acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities of the Company other than on a pro rata basis to existing shareholder, the percentage ownership of such shareholders in the Company may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively, if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing arrangements which may:

● further limit our ability to pay dividends or require us to seek consents for the payment of dividends;

● increase our vulnerability to general adverse economic and industry conditions;

● require us to dedicate a substantial portion of our cash flows from operations to service our debt, thereby reducing the availability of our cash flow to fund capital expenditure, working capital requirements and other general corporate needs; and

● limit our flexibility in planning for, or reacting to, changes in our business and our industry.

***Our compensation of directors and Executive Officers may not be publicly available.***

Under BVI law, the Company is not required to disclose compensation paid to our senior management on an individual basis and the Company has not otherwise publicly disclosed this information elsewhere. The executive officers of the Company receive fixed and variable compensation. They also receive benefits in line with market practice. The fixed component of their compensation is set on market terms and adjusted annually. The variable component consists of cash bonuses and awards of shares (or the cash equivalent). Cash bonuses are paid to executive officers based on previously agreed targets for the business. Shares (or the cash equivalent) may be awarded under the 2025 Equity Incentive Plan (as defined herein).

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

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from the sale of Class A Ordinary Shares of approximately $5,657,088 based upon an assumed offering price of $4.50 per share (being the mid-point of the offer price range set forth on the cover page of this prospectus), of net proceeds from this Offering after deducting underwriting discounts and commissions and estimated Offering expenses of approximately US$1,092,912 payable by us (assuming the Over-Allotment Option is not exercised).

Each $1.00 increase (decrease) in the assumed offering price of $4.50 per share (being the mid-point of the offer price range stated on the cover of this prospectus) would increase (decrease) the net proceeds to us from this Offering by $1,380,000, assuming the number of Class A Ordinary Shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting fees and commissions.

The primary purposes of this Offering are to create a public market for our Class A Ordinary Shares for the benefit of all shareholders, retain talented employees by providing them with equity incentives and obtain additional capital.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approximately
 25% for research and development for product development to expand and enhance our current product and service offerings;

(ii) approximately
 25% for acquiring other companies, technologies, or assets that can enhance our business operations, market presence, or technological
 capabilities (as of the date of this prospectus, there are no plans, commitments, or understandings to acquire target companies
 or assets and none of such target companies or assets have yet been identified);

(iii) approximately
 25% for recruiting new employees and specialists to strengthen our team, including roles in finance, IT, sales, or other departments
 critical to our growth and success;

(iv) approximately
 15% for branding and marketing, including participation in industry events and exhibitions and public relations activities;

(v) the
 balance for working capital and other general corporate purposes.

The precise amounts and percentage of proceeds we would devote to particular categories of activity will depend on prevailing market and business conditions as well as particular opportunities that may arise from time to time. This expected use of our net proceeds from this Offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including any unforeseen cash needs. Similarly, the priority of our prospective uses of proceeds will depend on business and market conditions are they develop. Accordingly, our management will have significant flexibility and broad discretion in applying 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.

**CAPITALIZATION**

The following table sets forth our capitalization as of March 31, 2025:

● on an actual basis;

● on a pro forma basis giving effect to a cash dividend of HK$6,150,000 declared on April 20, 2025 and paid fully in June 2025;

● on a pro forma as adjusted giving effect to the completion of the firm commitment Offering at an assumed public offering price of $4.50 per Class A Ordinary Share (being the midpoint of the estimated offer price range set forth on the cover page of this prospectus) and basis to reflect (i) the above; and (ii) the issuance and sale of 1,500,000 Class A Ordinary Shares by us in this Offering at an initial public offering price of US$4.50 per Class A Ordinary Share (being the mid-point of the estimated offer price range set forth on the cover of this prospectus) (excluding any Class A Ordinary Shares that may be sold as a result of the underwriters exercising their Over-allotment Option) after deducting underwriting discounts and estimated Offering expenses payable by us.

The pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this Offering is subject to adjustment based on the actual net proceeds to us from the Offering. You should read this table in conjunction with "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our combined financial statements and related notes included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **As of March 31, 2025** | **As of March 31, 2025** |
| <br>**Shareholders' Equity** |<br>**Actual** |<br>**Actual** | **Pro Forma** | **Pro Forma as Adjusted** |
|  | HK$ | USD | USD | USD |
| Class A Ordinary Shares US$0.0001 par value per share; 900,000,000 authorized as of March 31, 2025; 15,050,000 Class A Ordinary Shares issued and outstanding on an actual basis, 15,050,000 Class A Ordinary Shares issued and outstanding on a pro forma basis and 16,550,000 Class A Ordinary Shares outstanding on an as adjusted basis (assuming Class A Ordinary Shares to be issued in this Offering) | 11748 | 1505 | 1505 | 1655 |
| Class B Ordinary Shares US$0.0001 par value per share; 100,000,000 authorized as of March 31, 2025; 1,402,660 Class B Ordinary Shares issued and outstanding on an actual basis, 1,402,660 Class B Ordinary Shares issued and outstanding on a pro forma basis and Class B Ordinary Shares outstanding on an as adjusted basis | 1095 | 140 | 140 | 140 |
| Shares subscription receivable | (90197) | (11587) | (11587) | (11587) |
| Additional paid-in capital |  |  |  | 5656938 |
| Other reserve | 1027354 | 132052 | 132052 | 132052 |
| Retained earnings | 7043127 | 905298 | 114799 | 114799 |
| **Total Shareholders' Equity** | 7993127 | 1027408 | 236909 | 5893997 |

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**DIVIDEND POLICY**

On April 20, 2025, the Company declared a dividend of HK$56.2568 per share totalling HK$6,150,000 to its shareholders and paid to the Company's shareholders fully in June 2025. For the two years ended March 31, 2025, there was no dividend declaration nor distribution.

We have adopted a dividend policy, according to which our board of directors will take into account, among other things, the following factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b) cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim dividends paid, if any; (g) capital requirements and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions; (j) any restrictions on payment of dividends; and (k) any other factors that our board of directors may consider relevant. The payment of dividends, in certain circumstances is also subject to the approval of our shareholders, the Companies Act and our Articles of Association as well as any other applicable laws. Currently, we do not have any predetermined dividend distribution ratio.

Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Class A Ordinary Shares.

There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation of our significant subsidiaries that would affect the payment or remittance of dividends. As a holding company, we may rely on dividends and other distributions on equity paid by our Operating Subsidiary for our cash and financing requirements. We are permitted under the laws of the BVI and our Memorandum and Articles of Association (as amended from time to time) to provide funding to our Operating Subsidiary incorporated in Hong Kong through loans or capital contributions. Our Operating Subsidiary is permitted under the laws of Hong Kong to provide funding to us through dividend distribution without restrictions on the amount of the funds. If our Operating Subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us. As of the date of this prospectus, our Operating Subsidiary has not experienced any difficulties or limitations on its ability to pay dividends; nor does it maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. There can be no assurance that the PRC government will not impose restrictions to prevent the cash maintained in Hong Kong from being transferred out or restrict the deployment of the cash into our business or for the payment of dividends.

**DILUTION**

Investors purchasing our Class A Ordinary Shares in this Offering will experience immediate and substantial dilution in the *pro forma* as adjusted net tangible book value of their Class A Ordinary Shares. Dilution in *pro forma* as adjusted net tangible book value represents the difference between the initial public offering price of our Class A Ordinary Shares and the *pro forma* as adjusted net tangible book value per share of our Class A Ordinary Shares immediately after the Offering.

Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share is entitled to one vote. Each Class B Ordinary Share is entitled to five votes, and is convertible into one Class A Ordinary Share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

Historical net tangible book value per share represents our total tangible assets (total assets excluding goodwill and other intangible assets, net) less total liabilities, divided by the number of outstanding ordinary shares. After giving effect to the cash dividend of HK$6,150,000 declared on April 20, 2025 and paid fully in June 2025; and the sale of Class A Ordinary Shares in this Offering by the Company at an assumed initial public offering price of US$[4.50] per Class A Ordinary Share, after deducting US$540,000 in underwriting discounts and commissions and estimated offering expenses payable by the Company of approximately US$552,912, the *pro forma* as adjusted net tangible book value as of March 31, 2025 would have been approximately US$5,833,228, or US$0.33 per Class A Ordinary Share. This represents an immediate increase in *pro forma* as adjusted net tangible book value of US$0.32 per Class A Ordinary Share to our existing stockholders and an immediate dilution of US$4.17 per Class A Ordinary Share to new investors purchasing Class A Ordinary Shares in this Offering.

The following table sets forth the estimated net tangible book value per Class A Ordinary Share after the Offering and the dilution to persons purchasing Class A Ordinary Shares based on the foregoing firm commitment offering assumptions.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Offering<br> without the<br> Exercise of the<br> Over-allotment<br> Option (HKD)** | **Offering with<br> Full Exercise of the<br> Over-allotment**<br> **Option (HKD)** | **Offering<br> without the<br> Exercise of the<br> Over-allotment<br> Option (USD)** | **Offering with<br> Full Exercise of the<br> Over-allotment**<br> **Option (USD)** |
| Assumed initial public offering price per Class A Ordinary Share | 35.01 | 35.01 | 4.50 | 4.50 |
| Historical net tangible book value per Class A Ordinary Share as of March 31, 2025 | 0.08 | 0.08 | 0.01 | 0.01 |
| Increase in as adjusted net tangible book value per Class A Ordinary Share attributable to the investors in this Offering | 2.45 | 2.82 | 0.32 | 0.36 |

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion and analysis of its financial condition and results of operations should be read in conjunction with the section headed "Summary Financial and Operating Data" and its financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. Its actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.

**Overview**

We are a Hong Kong-based IT solutions provider specializing in leveraging analytics and programming expertise to deliver customized software development and technology solutions. Our services are designed to optimize business performance, address industry-specific operational challenges, and unlock new business opportunities for our clients. Operating through our subsidiary, BoxAO, we serve a diverse range of industries, including network services, retail chains, laundry services, pharmacy sales, building management, amusement parks, wholesale, and distribution.

We provide customized software tailored to each client's unique requirements. Our business is uniquely positioned in the custom software sector, offering the capability to deploy and integrate sensors, controls, and other hardware, such as smart displays, kiosks, lockers, and vending machines, to deliver autonomous or semi-autonomous solutions. With our pluggable core modules, we can efficiently develop software for clients across various industries, enabling us to complete customizations in significantly shorter timeframes.

**Key Factors that Affect Results of Operations** 

The Company believes the key factors affecting its financial condition and results of operations include the following:

● We may fail to innovate or create new solutions which align with changing market and customer demand.

● Our business may face risks of clients' default on payment.

● We may not manage our growth effectively, and our profitability may suffer.

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

● Increases in labor costs in Hong Kong may adversely affect our business and results of operations.

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" beginning on page 19 of this prospectus.

**Critical Accounting Estimates**

We prepare our consolidated financial statements in accordance with IFRS, which requires us to make judgments, estimates and assumptions. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations would be affected. We base our estimates and assumptions on our own historical data and other assumptions that we believe are reasonable after taking account of our circumstances and expectations for the future based on available information. We evaluate these estimates and assumptions on an ongoing basis.

Our expectations regarding the future are based on available information and assumptions that we believe to be reasonable and accurate, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

Our critical accounting policies and practices include the following: (i) revenue recognition. See Note 3—Summary of Significant Accounting Policies to our consolidated financial statements for the disclosure of these accounting policies. We believe the following accounting estimates involve the most significant judgments used in the preparation of our consolidated financial statements.

***Estimated provision for credit losses***

We carry accounts receivable at the face amounts less a reserve for estimated credit losses. As of March 31, 2025, we recorded an allowance for expected credit losses related to accounts receivable of HK506,920. We estimated our reserve for credit losses using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. During the year ended March 31, 2025, we recorded adjustments for credit losses of HK$177,863 (US$22,862) in the consolidated financial statements related to accounts receivable.

**Results of Operations**

**Year ended March 31, 2025 compared to year ended March 31, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | | |
|  | **2025** | **2025** | **2024** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **HK$** | **US$** | **HK$** | **HK$** | **%** |
| **Revenues** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project development | $20571396 | $2644172 | $5198502 | $15372894 | 296% |
| &nbsp;&nbsp;&nbsp;Project maintenance services | 7423281 | 954162 | 7739498 | (316217) | (4%) |
| &nbsp;&nbsp;&nbsp;Transaction based revenue | 506489 | 65102 | 331232 | 175257 | 53% |
| Total revenues | 28501166 | 3663436 | 13269232 | 15231934 | 114% |
| **Cost and expenses** |  |  |  |  |  |
| Cost of revenues | 17597454 | 2261913 | 11010081 | 6587373 | 60% |
| General and administrative expenses | 2926862 | 376208 | 2035632 | 891230 | 44% |
| Credit loss on trade and other receivables | 177863 | 22862 | 100925 | 76938 | 76% |
|  | 20702179 | 2660983 | 13146638 | 7555541 | 57% |
| **Other income (expenses)** |  |  |  |  |  |
| Interest expense | (9355) | (1202) |  | 9355 | 100% |
| Other expenses |  |  | (3882) | (3882) | (100%) |
| Other income | 1789 | 230 | 570 | 1219 | 214% |
|  | (7566) | (972) | (3312) | 4254 | 128% |
| Income before income taxes | 7791421 | 1001481 | 119282 | 7672139 | >100% |
| Income tax expense | 1153268 | 148237 | 43923 | 1109345 | >100% |
| **Net income** | $6638153 | $853244 | $75359 | $6562794 | >100% |

---

***Revenues***

For the years ended March 31, 2025 and 2024, the Company generated its revenues through two revenue streams by the Company's wholly-owned subsidiary, BoxAO: (i) transaction fee for managed payments solutions; (ii) and system and related hardware development and the subsequent maintenance services.

Revenue increased by HK$15,231,934, or 114%, to HK$28,501,166 (US$3,663,436) for the year ended March 31, 2025 compared to HK$13,269,232 for the year ended March 31, 2024. The increase was primarily due to the increase in revenue for project development.

Revenue from project development services increased by HK$15,372,894, or 296%, to HK$20,571,396 (US$2,644,172) for the year ended March 31, 2025 from HK$5,198,502 for the year ended March 31, 2024. Such an increase was primarily due to the increase in completion of development of IT platforms for customers. Revenue from project development services accounted for 72.2% of our total revenue for the year ended March 31, 2025, as compared to 39.2% for the year ended March 31, 2024.

**Cost of revenues** 

Cost of revenues included purchase of equipment and hardware, cost of subcontractors assigned to revenue-generating activities, transportation and handling fee and transaction-based costs that consist primarily of processing fees, and bank settlement fees paid to third-party payment processors and financial institutions. For the year ended March 31, 2025, cost of revenues was HK$17,597,454 (US$2,261,913), increased by HK$6,587,373 from HK$11,010,081 for the year ended March 31, 2024. The increase was due to the increase in subcontracting expenses as a result of the increase in project development services.

**General and administrative expenses**

The Company's major general and administrative expenses were comprised of the following items during the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** | **For the years ended March 31** |
|  | **2025** | **2025** | **2024** | **Change** | **Change** |
|  | **HKD** | **US$** | **HKD** | **HKD** | **(%)** |
| Depreciation of property and equipment | $185308 | $23819 | $250226 | $(64918) | (26%) |
| Depreciation of right-of-use assets | 78795 | 10128 |  | 78795 | 100% |
| Amortization of intangible assets |  |  | 348467 | (348467) | (100%) |
| Salaries and employee benefits | 1021388 | 131285 | 1236900 | (215512) | (17%) |
| Insurance | 37538 | 4825 | 26392 | 11146 | 42% |
| Utility | 29152 | 3747 | 37728 | (8576) | (23%) |
| Telecommunication | 12688 | 1631 | 18840 | (6152) | (33%) |
| IT Expenses | 19849 | 2551 | 14041 | 5808 | 41% |
| Audit fee | 1415490 | 181942 | 11000 | 1404490 | >100% |
| Others | 126654 | 16280 | 92038 | 34616 | 38% |
| **Total** | $2926862 | $376208 | $2035632 | $891230 | 44% |

---

General and administrative expenses increased by HK$891,230 or 44% to HK$2,926,862 (US$376,208) for the year ended March 31, 2025 from HK$2,035,632 for the year ended March 31, 2024. The increase mainly driven by increase in audit fee for the preparation of Company's initial public offering in the United States.

**Credit loss on trade and other receivables**

The Company carries accounts receivable at the face amounts less a reserve for estimated credit losses. The Company estimated its reserve for credit losses using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts.

For the years ended March 31, 2025 and 2024, the Company provided provision for expected credit losses of HK$177,863 (US$22,862) and HK$100,925, respectively.

***Other income***

Other income was primarily comprised of the interest income and sundry income. For the year ended March 31, 2025, we recognized interest income of HK$1,011 (US$130) and sundry income of HK$778 (US$100). For the year ended March 31, 2024, we recognized interest income of HK$570.

***Income tax expense***

Income tax expense was HK$1,153,268 (US$148,237) for the year ended March 31, 2025, as compared to HK$43,923 for the year ended March 31, 2024. The increase in its income tax expense by HK$1,109,345 due to the increase in net income.

***Net income***

As a result of the above discussed, the Company recorded a net income of HK$6,638,153 (US$853,244) for the year ended March 31, 2025, representing an increase of HK$6,562,794 from a net income of HK$75,359 for the year ended March 31, 2024.

**Liquidity and Capital Resources**

The Company financed its daily operations and business development through cash generated from the operations of BoxAO and capital contributions from our shareholders. On December 18, 2024, Mr. Lee provided a credit line of HK$1,500,000, which is interest free and repayable one year from such date, to the Company to support its operations. We expect to have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus. As of March 31, 2025, and 2024, its cash balance was HK$1,718,763 (US$220,924) and HK$76,792, respectively.

The following table set forth a summary of its cash flows for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2025** | **2024** |
|  | **HKD** | **US$** | **HKD** |
| Net cash provided by operating activities | $3079276 | $394472 | $601740 |
| Net cash used in investing activities | (174880) | (22478) | (283220) |
| Net cash used in financing activities | $(1262425) | $(161314) | $(498385) |

---

*Operating activities:*

For the year ended March 31, 2025, net cash provided by operating activities of HK$3,079,276 (US$394,472) was primarily resulted from the net income before income tax of HK$7,791,421 (US$1,001,481) as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of finance costs of HK$9,355 (US$1,195), gain on disposal of items of equipment of HK$694 (US$89), depreciation of equipment of HK$185,308 (US$23,819), depreciation of right-of-use assets of HK$78,795 (US$10,128) and loss allowance for expected credit losses of HK$177,863 (US$22,862). The amount is offset by change in operating activities of HK$5,446,775 (US$700,109) and income taxes refund of HK$284,003 (US$36,505).

For the year ended March 31, 2024, net cash provided by operating activities of HK$601,740 resulted primarily from the net income before income tax of HK$119,282 as adjusted for non-cash items and change in operating activities. Adjustments for non-cash items consisted of loss on disposal of items of property and equipment of HK$3,882, depreciation of property and equipment of HK$250,226, amortization of intangible assets of HK$348,467 and loss allowance for expected credit losses of HK$100,925. The amount is offset by change in assets and liabilities for operating activities of HK$432,827 and income taxes paid of HK$653,869.

*Investing activities:*

For the year ended March 31, 2025, net cash used in investing activities was HK$174,880 (US$22,478) for the purchases of property and equipment of HK$175,880 (US$22,607) and offset by proceeds from disposal of items of property and equipment of HK$1,000 (US$129).

For the year ended March 31, 2024, net cash used in investing activities was HK$283,220 for the purchases of property and equipment of HK$287,180 and offset by proceeds from disposal of items of property and equipment of HK$3,960.

*Financing activities:* 

For the year ended March 31, 2025, net cash used in financing activities of HK$1,262,425 (US$161,314) consisted of repayment of amount due from related party of HK$2,542 (US$326), deferred IPO cost of HK$1,778,531 (US$228,606), principal portion of lease payments of HK$74,645 (US$9,595), interest elements of lease rentals paid of HK$9,355 (US$1,195) and offset by proceed of amount due to a director of HK$602,648 (US$77,462).

For the year ended March 31, 2024, net cash used in financing activities of HK$498,385 consisted of decrease in balance with a director of HK$506,723 and offset by proceed of amount due with a related party of HK$8,338.

**Off-Balance Sheet Arrangements** 

The Company has no off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, and credit risk support or other benefits.

**Financings** 

 

On December 18, 2024, Mr. Lee provided a credit line of HK$1,500,000, which is interest free and repayable one year from that date, to the Company to support its operation. As of March 31, 2025, the Company has balance with Mr. Lee of HK$1,109,946 (US$142,668). The Company may also sell its Class A Ordinary Shares in order to fund its business growth. Issuances of additional Class A Ordinary Shares will result in dilution to existing shareholders. There is no assurance that the Company will achieve sales of the equity securities or arrange for debt or other financing to fund its growth in case it is necessary, or if the Company is able to do so, there is no guarantee that existing shareholders will not be substantially diluted.

**HISTORY AND CORPORATE STRUCTURE**

We are a BVI business company that wholly-owns our BVI company subsidiary, Forever Brand, which, in turn, wholly-owns our Operating Subsidiary, BoxAO, in Hong Kong.

**Corporate Structure**

Our Company was incorporated in the BVI on December 2, 2024 under the Companies Act as a business company with limited liability. Our Company is authorized to issue a maximum of 1,000,000,000 shares, par value of US$0.0001 each, comprising of (i) 900,000,000 Class A Ordinary Shares, par value of US$0.0001 each, and (ii) 100,000,000 Class B Ordinary Shares, par value of US$0.0001 each. Following incorporation, our share capital was held 100% by Ever Topmax as to one Share. On December 17, 2024, Ever Topmax, Mr. C Y Chan, Ms. Au-Yeung, Supreme Encounter, Heroic Master, First Mark and Wisdom Bridge subscribed for 46,598; 17,600; 16,100; 5,000; 4,900; 4,900 and 4,900 Class A Ordinary Shares for US$4,660, US$1,760, US$1,610, US$500, US$0.49, US$0.49 and US$0.49 respectively. Also on December 17, 2024, Ever Topmax subscribed for 9,320 Class B Ordinary Shares for US$932.

We completed a reorganization whereby the entire share capital of Forever Brand and BoxAO were transferred to us resulting in our group being comprised of Forever Brand and BoxAO as our direct and indirect wholly-owned subsidiaries, respectively. On January 17, 2025, Ever Topmax transferred all issued shares of Forever Brand to us in consideration of our allotment and issue of one Class A Ordinary Share to it credited as fully paid. Following such issue, our issued share capital of Class A Ordinary Shares was held as to 46.60%, 17.60%, 16.10%, 5.00%, 4.90%, 4.90% and 4.90% by Ever Topmax, Mr. C Y Chan, Ms. Au-Yeung, Supreme Encounter, Heroic Master, First Mark and Wisdom Bridge, respectively. Our issued share capital of Class B Ordinary Shares was fully held by Ever Topmax.

On September 2, 2025 for the purpose of maintaining proportional shareholdings before and after the issuance of shares and taking into account the Company's valuation, each of our existing Shareholders, namely Ever Topmax, Mr. C Y Chan, Ms. Au-Yeung, Supreme Encounter, Heroic Master, First Mark and Wisdom Bridge subscribed for, and were allotted and issued fully paid at par 6,966,700 Class A Ordinary Shares, 2,631,200 Class A Ordinary Shares, 2,406,950 Class A Ordinary Shares, 747,500 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, respectively, for cash at par. Also on September 2, 2025, Ever Topmax subscribed for 1,393,340 Class B Ordinary Shares for cash at par. Following the allotment and issue, Ever Topmax, Mr. C Y Chan, Ms. Au-Yeung, Supreme Encounter, Heroic Master, First Mark and Wisdom Bridge holds 7,013,300 Class A Ordinary Shares, 2,648,800 Class A Ordinary Shares, 2,423,050 Class A Ordinary Shares, 752,500 Class A Ordinary Shares, 737,450 Class A Ordinary Shares, 737,450 Class A Ordinary Shares and 737,450 Class A Ordinary Shares, respectively. Ever Topmax also holds 1,402,660 Class B Ordinary Shares.

**Organization Chart**

The charts below sets out our corporate structure before and after the Offering. All percentages reflected the voting ownership interests instead of the equity interests held by each of our shareholders given that each holder of Class A Ordinary Shares is entitled to one vote per Class A Ordinary Share and each holder of Class B Ordinary Shares is entitled to five (5) votes per Class B Ordinary Share:

<u>Before the offering</u>

![](formf-1_001.jpg)

After the Offering by the Company (assuming the Over-allotment Option is not exercised):

![](formf-1_002.jpg)

Notes:

*1.* *Ever Topmax is wholly-owned by Mr. Lee.* 

*2.* *Supreme Encounter is wholly-owned by Mr. Sin, our Chief Technical Officer.* 

*3.* *Heroic Master is wholly-owned by Ms. Sin Ka Ka, our co-founder.* 

*4.* *First Mark is wholly-owned by Mr. Chan Ming Yin Billy, our co-founder.* 

*5.* *Wisdom Bridge is wholly-owned by Mr. Au Wai Yin, our co-founder.* 

**Entity** 

A description of our Operating Subsidiary is set out below.

**BoxAO** 

Since 2018, BoxAO has been wholly-owned by Forever Brand. Following an internal group reorganization which was completed on January 17, 2025, BoxAO became our indirect wholly-owned subsidiary. Since its incorporation, BoxAO has been carrying on the business of an IT solution and service provider in Hong Kong.

**INDUSTRY OVERVIEW**

**IT Solutions Market in Hong Kong**

IT solutions involve the design, supply, operation, maintenance and integration of IT systems into business operations. According to the report *IT Market Analysis Hong Kong - Size and Forecast 2024-2028* by Technavio published in September 2024, the **Hong Kong IT Market** size is estimated to increase by **USD 3.25 billion** and grow at a **CAGR of 8.09%** between 2023 and 2028. The market is experiencing significant growth, driven by several key trends. One notable trend is the increased adoption of IT solutions among small and medium-sized enterprises (SMEs) in Hong Kong, as they recognize the benefits of digital transformation for business efficiency and competitiveness. Another trend is the increasing adoption of big data solutions, as organizations seek to gain insights from their data to make informed decisions and improve operational efficiency. The increased adoption of cloud-based services is enhancing operational flexibility and scalability for businesses, allowing them to efficiently manage and store data while reducing infrastructure costs. However, the market faces challenges, including the shortage of skilled IT professionals, which can hinder the implementation of advanced technologies and solutions. Despite these challenges, the market is poised for continued growth, driven by the increasing demand for digital transformation and the adoption of innovative technologies.

![](formdrs_006.jpg)

The **services segment**, which the group focuses on, is estimated to witness significant growth during the forecast period. The IT services mainly comprise consulting services, learning and training, development and integration, hardware maintenance and support, IT management, business process management, and software support. Some of the main areas that have a potential growth of service segment include consulting and software maintenance and support services. Additionally, a majority of the spending of enterprises is spent on application services, IT infrastructure services, cloud services, SaaS, implementation, consulting, support, and maintenance services which is significantly fuelling the growth of this segment.

![](formdrs_007.jpg)

The **services segment** was the largest segment and was valued at **USD 2.01 billion** in 2018. The increase in spending on IT services is fuelled by the growing need for IT professional services among enterprises in Hong Kong. Additionally, factors such as the growing need to develop improved business delivery systems and cost-effective models, as well as the current shift from on-premises to cloud-based software and IT infrastructure deployment, are expected to fuel the growth of the services segment. Furthermore, there is an increasing prevalence of IT outsourcing across several enterprises in Hong Kong which is significantly contributing to the growth of this segment. Hence, such factors are expected to fuel this segment which in turn will drive the market growth during the forecast period.

***Market Dynamics***

The Market is undergoing rapid transformation driven by technological developments and the increasing demand for automation in the professional services sector. With the rise of remote working, businesses are prioritizing IT services to streamline operations and enhance resource management. Talent recruiting is evolving to match emerging skill sets required for digital business strategies. Technologies like AR and digital transformation are reshaping business processes, while infrastructure upgrades, including 5G and LTE, support high-tech emergency framework systems. Cloud-based deployments with consumption-based pricing models are gaining traction, optimizing IT costs while expanding data storing capacity. However, security breaches remain a concern, prompting investment in powerful cybersecurity measures. As businesses embrace agility and BI for forecasting, continues to evolve, driving innovation and shaping the future of industries worldwide.

***Key Market Driver***

One of the key factors driving the market growth is the increased adoption of **cloud-based services.** There is an increasing restructuring across several enterprises in Hong Kong in order to survive and succeed in this digital age. As a result, there is a rise in adoption of cloud computing across different enterprises. These digital technologies are extensively adopted to improve existing business processes and customer experiences to meet the changing enterprise requirements and evolving business dynamics.

Moreover, there are numerous advantages offered by cloud-based solutions including the cost-effectiveness, flexibility, and scalability which are essential for digitization. Additionally, by leveraging technologies, such as Big Data, AI, and IoT, it helps enterprises in Hong Kong to revamp their business model. Hence, such factors are positively impacting the market growth. Therefore, it is expected to drive the market growth during the forecast period.

***Significant Market Trends***

A key factor shaping the market growth is the increased adoption of IT as a service**.** IT as a services model can be referred to as a delivery model for organizations to manage their IT systems as per the strategic business requirements. There is an increasing adoption of IT as a service as several enterprises are trying to implement IT solutions to have a competitive edge in the market.

Moreover, the main advantage of IT as a service is that it needs low, upfront investment to set up IT systems in organizations. Additionally, it also offers flexibility to change IT systems as per the requirements of separate business units within organizations. Hence, such factors are expected to positively impact the market. Therefore, it is expected to drive market growth in the region during the forecast period.

***Major Market Challenge***

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

Moreover, as these public cloud infrastructure is affected by these glitches in the source code, it can significantly affect the various applications running in a cloud environment. Additionally, public clouds are more prone to cyber threats as they are easily accessible. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.

***Who are the Major Market Companies?***

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. For example, Accenture Plc offers IT solutions such as generative artificial intelligence and Accenture cloud-first services. Alphabet Inc offers IT solutions such as contact center artificial intelligence and Google Cloud database migration. Deloitte Touche Tohmatsu Ltd offers IT solutions such as the Deloitte MIX digital enterprise platform and dedicated reporting solutions.

In addition, our main competitors in IT solutions market in Hong Kong also include Innopage Limited and UDomain Web Hosting Company Limited.

**BUSINESS**

**Business Overview**

We are a Hong Kong-based IT solutions provider specializing in leveraging analytics and programming expertise to deliver customized software development and technology solutions. Our services are designed to optimize business performance, address industry-specific operational challenges, and unlock new business opportunities for our clients. Operating through our subsidiary, BoxAO, we serve a diverse range of industries, including network services, retail chains, laundry services, pharmacy sales, building management, amusement parks, wholesale, and distribution.

We provide customized software tailored to each client's unique requirements. Our business is uniquely positioned in the custom software sector, offering the capability to deploy and integrate sensors, controls, and other hardware, such as smart displays, kiosks, lockers, and vending machines, to deliver autonomous or semi-autonomous solutions. With our pluggable core modules, we can efficiently develop software for clients across various industries, enabling us to complete customizations in significantly shorter timeframes.

**Our Growth Strategies**

We have developed and plan to implement the following strategies to drive the expansion and growth of our business:

● *Solidify our industry position by increasing market share.* By consistently delivering high quality services and solutions, we aim to generate additional revenue from our existing clients, including network service provider, retail chain store, and laundry service provider. We will also continue to promote our comprehensive services and solutions to attract new clients in these industries, where we can leverage our deep domain knowledge and expertise.

● *Leverage domain expertise to expand into new industry segments.* As we continue to build expertise and accumulate deep domain knowledge in the network service, retail chain store, and laundry service industry verticals, we plan to extend our services to other industry verticals. This will involve leveraging our experience and knowledge, and partnering with leading industry experts from other sectors to extend our service offerings.

● *Attract, train, incentivize and retain talented professionals.* We recognize that our success greatly depends on our ability to attract, train, incentivize and retain talented professionals. To enhance our talent pool, we will consider sponsoring competitions in the IT industry in Hong Kong to bolster our reputation among young professionals. We also plan to collaborate with tertiary institutions to establish campus hiring initiatives, bursary programs, and scholarship opportunities.

● *Capture new growth opportunities through strategic alliances and acquisitions.* We will continue to pursue selective alliances and acquisitions to enhance our industry-specific technology and service delivery capabilities. By acquiring, collaborating with, and integrating targeted companies, we aim to enhance our ability to better serve our clients. Our focus will be on enhancing our technological capabilities, deepening relationships with key clients, expanding our service offerings, and growing our geographic presence in Hong Kong.

**Our Competitive Strengths**

The market for IT services is highly competitive, and we anticipate this competition will intensify. However, we believe the following key strengths set us apart from our competitors and will continue to drive our growth and success:

● *Our Scalable Technology*. Our core modules and plugins are highly scalable across industries with minimal production costs. By customizing software solutions that incorporate our core modules and plugins to meet the specific needs of each client, we adopt a cost-efficient approach. This scalability allows us to achieve higher operating margins as we grow our client base.

● *Our Deep Domain Knowledge and Specialization in Selected Industry Verticals*. We possess deep domain knowledge and expertise in industry verticals including network service, retail chain store and laundry service. We leverage footprint and network of highly-talented IT professionals to provide comprehensive capabilities in software development services and consulting services. We believe that our robust emerging technology capabilities and solid track record of execution empower us to lead digital transformation for our clients.

● *Our Comprehensive Offering*. We provide comprehensive service offerings including the IT solutions, sale of peripheral hardware, as well as consulting and technical support services. As a result, we are able to generate revenue from a wide range of clientele; and

● *Our Dynamic Management and Professional Team with Proven Track Record*. Our management team has extensive experience in Hong Kong. Notably, our Chief Executive Officer, Mr. C Y Chan, has more than 30 years of technical and operational experiences in the IT and Telecom industry. Our Chief Technical Officer, Mr. Sin, has more than 29 years of experience in IT industry. As such, we have already established a seasoned management team with deep industry expertise in several markets where we have enjoyed similar success.

**Our Services**

***Software development and customization services***

We develop customized software tailored to clients' specific needs. Before engagement, we provide consultation to the clients to understand their needs and requirements and provide a preliminary proposal to address their needs. Once the proposals are accepted by our clients, we proceed with designing, developing, testing and installing the software. Our contracts are typically fixed priced and do not include any post contract client support or upgrades. The duration of the development period is relatively short, usually less than one year. We also offer project management in connection with our software products. Our project management services include consultation, design, development, and testing. We also sell hardware and related accessories, as needed, to clients who acquire our customized software. Before the installation of the hardware, we either deliver the hardware directly or instruct the supplier to deliver the hardware to the clients.

***Consulting and technical support services***

We provide training and technical support services to clients under fixed-fee contracts, specifically for those who have acquired customized software from us as part of their software development projects.

**Our Products**

***Smart Display System***

Currently, we sell the Smart Display System and/or Smart Display Machines to retail clients, such as shops, restaurants, salons, laundries and government bodies. The manufacturing of our Smart Display Machines is handled by third-party suppliers. The following chart illustrates the basic operation flow of our smart display system. Our smart display system partners with multiple payment processors and financial institutions, such as WeChat Pay, AliPay, Visa, Master and Octopus payment. Customers can select their preferred payment method directly on the smart display and complete the transaction. Once payment is processed, the system places the customer in the queue and prints a queue ticket with a unique queuing number using its built-in printer.

![](image_006.jpg)

Customers spending above a pre-set threshold are eligible for a lucky draw. Event staff generate a QR code, which the customer can scan at the Smart Kiosk in the lucky draw zone. Upon scanning, the system prints a lucky draw coupon via the coupon printer, enabling seamless participation.

![](image_007.jpg)

Walk-in users can place orders for take-away and make payments at the Smart Kiosk. Once the order is confirmed, the system automatically sends the order to the kitchen via the kitchen's dedicated order printer.

![](image_008.jpg)

To order at restaurants, users can open the scanner on their mobile phones to browse and select menu items displayed on the Smart Kiosk. The system generates a QR code for payment using the Octopus Card, which is the reusable contactless stored value smart card for making electronic payments in online or offline systems in Hong Kong. Upon payment confirmation, the system prints an order ticket via the kiosk's built-in printer for user reference.

![](image_009.jpg)

***Smart Vending Platform***

Currently, we sell the Smart Vending Platform to retail clients. After enrolling as a member, a consumer can shop on our clients' online smart vending platform. Once the transaction is confirmed, the system sends a QR code to the member's mobile phone and updates the smart vending machine with the transaction details. The member can then use the QR code at the smart vending machine to redeem the items ordered online.

![](image_010.jpg)

A consumer who spends above a pre-set amount is eligible to enter a lucky draw using an activation QR code generated by event staff. By scanning the QR code, participating in the game, and winning at the Smart Vending Machine located at the customer service counter, the consumer can either redeem the prize directly from the vending machine or receive a printed redemption ticket to claim the prize from the event sponsor.

![](image_011.jpg)

After playing a game on the Smart Vending Machine, a consumer can enter their mobile phone number or email on the machine. The system will then send a QR code to their mobile device for game token redemption. The tokens can be collected by presenting the QR code at the token machine.

![](image_012.jpg)

After enrolling as a member, a consumer can present their membership QR code on their mobile phone to the Smart Vending Machine to directly redeem a gift.

![](image_013.jpg)

***Smart Locker System***

Currently, we sell the Smart Locker System and/or Smart Locker Machines to retail and corporate clients. The manufacturing of our Smart Locker Machines is handled by third-party suppliers. The following chart illustrates the overall concept of our smart locker system.

![](image_014.jpg)

A sender can rent a compartment in the Smart Locker for a recipient to retrieve an item later. After making a payment at the locker and placing the item inside the compartment, the sender inputs the recipient's mobile phone number on the Smart Locker. The system then sends a redemption QR code to the recipient via SMS, which can be used to retrieve the item from the locker.

![](image_015.jpg)

A user can rent a compartment in the Smart Locker nearby scanning the QR code on the locker and paying the rental fee online using their selected payment method. After confirming the payment, the system generates a QR code for the user. The user can then present the QR code at the locker to access the rented compartment.

An online seller can rent a compartment in the Smart Locker for a buyer to retrieve a purchased item later. After presenting a deposit QR code to the locker and placing the sold item inside the compartment, the seller inputs the recipient's mobile phone number on the Smart Locker. The system then sends a redemption QR code to the recipient via SMS. The recipient can use the QR code to redeem the item from the locker.

![](image_017.jpg)

**Customers and Suppliers**

Our clients include both large corporations and small to medium enterprises in Hong Kong. By working with organizations at various stages of growth, we gain deeper insights into the challenges they face and are better equipped to address a diverse range of needs effectively. For the year ended March 31, 2025 and March 31, 2024, we have total of 26 customers and 29 customers, respectively. For the year ended March 31, 2025, our three largest customers are, (i) Teligent International Limited; (ii) Sunion Manufacturing Limited; and (iii) Diyixian.com Limited. For the year ended March 31, 2024, our four largest customers are, (i) Diyixian.com Limited; (ii) Teligent International Limited; (iii) Happy Group Creation Limited; and (iv) MRM Entertainment Limited. The Company has various agreements with Teligent International Limited. The latest agreement dated November 15, 2024, with a term of a year and expiring on November 14, 2025. This agreement is filed herein as Exhibit 10.18. The agreement with Sunion Manufacturing Limited dated August 5, 2024 is filed herein as Exhibit 10.20. This agreement has a term of one year and expiring on August 4, 2025. Under the Agreement between the Company and Diyixian.com Limited, dated August 30, 2022 (the "Diyixian Agreement"), the Company agreed to provide services to Diyixian.com Limited until 30 November 2025. The Diyixian Agreement is filed herein as Exhibit 10.7. The Company has various contracts with Happy Group Creation Limited. The latest contract dated February 29, 2024 has a term of a year and expired on November 30, 2024. All these contracts contained termination clause to terminate the contract with a 30 days' notice. The Service Agreement with MRM Entertainment Limited dated March 22, 2020 would remain in force until termination by either party and the contract would be terminated with a 60 days' advance written notice. The Service Agreement with MRM Entertainment Limited is filed as Exhibit 10.15.

Our suppliers and vendors are highly qualified manufacturers and subcontractors located in Hong Kong and mainland China. We carefully nurture our relationship with suppliers and vendors. We select our suppliers and vendors mainly based on their production quality or services quality, capacity and reputation and position within their respective industry. For the year ended March 31, 2025, our two largest suppliers and vendors are: (i) Nexsen Limited; and (ii) Flexstream Asia Limited. For the year ended March 31, 2024, our three largest suppliers and vendors are: (i) MDT Innovations Middle East TPZ-FZCO; (ii) Flexstream Asia Limited; and (iii) Mau Yuen Cheung Co., Limited. The Agreement with Nexsen Limited dated November 15, 2024 has a term of a year and expiring on November 14, 2025 and is filed herein as Exhibit 10.21. The Company has two agreements with Flexstream Asia Limited, dated August 5, 2024 and August 30, 2022, respectively. The agreement dated August 5, 2024 has a term of one year and expires on August 5, 2025. The agreement dated August 30, 2022 has a term of 3 years and would expire on November 30, 2025, and such agreement contained a minimum ordering quantity of 1,500 facility units. The agreements with Flexstream Asia Limited are filed herein as Exhibit 10.19 and Exhibit 10.17, respectively. The Agreement with MDT Innovations Middle East TPZ-FZCO dated October 30, 2023 has a term of a year and expired on December 31, 2024 and is filed herein as Exhibit 10.16. The Company has 2 contracts with Mau Yuen Cheung Co., Limited, dated September 10, 2021 and September 10, 2021, respectively. Both contracts have a term of 3 years and expired on November 14, 2024. All these contracts contained termination clause to terminate the contract with a 30 days' notice.

**Sales and Marketing**

Typically, our customized software is sold to clients who may be project owners or general contractors. We submit proposal to these project owners or general contractors who will then decide whether to select us based on the quality and price of our proposal. In some cases, we are also approached and directly engaged by general contractors and we, as subcontractors, assist the general contractor to develop and deliver the final products.

To promote our products and services, we consolidate various marketing programs. These programs are implemented mainly through (1) leveraging the management team's professional networks for customer acquisition, (2) capitalizing on referrals from existing customers, and (3) attending various industry events and exhibitions.

Currently, we also utilize a cost-efficient referral system to market our services and solutions. With our deep domain knowledge in each industry segment we serve, we consistently deliver value to our clients, which has encouraged many of them to refer us to their industry peers. We intend to expand our business development team by hiring individuals with backgrounds or network specific to the industries in which our potential clients operate and thus may market our services and products to a more targeted audience.

**Research and Development**

R&D is an integral part of our continued growth. To better serve our clients' needs, we focus on exploring and studying emerging technologies and finding the most effective ways to integrate them into both our existing and new solutions.

Currently, we are leveraging emerging technologies and tools to enhance our project delivery capabilities and efficiency. By using cloud-native applications developed in-house, we are able to quickly identify the client's issues, and capture and analyze aggregate and non-identifiable data from clients without the need to set up expensive hardware. This approach allow us to expand our technological capabilities, improve efficiency of project delivery, and enhance our solutions offerings, which in turn drive new revenue opportunities and strengthen our core competencies.

**Competition**

The IT solutions market in Hong Kong is highly competitive, with significant growth expected due to the increasing adoption of digital transformation technologies across industries. Key drivers include the rising demand for cloud-based services, the shift towards IT as a service models, and the growing reliance on big data, AI, and IoT to optimize business operations. Major competitors in this market include large global players such as Accenture, Alphabet, and Deloitte, as well as local companies like Innopage Limited and UDomain Web Hosting Company Limited. These companies may employ strategies such as strategic alliances, acquisitions, and service expansions to enhance their market presence. Despite the strong growth prospects, challenges such as data privacy concerns and the shortage of skilled IT professionals remain, requiring companies to adapt and innovate to maintain their competitive edge.

**Intellectual Property**

We regard our copyrights, domain names, know-how, proprietary technologies, and similar intellectual property as critical to our success, and we rely on copyright, trademark and patent law in Hong Kong, as well as confidentiality procedures and contractual provisions with our employees, contractors and others to protect our proprietary rights.

We registered the domain names of "<u>https://boxasone.com/</u>" and "https://www.boxasone.net".

**Corporation Information**

We were incorporated in the BVI on December 2, 2024. Our registered office in the BVI is located at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, BVI. Our administrative office is located at Unit A4, 5/F, Tsing Yi Industrial Centre Phase 1, Nos. 1-33 Cheung Tat Road, Tsing Yi, New Territories, Hong Kong. Our telephone number is +852 3955 2301. The information contained on our website (<u>https://boxasone.com/</u>) does not form part of this prospectus. Our agent for service of process in the United States is Cogency Global, Inc., 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

**Employees**

As of the date of this prospectus, we have 5 full-time employees, all based in Hong Kong. The number of our employees classified by function was as follows:

---

| | |
|:---|:---|
| Management | 2 |
| Business Development | 1 |
| Software Engineer | 1 |
| Finance & Administration | 1 |
| &nbsp;&nbsp;&nbsp;Total: | 5 |

---

All our employees are local and they are not covered by collective bargaining agreements. We offer competitive salaries, discretionary performance-based bonuses and a defined contribution to a MPF scheme to our employees. We have complied with the statutory minimum wage requirement provided under the Minimum Wage Ordinance for the fiscal years ended March 31, 2025 and 2024 and consider our labor practices and employee relations to be good.

**Facilities**

Our principal executive office is located at Unit A4, 5/F, Tsing Yi Industrial Centre Phase 1, Nos. 1-33 Cheung Tat Road, Tsing Yi, New Territories, Hong Kong, with an aggregate of 2,239 square feet. The duration of this lease is for two years and four months, from December 1, 2024 until March 31, 2027.

For the year ended March 31, 2024, the Company used the office of Global Engine Limited, a company controlled by Mr. Lee, which is located at Unit C, 19/F, World Tech Centre, 95 How Ming Street, Kwun Tong, Kowloon, Hong Kong. Global Engine Limited did not charge the Company any rental expenses.

We believe our facilities are sufficient for our business operations.

**Legal Proceedings**

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

**Governmental Regulations**

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

**REGULATORY ENVIRONMENT AND THE LAWS AND REGULATIONS OF HONG KONG** 

The following sets forth a summary of the material laws and regulations relating to our group's business operations in Hong Kong.

This section summarizes the major aspects of the principal laws, rules and regulations that are directly relevant and material to our operations in Hong Kong.

**HONG KONG REGULATORY OVERVIEW**

We only have office and operations in Hong Kong. Based on the advice from our Hong Kong Legal Advisers and the representations of our Company, BoxAO had obtained all material requisite licenses, approvals and permits from the relevant governmental authorities in Hong Kong for our business operations in Hong Kong during the Track Record Period and up to the date of this prospectus.

This section sets forth a summary of the general Hong Kong laws and regulations applicable to our group's business in Hong Kong.

***Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong)***

The Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong) requires every entity which carries on a business in Hong Kong to apply for business registration. We held a valid business registration certificate under the Business Registration Ordinance throughout the Track Record Period and as at the date of this prospectus.

The Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong) is an ordinance for the purposes of imposing taxes on property, earnings and profits in Hong Kong. The Inland Revenue Ordinance provides, among others, that persons, which include corporations, partnerships, trustees and bodies of persons, carrying on any trade, profession or business in Hong Kong are chargeable to tax on all profits (excluding profits arising from the sale of capital assets) arising in or derived from Hong Kong from such trade, profession or business.

As at the date of this prospectus, the standard profits tax rate for corporations is at 16.5%. The Inland Revenue Ordinance also contains provisions relating to, among others, permissible reductions for outgoings and expenses, set-offs for losses and allowances for depreciation. We as a company carrying out business in Hong Kong is subject to the profits tax regime under the Inland Revenue Ordinance.

***The Employment Ordinance (Chapter 57 of the Laws of Hong Kong)***

The Employment Ordinance provides for, among other things, the protection of the wages of employees, to regulate general conditions of employment, and for matters connected therewith. Under section 25 of the Employment Ordinance, where a contract of employment is terminated, any sum due to the employee shall be paid to him as soon as is practicable and in any case not later than seven days after the day of termination. Any employer who willfully and without reasonable excuse contravenes section 25 of the Employment Ordinance commits an offence and is liable to a fine up to HK$350,000 and imprisonment up to three years. Further, under section 25A of the Employment Ordinance, if any wages or any sum referred to in section 25(2)(a) are not paid within seven days from the day on which they become due, the employer shall pay interest at a specified rate on the outstanding amount of wages or sum from the date on which such wages or sum become due up to the date of actual payment. Any employer who willfully and without reasonable excuse contravenes section 25A of the Employment Ordinance commits an offence and is liable on conviction to a fine up to HK$10,000.

***The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)***

The MPF schemes are defined contribution retirement schemes managed by authorized independent trustees. The Mandatory Provident Fund Schemes Ordinance provides that an employer shall participate in an MPF scheme and make contributions for its employees aged between 18 and 65. Under the MPF scheme, an employer and its employee are both required to contribute 5% of the employee's monthly relevant income as mandatory contribution for and in respect of the employee, subject to the minimum and maximum relevant income levels for contribution purposes. The maximum level of relevant income for contribution purposes is currently HK$30,000 per month or HK$360,000 per year.

Unless an employee is exempted from making MPF contributions under the MPFSO, an employer is required to enroll a new employee within the first 60 days of his/her employment. Both regular and casual employees (including part-time employees, who are employed for a period of 60 days or more) should be enrolled in the employer's selected MPF scheme(s). For casual employees in the catering services industry who are not enrolled in the employer's selected MPF scheme, an employer is required to enroll them within the first ten days of their employment.

An employer will commit an offence if it fails to enroll its employees in the selected MPF scheme by the specified statutory deadline, and the employer may be subject to a maximum penalty of HK$350,000 and imprisonment for three years, and to daily penalty of HK$500 for continuing offences. If an employer does not pay contributions or fails to pay contributions on time MPF Authority may file civil actions to recover contributions in arrears, and also initiate criminal prosecution against non-complying employers. Upon conviction, offenders are liable to a maximum penalty of HK$450,000 and imprisonment for four years, and an extra daily fine of up to HK$700. If the employer fails to comply with a court order to pay the contributions in arrears or the surcharge within 14 days of a payment deadline, the offender is liable to a maximum penalty of HK$350,000 and imprisonment for three years upon conviction, and an extra daily fine of up to HK$500. A further financial penalty of $5,000 or 10% of the defaulting amount, whichever is greater, is payable by the offender.

***The Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)***

The Employees' Compensation Ordinance establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries sustained by or death of the employees caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases suffered by the employees.

Under the Employees' Compensation Ordinance, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity or dies arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents.

According to section 40 of the Employees' Compensation Ordinance, all employers (including contractors and subcontractors) are required to take out insurance policies to cover their liabilities both under the Employees' Compensation Ordinance and at common law for injuries at work in respect of all their employees (including full-time and part-time employees). An employer who fails to comply with the Employees' Compensation Ordinance to secure an insurance cover is liable on conviction to a fine of HK$100,000 and imprisonment for two years.

According to section 48 of the Employees' Compensation Ordinance, an employer shall not, without the consent of the Commissioner for Labour, terminate, or give notice to terminate, the contract of service of an employee (who has suffered incapacity or temporary incapacity in circumstances which entitle him to compensation under the Employees' Compensation Ordinance) before occurrence of certain events. Any person who breaches this provision is liable on conviction for a fine up to HK$100,000.

***The Limitation Ordinance (Chapter 347 of the Laws of Hong Kong)***

Under the Limitation Ordinance, the time limit for an applicant to commence common law claims for personal injuries is three years from the date on which the cause of action accrued.

***The Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong)***

The Minimum Wage Ordinance, which came into effect on 1 May 2011, provides a statutory minimum wage for employees in Hong Kong. In essence, wages payable to an employee in respect of any wage period, when averaged over the total number of hours worked in the wage period, should be no less than the statutory minimum wage. With effect from 1 May 2013, the Minimum Wage Ordinance provided for a prescribed minimum hourly wage rate at HK$30.0 per hour for every employee employed under the Employment Ordinance. With effect from 1 May 2017, the statutory minimum wage increased to HK$34.5 per hour. With effect from 1 May 2019, the statutory minimum wage was further increased to HK$37.5 per hour. With effect from 1 May 2023, the statutory minimum wage increased to HK$40.0 per hour. Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employees by the Minimum Wage Ordinance is void.

***The Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong)***

The Occupiers Liability Ordinance regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property lawfully on the land.

The Occupiers Liability Ordinance imposes a common duty of care on an occupier of a premises to take reasonable care of the premises in all circumstances so that a visitor will be reasonably safe in using the premises for the purposes for which he is invited or permitted by the occupier to be there.

***The Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong)***

The Occupational Safety and Health Ordinance provides for the safety and health protection to employees in workplaces, both industrial and non-industrial.

Employers must as far as reasonably practicable maintain the safety and health in their workplaces by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing
 and maintaining plant and work systems that are safe and without risks to health;

(ii) making
 arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant
 or substances;

(iii) providing
 all necessary information, instruction, training, and supervision for ensuring safety and health;

(iv) providing
 and maintaining safe access to and egress from the workplaces; and

(v) providing
 and maintaining a working environment that is safe and without risks to health.

Failure to comply with the above provisions constitutes an offence and the employer is liable on conviction to a fine up to HK$200,000. An employer who fails to do so intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine up to HK$200,000 and imprisonment up to six months.

The Commissioner for Labour may also issue improvement notices against non-compliance of the Occupational Safety and Health Ordinance or suspension notices against activity at a workplace which may create imminent hazard to the employees. Failure to comply with such notices constitutes an offence punishable by a fine of HK$200,000 and HK$500,000, respectively, and imprisonment up to one year.

***The Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)***

The Inland Revenue Ordinance imposes taxes on property, earnings and profits in Hong Kong. Pursuant to section 14(1) of the Inland Revenue Ordinance, profits tax shall be charged for each year of assessment on every person carrying on a trade, profession or business in Hong Kong in respect of his/her/its assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business (excluding profits arising from the sale of capital assets). Section 51C of the Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records of his/her/its income and expenditure and to retain such records for a period of not less than seven years. Failure to comply with section 51C of the Inland Revenue Ordinance without reasonable excuse may be liable to a maximum fine of $100,000.

***Tax on dividends***

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by the Company.

***Capital gains and profit tax***

No tax is imposed in Hong Kong in respect to capital gains from the sale of shares. However, trading gains from the sale of shares by persons carrying on a trade, profession, or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to Hong Kong profits tax, which is imposed at the rates of 8.25% on assessable profits up to HKD2,000,000 and 16.5% on any part of assessable profits over HKD2,000,000 on corporations from the year of assessment commencing on or after April 1, 2018. Certain categories of taxpayers (for example, financial institutions, insurance companies, and securities dealers) are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities are held for long-term investment purposes.

Further, under the subsidiary legislation of the Inland Revenue Ordinance, Chapter 112AY of the Laws of Hong Kong, in August 2006, Hong Kong and Mainland China has entered into comprehensive arrangement titled "Arrangement between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income" (the "Comprehensive Double Taxation Arrangement") for the allocation of the right to tax between the two jurisdictions on a reasonable basis to avoid double taxation of income. The Comprehensive Double Taxation Arrangement covers income from immovable property, associated enterprises, dividends, interest, royalties, capital gains, pensions and government services etc. The Comprehensive Double Taxation Arrangement has since then been modified in 2008, 2010, 2015 and 2019 under different protocols for the purpose of further develop the economic relationship and to enhance the co-operation in tax matters, intending to eliminate double taxation with respect to taxes on income without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance (including through treaty-shopping arrangements aimed at obtaining tax reliefs provided in the Comprehensive Double Taxation Arrangement for the indirect benefit of residents of third tax jurisdictions). For instance, the latest fifth protocol entered in July 2019, under the subsidiary legislation, Chapter 112DH of the Laws of Hong Kong, the Comprehensive Double Taxation Arrangement widens the coverage of tax relief to qualified Hong Kong and Mainland China teachers and researchers.

***Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong)***

Under the Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong), the Hong Kong stamp duty currently charged at the ad valorem rate of 0.1% on the higher of the consideration for or the market value of the shares, will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong shares (in other words, a total of 0.2% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition, a fixed duty of HKD5 is currently payable on any instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the duty payable may be imposed.

***The Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong)***

Products sold in Hong Kong are subject to the Trade Descriptions Ordinance. The Trade Descriptions Ordinance was amended in July 2013 to expand the scope of certain provisions, including the prohibition of false trade description in respect of goods and services in the course of trade, prohibition on certain unfair trade practices and the introduction of a civil, compliance-based enforcement mechanism.

Section 2 of the Trade Descriptions Ordinance provides that a trade description (including fitness for purpose, performance and manufacturing details) which is false to a material degree; or though not false, is misleading, that is to say, likely to be taken for a trade description of a kind that would be false to a material degree, would be regarded as false trade description.

Section 7 of the Trade Descriptions Ordinance provides that it is an offence for any person, in the course of his trade or business, to apply a false trade description to any goods; or supply or offer to supply any goods to which a false trade description is applied. It is also an offence for any person to have in his possession for sale or for any purpose of trade or manufacture any goods to which a false trade description is applied.

To amount to a false trade description, the falsity of the trade descriptions has to be to a material degree. Trivial errors or discrepancies in trade descriptions would not constitute an offence. What constitutes a material degree will vary with the facts.

Sections 13E, 13F, 13G, 13H and 13I provide that a trader who engages in relation to a consumer in a commercial practice that (a) is a misleading omission; or (b) is aggressive; (c) constitutes bait advertising; (d) constitutes a bait and switch; or (e) constitutes wrongly accepting payment for a product, commits an offense.

Contravention of the prohibitions in the Trade Descriptions Ordinance is an offence, with a fine up to HK$500,000 and imprisonment up to five years. However, the Trade Descriptions Ordinance also empowers regulators with the ability to accept (and publish) written undertakings from businesses and individuals not to continue, repeat or engage in unfair trade practices in return of which regulators will not commence or continue investigations or proceedings relating to that matter. Regulators will also be empowered to seek an injunction against businesses and persons engaging in unfair trade practices or who have breached their undertakings.

**The Competition Ordinance (Chapter 619 of the Laws of Hong Kong)**

The Competition Ordinance prohibits conduct that prevents, restricts or distorts competition in Hong Kong, prohibits mergers that substantially lessen competition in Hong Kong, and provides for incidental and connected matters.

The Competition Ordinance includes the First Conduct Rule, which states that an undertaking shall not make or give effect to an agreement, engage in a concerted practice, or, as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong, and the Second Conduct Rule, which prohibits anti-competitive conduct by a party with substantial market power; and the Merger Rule, which states that an undertaking must not carry out a merger that has or is likely to have, the effect of substantially lessening competition in Hong Kong.

Pursuant to section 82 of the Competition Ordinance, if the Competition Commission has reasonable cause to believe that a contravention of the First Conduct Rule has occurred; and the contravention does not involve serious anti-competitive conduct, it must, before bringing proceedings in the Competition Tribunal against the undertaking whose conduct is alleged to constitute the contravention, issue a notice (a "warning notice") to the undertaking.

However, under section 67 of the Competition Ordinance, where a contravention of the First Conduct Rule has occurred and the contravention involves serious anti-competitive conduct or a contravention of a Second Conduct Rule has occurred, the Competition Commission may, instead of bringing proceedings in the Tribunal in the first instance, issue a notice (an "infringement notice") to the person against whom it proposes to bring proceedings, Offering not to bring those proceedings on condition that the person makes a commitment to comply with requirements of the infringement notice. "Serious anti-competitive conduct" means any conduct that consists of any of the following or any combination of the following — (a) fixing, maintaining, increasing or controlling the price for the supply of goods or services; (b) allocating sales, territories, customers or markets for the production or supply of goods or services; (c) fixing, maintaining, controlling, preventing, limiting or eliminating the production or supply of goods or services; or (d) bid-rigging.

In the event of a breach of the Competition Ordinance, the Competition Tribunal may make orders including: imposing a pecuniary penalty if satisfied that an entity has contravened a competition rule; disqualifying a person from acting as a director of a company or taking part in the management of a company; prohibiting an entity from making or giving effect to an agreement; modifying or terminating an agreement; and requiring the payment of damages to person who has suffered loss or damage.

**Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong)**

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

● Principle
 1 — purpose and manner of collection of personal data;

● Principle
 2 — accuracy and duration of retention of personal data;

● Principle
 3 — use of personal data;

● Principle
 4 — security of personal data;

● Principle
 5 — information to be generally available; and

● Principle
 6 — access to personal data.

Non-compliance with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the "Privacy Commissioner"). The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/or instigate prosecution actions. A data user who contravenes an enforcement notice commits an offense that may lead to a fine and imprisonment.

The PDPO also gives data subjects certain rights, *inter alia*:

● the right to be informed by a data user whether the data user
holds personal data of which the individual is the data subject;

● if the data user holds such data, to be supplied with a copy
of such data; and

● the right to request correction of any data the individual
considers to be inaccurate.

The PDPO criminalizes, including, but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance with a data access request, and the unauthorized disclosure of personal data obtained without the relevant data user's consent. An individual who suffers damage, including injured feelings, by reason of a contravention of the PDPO in relation to his or her personal data may seek compensation from the data user concerned.

**MANAGEMENT**

The following table sets forth the names, ages and titles of our directors, executive officers and key employees:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| Mr. Lee Yat Lung Andrew | 56 | Chairman, Executive Director and acting Principal Financial Officer and Accounting Officer |
| Mr. Chan Chun Ying | 61 | Chief Executive Officer and Executive Director |
| Ms. Au-Yeung Pui Yee | 40 | Chief Financial Officer Nominee |
| Mr. Sin Chi Keung Mega | 61 | Chief Technical Officer |
| Mr. Butt Ka Cheuk | 40 | Independent Director Nominee and Chairman of the Audit Committee |
| Mr. Pang Kwok Cheong | 50 | Independent Director Nominee and Chairman of the Compensation Committee |
| Mr. Chiu Tak Ming | 63 | Independent Director Nominee and Chairman of the Nomination Committee |

---

Each independent director nominee will be appointed effective on the Company's Class A Ordinary Shares being listed on the Nasdaq Capital Market.

**Directors and Executive Officers** 

**Mr. Lee Yat Lung Andrew**

Mr. Lee, aged 56, is the founder of the Company and currently serves as the Chairman and executive director of the Company. Mr. Lee currently serves as the acting Principal Officer and Accounting Officer and will continue serving in such capacity until the Company appoints a Chief Financial Officer upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Lee has over 25 years of experience in the information and communication technologies industry and also has extensive experience in sales, marketing, business development, project management, and merger and acquisition activities. Currently, Mr. Lee is the Chairman of the Board of Directors and Chief Executive Officer of Global Engine Group Holding Limited (NASDAQ:GLE). From September 2015 to March 2018, Mr. Lee worked at 21Vianet Group Inc. (NASDAQ:VNET) in the role of managing director. From October 2002 to March 2014, Mr. Lee worked at Hutchison Telecommunications Hong Kong Holdings Limited (a company listed on the Hong Kong Stock Exchange with stock code 0215), serving in various positions with his last position being commercial director. Mr. Lee obtained his Master of Business Administration from the University of Surrey in October 1998.

**Mr. Chan Chun Ying**

Mr. C Y Chan, aged 61, is a co-founder of the Company and has served as Chief Executive Officer of BoxAO since May 2018. Mr. C Y Chan has been the director of Logic Network Limited since June 2011. Mr. C Y Chan has over 35 years of experience in the information and communication technologies industry. From July 2015 to April 2018, Mr. C Y Chan served as technical director of 21Vianet Group Inc. (a company listed on NASDAQ with stock symbol 'VNET'). From February 2014 to July 2015, Mr. C Y Chan served as chief technology officer of Litegrid Networks Limited. From May 2008 to May 2011, Mr. C Y Chan served as director, BD, Carrier Services and Regulatory for New World Telecommunications Limited. From September 2005 to May 2008, Mr. C Y Chan was employed as market segment manager of Agilent Technologies Inc. (a company listed on NYSE with stock symbol 'A'). From February 2002 to August 2005, Mr. C Y Chan became the chief operating officer of GIN International Limited. From December 1999 to January 2002, Mr. C Y Chan served as regional director of Level 3 Asia Limited. From May 1996 to December 1999, Mr. C Y Chan served as director of operations of Arthur D. Little. From August 1987 to May 1996, Mr. C Y Chan worked at several corporations including New World Telecommunications Limited, New World Telephone Limited and PCCW Limited. Mr. C Y Chan obtained his Bachelor of Engineering (Hon.) in Electronic Engineering in the Hong Kong Polytechnic University in 1987 and graduated from University of Hong Kong with a Master of Business Administration in 1995.

**Ms. Au-Yeung Pui Yee**

Ms. Au-Yeung, aged 40, is a co-founder of the Company and will be Chief Financial Officer of the Company immediately upon the effectiveness of the registration statement of which this prospectus forms a part. Ms. Au-Yeung has over 15 years of experience in professional auditing, corporate accounting and financial management. From September 2017 to May 2025, Ms. Au-Yeung served as the senior accountant of Caltex South China Investments Limited, a joint venture of Chevron Corporation (a company listed on the NYSE with stock symbol 'CVX'). From April 2014 to April 2017, Ms. Au-Yeung served as assistant finance and accounting manager of Stone Group Holdings Limited. From July 2013 to February 2014, Ms. Au-Yeung served as assistant finance manager of Haohai Industry (Group) Limited. From January 2009 to December 2012, Ms. Au-Yeung worked at Deloitte Touche Tohmatsu in real estate services, with her last position being an audit senior. Ms. Au-Yeung obtained a Bachelor of Business Administration in Accountancy degree from the City University of Hong Kong in 2009. Ms. Au-Yeung was admitted as a certified public accountant of the Hong Kong Institute of Certified Public Accountants in May 2012.

**Mr. Sin Chi Keung Mega**

Mr. Sin, aged 61, is a co-founder of the Company and has served as Chief Technical Officer of BoxAO since June 2023. Mr. Sin has over 29 years of experience in the information technology industry. From August 2009 to September 2024, Mr. Sin served as general manager of MultiMedia Global Limited. From January 2006 to January 2008, Mr. Sin served as executive director of Smart Rich Energy Finance (Holdings) Ltd. (a company then listed on the Hong Kong Stock Exchange with stock code 1051). From January 2007 to December 2007, Mr. Sin served as vice president of Green Apple Media. From October 2001 to December 2001, Mr. Sin served as operation director of iLink Limited (a company listed on the Hong Kong Stock Exchange GEM Board with stock code 8107). From January 2001 to November 2001, Mr. Sin was the vice president of business development of DotCom Pacific. From January 2000 to December 2000, Mr. Sin served as chief operating officer of uBuyiBuy.com. From January 1999 to August 1999, Mr. Sin served as sales manager of HK Cable Television Ltd. From October 1995 to December 1998, Mr. Sin was employed as retail sales manager in HK Star Internet Limited Mr. Sin obtained a bachelor's degree in business from La Trobe University, Bendigo, Australia in 1998.

**Independent Directors:**

**Mr. Butt Ka Cheuk**

Mr. Butt, aged 40, will begin serving as an independent director immediately upon the SEC's declaration of effectiveness of the registration statement of which this prospectus forms a part. Mr. Butt will serve as chairman of the audit committee and as a member of the compensation committee and nomination committee. Since June 2021, Mr. Butt served as the senior financial manager of Y.T. Realty Group Limited (a company listed on the Hong Kong Stock Exchange with stock code 0075). From May 2017 to June 2021, Mr. Butt was the financial manager of Shandong Hi-Speed New Energy Group (a company listed on the Hong Kong Stock Exchange with stock code 1250 and formerly known as Beijing Enterprises Clean Energy Group Limited). From September 2008 to October 2016, Mr. Butt was an audit manager in assurance and advisory business services at Ernst and Young. Mr. Butt obtained a Bachelor of Business Administration in accountancy from the Hong Kong Polytechnic University in 2008. Mr. Butt was admitted as a Certified Public Accountant and Certified Public Accountant (Practising) of the Hong Kong Institute of Certified Public Accountants in January 2013 and December 2017, respectively.

**Mr. Pang Kwok Cheong**

Mr. Pang, aged 50, will begin serving as an independent director immediately upon the SEC's declaration of effectiveness of the registration statement of which this prospectus forms a part. Mr. Pang will serve as chairman of the compensation committee and as a member of the audit committee and nomination committee.

Mr. Pang is a qualified solicitor in Hong Kong, England and Wales and has over 15 years of experience as a solicitor, legal adviser and general counsel. Since 2019, Mr. Pang was a consultant at Raymond Siu & Lawyers where he provides legal advice on commercial and corporate governance, corporate finance and private investment funds. From 2016 to 2017, Mr. Pang was the managing director of King International Financial Holdings Limited, where his role focused on asset and wealth management and securities, futures and commodities. From 2015 to 2017, Mr. Pang was the group general counsel and company secretary of Aceso Life Science Group Limited (a company listed on the Hong Kong Stock Exchange with stock code 474), where he advised on compliance matters such as corporate acquisitions and SFC licensing applications. From 2012 to 2015, Mr. Pang was a group legal adviser of HKT Limited and HKT Trust, where he liaised with senior management to implement corporate directives. From 2007 to 2010, Mr. Pang was a solicitor at Goodwin Procter LLP and Mayer Brown LLP, where his work included initial public offerings, mergers and acquisitions and private equity. Mr. Pang obtained a Postgraduate Certificate of Laws in 2005 and a Master of Laws in 2004 from the University of Hong Kong, a Bachelor of Laws from Tsinghua University in 2003 and a Master of Real Estate and Construction from the University of Hong Kong in 2000.

**Mr. Chiu Tak Ming**

Mr. Chiu, aged 63, will begin serving as an independent director immediately upon the SEC's declaration of effectiveness of the registration statement of which this prospectus forms a part. Mr. Chiu will serve as chairman of the nomination committee and as a member of the audit committee and compensation committee. From July 2017 to July 2021, Mr. Chiu served as the vice president of Towngas Telecommunications Company Limited. From February 2017 to June 2017, Mr. Chiu was the chief technical officer of Village Telephone Limited. From June 2008 to January 2017, Mr. Chiu served as the general manager of HKBN Ltd (a company listed on the Hong Kong Stock Exchange with stock code 1310). From August 2002 to May 2008 and July 1996 to July 2000, Mr. Chiu respectively served as an associate director and senior manager of New World PCS Limited. From August 2000 to July 2002, Mr. Chiu was a director of Level 3 Company Limited. Mr. Chiu obtained a Diploma of Alternative Energy Technology from the Northern Alberta Institute of Technology, Canada in 2024, and a Bachelor of Electrical Engineering from the University of Alberta in 1987.

**Family Relationships**

There is no family relationship among any of our directors or executive officers.

**Committees of the Board of Directors**

Our board of directors will establish an audit committee, a compensation committee and a nomination committee effective upon the Registration Statement of which this prospectus forms a part becoming effective, each of which will operate pursuant to a charter adopted by our board of directors that will be effective upon the effectiveness of the Registration Statement of which this prospectus is a part. The board of directors may also establish other committees from time to time to assist our Company and the board of directors. Upon the effectiveness of the Registration Statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, the Nasdaq and SEC rules and regulations. Upon our listing on the Nasdaq, each committee's charter will be available on our website at https://<u>boxasone.com</u>. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

***Audit committee***

Mr. Butt, Mr. Pang and Mr. Chiu will serve on the audit committee, which will be chaired by Mr. Butt. Our board of directors has determined that each are "independent" for audit committee purposes as that term is defined by the rules of the SEC and the Nasdaq. Our board of directors has designated Mr. Butt as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal controls over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing earnings releases.

***Compensation committee***

Mr. Pang, Mr. Chiu and Mr. Butt will serve on the compensation committee, which will be chaired by Mr. Pang. The compensation committee's responsibilities include:

● evaluating the performance of our chief executive officer in light of our company's corporate goals and objectives and based on such evaluation: (i) recommending to the board of directors the cash compensation of our chief executive officer, and (ii) reviewing and approving grants and awards to our chief executive officer under equity-based plans;

● reviewing and recommending to the board of directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy and policy;

● overseeing and administering our compensation and similar plans;

● reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable the Nasdaq rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to the board of directors the compensation of our directors; and

● preparing the compensation committee report required by SEC rules, if and when required.

***Nomination committee***

Mr. Chiu, Mr. Butt and Mr. Pang and will serve on the nomination committee, which will be chaired by Mr. Chiu. Our board of directors has determined that each member of the nomination committee is "independent" as defined in the applicable the Nasdaq rules. The nomination committee's responsibilities include:

● developing and recommending to the board of directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and

● reviewing the composition of the board of directors to maintain that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nomination committee and board of directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (including, but not limited to race, gender or national origin). Our nomination committee's and board of directors' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

**Controlled Company**

Upon the completion of this Offering, Ever Topmax will beneficially own 7,013,300 of our total issued and outstanding Class A Ordinary Shares (assuming the Over-Allotment Option is not exercised). In addition, Ever Topmax will beneficially own 1,402,660 Class B Ordinary Shares, representing 100% of the total issued Class B Ordinary Shares. As a result, we will be a "controlled company" as defined under Nasdaq Listing Rule 5615(c), because Ever Topmax will control more than 50% of the voting power for the election of directors. As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Public Companies that qualify as a "Controlled Company" with securities listed on the Nasdaq Stock Market (Nasdaq), must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under Nasdaq rules, a controlled company is exempt from certain corporate governance requirements, including:

● an exemption from the rule that a majority of our board of directors must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

We currently do not intend to rely on any of the exemptions although we may elect to rely on one or more of the exemptions in the future.

**Foreign Private Issuer Status**

The Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable Nasdaq corporate governance standards. The application of such exceptions requires that we disclose each Nasdaq corporate governance standard that we do not follow and describe the BVI corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. We currently follow BVI corporate governance practices in lieu of the corporate governance requirements of the Nasdaq in respect of the following:

● the Shareholder Approval Requirements under Section 5635 of the Nasdaq listing rules.

**Code of Conduct and Code of Ethics**

Prior to the effectiveness of the Registration Statement of which this prospectus is a part, we intend to adopt a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. Following the effectiveness of the Registration Statement of which this prospectus is a part, a current copy of this code will be posted on the Corporate Governance section of our website, which is located at https://boxasone.com. The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and Nasdaq corporate governance rules.

**Compensation of Directors, Executive Officers and Key Employees** 

For the years ended March 31, 2025 and 2024, we paid an aggregate of approximately US$79,628 and US$91,236 respectively, in cash to our directors and officers as a group.

**Independent Directors' Agreements**

Each of our Independent Director Nominees will enter into a director's agreement with the Company effective upon the effectiveness of the Registration Statement. The terms and conditions of the directors' agreements are similar in all material aspects. Each independent director's agreement is for an initial term of one year and will continue until the director's successor is duly elected and qualified. Each director will be up for re-election each year at the annual shareholders' meeting and, upon re-election, the terms and provisions of his or her director's agreement will remain in full force and effect. Any director's agreement may be terminated for any or no reason by the director or at a meeting called expressly for that purpose by a vote of the shareholders holding more than 50% of the Company's issued and outstanding Ordinary Shares entitled to vote.

Under the independent directors' agreements, the initial annual director fees that will be payable to each of our independent directors are US$12,000. Such director fees are payable on a monthly basis.

In addition, our independent directors will be entitled to participate in such share option scheme as may be adopted by the Company, as amended from time to time. The number of options granted, and the terms of those options will be determined from time to time by a vote of the board of directors; provided that each director shall abstain from voting on any such resolution or resolutions relating to the grant of options to that director.

Other than as disclosed above, none of our directors has entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

**Employment Agreements**

We have entered into employment agreements with Mr. Lee, Mr. C Y Chan and Mr. Sin, which were effective from September 1, 2018, September 1, 2018 and June 1, 2023, respectively.

**2025 Equity Incentive Plan**

On September 19, 2025, subject to the completion of this Offering, our current shareholders and Board adopted the 2025 BAO Holding Limited Equity Incentive Plan (the "2025 Equity Incentive Plan"), to motivate attract and retain the best available personnel, provide additional incentives to staff and directors and promote the success of our business. Under the 2025 Equity Incentive Plan, the maximum aggregate number of Class A Ordinary Shares which may be issued pursuant to all awards under such plan is 3,590,532, which constitutes approximately 21.7% of the total issued and outstanding Class A Ordinary Shares and Class B Ordinary Shares of our Company on a fully-diluted basis as of the date of adoption, and taking into account of the 1,500,000 new Class A Ordinary Shares to be offered (or constitutes 20% of the total issued and outstanding Class A Ordinary Shares and Class B Ordinary Shares of our Company on a fully-diluted basis as of the date of adoption, and taking into account of the 1,500,000 new Class A Ordinary Shares to be offered). Pursuant to Rule 416(a) under the Securities Act, this Registration Statement also covers an indeterminate number of additional shares which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the 2025 Equity Incentive Plan. Any Class A Ordinary Shares covered by an award granted under the 2025 Equity Incentive Plan (or portion of an award) that terminates, expires, lapses or repurchased for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of Class A Ordinary Shares that may be issued under the 2025 Equity Incentive Plan. As of the date of this prospectus, we have not granted any awards under the 2025 Equity Incentive Plan.

The following paragraphs summarize the principal terms of the 2025 Equity Incentive Plan.

*Types of awards.* 

The 2025 Equity Incentive Plan permits the awards of options, restricted shares, restricted share units or any other type of awards approved by our Board or the compensation committee.

*Plan administration.*

Our Board or the compensation committee administers the 2025 Equity Incentive Plan. Our Board or the compensation committee determines, among other things, the participants to receive awards, the type and number of awards to be granted to each participant, and the terms and conditions of each award grant.

*Award agreement.*

Awards granted under the 2025 Equity Incentive Plan are evidenced by an award agreement that sets forth terms, conditions and limitations for each award, which may include the term of the award, the provisions applicable in the event of the grantee's employment or service terminates, and our authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind the award.

*Eligibility.*

We may grant awards to our staff and directors.

*Vesting schedule.*

In general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.

*Exercise of awards.*

The exercise price per share subject to an option is determined by the plan administrator and set forth in the award agreement, which may be a fixed price or a variable price related to the fair market value of the Class A Ordinary Shares. The exercise price will be no less than the fair market value on the grant date. The vested portion of option will expire if not exercised prior to the time as the plan administrator determines at the time of its grant.

*Transfer restrictions.*

Awards may not be transferred in any manner by the eligible participant other than in accordance with the limited exceptions, such as transfers to our company or a subsidiary of ours, transfers to the immediate family members of the participant by gift, the designation of a beneficiary to receive benefits if the participant dies, permitted transfers or exercises on behalf of the participant by the participant's duly authorized legal representative if the participant has suffered a disability, or, subject to the prior approval of the plan administrator or our executive officer or director authorized by the plan administrator, transfers to one or more natural persons who are the participant's family members or entities owned and controlled by the participant and/or the participant's family members, including but not limited to trusts or other entities whose beneficiaries or beneficial owners are the participant and/or the participant's family members, or to such other persons or entities as may be expressly approved by the plan administrator, pursuant to such conditions and procedures as the plan administrator may establish.

*Termination and amendment.*

Unless terminated earlier, the 2025 Equity Incentive Plan has a term of 10 years. Our Board may terminate, amend or modify the plan, subject to the limitations of applicable laws. However, no such action may adversely affect in any material way any award previously granted without prior written consent of the participant.

**Indemnification Agreements**

We intend to enter into indemnification agreements with each of our directors and executive officers, to be effective upon the Registration Statement of which this prospectus forms a part becoming effective. 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.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**PRINCIPAL SHAREHOLDERS** 

The following table sets forth information regarding beneficial ownership of our capital stock as of March 31, 2025 by:

● each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;

● each of our named executive officers;

● each of our directors and independent directors; and

● all of our current executive officers, directors and independent directors as a group.

Applicable ownership percentages are based on 16,452,660 of our Company's Ordinary Shares issued and outstanding as of the date of this prospectus, and, with respect to the percentage ownership after this Offering (assuming the Over-Allotment Option is not exercised).

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

Unless otherwise noted below, the address of each person and entity listed on the table is Unit A4, 5/F, Tsing Yi Industrial Centre Phase 1, Nos. 1-33 Cheung Tat Road, Tsing Yi, New Territories, Hong Kong.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** |
|  | **Class A Ordinary<br> Shares** | **Class B<br> Ordinary<br> Shares** | **Percentage of<br> beneficial<br> ownership (of<br> total Class A<br> and Class B<br> Ordinary Shares)** | **Percentage<br> of total<br> voting power<br> prior to this<br> offering** | **Class A<br> Ordinary<br> Shares** | **Class B<br> Ordinary<br> Shares** | **Percentage of<br> beneficial<br> ownership (of<br> total Class A<br> and Class B<br> Ordinary Shares)** | **Percentage<br> of total<br> voting power<br> after this<br> offering†** |
| **Directors and Executive Officers\*** |  |  |  |  |  |  |  |  |
| Mr. Lee<sup>(2)</sup> | 7013300 | 1402660 | 51.15% | 63.57% | 7013300 | 1402660 | 46.88% | 59.53% |
| Mr. C Y Chan | 2648800 |  | 16.10% | 12.01% | 2648800 |  | 14.75% | 11.24% |
| Ms. Au-Yeung | 2423050 |  | 14.73% | 10.98% | 2423050 |  | 13.50% | 10.28% |
| Mr. Sin<sup>(3)</sup> | 752500 |  | 4.57% | 3.41% | 752500 |  | 4.19% | 3.19% |
| **Independent Directors** |  |  |  |  |  |  |  |  |
| Mr. Butt |  |  |  |  |  |  |  |  |
| Mr. Pang |  |  |  |  |  |  |  |  |
| Mr. Chiu |  |  |  |  |  |  |  |  |
| **All Directors, Executive Officers and independent directors as a Group** | 12837650 | 1402660 | 86.55% | 89.97% | 12837650 | 1402660 | 79.32% | 84.24% |
| **Principal Shareholders:** |  |  |  |  |  |  |  |  |
| Ever Topmax Limited | 7013300 | 1402660 | 51.15% | 63.57% | 7013300 | 1402660 | 46.88% | 59.53% |
| Mr. C Y Chan | 2648800 |  | 16.10% | 12.01% | 2648800 |  | 14.75% | 11.24% |
| Ms. Au-Yeung | 2423050 |  | 14.73% | 10.98% | 2423050 |  | 13.50% | 10.28% |
| Supreme Encounter Limited | 752500 |  | 4.57% | 3.41% | 752500 |  | 4.19% | 3.19% |

---

(1) The
 number of our Class A Ordinary Shares to be outstanding after this Offering is based on 15,050,000
 Class A Ordinary Shares outstanding as of the date of this prospectus and assumes the Over-Allotment Option is not exercised.

(2) Represents
 7,013,300 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares held
 of record by Ever Topmax Limited, a British Virgin Islands company wholly owned by Mr. Lee.

(3) Represents
 752,500 Class A Ordinary Shares held of record by Supreme Encounter Limited, a British
 Virgin Islands company wholly owned by Mr. Sin.

**RELATED PARTY TRANSACTIONS**

We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

Set forth below are related party transactions of our Company for the three financial years ended March 31, 2025, 2024, and 2023, which are identified in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related party transactions under Hong Kong law.

For the year ended March 31, 2025, the Company did not have any related party transactions.

Mr. Lee is the sole director and controlling shareholder of Global Engine Limited ("GEL").

For the year ended March 31, 2024, the Company received services from GEL and is reflected in cost of revenue amounting to HK$250,000. For the year ended March 31. 2023, the Company did not receive or provide any services to or from GEL.

During the year ended March 31, 2023, the Company received HK$220,000 for the provision of human resource services fee to GEL for the period from April 1, 2022 to March 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Balances with related parties** 

<u>Amount due from related parties</u> 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| **Name of**<br>**related parties** | <br>**Relationship** | <br>**Nature of transactions** | **2025** | **2024** | **2023** |
|  |  |  | **HKD** | **HKD** | **HKD** |
| GEL <br>| Mr. Lee is a sole director and controlling shareholder | The Company provides management services (human resources and consultation) to GEL. BAO is also reimbursed for certain expenses, including insurance and office expense | $2709 | $167 | $8505 |

---

<u>Amount due to a director</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| **Name of**<br>**related parties** | <br>**Relationship** | **Nature of**<br>**transactions** | **2025** | **2024** | **2023** |
|  |  |  | **HKD** | **HKD** | **HKD** |
| Mr. Lee | Mr. Lee is a director and controlling shareholder of the Company | Mr. Lee provided funds to support the operations of BAO from time to time | $1109946 | $507298 | $1014021 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Key management personnel compensation** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** | **2023** |
|  | **HKD** | **HKD** | **HKD** |
| Short-term employee benefits | $619500 | $714000 | $504000 |

---

**DESCRIPTION OF SHARES AND CERTAIN BVI COMPANY CONSIDERATIONS**

We are a BVI business company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the BVI Act.

As of the date of this prospectus, we are authorised to issue up to a maximum of 1,000,000,000 shares with a par value of US$0.0001 each comprising (i) 900,000,000 Class A Ordinary Shares; and (b) 100,000,000 Class B Ordinary Shares. As of the date of this prospectus, 15,050,000 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares are issued and outstanding.

Immediately prior to the completion of this offering, we will have 15,050,000 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares issued and outstanding. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

Our Post-Offering Memorandum and Articles of Association

The following are summaries of the material provisions of our Memorandum and Articles that will be in force immediately prior to the completion of this offering and the BVI Act, insofar as they relate to the material terms of our Ordinary Shares.

The following description of our Ordinary Shares and provisions of our Memorandum and Articles are summaries and are qualified by reference to the Memorandum and the Articles of association that will be in effect immediately prior to the completion of this offering. Copies of these documents have been filed with the SEC as exhibits to our registration statement, of which this prospectus forms a part.

**Ordinary Shares**

***General***

All of our issued Ordinary Shares are fully paid and non-assessable. Certificates evidencing the Ordinary Shares are issued in registered form. Our shareholders who are non-residents of the BVI may freely hold and vote their Ordinary Shares. Immediately after the completion of this offering, we will have 16,550,000 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares issued and outstanding, assuming no exercise of their over-allotment option by the underwriters.

Holders of our Class A Ordinary shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. The Class A Ordinary Shares and the Class B Ordinary Shares carry equal rights (except as to voting and conversion) and rank pari passu with one another, including the rights to dividends and other capital distributions.

***Conversion***

Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares or the direct or indirect transfer or assignment of the voting power attached to such number of Class B Ordinary Shares through voting proxy or otherwise by a holder thereof to any person or entity which is neither ultimately controlled by Ever Topmax (the "**Founder**") nor another holder of Class B Ordinary Shares or an Affiliate (as defined in the Articles) of such another holder, all Class B Ordinary Shares held by a holder thereof shall be automatically and immediately converted into an equal number of Class A Ordinary Shares. Upon any sale, transfer, assignment or disposition of a majority of the issued and outstanding voting securities of, or the transfer or assignment of the voting power attached to such voting securities through voting proxy or otherwise, or the sale, transfer, assignment or disposition of all or substantially all of the assets of, a holder of Class B Ordinary Shares that is an entity to any person or entity which is neither ultimately controlled by the Founder nor another holder of Class B Ordinary Shares or an Affiliate (as defined in the Articles) of such another holder, all Class B Ordinary Shares held by a holder thereof shall be automatically and immediately converted into an equal number of Class A Ordinary Shares.

***Listing***

We intend to apply to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "BAO" provided that we pay the balance of our entry fee and show that we will have 300 round-lot shareholders prior to our first day of trading. We cannot guarantee that we will be successful in listing the Class A Ordinary Shares; however, we will not complete this offering unless we are so listed.

***Transfer Agent and Registrar***

The transfer agent and registrar for the Ordinary Shares is VStock Transfer, LLC, at 18 Lafeyette Place, Woodmere, New York 11593.

***Distributions***

The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of Directors subject to the BVI Act.

***Voting rights***

Any action required or permitted to be taken by the shareholders must be effected at a duly called general meeting of the shareholders entitled to vote on such action or may be effected by a resolution in writing. At each general meeting, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one vote for each Class A Ordinary Share which such shareholder holds and five votes for each Class B Ordinary Share which such shareholder holds. Holders of Class A Ordinary Shares and holders of Class B Ordinary Shares shall vote together as a single class, on all matters that require shareholders' approval.

***Qualification***

There is currently no shareholding qualification for directors.

***Meetings***

We must provide not less than seven days' notice of all meetings of shareholders to those persons whose names appear as shareholders in the register of members on the date of the notice is given and are entitled to vote at the meeting. Our board of directors shall call a meeting of the shareholders upon the written request of shareholders holding at least 30% of voting rights. In addition, our board of directors may call a meeting of shareholders on its own motion. A meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 90 percent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute waiver on his part.

At any meeting of shareholders, a quorum will be present if there are shareholders present in person or by proxy representing not less than 50% of the votes of Ordinary Shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day at the same time and place or to such other time and place as the board of directors may determine, and if shareholders representing not less than one-third of the votes of the Ordinary Shares entitled to vote on the matters to be considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present. No business may be transacted at any general meeting unless a quorum is present at the commencement of business. If present, the chair of our board of directors shall be the chair presiding at any meeting of the shareholders. If the chair of our board of directors is not present then the shareholders present shall choose a shareholder to chair the meeting of shareholders. If the shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting shares present in person or by proxy at the meeting shall preside as chairman.

A corporation that is a shareholder shall be deemed for the purpose of our Memorandum and Articles to be present in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

***Protection of minority shareholders***

There are no provisions in the Articles of Association relating to rights of minority shareholders in relation to fraud or oppression. However, certain remedies are available to shareholders of the Company under the BVI law as summarised below.

The BVI Companies Act contains various mechanism to protect minority shareholders, including:

(i) **Restraining or Compliance Orders**: if a company or a director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the BVI Companies Act or the company's memorandum and articles of association, the court may, on the application of a member or a director of the company, make an order directing the company or its director to comply with, or restraining the company or director from engaging in conduct that contravenes, the BVI Companies Act or the company's memorandum and articles of association;

(ii) **Derivative Actions**: the court may, on the application of a member of a company, grant leave to that member to:

(aa) bring proceedings in the name and on behalf of that company; or

(bb) intervene in proceedings to which the company is a party for the purpose of continuing, defending or discontinuing the proceedings on behalf of the company; and

(iii) **Unfair Prejudice Remedies**: a member of a company who considers that the affairs of the company have been, are being or are likely to be, conducted in a manner that is, or any acts of the company have been, or are, likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him, may apply to the court for an order and, if the court considers that it is just and equitable to do so, it may make such order as it thinks fit, including, without limitation, one or more of the following orders:

(aa) in the case of a shareholder, requiring the company or any other person to acquire the shareholder's shares;

(bb) requiring the company or any other person to pay compensation to the member;

(cc) regulating the future conduct of the company's affairs;

(dd) amending the memorandum or articles of association of the company;

(ee) appointing a receiver of the company;

(ff) appointing a liquidator of the company under section 159(1) of the Insolvency Act;

(gg) directing the rectification of the records of the company; and

(hh) setting aside any decision made or action taken by the company or its directors in breach of the BVI Companies Act or the company's memorandum and articles of association.

(iv) **Personal and Representative Actions**: a member is able to bring an action against the company for a breach of a duty owed by the company to member in his capacity as a member. Where a member brings such an action and other members have the same (or substantially the same) action against the company, the court may appoint the first member to represent all or some of the members having the same interest and may make an order:

(aa) as to the control and conduct of the proceedings;

(bb) as to the costs of the proceedings; and

(cc) directing the distribution of any amount ordered to be paid by a defendant in the proceedings among the members represented.

The BVI Companies Act provides that any member of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following:

(i) a merger, if the company is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares;

(ii) a consolidation, if the company is a constituent company;

(iii) any sale, transfer, lease, exchange or other disposition of more than 50% of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including:

(aa) a disposition pursuant to an order of the court having jurisdiction in the matter;

(bb) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interests within one (1) year after the date of disposition; or

(cc) a transfer pursuant to the power of the directors to transfer assets for the protection thereof;

(iv) a redemption of 10% or less of the issued shares of the company required by the holders of 90% or more of the shares of the company pursuant to the terms of the BVI Companies Act; and

(v) an arrangement, if permitted by the court.

Generally any other claims against a company by its shareholders must be based on the general laws of contract or tort applicable in the BVI or their individual rights as shareholders as established by the company's memorandum and articles of association.

***Pre-emptive rights***

There are no pre-emptive rights applicable to the issue by us of new Ordinary Shares under either BVI law or our Memorandum and Articles.

***Transfer of Ordinary Shares***

Subject to the restrictions in our Memorandum and Articles, the lock-up agreements with the representative of the underwriters described in "Shares Eligible for Future Sale — Lock-Up Agreements" and applicable securities laws, any of our shareholders may transfer all or any of his or her Ordinary Shares by written instrument of transfer signed by the transferor and containing the name and address of the transferee. Our board of directors may resolve by resolution to refuse or delay the registration of the transfer of any Ordinary Shares.

***Liquidation***

The BVI court has authority under the Insolvency Act of the BVI 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.

A BVI company may enter into voluntary liquidation under the BVI Companies Act if it has no liabilities or is able to pay its debts as they fall due and the value of its assets equals or exceeds its liabilities.

***Calls on Ordinary Shares and forfeiture of Ordinary Shares***

Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served to such shareholders at least fourteen days prior to the specified time of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture. For the avoidance of doubt, if the issued shares have been fully paid in accordance with the terms of its issuance and subscription, the board of directors shall not have the right to make calls on such fully paid shares and such fully paid shares shall not be subject to forfeiture.

***Purchase or redemption of Ordinary Shares***

Subject to the provisions of the BVI Act, the board of directors may purchase, redeem or otherwise acquire and hold its own shares on such terms and in such manner as may be determined by our Memorandum and Articles and subject to any applicable requirements imposed from time to time by, the BVI Act, the SEC, the NASDAQ Capital Market, or by any recognized stock exchange on which our securities are listed.

***Modification of rights***

All or any of the special rights attached to any class of shares may, subject to the provisions of the BVI Act, be amended only pursuant to consent in writing of all the holders of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate meeting of the holders of the shares of that class.

To every such separate general meeting all the provisions of the Articles relating to general meetings of shareholders shall, mutatis mutandis, apply, but so that:

(a) separate
 general meetings of the holders of a class or series of shares may be called only by (i)
 the chairman of the board of directors, or (ii) a majority of the entire board of directors
 (unless otherwise specifically provided by the terms of issue of the shares of such class
 or series);

(b) the
 necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall
 be a person or persons (or in the case of a shareholder being a corporation, its duly authorized
 representative) together holding or representing by proxy not less than one-third in nominal
 or par value of the issued shares of that class (but so that if at any adjourned meeting
 of such holders a quorum as above defined is not present, those shareholders who are present
 shall form a quorum);

(c) every
 holder of shares of the class shall be entitled (whether on show of hands or on a poll) to
 one vote for every such share held by him; and

(d) any
 holder of shares of the class present in person or by proxy or authorised representative
 may demand a poll.

***Changes in the number of shares we are authorized to issue and those in issue***

We may from time to time by a resolution of shareholders or resolution of our board of directors:

● amend our Memorandum and Articles to increase or decrease the maximum number of shares we are authorized to issue;

● subject to our Memorandum and Articles, sub-divide our authorized and issued shares into a larger number of shares than our existing number of shares; and

● subject to our Memorandum and Articles, consolidate our authorized and issued shares into a smaller number of shares than our existing number of shares.

***Untraceable shareholders***

Our Memorandum and Articles contain no provision entitling us to sell the shares of a shareholder who is untraceable.

***Inspection of books and records***

Members of the general public, on a payment of a nominal fee, can inspect the public records of a company available at the office of the BVI Registrar of Corporate Affairs (the "**Registrar**") which will include, inter alia, the company's certificate of incorporation, its memorandum and articles of association (with any amendments) and the records of licence fees paid to date.

A director of a BVI company may, on giving reasonable notice, inspect (and make copies of) the documents and records of a BVI company without charge and at a reasonable time specified by the director.

A member of a BVI company may, on giving written notice to a BVI company, inspect the company's memorandum and articles of association, the register of members, the register of directors and the minutes of meetings and resolutions of members and of those classes of members of which he is a member.

Subject to any provision to the contrary in the company's memorandum and articles of association, the directors may, if they are satisfied that it would be contrary to the company's interests to allow a member to inspect any document, or part of a document, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records. The directors shall, as soon as reasonably practicable, notify a member of any exercise of such powers. Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the BVI court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

A company shall keep minutes of all meetings of directors, members, committees of directors and committees of members and copies of all resolutions consented to by directors, members, committees of directors and committees of members. The books, records and minutes required by the BVI Companies Act shall be kept at the office of the BVI registered agent of the company or at such other place as the directors determine. See "Where You Can Find More Information."

***Rights of non-resident or foreign shareholders***

There are no limitations imposed by our 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 Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.

***Issuance of additional Ordinary Shares***

Our Memorandum and Articles authorizes our board of directors to issue additional Ordinary Shares from authorized but unissued Ordinary Shares, to the extent available, from time to time as our board of directors shall determine.

**Certain BVI Company Considerations**

**Differences in Corporate Law**

The BVI Act and the laws of the BVI affecting BVI companies like us and our shareholders differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the BVI applicable to us and, for illustrative purposes only, the Delaware General Corporation Law (the "DGCL"), which are applicable to us and the companies incorporated in the state of Delaware and their shareholders.

***Mergers and similar arrangements***

Under the BVI Act, two or more BVI companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of two or more constituent companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent companies into a new company. In order to merge or consolidate, the directors of each constituent BVI company must approve a written plan of merger or consolidation which must be authorized by a resolution of shareholders. One or more BVI companies may also merge or consolidate with one or more companies incorporated under the laws of jurisdictions outside the BVI, if the merger or consolidation is permitted by the laws of the jurisdictions in which the companies incorporated outside the BVI are incorporated. In respect of such a merger or consolidation a BVI company is required to comply with the provisions of the BVI Act and a company incorporated outside the BVI is required to comply with the laws of its jurisdiction of incorporation.

Shareholders of BVI companies not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any provision which, if proposed as an amendment to the memorandum association or articles of association, would entitle them to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or consolidation.

Under Delaware law each corporation's board of directors must approve a merger agreement. The merger agreement must state, among other terms, the terms of the merger and method of carrying out the merger. This agreement must then be approved by the majority vote of the outstanding stock entitled to vote at an annual or special meeting of each corporation, and no class vote is required unless provided in the certificate of incorporation.

Delaware permits an agreement of merger to contain a provision allowing the agreement to be terminated by the board of directors of either corporation, notwithstanding approval of the agreement by the stockholders of all or any of the corporations (1) at any time prior to the filing of the agreement with the Secretary of State or (2) after filing if the agreement contains a post-filing effective time and an appropriate filing is made with the Secretary of State to terminate the agreement before the effective time. In lieu of filing an agreement of merger, the surviving corporation may file a certificate of merger, executed in accordance with Section 103 of the DGCL. The surviving corporation is also permitted to amend and restate its certification of incorporation in its entirety. The agreement of merger may also provide that it may be amended by the board of directors of either corporation prior to the time that the agreement filed with the Secretary of State becomes effective, even after approval by stockholders, so long as any amendment made after such approval does not adversely affect the rights of the stockholders of either corporation and does not change any term in the certificate of incorporation of the surviving corporation. If the agreement is amended after filing but before becoming effective, an appropriate amendment must be filed with the Secretary of State. If the surviving corporation is not a Delaware corporation, it must consent to service of process for enforcement of any obligation of the corporation arising as a result of the merger; such obligations include any suit by a stockholder of the disappearing Delaware corporation to enforce appraisal rights under Delaware law.

If a proposed merger or consolidation for which appraisal rights are provided is to be submitted for approval at a shareholder meeting, the subject company must give notice of the availability of appraisal rights to its shareholders at least 20 days prior to the meeting.

A dissenting shareholder who desires to exercise appraisal rights must (a) not vote in favor of the merger or consolidation; and (b) continuously hold the shares of record from the date of making the demand through the effective date of the applicable merger or consolidation. Further, the dissenting shareholder must deliver a written demand for appraisal to the company before the vote is taken. The Delaware Court of Chancery will determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the court will take into account "all relevant factors." Unless the Delaware Court of Chancery in its discretion determines otherwise, interest from the effective date of the merger through the date of payment of the judgment will be compounded quarterly and accrue at 5% over the Federal Reserve discount rate.

***Shareholders' suits***

The BVI Act provides for remedies which may be available to shareholders. Where a company incorporated under the BVI Act or any of its directors engages in, or proposes to engage in, conduct that contravenes the BVI Act or the company's memorandum and articles of association, the BVI courts can issue a restraining or compliance order. Shareholders cannot also bring derivative, personal and representative actions under certain circumstances. The traditional English basis for members' remedies has also been incorporated into the BVI Act: where a shareholder of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the court for an order based on such conduct.

Any shareholder of a company may apply to court for the appointment of a liquidator of the company and the court may appoint a liquidator of the company if it is of the opinion that it is just and equitable to do so.

The BVI Act provides that any shareholder of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following: (a) a merger, if the company is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares; (b) a consolidation, if the company is a constituent company; (c) any sale, transfer, lease, exchange or other disposition of more than 50% in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (i) a disposition pursuant to an order of the court having jurisdiction in the matter, (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the shareholders in accordance with their respective interest within one year after the date of disposition, or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; (d) a redemption of 10% or fewer of the issued shares of the company required by the holders of 90% or more of the shares of the company pursuant to the terms of the BVI Act; and (e) an arrangement, if permitted by the court.

***Indemnification of directors and executive officers and limitation of liability***

BVI law does not limit the extent to which a company's articles of association may provide for indemnification of directors, officers and any other person, except to the extent any such provision may be held by the court to be contrary to public policy (e.g. for purporting to provide indemnification against the consequences of committing a crime.) provided that the indemnified person acted honestly and in good faith and in what he believed to be in the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful.

This standard of conduct is generally the same as permitted under the DGCL for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' fiduciary duties***

BVI law provides that every director of a BVI company in exercising his powers or performing his duties shall act honestly and in good faith and in what the director believes to be in the best interests of the company. Additionally, the director shall exercise the care, diligence, and skill that a reasonable director would exercise in the same circumstances taking into account the nature of the company, the nature of the decision and the position of the director and his responsibilities. In addition, BVI law provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or agree to the company acting, in a manner that contravenes BVI law or the memorandum association or articles of association of the company.

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

***Shareholder action by written consent***

Our Memorandum and Articles provide that shareholders may approve corporate matters by way of a resolution approved at a duly constituted meeting of shareholders by the affirmative vote of a simple majority of the votes of those shareholders entitled to vote and voting on the resolution; or a resolution consented to in writing by all of the shareholders entitled to vote thereon.

Under the DGCL, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation.

***Shareholder proposals***

BVI law and our Memorandum and Article provide that our directors shall call a meeting of the shareholders if requested in writing to do so by shareholders entitled to exercise at least 30% of the voting rights in respect of the matter for which the meeting is requested.

Under the DGCL, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

***Cumulative voting***

There are no prohibitions to cumulative voting under the laws of the BVI, but our Memorandum and Articles do not provide for cumulative voting.

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.

Under the DGCL, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of directors***

Our Articles provides that a director may be removed from office by a resolution of shareholders or by resolution of directors. A resolution for the removal of a director may only be passed at a meeting called for the purpose of removing the director or for purposes including the removal of the director.

Under the DGCL, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.

***Transactions with interested shareholders***

The DGCL contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or more of the target's outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware public corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

BVI law has no comparable provision. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. Although BVI law does not regulate transactions between a company and its significant shareholders, it does provide that transactions by the Company must be entered into bona fide in the best interests of the company and not with the effect of oppressing or constituting a fraud on the minority shareholders.

***Dissolution; Winding Up***

As permitted by BVI law and our Memorandum and Articles, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due and value of the Company's assets equals or exceeds its liabilities.

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

***Variation of rights of shares***

Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.

Under our Memorandum and Articles, if at any time our shares are divided into different classes of shares, the rights attached to any class may only be varied pursuant to consent in writing of all the holders of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate meeting of the holders of the shares of that class.

To every such separate general meeting all the provisions of the Articles relating to general meetings of shareholders shall, mutatis mutandis, apply, but so that:

(a) separate
 general meetings of the holders of a class or series of shares may be called only by (i)
 the chairman of the board of directors, or (ii) a majority of the entire board of directors
 (unless otherwise specifically provided by the terms of issue of the shares of such class
 or series);

(b) the
 necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall
 be a person or persons (or in the case of a shareholder being a corporation, its duly authorized
 representative) together holding or representing by proxy not less than one-third in nominal
 or par value of the issued shares of that class (but so that if at any adjourned meeting
 of such holders a quorum as above defined is not present, those shareholders who are present
 shall form a quorum);

(c) every
 holder of shares of the class shall be entitled (whether on show of hands or on a poll) to
 one vote for every such share held by him; and

(d) any
 holder of shares of the class present in person or by proxy or authorised representative
 may demand a poll.

***Amendment of governing documents***

As permitted by BVI law, our Memorandum and Articles may be amended by a resolution of shareholders and, subject to certain exceptions, by a resolution of directors. Any amendment is effective from the date it is registered at the Registry of Corporate Affairs in the BVI. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.

**History of Securities Issuances**

The following is a summary of our securities issuances in the past three years.

Our Company was incorporated in the BVI on December 2, 2024 under the Companies Act as a business company with limited liability. We are authorized to issue a maximum of 1,000,000,000 shares, par value of US$0.0001 each, comprising of (i) 900,000,000 Class A Ordinary Shares, par value of US$0.0001 each, and (ii) 100,000,000 Class B Ordinary Shares, par value of US$0.0001 each. Following incorporation, one Class A Ordinary Share was transferred to Ever Topmax for cash at par. On December 17, 2024, Ever Topmax, Mr. C Y Chan, Ms. Au-Yeung, Supreme Encounter, Heroic Master, First Mark and Wisdom Bridge were allotted and issued 46,598; 17,600; 16,100; 5,000; 4,900; 4,900 and 4,900 Class A Ordinary Shares for US$4,660, US$1,760, US$1,610, US$500, US$0.49, US$0.49 and US$0.49 respectively. On December 17, 2024, we allotted and issued 9,320 Class B Ordinary Shares to Ever Topmax for US$932. On January 17, 2025, we allotted and issued one Class A Ordinary Share to Ever Topmax credited as fully paid in consideration of its transfer of the entire issued share capital of BoxAO to us.

On September 2, 2025, each of our existing Shareholders, namely Ever Topmax, Mr. C Y Chan, Ms. Au-Yeung, Supreme Encounter, Heroic Master, First Mark and Wisdom Bridge subscribed for, and were allotted and issued fully paid of par 6,966,700 Class A Ordinary Shares, 2,631,200 Class A Ordinary Shares, 2,406,950 Class A Ordinary Shares, 747,500 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, respectively, for cash at par. Also on September 2, 2025, Ever Topmax subscribed for 1,393,340 Class B Ordinary Shares for cash at par.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this Offering, we will have 16,550,000 Class A Ordinary Shares and 1,402,660 Class B Ordinary Shares issued and outstanding (assuming the Over-Allotment Option is not exercised).

All of the Class A Ordinary Shares sold in this Offering by the Company will be freely transferable in the United States by persons other than our "affiliates" without restriction or further registration under the Securities Act. Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our ordinary shares outstanding immediately prior to the completion of this Offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public Offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our ordinary shares acquired in this Offering by our affiliates.

Sales of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect prevailing market prices of our Class A Ordinary Shares. Prior to this Offering, there has been no public market for our Class A Ordinary Shares, and while we intend to apply for the listing of our Class A Ordinary Shares on the Nasdaq, we cannot assure you that a regular trading market will develop in the Class A Ordinary Shares.

***Lock-Up Agreements***

We have agreed with the underwriters, for a period of 180 days following the closing of the Offering, subject to certain exceptions not to (1) offer, sell, issue, pledge, contract to sell, contract to purchase, grant any option, right or warrant to purchase, lend, make any short sale or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any other securities so owned convertible into or exercisable or exchangeable for Class A Ordinary Shares, (2) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of the Class A Ordinary Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, or (3) file any registration statement with the SEC relating to the Offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or publicly disclose the intention to take any such action.

Furthermore, each of our directors and executive officers and our 5% or greater shareholders has also entered into a similar lock-up agreement with the underwriters for a period of 180 days following the closing of the Offering, subject to certain exceptions, with respect to our Class A Ordinary Shares, and securities that are substantially similar to our Class A Ordinary Shares.

We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Ordinary Shares.

***Rule 144***

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than six months but not more than one year may sell such Ordinary Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than one year may freely sell our Ordinary Shares without registration under the Securities Act. Persons who are our affiliates (including persons beneficially owning 10% or more of our outstanding shares), and have beneficially owned our Ordinary Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1.0% of the then outstanding ordinary shares, which will equal approximately 165,500 Class A Ordinary Shares immediately following this offering, or 167,750 Class A Ordinary Shares if the underwriters exercise their option in full to purchase additional Class A Ordinary Shares; or

● the average weekly trading volume of our Class A Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**MATERIAL TAX CONSIDERATIONS**

The following summary of certain BVI, Hong Kong and U.S. federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Class A Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the BVI, Hong Kong and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of our Class A Ordinary Shares. To the extent that this discussion relates to matters of BVI tax law, it is the opinion of Conyers Dill & Pearman, our counsel as to BVI law. To the extent that this discussion relates to matters of Hong Kong tax law, it is the opinion of Robertsons, our counsel as to Hong Kong law.

**BVI Tax Considerations**

The Company and all dividends, interest, rents, royalties, compensation and other amounts paid by the Company to persons who are not resident in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of the Company by persons who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not resident in the BVI with respect to any shares, debt obligation or other securities of the Company.

All instruments relating to transfers of property to or by the Company and all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI. This assumes that the Company does not hold an interest in real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its members.

**Hong Kong Tax Considerations**

The following brief description of HK laws is designed to highlight the enterprise-level taxation on our earnings, which will affect the amount of dividends, if any, we are ultimately able to pay to our shareholders. See "*Dividend Policy*" on page 44.

***Profits tax***

No tax is imposed in HK in respect of capital gains from the sale of property, such as our Class A Ordinary Shares. Generally, gains arising from disposal of the Class A Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from the sale of property by persons carrying on a trade, profession or business in HK where such gains are derived from or arise in HK from such trade, profession or business will be chargeable to HK profit tax. Liability for HK profits tax would therefore arise in respect of trading gains from the sale of Class A Ordinary Shares realized by persons in the course of carrying on a business of trading or dealing in securities in HK where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in HK. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed at 16.5% for corporations and 15% for unincorporated businesses.

In addition, HK does not impose withholding tax on gains derived from the sale of stock in HK companies and does not impose withholding tax on dividends paid outside of HK by HK companies. Accordingly, investors will not be subject to HK withholding tax with respect to a disposition of their Class A Ordinary Shares or with respect to the receipt of dividends on their Class A Ordinary Shares, if any. No income tax treaty relevant to the acquiring, withholding or dealing in the Class A Ordinary Shares exists between HK and the United States.

***Stamp duty***

HK stamp duty is generally payable on the transfer of "Hong Kong stocks." The term "stocks" refers to shares in companies incorporated in HK, as widely defined under the Stamp Duty Ordinance (Cap. 117 of the laws of Hong Kong), or SDO, and includes shares. However, our Class A Ordinary Shares are not considered "Hong Kong stocks" under the SDO since the transfer of the Class A Ordinary Shares are not required to be registered in HK given that the books for the transfer of Class A Ordinary Shares are located in the United States. The transfer of Class A Ordinary Shares is therefore not subject to stamp duty in HK. If HK stamp duty applies, both the purchaser and the seller are liable for the stamp duty charged on each of the sold note and bought note at the ad valorem rate of 0.13% on the higher of the consideration stated on the contract notes or the fair market value of the shares transferred. In addition, a fixed duty, currently of HK$5.00, is payable on an instrument of transfer.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that acquire our Class A Ordinary Shares in this Offering and hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Class A Ordinary Shares.

***General***

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Class A Ordinary Shares.

***Dividends***

The entire amount of any cash distribution paid with respect to our Class A Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Class A Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Class A Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

***Sale or Other Disposition of Ordinary Shares***

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of ordinary shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such ordinary shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the ordinary shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Hong Kong dollars or another currency other than U.S. dollars on the disposition of our Class A Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Class A Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

***Passive Foreign Investment Company Considerations***

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this Offering) and the expected market price of our Class A Ordinary Shares following this Offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Class A Ordinary Shares (which may be volatile). 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. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A 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 on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Class A Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such 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 applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares and we own any equity in a non- United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

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 certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we intend to apply for the listing of our Class A Ordinary Shares on the Nasdaq, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Class A Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Class A Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Class A Ordinary Shares, 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 Class A Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Class A Ordinary Shares held at the end of the taxable year over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Class A Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Class A Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN THE OUR CLASS A ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

**ENFORCEABILITY OF CIVIL LIABILITIES**

Our Company is a business company incorporated with limited liability under the laws of the BVI. We are incorporated in the BVI because of certain benefits associated with being a BVI 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. However, the BVI has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, investor may not have standing to sue BVI companies before the U.S. federal courts.

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. All of the directors and executive officers of our Company reside outside the United States 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 Cogency Global Inc., as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**BVI** 

***Enforcement of Judgments***

A final and conclusive judgment in the superior courts England and Wales or those countries listed in the BVI Reciprocal Enforcement of Judgments Act (Cap. 65) (or, where applicable, the Foreign Judgments (Reciprocal Enforcement) Act (Cap. 27)) against the Company under which a sum of money is payable (not being in respect of multiple damages, or a fine, penalty, tax or other charge of similar nature) would, on registration in accordance with the provisions of the BVI Reciprocal Enforcement of Judgments Act (Cap. 65) (or, where applicable, the Foreign Judgments (Reciprocal Enforcement) Act (Cap. 27)), be enforceable in the High Court of the British Virgin Islands against the Company without the necessity of any retrial of the issues subject of such judgment or any re-examination of the underlying claims.

At common law, the courts of the British Virgin Islands would recognise as a valid judgment, a final and conclusive judgment in personam obtained in the courts of all countries not covered by the BVI Reciprocal Enforcement of Judgments Act (Cap. 65) (or, where applicable, the Foreign Judgments (Reciprocal Enforcement) Act (Cap. 27)) against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment, (b) such courts did not contravene the rules of natural justice of the British Virgin Islands, (c) such judgment was not obtained by fraud, (d) the enforcement of the judgment would not be contrary to the public policy of the British Virgin Islands, (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the British Virgin Islands and (f) there is due compliance with the correct procedures under the laws of the British Virgin Islands. Such a judgment would be enforced by treating the judgment as a cause of action and commencing an action on the foreign judgment debt in the Court of the British Virgin Islands, with a view to proceeding with the claim by way of summary judgment.

**Hong Kong**

Our counsel as to Hong Kong law, has advised us that 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 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 judgement 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.

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. Our Board is comprised of five directors, all of our executive directors are located in Hong Kong.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is: (i) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty); and (ii) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

**UNDERWRITING**

We expect to enter into an underwriting agreement with Pacific Century Securities, LLC, as representative of the several underwriters named therein (the "Representative"), with respect to the Class A Ordinary Shares in this offering. The Representative may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering. Under the terms and subject to the conditions contained in the underwriting agreement, we have agreed to issue and sell to the underwriters the number of Ordinary Shares as indicated below.

---

| | |
|:---|:---|
| **Name** | **Number of <br> Ordinary Share** |
| Pacific Century Securities, LLC | [ ] |
| Revere Securities LLC |  |
| **Total** | [ ] |

---

The underwriters are committed to purchase all the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The underwriters are not obligated to purchase the Class A Ordinary Shares covered by the underwriters' over-allotment option to purchase Class A Ordinary Shares as described below. The underwriters are offering the Class A Ordinary Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Pricing of this Offering**

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our Class A Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book value or other established criteria of value of our company.

**Over-Allotment Option**

We have granted to the underwriters a 45-day option to purchase up to an aggregate of 225,000 additional Class A Ordinary Shares (equal to 15% of the number of Class A Ordinary Shares sold in the offering), at the offering price per Class A Ordinary Share less underwriting discounts. The underwriters may exercise this option for 45 days from the date of closing of this offering solely to cover sales of Class A Ordinary Shares by the underwriters in excess of the total number of Class A Ordinary Shares set forth in the table above. If any of the additional Class A Ordinary Shares are purchased, the underwriters will offer the additional Class A Ordinary Shares at $[●] per Ordinary Share, the offering price of each Class A Ordinary Share.

**Discounts and Expenses**

The underwriting discounts for the shares and the over-allotment shares are equal to seven percent (7%) of the initial public offering price.

The following table shows the price per share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
|  | **Per Share** | **Without <br> Over-allotment** | **Full Exercise of <br> Over-allotment** |
| Public offering price | $[●] | $[●] | $[●] |
| Underwriting discounts to be paid by us: | $[●] | $[●] | $[●] |
| Proceeds, before expenses, to us | $[●] | $[●] | $[●] |

---

We have agreed to reimburse the underwriters up to a maximum of US$250,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). As of the date of this prospectus, we have paid US$80,000 to the underwriters as an advance against out-of-pocket accountable expenses. Any expenses advancement will be returned to us to the extent the underwriters' 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 shall reimburse the underwriters one percent (1%) of the gross proceeds of the offering as non-accountable expenses.

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $546,769.

**Right of First Refusal**

If, for the period beginning on the closing of the offering and ending twelve (12) months after closing of the offering, the Company or any of its subsidiaries engages in: (a) any equity, equity-linked, debt or mezzanine financing or other investment in the Company (including a secondary sale or offering by security holders effected with the Company's assistance); (b) any tender offer or exchange offer for, debt, convertible debt securities; (c) any merger, consolidation, sale, transfer or other disposition of all or a material portion of the Company's stocks or asset; or (d) restructuring transactions including, extraordinary dividend, stock repurchase, spin-off, etc. (each transaction, a "Subsequent Transaction"), the Representative (or any affiliate designated by the Representative) shall have the right of first refusal to act as lead or joint book-runner, lead or joint manager, or lead or joint placement agent with respect to such Subsequent Transaction.

**Lock-Up Agreements**

We have agreed, subject to some exceptions, not to transfer or dispose of, directly or indirectly, any of our Class A Ordinary Shares, or any securities convertible into or exchangeable or exercisable for our Class A Ordinary Shares, for a period of six (6) months from the closing of this offering.

Our directors, executive officers and principal shareholders (defined as owners of 5% or more of our Class A Ordinary Shares) have agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of six (6) months from the date of the closing, without the prior written consent of the underwriters.

The underwriters have no present intention to waive or shorten the lock-up period; however, the terms of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lockup agreements, the underwriters may base their decision on its assessment of the relative strengths of the securities markets and companies similar to ours in general, and the trading pattern of, and demand for, our securities in general.

**No Sales of Similar Securities**

We have agreed not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares, whether any such transaction is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the underwriters, for a period of 180 days from the date of the closing.

**Foreign Regulatory Restrictions on Purchase of our Class A Ordinary Shares**

We have not taken any action to permit a public offering of our Class A 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 Class A Ordinary Shares and the distribution of this prospectus outside the United States.

**Indemnification**

We have agreed to indemnify the underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement and to contribute to payments that the underwriters may be required to make for these liabilities.

**Application for Nasdaq Listing**

Prior to this offering, there has been no public market for our Class A Ordinary Shares. We have applied to list our Class A Ordinary Shares on Nasdaq Capital Market under the symbol "BAO". There can be no assurance that we will be successful in listing our Class A Ordinary Shares on Nasdaq Capital Market or another national exchange and if such listing is not obtained then this offering will be terminated.

**Electronic Offer, Sale and Distribution of Ordinary Share**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Passive Market Making**

Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Potential Conflicts of Interest**

The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above

and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the ordinary shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares. As a result, the price of our ordinary shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our ordinary shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Class A Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares, where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts, which are expected to be incurred by us in connection with the offer and sale of the Class A Ordinary Shares by us. With the exception of the SEC registration fee, the Financial Industry Regulatory Authority ("**FINRA**") filing fee and the Nasdaq entry and listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
| SEC Registration Fee | US$ | 1320  |
| FINRA Filing Fee | US$ | 1817 |
| Nasdaq Listing Fee | US$ | 5000 |
| Printing and engraving expenses | US$ | 17360 |
| Legal fees and expenses | US$ | 433771 |
| Accounting fees and expenses | US$ | 66 |
| Miscellaneous | US$ | 93578 |
| Total | US$ | 552912 |

---

These expenses will be borne by us.

**LEGAL MATTERS**

We are being represented by Sichenzia Ross Ference Carmel LLP with respect to certain legal matters of U.S. federal securities. The validity of the Class A Ordinary Shares offered in this Offering and certain legal matters as to BVI law will be passed upon for us by Conyers Dill & Pearman. Legal matters as to Hong Kong law will be passed upon for us by Robertsons. Certain legal matters of United States federal securities in connection with this Offering will be passed upon for the underwriters by VCL Law LLP.

**EXPERTS**

The financial statements as of March 31, 2025 and 2024 included in this prospectus have been audited by TAAD LLP, an independent registered public accounting firm, as stated in their report appearing herein (which report expresses an unqualified opinion on the financial statements). Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing. The office of TAAD LLP is located at 20955 Pathfinder Road, Suite 370, Diamond Bar, CA 91765, USA.

**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 the underlying Class A Ordinary Shares to be sold in this Offering. For the purposes of this section, the term "Registration Statement" means the original registration statement and any and all amendments thereto including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the Registration Statement on Form F-1, does not contain all of the information contained in the Registration Statement. You should read our Registration Statements and their exhibits and schedules for further information with respect to us and our Class A Ordinary Shares.

Immediately upon the effectiveness of the Registration Statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC, including the Registration Statement, can be obtained over the Internet at the SEC's website at <u>www.sec.gov</u> or inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of documents, upon payment of a duplicating fee, by writing to the SEC.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. As we are a foreign private issuer, we will be required to file our annual report on Form 20-F within 120 days of the end of each year. However, we intend to furnish the depositary with our annual reports, which will include a review of operations and annual audited combined financial statements prepared in conformity with IFRS, and all notices of shareholders' meetings and other reports and communications that are made generally available to our shareholders.

**BAO HOLDING LIMITED** 

**TABLE OF CONTENTS**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#Da_001) <u>(PCAOB#05854)</u> | F-2 |
| [Consolidated Statements of Income - For The Years Ended March 31, 2025 and 2024](#ak_001) | F-3 |
| [<u>Consolidated Statements of Financial Position – As of March 31, 2025 and 2024</u>](#ak_002) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity-For The Years Ended <u>March 31, 2025 and 2024</u>](#ak_003) | F-5 |
| [Consolidated Statements of Cash Flows- For The Years Ended March 31, 2025 and 2024](#ak_004) | F-6 |
| [Notes to Consolidated Financial Statements](#ak_005) | F-7 |

---

![](audit_01.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and

Shareholders of BAO Holding Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of BAO Holding Limited (the Company) as of March 31, 2025 and 2024, and the related consolidated statements of income, changes in shareholders' equity, and cash flows for each of the two years in the period ended March 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 financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2025 in conformity with International Financial Reporting Standards as issued by International Accounting Standards Board.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Emphasis of a Matter – Subsequent Events**

Without qualifying our opinion, we draw attention to Note 17 to the financial statement (Subsequent Event). The Company declared dividend to its shareholders with total amounts of HK$6,150,000 on April 20, 2025, and fully paid in June 2025.

---

| |
|:---|
| */s/ TAAD, LLP* |
| We have served as the Company's auditor since 2024. |
| Diamond Bar, California |
| July 11, 2025, except for Note 17, as to which the date is August 20, 2025, Note 6, as to which the date is September 5, 2025, and Note 16, as to which the date is September 23, 2025 |

---

**BAO HOLDING LIMITED**

**CONSOLIDATED STATEMENTS OF INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the years ended March 31,** | **For the years ended March 31,** |
|  | | **2025** | **2024** |
|  |<br>**Note** | **HKD** | **HKD** |
| **Revenues** | 4 | 28501166 | 13269232 |
| **Cost and expenses** |  |  |  |
| Cost of revenues |  | 17597454 | 10760081 |
| Cost of revenues - related parties |  |  | 250000 |
| General and administrative expenses |  | 2926862 | 2035632 |
| Credit loss on trade and other receivables |  | 177863 | 100925 |
| **Total cost and expenses** |  | 20702179 | 13146638 |
| **Income from operations** |  | 7798987 | 122594 |
| **Other income (expenses)** |  |  |  |
| Interest expense |  | (9355) |  |
| Other expenses |  |  | (3882) |
| Other income |  | 1789 | 570 |
| **Total other income (expenses), net** |  | (7566) | (3312) |
| **Income before income tax** |  | 7791421 | 119282 |
| Income tax expense | 5 | 1153268 | 43923 |
| **Net income** |  | $6638153 | $75359 |
| Weighted average number of Class A Ordinary Shares |  |  |  |
| Basic and diluted\* | 6 | 15050000 | 15050000 |
| Weighted average number of Class B Ordinary Shares |  |  |  |
| Basic and diluted\* | 6 | 1402660 | 1402660 |
| Earnings per Class A Ordinary share |  |  |  |
| Basic and diluted\* | 6 | $0.403 | $0.005 |
| Earnings per Class B Ordinary share |  |  |  |
| Basic and diluted\* | 6 | $0.403 | $0.005 |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reorganization completed on January 17, 2025 and the allotment and issuance of shares at par value completed on September 2, 2025.

The accompany notes are an integral part of these consolidated financial statements.

**BAO HOLDING LIMITED**

**CONSOLIDATED Statements of financial position**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of March 31,** | **As of March 31,** |
|  | | **2025** | **2024** |
|  |<br>Note | **HKD** | **HKD** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash |  | $1718763 | $76792 |
| Accounts receivable, net | 7 | 8667021 | 2413669 |
| Prepayment, deposits and other receivables | 8 | 2405738 | 6538463 |
| Prepaid tax |  |  | 481687 |
| Amount due from a related party | 13 | 2709 | 167 |
| Contract assets |  | 90000 | 2340363 |
| Deferred IPO costs |  | 1778531 | - |
|  |  | 14662762 | 11851141 |
| **Non-current assets** |  |  |  |
| Equipment, net | 9 | 538911 | 548645 |
| Right-of-use assets | 10 | 472772 | - |
|  |  | 1011683 | 548645 |
| **Total assets** |  | $15674445 | $12399786 |
| **Liabilities and shareholders' equity** |  |  |  |
| **Current liabilities** |  |  |  |
| Account payables |  | $3112057 | $1703528 |
| Accrued expenses | 11 | 16238 | 2122324 |
| Other payables | 12 | 2010571 | 6711662 |
| Amount due to a director | 13 | 1109946 | 507298 |
| Lease liabilities | 10 | 232087 |  |
| Income tax payable |  | 955584 | - |
| **Total current liabilities** |  | 7436483 | 11044812 |
| **Non-Current Liabilities** |  |  |  |
| Lease liabilities | 10 | 244835 | - |
| **Total liabilities** |  | 7681318 | 11044812 |
| **Shareholders' equity** |  |  |  |
| Class A Ordinary shares, US$0.0001 par value, authorized 900,000,000 shares as of March 31, 2025 and 2024; 15,050,000 shares issued and outstanding as of March 31, 2025 and 2024, respectively\* | 16 | 11748 | 11748 |
| Class B Ordinary shares, US$0.0001 par value, authorized 100,000,000 shares as of March 31, 2025 and 2024; 1,402,660 shares issued and outstanding as of March 31, 2025 and 2024, respectively\* | 16 | 1095 | 1095 |
| Shares subscription receivable |  | (90197) | (90197) |
| Other reserve |  | 1027354 | 1027354 |
| Retained earnings |  | 7043127 | 404974 |
| **Total shareholders' equity** |  | 7993127 | 1354974 |
| **Total liabilities and shareholders' equity** |  | $15674445 | $12399786 |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reorganization completed on January 17, 2025 and the allotment and issuance of shares at par value completed on September 2, 2025.

The accompany notes are an integral part of these consolidated financial statements.

**BAO HOLDING LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**<br> **Ordinary Shares** | **Class A**<br> **Ordinary Shares** | **Class B**<br> **Ordinary Shares** | **Class B**<br> **Ordinary Shares** | | | | |
|  | **Shares** | **Par Value** | **Shares** | **Par Value** | **Share**<br> **subscription**<br>** <br>**<br> receivable** | **Other**<br>**<br> Reserve** | **Retained<br>** <br>**<br> Earnings** |<br>**Total** |
|  | | **HKD** | | **HKD** | **HKD** | | **HKD** | **HKD** |
| Balance, April 1, 2023\* | 15050000 | $11748 | 1402660 | $1095 | $(90197) | $1027354 | $329615 | $1279615 |
| Net income | - | - | - | - | - | - | 75359 | 75359 |
| Balance, March 31, 2024\* | 15050000 | $11748 | 1402660 | $1095 | $(90197) | $1027354 | $404974 | $1354974 |
| Net income | - | - | - | - | - | - | 6638153 | 6638153 |
| Balance, March 31, 2025 | 15050000 | $11748 | 1402660 | $1095 | $(90197) | $1027354 | $7043127 | $7993127 |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reorganization completed on January 17, 2025 and the allotment and issuance of shares at par value completed on September 2, 2025.

The accompany notes are an integral part of these consolidated financial statements.

**BAO HOLDING LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| **Cash flows from operating activities:** |  |  |
| Net income before income tax | $7791421 | $119282 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Finance costs | 9355 |  |
| (Gain) loss on disposal of items of property and equipment | (694) | 3882 |
| Depreciation of equipment | 185308 | 250226 |
| Amortization of intangible assets |  | 348467 |
| Depreciation of right-of-use assets | 78795 |  |
| Loss allowance for expected credit losses | 177863 | 100925 |
| Change in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (6431215) | (2126668) |
| &nbsp;&nbsp;&nbsp;Prepayment, deposits and other receivables | 4132725 | 2059125 |
| &nbsp;&nbsp;&nbsp;Contract assets | 2250363 | (2340363) |
| &nbsp;&nbsp;&nbsp;Account payables | 1408529 | 1433204 |
| &nbsp;&nbsp;&nbsp;Other payables and accruals | (6807177) | 1407529 |
| Cash generated from operations | 2795273 | 1255609 |
| &nbsp;&nbsp;&nbsp;Income taxes refund (paid) | 284003 | (653869) |
| Net cash provided by operating activities | 3079276 | 601740 |
| **Cash flow from investing activities:** |  |  |
| Proceeds from disposal of items of equipment | 1000 | 3960 |
| Purchases of property and equipment | (175880) | (287180) |
| Net cash used in investing activities | (174880) | (283220) |
| **Cash flow from financing activities:** |  |  |
| Net proceeds (repayment) of amount due to a director | 602648 | (506723) |
| Net proceeds (repayment) of amount due from a related party | (2542) | 8338 |
| Deferred IPO costs | (1778531) |  |
| Interest elements of lease rentals paid | (9355) |  |
| Principal portion of lease payments | (74645) | - |
| Net cash used in financing activities | (1262425) | (498385) |
| **Change in cash** | 1641971 | (179865) |
| **Cash, beginning of the year** | 76792 | 256657 |
| **Cash, end of the year** | $1718763 | $76792 |

---

The accompany notes are an integral part of these consolidated financial statements

**BAO HOLDING LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 — Nature of business and organization**

BAO Holding Limited (the "Company" or "BAO Group") is a holding company incorporated on December 2, 2024 under the British Virgin Islands ("BVI") law. The Company has no substantial operations other than holding all of the outstanding share capital of Forever Brand Limited ("BVI Sub") which was incorporated under BVI law on August 9, 2018 and which was indirectly wholly-owned by Mr. Lee. BVI Sub is also a holding company holding of all the equity interest of Boxasone Limited ("BoxAO"), a Hong Kong Company incorporated on June 13, 2018. The Company, through BoxAO, is an IT solutions services provider based in Hong Kong, that utilize analystic and programming skills to provide customized software development and technology solutions to optimize business performance of, and create new business opportunities, for customers.

On December 2, 2024, BAO Group is incorporated and one Class A Ordinary Share is issued to Ever Topmax Limited for cash at par. On December 17, 2024, Ever Topmax Limited, Mr. Chan, Ms. Au-Yeung, Supreme Encounter Limited, Heroic Master Limited, First Mark Limited and Wisdom Bridge Limited subscribed for 46,598; 17,600; 16,100; 5,000; 4,900; 4,900 and 4,900 Class A Ordinary Shares for US$4,660; US$1,760; US$1,610; US$500; US$490; US$0.49 and US$0.49, respectively. On December 17, 2024, 2024, Ever Topmax Limited subscribed for 9,320 Class B Ordinary Share for US$932. On January 17, 2025, BAO Group entered into a reorganisation agreement to acquire from Ever Topmax Limited 100 shares in BVI Sub representing the entire issued share capital of BVI Sub by a consideration of 1 shares of BAO Group, resulting in BAO Group being the parent company of BVI Sub and the indirect parent company of BoxAO.

The consolidated financial statements reflect the activities of the Company and each of the following entities:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Background** | **Ownership** | **Principal activities** |
| Forever Brand Limited ("BVI Sub") | ● A BVI company <br> ● Incorporated on August 9, 2018 | 100% owned by BAO Group | Investment holding |
| Boxasone Limited ("BoxAO") | ● A Hong Kong company <br> ● Incorporated on June 13, 2018 | 100% owned by BVI Sub | software development and technology solutions |

---

**Note 2 — Liquidity**

In assessing the Company's liquidity, the Company monitors and evaluates its cash and its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.

As of March 31, 2025, the Company had cash in an amount of HKD1,718,763 and net working capital (excluded deferred IPO costs) of HKD5,447,748. To continue to sustain its ability to support the Company's operation, the Company considered supplementing its sources of funding through the following:

- cash generated from operations;

- the Company seeks financing from banks and other financial institutions; and

financial support from Mr. Lee for a credit line of HK$1,500,000, which is interest free and repayable on 1 year.

Based on the above considerations, management believes that the Company has sufficient funds to meet its operating and capital expenditure needs and obligations in the next 12 months. However, there is no assurance that the Company will be successful in implementing the foregoing plans or additional financing will be available to the Company on commercially reasonable terms. There are a number of factors that could potentially arise that could undermine the Company's plans such as (i) changes in the demand for the Company's services, (ii) government policies, and (iii) economic conditions in Hong Kong and worldwide. The Company's inability to secure needed financing when required may require material changes to the Company's business plan and could have a material impact on the Company's financial conditions and result of operations.

**Note 3 — Summary of significant accounting policies**

<u>Basis of presentation</u>

The consolidated financial statements of the Group have been prepared in accordance with the IFRS Accounting Standards as issued by International Accounting Standards Board. The consolidated financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies.

<u>Principles of consolidation</u>

BAO Holding Limited was formed on December 2, 2024. As all the Company's subsidiaries presented are under common control, the series of contractual arrangements between Ever Topmax Limited, Forever Brand Limited and the Company constituted a reorganization under common control and were required to be retrospectively applied in prior periods as if such structure existed at that time, the entities under common control are presented on a consolidated basis for all periods to which such entities were under common control.. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis prepared as if the existing corporate structure had been in existence throughout all periods. All inter-company transactions and balances are eliminated upon consolidation.

<u>Use of estimates and assumptions</u>

The preparation of these consolidated financial statements in accordance with IFRS requires management to make estimates and judgments that affect the recognition, measurement and disclosure of amounts reported in these consolidated financial statements and accompanying notes. The reported amounts and note disclosures are determined using management's best estimates based on assumptions that reflect the most probable set of economic conditions and planned courses of action. Actual results may differ from such estimates. These judgments, estimates and assumptions are reviewed regularly. Significant accounting estimates reflected in the Company's consolidated financial statements include determinations of the useful lives of property and equipment and estimates of provision for doubtful accounts.

<u>Earnings per share</u>

Basic earnings per class A and class B ordinary share is computed by dividing net income attributable to class A and class B, respectively, by the weighted average number of ordinary shares of each respective class outstanding during period presented. Diluted income per share is calculated by dividing net income attributable to class A and class B, respectively, as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, such as in a period in which a net loss is recorded.

<u>Foreign currency translation and transaction</u>

The functional currency used by the Company is the Hong Kong Dollar ("HKD"). Consequently, operations in currencies other than the HKD are considered to be denominated in foreign currency and are recorded at the exchange rates in force on the dates of the operations.

At year-end, monetary assets and liabilities denominated in foreign currency are converted by applying the exchange rate on the balance sheet date. The profits or losses revealed are charged directly to the profit and loss account for the year in which they occur.

On each balance sheet date, monetary assets and liabilities in foreign currency are converted at the rates in force on the closing date. Non-monetary items in foreign currency measured in terms of historical cost are converted at the exchange rate on the date of the transaction.

The exchange differences of the monetary items that arise both when liquidating them and when converting them at the closing exchange rate, are recognized in the results of the year, except those that are part of the investment of a business abroad, which are recognized directly in equity net of taxes until the time of its disposal.

<u>Fair value measurement</u>

The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.

The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:

● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.

● Level 3 inputs to the valuation methodology are unobserved and significant to the fair value.

Financial instruments included in current assets and current liabilities are reported in the balance sheets at face value or cost because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.

<u>Related parties</u>

(a) A person, or a close member of that person's family, is related to the Group if that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has control or joint control
 over the Group;

(ii) has significant influence
 over the Group; or

(iii) is a member of the key
 management personnel of the Group or the Group's parent.

(b) An entity is related to the Group if any of the following conditions applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 entity and the Group are members of the same group (which means that each parent, subsidiary
 and fellow subsidiary is related to the others).

(ii) One
 entity is an associate or joint venture of the other entity (or an associate or joint venture
 of a member of a group of which the other entity is a member).

(iii) Both entities are joint
 ventures of the same third party.

(iv) One
 entity is a joint venture of a third entity and the other entity is an associate of the third
 entity.

(v) The
 entity is a post-employment benefit plan for the benefit of employees of either the Group
 or an entity related to the Group.

(vi) The entity is controlled
 or jointly controlled by a person identified in (a).

(vii) A
 person identified in (a)(i) has significant influence over the entity or is a member of the
 key management personnel of the entity (or of a parent of the entity).

(viii) The
 entity, or any member of a group of which it is a part, provides key management personnel
 services to the Group or to the Group's parent.

<u>Revenue recognition</u>

A five-step approach is applied in the recognition of revenue: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Company satisfies a performance obligation. Customer purchase orders plus the underlying master sales agreements are considered to be contracts with the customer for purposes of applying the five-step approach.

Revenues are recognized when control of the promised services and deliverables are transferred to the Company's clients in an amount that reflects the consideration the Company expects to be entitled to and receive in exchange for services and deliverables rendered.

The Company generates revenues from (i) transaction fee for managed payments solutions; (ii) and system and related hardware design and development and related maintenance services.

*<u>Transaction based revenue</u>*

The Company offer a provides one-stop electronic payment services to sellers that supports multiple payment methods and linked the payment systems to seller's facilities.

The Company charges its sellers a transaction fee for managed payments solutions that is generally calculated by two means: i) as a percentage of the total transaction amount processed; and/or (ii) a fixed monthly fee. The Company collects the transaction amount from the seller's customer's bank, net of acquiring interchange and assessment fees, processing fees, and bank settlement fees paid to third-party payment processors and financial institutions. The Company retains its fees and remits the net amount to the sellers.

The Company acts as the merchant of record for its sellers and works directly with payment processing companies so that its sellers do not need to manage the complex systems, rules, and requirements of the payments industry. The Company satisfies its performance obligations and therefore recognizes the transaction fees as revenue upon authorization of a transaction by the seller's customer's bank.

Revenue is recognized net of refunds, which arise from reversals of transactions initiated by sellers. The transaction fees collected from sellers are recognized as revenue on a gross basis as the Company is the principal in the delivery of the managed payments solutions to the sellers. The Company has concluded it is the principal because as the merchant of record, it controls the services before delivery to the seller, it is primarily responsible for the delivery of the services to its sellers, and it has discretion in setting prices charged to sellers. The Company also has the unilateral ability to accept or reject a transaction based on criteria established by the Company. As the merchant of record, the Company is liable for the costs of processing the transactions for its sellers, and records such costs within cost of revenue.

The revenue is recognized at the time when the underlying transaction is completed.

*<u>System and Related Hardware Design and Development and related maintenance service</u>*

The Company offer hardware products and services designed for certain specific industries, including, among others, our smart retail solutions and related hardware that are designed for managing different businesses. The Company would also offer tailor made system development for customers based on their specific needs.

For system development, the scope may involve the design (proof of concept), build, customization and setup of hardware. Each hardware product and its related software, such as a system or firmware, are highly interdependent and interrelated and are accounted for as a combined performance obligation. The customers are typically required to pay an upfront payment and only obligated to pay the remaining to the Company when the entire hardware and software passed the acceptance tests and completed. As the process involves programming and coding to be compatible with each hardware product, it would be difficult for customer to change vendors without incurring significant additional costs to reperform the work completed. Furthermore, the design and specification needed for each hardware products differs substantially on the basis of each customer's needs and specifications. Although the contracts do not preclude the Company from directing the completed hardware products to another customers, the Company would incur significant costs to rework the design and function of the hardware products. As such, the system development of the hardware products does not have an alternative use to the Company. The contracts of the Company typically contain user acceptance tests, that the customers can perform the testing. Control of the product is not transferred to the customer until the customer accepts the product by passing the acceptance test. The revenues for this combined performance obligation are generally recognized at the point in time that the hardware product and its related software completed the acceptance test and ownership is transferred to the customer.

The Company also provides maintenance services to the system development, such as remote technical support and troubleshooting for the hardware and related software. The Company concludes that the services provided each month during the annual service term (1) are distinct, (2) meet the criteria for recognizing revenue over time, and (3) have the same method for measuring progress. In addition, the Company concludes that the services provided each month are substantially the same and result in the transfer of substantially the same services to the customers each month. That is, the benefits consumed by the customers are substantially the same for each monthly transaction, even though the exact volume of services may vary each month. Therefore, the Company concludes that the maintenance services satisfy the requirements of IFRS 15 to be accounted for as a single performance obligation. The Company recognizes revenue for this type of service over time.

Typically, the above-mentioned project-based services and recurring services are separately provided to difference customers. The Company used a cost plus a margin pricing model to estimate the stand-along-selling price.

<u>Cost of Revenues</u>

Transaction-based costs consist primarily of processing fees and bank settlement fees paid to third-party payment processors and financial institutions.

Hardware costs consist of the product costs associated with card readers, terminal, routers and other hardware devices.

Other costs consisted of cost of consultants or subcontractors assigned to revenue-generating activities.

<u>Cash</u>

Cash primarily consist of bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use. The Company maintains its bank accounts in Hong Kong.

Deposit accounts denominated in Hong Kong Dollars, or any other currencies at the banks and financial institutions who are the members of Deposit Protection Scheme will be covered up to a limit of HK$800,000 per depositor per scheme member by Hong Kong Deposit Protection Board in an event of bank failure. The Company has not experienced any losses in bank accounts and believe its credit risk is not significant.

<u>Accounts receivable, net</u>

The Company carries accounts receivable at the face amounts less a reserve for estimated credit losses. The Company estimated its reserve for credit losses using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts.

The Company recognizes expected credit losses ("ECL") for accounts receivable based on the simplified approach. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of the account receivable.

The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. ECLs are a probability-weighted estimate of credit losses.

As of March 31, 2025 and March 31, 2024, the Company recognize the provision allowance balance for credit losses of HK$506,920 and HK$329,057, respectively.

<u>Prepayment, deposits and other receivables</u>

Prepayments are cash deposited or advanced to suppliers for the purchase of goods or services that have not been received or provided. This amount is refundable and bears no interest. Deposits mainly consist of prepaid deposit to vendors for providing the services and goods, which are refundable. Other receivables include out of pocket expenses to be collected from the clients.

<u>Equipment, net</u>

Equipment are stated at cost less accumulated depreciation and impairment if applicable. Depreciation is computed using the straight-line method after consideration of the estimated useful lives. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Estimated<br> Useful Life** |
| Machinery and equipment | 5 years |
| Computer equipment | 3 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals and betterment, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u>Impairment for long-lived assets</u>

Long-lived assets, including equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the non-discounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated discounted future cash flows expected to result from the use of the assets plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company would reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. For the years ended March 31, 2025 and 2024, no impairment of long-lived assets was recognized.

<u>Deferred IPO costs</u>

IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. These costs include legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, the SEC filing and print related costs.

<u>Contract assets</u>

Contract assets are rights to consideration in exchange for goods or services that the Company has transferred to a customer when such a right is conditional on something other than the passage of time.

As at March 31, 2025, the contract assets of HK$90,000 are related to software and service arrangements for a customer where transfer of control has occurred but we have not yet invoiced. As at March 31, 2024, the contract assets of HK$2,340,363 are primarily related to software and service arrangements for two customers where transfer of control has occurred but we have not yet invoiced.

<u>Employee benefits</u>

Under Hong Kong Mandatory Provident Fund Schemes Ordinance, an employer shall enroll their regular employees in Mandatory Provident Fund Schemes. Regular employees are those who are at between 18 and 65 years of age and have been employed for consecutive 60 days or more. An employer is required to make regular mandatory contributions at least 5% of the employee's monthly income between HK$7,100 and HK$30,000 and HK$1,500 of the employee's monthly income over HK$30,000.

<u>Segment reporting</u>

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Company's chief operating decision maker ("CODM") is the Chief Executive Officer. The Company's CODM assess the Company's performance and results of operations on a combined basis. The Company generates substantially all of its revenues from clients in Hong Kong. Accordingly, no geographical segments are presented. Substantially all of the Company's long-lived assets are located in Hong Kong.

<u>Leases</u>

The Company assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

As a lessee

*Allocation of consideration to components of a contract*

For a contract that contains a lease component and one or more additional lease or non-lease components, the Company allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

Short-term leases

The Company applies the short-term lease recognition exemption that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term.

Right-of-use assets

Right-of-use assets are recognized at the commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease terms.

Lease liabilities

Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for termination of a lease, if the lease term reflects the Company exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

<u>Income taxes</u>

BAO Holding Limited and Forever Brand Limited are not subject to tax on income or capital gains under the current laws of the British Virgin Islands. In addition, upon payments of dividends by the BAO Holding Limited and the Company's subsidiary in Hong Kong, Boxasone Limited to the Company's shareholders, no British Virgin Islands withholding tax will be imposed.

Boxasone Limited is incorporated in and carries trade and business in Hong Kong Special Administrative Region and is subject to Hong Kong profits tax under Inland Revenue Department Ordinance. In general, the Inland Revenue Department of Hong Kong has up to 7 years to conduct examinations of the Company's tax filings. Accordingly, the tax years from 2017/18 to 2024/25 of the Company's Hong Kong subsidiary remain open to examination by the taxing jurisdictions

No taxable income was generated outside Hong Kong for the years ended March 31, 2025 and 2024. The Company accounts for income tax in accordance with IFRS for income taxes consists of taxes currently due plus deferred tax.

The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is accounted for using the asset and liability method with respect to temporary differences arising from between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of assessable tax profit. Deferred tax liabilities are recognized for all future taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled.

Deferred tax is charged or credited in the statement of operations, except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Company had no uncertain tax position as of March 31, 2025 and 2024. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

<u>Commitments and Contingencies</u>

In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.

<u>Concentration of Risks</u>

Concentration of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and account receivable. The Company places its cash with financial institutions with high-credit ratings and quality. The Company's credit risk with respect to cash is discussed under "Cash" in this section.

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

Concentration of customers

As of March 31, 2025, three customers accounted for 34.5% (customer E), 30.3% (customer B) and 20.2% (customer F), respectively, of the Company's total accounts receivable. As of March 31, 2024, a customer accounted for 54.3% (customer B) of the Company's total accounts receivable.

For the year ended March 31, 2025, three customers accounted for 43.9% (customer B), 18.1% (customer E) and 10.0% (customer A), respectively, of the Company's total revenues. For the year ended March 31, 2024, four customers accounted for 28.6% (customer A), 28.5% (customer B), 22.5% (customer C) and 12.6% (customer D), respectively, of the Company's total revenues.

Concentration of vendors

As of March 31, 2025, a vendor accounted for 89.2% of the Company's total accounts payable. As of March 31, 2024, two vendors accounted for 82.6% and 13.6%, respectively, of the Company's total accounts payable.

For the year ended March 31, 2025, two vendors accounted for 55.4% and 26.1%, respectively, of the Company's total purchases. For the year ended March 31, 2024, three vendors accounted for 32.0%, 25.9% and 16.8%, respectively, of the Company's total purchases.

<u>Recent accounting pronouncements</u>

The following new standards and amendments to standards have not come into effect for the financial year beginning April 1, 2024, and have not been early adopted by the Company in preparing these consolidated financial statements. None of these new standards and amendments to standards is expected to have a material effect on the consolidated financial statements of the Company.

---

| | | |
|:---|:---|:---|
|  |  | **Effective for**<br> **annual periods**<br> **beginning** |
| Amendments to IAS 21 | Lack of Exchangeability | January 1, 2025 |
| Amendments to IFRS 9 and IFRS 7 | Amendments to the Classification and Measurement of Financial Instruments | January 1, 2026 |
| Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 | Annual Improvements to IFRS Accounting Standards - Volume 11 | January 1, 2026 |
| IFRS 19 | Subsidiaries without Public Accountability: Disclosures | January 1, 2027 |
| IFRS 18 | Presentation and Disclosure in Financial Statements | January 1, 2027 |
| Amendments to IFRS 10 and IAS 28 | Sale or contribution of assets between an investor and its associate or joint venture | To be determined |

---

**Note 4 — Revenues**

Revenues are recognized when control of the promised services and deliverables are transferred to the Company's clients in an amount that reflects the considerations the Company expects to be entitled to and receive in exchange for services and deliverables rendered.

The following table presents the Company's revenues disaggregated by service lines for the fiscal years ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Project development | $20571396 | $5198502 |
| Project maintenance services | 7423281 | 7739498 |
| Transaction based revenue | 506489 | 331232 |
| Total revenues | $28501166 | $13269232 |

---

The following table presents the Company's revenues disaggregated by the timing of revenue recognition for the years ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Service transferred over time | $7423281 | $7739498 |
| Service transferred at a point in time | 21077885 | 5529734 |
|  | 28501166 | 13269232 |

---

The amounts of transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of March 31 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Amounts expected to be recognized as revenue: |  |  |
| Within one year | $1900000 | $4638082 |
| After one year | - | 1900000 |
|  | $1900000 | $6538082 |

---

The Company expects to recognize majority of the related revenue as it provides services to its clients, which is expected to occur within three years for project maintenance fees. The Company elected to utilize the optional exemption to exclude from this disclosure the remaining performance obligations that have original expected duration of one year or less.

**Note 5 — Taxes**

*British Virgin Islands*

BAO Holding Limited and Forever Brand Limited are incorporated in the British Virgin Islands and conduct all of the Company's businesses through the Company's subsidiary in Hong Kong, Boxasone Limited. Under the current laws of the British Virgin Islands, BAO Holding Limited and Forever Brand Limited are not subject to tax on income or capital gains. In addition, upon payments of dividends by the BAO Holding Limited and the Company's subsidiary in Hong Kong, Boxasone Limited to the Company's shareholders, no British Virgin Islands withholding tax will be imposed.

*Hong Kong*

*Two-tier Profits Tax Rates*

BoxAO is incorporated in Hong Kong and is subject to Hong Kong profits tax compliance.

Under the current Hong Kong Inland Revenue Ordinance, the Company's Hong Kong subsidiaries are subject to Hong Kong Profits Tax at the rate of 16.5% on their taxable income generated from the operations in Hong Kong. A two-tiered profits tax rates regime was introduced in 2018 where the first HKD2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the Group to benefit from the progressive rates.

For the tax years of 2024 and 2025, the Financial Secretary of Hong Kong provided concessionary measures by providing tax reduction ("tax credit") of profits tax up to HKD3,000 and HKD1,500, respectively, per case.

Net operating loss will be carried forward indefinitely under Hong Kong profits tax regulation. As of March 31, 2025, the net operating loss carry forwards available to offset future taxable income is HKD8,427. As of March 31, 2024, no provision for Hong Kong profits tax has been made as the Company has available tax losses brought forward from prior years to offset the future taxable income.

The income tax provision consisted of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Current: |  |  |
| Hong Kong | $1153268 | $43923 |
| Total provision for income taxes | 1153268 | 43923 |

---

A reconciliation between the Company's actual provision for income taxes and the provision at the Hong Kong statutory rate was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Income before income tax | $7791421 | $119282 |
| Hong Kong income tax rate | 16.5% | 16.5% |
| Income tax expense computed at statutory rate | 1285584 | 19682 |
| Preferential rate | (165000) | (46104) |
| Reconciling items: |  |  |
| Non-taxable items in Hong Kong | (281) | (94) |
| Unrecognized deferred income tax assets | 10462 |  |
| Expenses not deductible for tax | 29347 | 73439 |
| Tax losses utilised from previous periods | (6844) |  |
| Tax credit | - | (3000) |
| Total income tax expense | $1153268 | $43923 |
| Effective tax rate | 14.8% | 36.8% |

---

No deferred tax assets or liabilities has been recognized in the financial statements as the Company did not have material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts as of March 31, 2025 and 2024.

The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of and for the years ended March 31, 2025 and 2024, the Company did not have any unrecognized tax benefits.

**Note 6 — Earnings per share**

The following table sets forth the computation of basic and dilutive earnings per share of class A and class B ordinary share:

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
|  | **Class A** | **Class B** |
|  | **HKD** | **HKD** |
| Allocation of undistributed profit | $6072222 | $565931 |
| Weighted average number of ordinary shares used in per share computation | 15050000 | 1402660 |
| Basic and diluted earnings per share | $0.403 | $0.403 |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended March 31, 2024** | **Year ended March 31, 2024** |
|  | **Class A** | **Class B** |
|  | **HKD** | **HKD** |
| Allocation of undistributed profit | $68934 | $6425 |
| Weighted average number of ordinary shares used in per share computation\* | 15050000 | 1402660 |
| Basic and diluted earnings per share | $0.005 | $0.005 |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reorganization completed on January 17, 2025 and the allotment and issuance of shares at par value completed on September 2, 2025.

**Note 7 — Accounts receivable, net**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Accounts receivable | $9173941 | $2742726 |
| Less: loss allowance for expected credit losses | (506920) | (329057) |
| Accounts receivable, net | $8667021 | $2413669 |

---

The loss allowances for accounts receivable as at March 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31** | **As of March 31** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Beginning balance | $329057 | $228132 |
| Provision | 177863 | 100925 |
| Ending balance | $506920 | $329057 |

---

**Note 8 — Prepayment, deposits and other receivables**

Prepayment, deposits and other receivables, net included the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31** | **As of March 31** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Prepayment | $2231838 | $6480663 |
| Deposits | 173900 | 27500 |
| Other receivables | - | 30300 |
| Total | $2405738 | $6538463 |

---

Prepayments included advance to suppliers and vendors for the purchase of goods or services that have not been received or provided.

**Note 9 — Equipment, net**

Equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Machinery and equipment | $1456324 | $1324034 |
| Computer equipment | 68887 | 68887 |
| Subtotal | 1525211 | 1392921 |
| Less: accumulated depreciation | (986300) | (844276) |
| Total | $538911 | $548645 |

---

During the year ended March 31, 2025 and March 31, 2024, the Company acquired equipment of HK$175,880 and HK$287,180, respectively. During the year ended March 31, 2025 and March 31, 2024, the Company disposed equipment with net book value of HK$306 and HK$Nil, respectively. Depreciation expense for property and equipment for the years ended March 31, 2025 and 2024 amounted to HK$185,308 and HK$250,226 respectively.

**Note 10— Leases**

The Company has lease contract for the property with lease term of 2 years and 4 months.

**(a)** **Right-of-use assets** 

The carrying amounts of right-of-use assets are as below:

---

| | |
|:---|:---|
|  | **Property** |
|  | **HKD** |
| As at March 31, 2024 | $- |
| Inception of new leases | 551567 |
| Depreciation charge | (78795) |
| As at March 31, 2025 | $472772 |

---

**(b)** **Lease liabilities** 

The carrying amounts of lease liabilities are as below:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| As at March 31, 2024 | $- | $- |
| New leases | 551567 |  |
| Accretion of interest recognized during the year | 9355 |  |
| Payments | (84000) | - |
| As at March 31, 2025 | 476922 |  |
| Less: portion classified as current liabilities | (232087) | - |
| Non-current liabilities | $244835 | $- |

---

The maturity profile of the lease liabilities, based on the contractual undiscounted payments, is as follows:

---

| | |
|:---|:---|
|  | **2025** |
|  | **HKD** |
| Less than one year | $252000 |
| One to five years | 252000 |
| Total undiscounted lease liabilities | $504000 |

---

The amount recognized in profit or loss in relation to leases are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Interest expenses (included in interest expenses) | $9355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Depreciation charge of right-of-use assets (included in general and administrative expenses) | 78795 |  |

---

For the year ended March 31, 2025 and 2024, the Company has no short-term or low value exemption lease expenses.

**Note 11 — Accrued expenses**

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31** | **As of March 31** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Accrued expenses | $16238 | $2122324 |

---

As at March 31, 2025, the accrued expenses represented the unbilled audit fee and insurance. As at March 31, 2024, the accrued expenses mainly represented an unbilled project cost of designation and development with payment term of 12 months per contract.

**Note 12 —Other payables**

Accrued expenses and other payables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31** | **As of March 31** |
|  | **2025** | **2024** |
|  | **HKD** | **HKD** |
| Advances from customers | 1952200 | 6590282 |
| Other deposits | 35340 | 121380 |
| Other | 23031 | - |
| Total | $2010571 | $6711662 |

---

The advancement from customers represented the purchase of goods or subscription of services prepaid to the Company.

**Note 13 — Supplemental cash flow information**

For the year ended March 31, 2025, the Company had non-cash additions to right-of-use assets and lease liabilities of HK$551,567 and HK$551,567, respectively, in respect of lease arrangement of the property.

**Note 14 — Related party transactions and balances**

**(a)** **Transactions** 

For the year ended March 31, 2025, the Group did not have any related party transaction. For the year ended March 31. 2024, the Group received services from Global Engine Limited ("GEL") (Mr. Lee Yat Lung Andrew ("Mr. Lee") is the sole director and controlling shareholder) and reflected in cost of revenue amounted to HK$250,000.

**(b)** **Balances with related parties** 

<u>Amount due from related parties</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of** | | | **As of March 31,** | **As of March 31,** |
| **related parties** | <br>**Relationship** | <br>**Nature of transactions** | **2025** | **2024** |
|  |  |  | **HKD** | **HKD** |
| GEL | Mr. Lee is a sole director and controlling shareholder | BoxAO reimbursed for certain expenses, including insurance and office expenses incurred on behalf of GEL. | $2709 | $167 |

---

<u>Amount due to a director</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of** | | | **As of March 31,** | **As of March 31,** |
| **related parties** | <br>**Relationship** | <br>**Nature of transactions** | **2025** | **2024** |
|  |  |  | **HKD** | **HKD** |
| Mr. Lee | Mr. Lee is a director and controlling shareholder of the Company | Mr. Lee provided fund to support the operations of BAO from time to time | $1109946 | $507298 |

---

**(c)** **Key management personnel compensation** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **HKD** | **HKD** | **HKD** | **HKD** |
| Short-term employee benefits | | 619,500 | | 714,000 |

---

**Note 15 —Contingencies**

*Contingencies*

In the ordinary course of business, the Company may be subject to certain legal proceedings, claims, and disputes that arise from the business operations. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity. As of March 31, 2025 and 2024, the Company had no outstanding lawsuits nor claims.

**Note 16 — Equity**

*Ordinary shares*

The Company is authorised to issue up to a maximum of 1,000,000,000 shares with a par value of US$0.0001 each comprising (i) 900,000,000 Class A Ordinary Shares with a par value of US$0.0001 each; and (ii) 100,000,000 Class B Ordinary Shares with a par value US$0.0001 each. The rights of the holders of the Class A Ordinary Shares and class B Ordinary Shares are identical, except with respect to voting and conversion. Each share of Class B Ordinary Shares is entitled to five votes per share and is convertible into one share of Class A Ordinary Shares. Each share of Class A Ordinary Shares is entitled to one vote per share.

On December 2, 2024, one Class A Ordinary Share is issued to Ever Topmax Limited for cash at par. On December 17 2024, Ever Topmax Limited, Mr. Chan, Ms. Au-Yeung, Supreme Encounter Limited, Heroic Master Limited, First Mark Limited and Wisdom Bridge Limited subscribed for 46,598; 17,600; 16,100; 5,000; 4,900; 4,900 and 4,900 Class A Ordinary Shares for US$4,660 (HK$36,257); US$1,760 (13,694); US$1,610 (HK$12,527); US$500 (HK$3,890); US$490 (HK$3,812); US$0.49 (HK$4) and US$0.49 (HK$4), respectively. On December 17, 2024, Ever Topmax Limited subscribed for 9,320 Class B Ordinary Shares for US$932 (HK$7,251). On January 17, 2025, one Class A Ordinary Share is issued to Ever Topmax Limited to acquire from Ever Topmax Limited 100 shares in BVI Sub representing the entire issued share capital of BVI Sub.

On September 2, 2025, for the purpose of maintaining proportional shareholdings before and after the the issuance of shares and taking into account the Company's valuation, each of our existing Shareholders, namely Ever Topmax, Mr. C Y Chan, Ms. Au-Yeung, Supreme Encounter, Heroic Master, First Mark and Wisdom Bridge were allotted and issued 6,966,700 Class A Ordinary Shares, 2,631,200 Class A Ordinary Shares, 2,406,950 Class A Ordinary Shares, 747,500 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, 732,550 Class A Ordinary Shares, respectively, for cash at par. Also on September 2, 2025, Ever Topmax subscribed for 1,393,340 Class B Ordinary Shares for cash at par.

**Note 17 — Subsequent events**

The Company evaluated all events and transactions that occurred after March 31, 2025 up through August 20, 2025, the date the Company issued the consolidated financial statements. Other than the declaration of dividend disclosed elsewhere in the financial statements, there were no other subsequent events occurred that would require recognition or disclosure in the Company's consolidated financial statements.

*Dividends*

The Company declared a dividend of HK$56.2568 per share totalling HK$6,150,000 to its shareholders on April 20, 2025, and paid to the Company's shareholders fully in June 2025. This proposed dividend is not reflected as dividend payable in the consolidated financial statements.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS**

BVI's laws do not prohibit or restrict a company from indemnifying its directors and officers against personal liability for any loss they may incur arising out of the Company's business, except to the extent such provision may be held by the BVI courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The indemnity extends only to liability for their own negligence and breach of duty other than breaches of fiduciary duty and not where there is evidence of dishonesty, willful default or fraud.

Our Amended Memorandum and Articles of Association permits, to the fullest extent permissible under BVI Islands law, indemnification of our Executive Officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by them, other than by reason of their own dishonesty, willful default or fraud, in connection with the execution or discharge of their duties, powers, authorities or discretion as directors or Executive Officers of our Company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by them in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the BVI or elsewhere.

We intend to enter into indemnification agreements with each of our directors and Executive Officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under BVI law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified, subject to our Company reserving its rights to recover the full amount of such advances in the event that he or she is subsequently found to have been negligent or otherwise have breached his or her trust or fiduciary duties to our Company or to be in default thereof, or where the BVI courts have declined to grant relief.

The form of indemnification agreement to be filed as Exhibit 10.22 to this registration statement will also provide for indemnification of us and our Executive Officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, Executive 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 and sold the following securities without registering such securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public Offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

**Class A Ordinary Shares**

---

| | | |
|:---|:---|:---|
| **Allottee** | **Date of Sale or Issuance** | **Number of Securities** |
| Ever Topmax Limited | December 16, 2024 | 1 Class A Ordinary Share |
| Ever Topmax Limited | December 17, 2024 | 46,958 Class A Ordinary Shares |
| Ever Topmax Limited | January 17, 2025 | 1 Class A Ordinary Share |
| Ever Topmax Limited | September 2, 2025 | 6,966,700 Class A Ordinary Shares |
| Mr. Chun Ying Chan | December 17, 2024 | 17,600 Class A Ordinary Shares |
| Mr. Chun Ying Chan | September 2, 2025 | 2,631,200 Class A Ordinary Shares |
| Ms. Au Yeung Pui Yee | December 17, 2024 | 16,100 Class A Ordinary Shares |
| Ms. Au Yeung Pui Yee | September 2, 2025 | 2,406,950 Class A Ordinary Shares |
| Supreme Encounter Limited | December 17, 2024 | 5,000 Class A Ordinary Shares |
| Supreme Encounter Limited | September 2, 2025 | 747,500 Class A Ordinary Shares |
| Heroic Master Limited | December 17, 2024 | 4,900 Class A Ordinary Shares |
| Heroic Master Limited | September 2, 2025 | 732,550 Class A Ordinary Shares |
| First Mark Development Limited | December 17, 2024 | 4,900 Class A Ordinary Shares |
| First Mark Development Limited | September 2, 2025 | 732,550 Class A Ordinary Shares |
| Wisdom Bridge Group Limited | December 17, 2024 | 4,900 Class A Ordinary Shares |
| Wisdom Bridge Group Limited | September 2, 2025 | 732,550 Class A Ordinary Shares |
| Ever Topmax Limited | December 17, 2024 | 9,320 Class B Ordinary Shares |
| Ever Topmax Limited | September 2, 2025 | 1,393,340 Class B Ordinary Shares |

---

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

See "*Exhibit Index*" beginning on page II-4 of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Statement Schedules

All supplement schedules are omitted because of the absence of conditions under which they are required or because the data is shown in the financial statements or notes thereto.

**ITEM 9. UNDERTAKINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement, unless the information required to be included in a post-effective amendment by paragraphs (i), (ii) and (iii) below is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of a prospectus filed pursuant to Rule 424(b) that is part of the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum Offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the Offering of such securities at that time shall be deemed to be the initial bona fide Offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed Offering or throughout a continuous Offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933, as amended, need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. That, for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an Offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the Offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the Offering of such securities at that time shall be deemed to be the initial bona fide Offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. That, for the purpose of determining liability of a registrant under the Securities Act of 1933, as amended, 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;(i) Any preliminary prospectus or prospectus of an 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;(ii) Any free writing prospectus relating to the Offering prepared by or on behalf of an undersigned registrant or used or referred to by an undersigned registrant;

&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 an undersigned registrant or its securities provided by or on behalf of an undersigned registrant; and

&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 an undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 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 of 1933 and will be governed by the final adjudication of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1\*\* | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1\*\*\* | [Amended and Restated Memorandum and Articles of Association of the Registrant](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex3-1.htm) |
| 5.1\*\* | [Opinion of Conyers Dill & Pearman regarding the validity of securities being registered](ex5-1.htm) |
| 5.2\*\* | [Opinion of Robertsons regarding Hong Kong legal matters](ex5-2.htm) |
| 8.1\*\* | [Opinion of Conyers Dill & Pearman regarding certain BVI tax matters](ex8-1.htm) |
| 10.1\*\*\* | [Service Agreement (Smart Kiosk Solution) between Happy Group Creation Limited and BoxAsOne Limited, dated September 10, 2021](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-1.htm) |
| 10.2\*\*\* | [Service Agreement (Smart Logistics Solution) between Happy Group Creation Limited and BoxAsOne Limited, dated September 10, 2021](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-2.htm) |
| 10.3\*\*\* | [Service Agreement (Smart Vending Solution) between Happy Group Creation Limited and BoxAsOne Limited, dated September 10, 2021](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-3.htm) |
| 10.4\*\*\* | [Supplementary Agreement (Smart Kiosk Solution) between Happy Group Creation Limited and BoxAsOne Limited, dated June 30, 2022](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-4.htm) |
| 10.5\*\*\* | [Supplementary Agreement (Smart Logistics Solution) between Happy Group Creation Limited and BoxAsOne Limited, dated June 30, 2022](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-5.htm) |
| 10.6\*\*\* | [Supplementary Agreement (Smart Vending Solution) between Happy Group Creation Limited and BoxAsOne Limited, dated June 30, 2022](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-6.htm) |
| 10.7\*\*\* | [Service Agreement with Diyixian.com Limited and BoxAsOne Limited, dated August 30, 2022](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-7.htm) |
| 10.8\*\*\* | [Service Agreement with Teligent International Limited and BoxAsOne Limited, dated October 30, 2023](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-8.htm) |
| 10.9\*\*\* | [Amendment to Master Agreements between Happy Group Creation Limited, dated February 29, 2024](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-9.htm) |
| 10.10\*\* | [Independent director Offer Letter with Mr. Butt Ka Cheuk](ex10-10.htm) |
| 10.11\*\* | [Independent director Offer Letter with Mr. Pang Kwok Cheong](ex10-11.htm) |
| 10.12\*\* | [Independent director Offer Letter with Mr. Chiu Tak Ming](ex10-12.htm) |
| 10.13\*\* | [Form of Executive Officer Employment Agreement](ex10-13.htm) |
| 10.14\*\* | [2025 Equity Incentive Plan](ex10-14.htm) |
| 10.15\*\*\* | [Service Agreement between the Registrant and MRM Entertainment Limited dated May 22, 2020](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-15.htm) |
| 10.16\*\*\* | [Service Agreement between BoxAsOne Limited MDT Innovations Middle East TPZ-FZCO dated October 30, 2023](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-16.htm) |
| 10.17\*\*\* | [Service Agreement between BoxAsOne Limited and Flexstream Asia Limited, dated August 30, 2022](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-17.htm) |
| 10.18\*\*\* | [Service Agreement between Teligent International Limited and BoxAsOne Limited, dated November 15, 2024](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-18.htm) |
| 10.19\*\*\* | [Service Agreement between BoxAsOne Limited and Flexstream Asia Limited, dated August 5, 2024](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-19.htm) |
| 10.20\*\*\* | [Service Agreement between Sunion Manufacturing Limited and BoxAsOne Limited, dated August 5, 2024](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-20.htm) |
| 10.21\*\*\* | [Service Agreement between BoxAsOne Limited and Nexsen Limited, dated November 15, 2024](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex10-21.htm) |
| 10.22\*\* | [Form of Indemnification Agreement](ex10-22.htm) |
| 14.1\*\* | [Code of Ethics of the Registrant](ex14-1.htm) |
| 21.1\*\*\* | [List of Subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex21-1.htm) |
| 23.1\*\* | [Consent of TAAD LLP](ex23-1.htm) |
| 23.2\*\* | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3\*\* | [Consent of Robertsons (included in Exhibit 5.2)](ex5-2.htm) |
| 23.4\*\*\* | [Consent of Mr. Butt Ka Cheuk to be named as a director nominee](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex23-4.htm) |
| 23.5\*\*\* | [Consent of Mr. Pang Kwok Cheong to be named as a director nominee](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex23-5.htm) |
| 23.6\*\*\* | [Consent of Mr. Chiu Tak Ming to be named as a director nominee](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex23-6.htm) |
| 24.1\*\*\* | [Power of Attorney (included on signature page to this filing of the Registration Statement on Form F-1)](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/formf-1.htm#poa_001) |
| 99.1\*\* | [Form of Audit Committee Charter](ex99-1.htm) |
| 99.2\*\* | [Form of Compensation Committee Charter](ex99-2.htm) |
| 99.3\*\* | [Form of Nominating and Corporate Governance Committee Charter](ex99-3.htm) |
| 99.4\*\* | [Insider Trading Policy](ex99-4.htm) |
| 99.5\*\* | [Clawback Policy](ex99-5.htm) |
| 107\*\*\* | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2049184/000164117225024938/ex107.htm) |

---

\*\* Filed herewith <br> \*\*\* Previously filed

**SIGNATURES**

Pursuant to the requirements of the Securities Act, 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 September 23, 2025.

---

| | |
|:---|:---|
| **BAO Holding Limited** | **BAO Holding Limited** |
| By: | */s/ Chan Chun Ying*  |
| Name: | Chan Chun Ying |
| Title: | Executive Director and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **BAO Holding Limited** | **BAO Holding Limited** |
| By: | */s/ Lee Yat Lung Andrew*  |
| Name: | Lee Yat Lung Andrew |
| Title: | Chairman, executive director and acting Principal Financial Officer and Accounting Officer |

---

**POWER OF ATTORNEY**

We, the undersigned directors of BAO Holding Limited and executive officers of BAO Holding Limited and its subsidiaries hereby severally constitute and appoint, Chan Chun Ying, singly (with full power to act alone), our true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution in him for him and in his name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement (or any other registration statement for the same Offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and him, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Chan Chun Ying* |  |  |
| Chan Chun Ying | Executive Director and Chief Executive Officer | September 23, 2025 |
| *\** |  |  |
| Lee Yat Lung Andrew | Chairman, Executive Director and acting Principal Financial Officer and Accounting Officer | September 23, 2025 |
| *\** |  |  |
| Sin Chi Keung Mega | Chief Technical Officer | September 23, 2025 |
| */s/ \* Chan Chun Ying* |  |  |
| Chan Chun Ying (attorney-in-fact) |  | September 23, 2025 |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on September 23, 2025.

---

| | |
|:---|:---|
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**BAO Holding Limited**

**FORM OF UNDERWRITING AGREEMENT**

[●], 2025

**Pacific Century Securities, LLC**

747 3rd Ave, Suite 2101

New York, NY 10017

*As the Representative of several Underwriters named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, BAO Holding Limited, a British Virgin Islands business company ("**Company**"), hereby confirms its agreement (this "**Agreement**" or the "**Underwriting Agreement**") with Pacific Century Securities, LLC (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto and the term Representative as used herein shall have the same meaning as underwriter, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of [●] class A ordinary shares, par value $0.0001 each (the "**Class A Ordinary Shares**") , of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriters not more than an additional [●] Class A Ordinary Shares (the "**Option Shares**"), if and to the extent that the Representatives shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of Option Shares granted to the Underwriters under <u>Section 1</u> hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities.**" The offering and sale of securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1. <u>Purchase and Sale of Shares</u>**.

&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 Class A Share (the "**Purchase Price**"). The Underwriters 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;(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 [●] Business Day following the effective date ("**Effective Date**") of the Registration Statement (as defined below) or at such time as shall be agreed upon by the Underwriters 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 Underwriters and the Company. The hour and date of delivery of and payment for the Firm Shares is referred to as the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing, the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) representing the Firm Shares (or if uncertificated through the full fast transfer facilities of the Depository Trust Company (the "**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two (2) Business Days prior to the Closing Date. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 less an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Option Shares (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 effective date of the Registration Statement, 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 (as defined below) 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 defined below), 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) the applicable Additional Closing Date. Payment for the Option Shares (the "**Option Shares Payment**") 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 day in advance of such payment at the office of VCL Law LLP at [●], Eastern Time, on [●], or at such other place on the same or such other date and time, as shall be designated in writing by the Representative (an "**Additional Closing Date**"). Delivery of the Firm Shares shall be made through the facilities of the 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) and as of the Closing Date, as follows:

&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;(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;(A) The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-289723), 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;(B) The final prospectus in the form first furnished to the Underwriters for use in the Offering, 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;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means [●] p.m. Eastern Time, on [Date], 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;(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;(iii) <u>Listing on Nasdaq</u>. The Securities 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;(b) <u>Disclosures in Registration Statement</u>.

&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;(A) The Registration Statement and the Prospectus and any post-effective amendments thereto will in all material respects comply 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;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the 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, 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(b)(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 disclosure contained in the "*Underwriting*" section of the Registration Statement and Prospectus (collectively, the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The road show presentation and materials, when taken together as a whole with 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;(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 Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement and the Prospectus, and except as otherwise specifically stated therein: (A) to the knowledge of the Company, there has been no events that have occurred that would have a have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company (a "**Material Adverse Effect**"); 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;(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 and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement and the Prospectus, the Company has not, other than with respect to options to purchase the Class A Ordinary Shares at an exercise price equal to the then fair market price of the Class A Ordinary Shares, as determined by the Company's board of directors, granted to employees, consultants or service providers: (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 authorised shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate Power; Licenses; Consents</u>.

&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 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;(ii) <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all 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 ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the British Virgin 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Subsidiaries</u>. Exhibit 21.1 of the Registration Statement lists all the Company's subsidiaries and sets forth the ownership of all of the subsidiaries. The subsidiaries 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 reasonably be expected to 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading 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 "<u>audit committee financial expert</u>" 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 "<u>independent</u>" as defined under the rules of the Commission and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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;(i) <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 immediately prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> provided to the Underwriter 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 or incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <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;(k) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement and 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 and Prospectus present fairly the information required to be stated therein. The Registration Statement and Prospectus disclose 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. Except as disclosed in the Registration Statement 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 issued shares; (iii) there has not been any change in the authorised or issued shares of the Company or any of its subsidiaries or any grants under any share compensation plan; and (iv) 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;(l) <u>Free Transferability of Dividends or Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus all dividends and other distributions declared and payable on the Class A Ordinary Shares may under current British Virgin Islands and Hong Kong laws and regulations be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of the British Virgin Islands and Hong Kong in accordance with, and all such payments made to holders thereof or therein who are non-residents of the British Virgin Islands or Hong Kong, will not be subject to income, withholding or other taxes under, the laws and regulations of the British Virgin Islands and Hong Kong, or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the British Virgin Islands and Hong Kong or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the British Virgin Islands and Hong Kong or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Independent Accountants</u>. To the best of the Company's knowledge, TAAD LLP whose report is filed with the Commission as part of the Registration Statement and the Prospectus, are independent registered public accountants as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Authorized Capital; Options, etc</u>. The Company had the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus. Based on the assumptions stated in the Registration Statement and the Prospectus, the Company will have on the Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement and the Prospectus, on the Effective Date and on the 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;(o) <u>Valid Issuance of Securities, etc.</u>

&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;(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;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment thereof by the Underwriters in accordance with the terms thereof, 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, and 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; (p) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Insider and each beneficial owner of the Company holding 5% or more of the Company's outstanding Class A Ordinary Shares (or securities convertible into ordinary shares) (together with the Insiders, the "**Lock-Up Parties**") have agreed pursuant to the executed Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> that for a period ending six (6) months from the date of commencement of sales of this Offering (the "**Lock-Up Period**"), 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 or shares of the Company, including Class A Shares or class B ordinary shares, or any securities convertible into or exercisable or exchangeable for such Securities or shares, without the consent of the Underwriters. The Underwriters may consent to an early release from the applicable Lock-Up period if, in its opinion, the market for the Securities would not be adversely impacted by sales and in cases of financial emergency of an Insider or other holders of Securities.

&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 ending six (6) months days from the date of commencement of sales 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 shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (B) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares 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 shares of the Company, whether any such transaction described in clause (A), (B) or (C) above is to be settled by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained in this <u>Section 2(p)(ii)</u> shall not apply to the Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement 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;(r) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement 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 Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliate 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 affiliate 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; (t) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Finder's Fees</u>. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the best of the Company's knowledge, any of its shareholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (A) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (B) to any FINRA member; or (C) to any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the prior payment to the Underwriters, as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <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 Insider or any beneficial owner of 10% or more of the Company's outstanding ordinary shares has 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;(u) <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, 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 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 the 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;(v) <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 (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <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 the Registration Statement, any preliminary prospectus ("**Preliminary Prospectus**") or the Prospectus (collectively, the "**Disclosure Materials**") 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;(x) <u>No Defaults; Violations</u>. 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 may be 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, and that are not otherwise disclosed in the 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, and that are not otherwise disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Material Labor Disputes</u>. No material 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;(z) <u>Litigation; Governmental Proceedings</u>. There is no (i) action, (ii) suit, (iii) proceeding, (iv) inquiry, (v) arbitration, (vi) investigation, (vii) litigation, or (viii) governmental proceeding that is pending, threatened against, or involving the Company or any of its executive officers or directors. Any of the aforementioned situations that are pending or threatened have been disclosed in the Disclosure Materials and in connection with the Company's listing application for the listing of the Securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Choice of Law</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of the British Virgin Islands and Hong Kong and would be recognised and given effect to in any action brought before a court of competent jurisdiction in the British Virgin Islands and Hong Kong (except, in the case of the British Virgin Islands, for those laws (i) which such court considers to be procedural in nature, (ii) which are revenue or penal laws or (iii) the application of which would be inconsistent with public policy, as such term is interpreted under the laws of the British Virgin Islands. The Company has the power to submit, and pursuant <u>to Section 15</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 15</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 15</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Recognition of Judgments</u>. Except as described under the section "*Enforceability of Civil Liabilities*" in the Time of Sale Prospectus and the Prospectus, the courts of the British Virgin Islands would recognise as a valid judgment, a final and conclusive judgment *in personam* obtained in the New York Court (as defined below) against the Company based upon this Agreement under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the British Virgin Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the British Virgin Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the British Virgin Islands; and (f) there is due compliance with the correct procedures under the laws of the British Virgin Islands..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <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 the British Virgin Islands and Hong Kong or federal law of the United States; 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;(dd) <u>Intellectual Property</u>. Except as described in the Registration Statement 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 on and as described in the Registration Statement 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;(ee) <u>Taxes</u>.

&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 (and 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**" mean 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;(ii) Except as disclosed in the Registration Statement, the Disclosure Materials and Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in China, Hong Kong, or the British Virgin Islands to any Chinese, Hong Kong, or British Virgin Islands taxing authority 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;(ff) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement 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;(gg) 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 and the Prospectus, neither the Board of Directors nor the audit committee has 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;(hh) Neither the Company nor the subsidiaries has, prior to the date hereof, made any offer or sale of any securities which are required to be "<u>integrated</u>" pursuant to the Act or the Regulations with the offer and sale of the Underwriters pursuant to the Registration Statement. Except as disclosed in the Registration Statement, neither the Company nor the subsidiaries has sold or issued any ordinary shares or any securities convertible into, exercisable or exchangeable for ordinary shares, or other equity securities, or any rights to acquire any ordinary shares or other equity securities of the Company, during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than ordinary shares issued pursuant to employee benefit plans, qualified stock option plans or the employee compensation plans or pursuant to outstanding options, rights or warrants as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <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, 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;(jj) <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 and the Prospectus, will not be, an "<u>investment company</u>" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <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;(ll) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of the Insiders or employees of the Company or any other person authorized to act on behalf of the Company has, directly or indirectly, knowingly given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Office of Foreign Assets Control</u>. None of the Company, the subsidiaries, and, to the best of the Company's knowledge, any director, officer, or employee of the Company and the subsidiaries has conducted or entered into a contract to conduct any transaction with the governments or any of subdivision thereof, residents of, or any entity based or resident in the countries that are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**"); none of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by OFAC (including but not limited to the designation as a "<u>specially designated national or blocked person</u>" thereunder), the United Nations Security Council, or the European Union or is located, organized or resident in a country or territory that is the subject of OFAC-administered sanctions, including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria; and the Company will not knowingly directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Foreign Private Issuer Status</u>. The Company is a "<u>foreign private issuer</u>" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <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;(pp) <u>Organization</u>. Forever Brand, BoxAO are duly organized under the laws of the Hong Kong and possess all necessary business licenses, approvals, permits or other authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Dividends and Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement 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 capital stock, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (rr) <u>Material Contracts</u>. Neither the Company nor any of the Subsidiaries has, since the date of the latest audited financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and the Subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole and not otherwise disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus. Neither the Company nor any of the Subsidiaries has sent or received any written communication regarding termination of, or intent not to renew, any of the contracts or agreements specifically referred to or described in the Registration Statement, the Disclosure Materials, and the Prospectus, or specifically referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Company, any of the Subsidiaries or any other party to any such contract or agreement. Neither the Company nor any of its Subsidiaries is a party to any effective memorandum of understanding, letter of intent, definitive agreement or any similar agreements with respect to a merger or consolidation or an acquisition or disposition of assets, technologies, business units or businesses which is required to be described in the Registration Statement, the Disclosure Materials, and the Prospectus and which is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Property</u>. The Company and the Subsidiaries have good and marketable title (or, in the case of a real property located in the PRC, valid land use rights and real property ownership certificates with respect to such real property) to the real property and personal property owned by them which are in each case material to the business of the Company and the Subsidiaries taken as a whole, free and clear of all liens, encumbrances and defects; and any real property and buildings held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are described in the Registration Statement, the Disclosure Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Forward-looking Statement</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included or incorporated by reference in any of the Registration Statement, the Disclosure Materials, or the Prospectus (including all amendments and supplements thereto) has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Insurance</u>. The Company and the Subsidiaries carry, or are covered by, insurance for the conduct of their respective businesses and the value of their respective properties, if applicable, in such amounts and covering such risks as is adequate and as is customary for companies engaged in similar businesses; and neither the Company nor any of the Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at a cost that would not, individually or in the aggregate, have a Material Adverse Effect from similar insurers as may be necessary to continue its business.

**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;(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;(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 General Disclosure Package 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. The term "**General Disclosure Package**" means, collectively, the Issuer Free Writing Prospectus (es) (as defined below) issued at or prior to the date hereof, the most recent preliminary prospectus related to this offering, and the information included on <u>Schedule A</u> hereto.

&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 General Disclosure Package 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 any prospectus, the General Disclosure Package, the Prospectus or any issuer free writing prospectus as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**"), or the initiation of any proceedings to remove, suspend or terminate from listing the Shares from any securities exchange upon which the Shares 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;(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 General Disclosure Package, the Registration Statement 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 General Disclosure Package) 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 General Disclosure Package) 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 General Disclosure Package) 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;(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;(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. Prior to 10:00 A.M., Eastern Time, on the Business Day next succeeding the date of this Agreement, and from time to time thereafter, the Company shall 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;(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;(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;(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;(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;(j) Except with respect to (i) securities of the Company which may be issued in connection with an acquisition of another entity (or the assets thereof), (ii) the issuance of securities of the Company intended to provide the Company with proceeds to acquire another entity (or the assets thereof), or (iii) the issuance of securities under the Company's stock option plans with exercise or conversion prices at fair market value (as defined in such plans) in effect from time to time, during the three (3) 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 Underwriters, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Starting from the commencement of sales of this offering, any of the entities and individuals listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**"), without the prior written consent of the Underwriters, shall not sell or otherwise dispose of any securities of the Company, whether publicly or in a private placement, during their respective lock-up period in the lock-up agreements that are in effect. The Company will deliver to the Underwriters the agreements of the Lock-Up Parties to the foregoing effect 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;(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 forty-fifth (45th) 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;(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. Without the prior written consent of the Underwriters, except as disclosed in the Registration Statement, the General Disclosure Package 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;(n) The Company will use its best efforts to effect and maintain the listing of the ordinary shares on the Nasdaq Capital Market for at least five (5) 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;(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 to satisfy all conditions precedent to the delivery of the Securities.

&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;(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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) Concurrently with the execution and delivery of this Agreement, the Company will set up an escrow account with a third-party escrow agent approved by the Representative in the United States and will fund such account on the Closing Date with US$300,000 from the proceeds of the Offering that may be utilized by the Underwriters, subject to the terms of the escrow agreement to be entered into with the escrow agent, to fund any indemnification claims of the Underwriters or other indemnified persons pursuant to Section 8 arising during the six (6) month period following the Closing Date. The escrow account will be interest bearing, and the Company may, with prior written notice to the Representative, invest the assets in low risk investments such as bonds, mutual funds and money market funds. All funds that are not subject to an indemnification claim will be returned to the Company after the six-month period referred to above expires. The Company will pay the reasonable fees and expenses of the escrow agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Company will comply with and require the Company's directors and executive officers, in their capacities as such, to comply with all applicable securities laws, rules and regulations, including, without limitation, the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company will promptly notify the Underwriters if the Company ceases to be an Emerging Growth Company at any time prior to the completion of the Lock-up Period.

**5. <u>Representations and Warranties of the Underwriters</u>**.

The Underwriters represent and agree that, unless it obtains 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 "<u>free writing prospectus</u>," 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 "<u>issuer free writing prospectus</u>," 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;(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;(i) an underwriting discount equal to 7% of the aggregate gross proceeds raised in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an accountable expense allowance of up to $250,000, 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 $140,000 (the "**Advances**") to the Representative in anticipation of any Accountable Out-of-Pocket Expenses to be incurred by the Underwriters. 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;(iii) a non-accountable expense allowance of 1% of the gross proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;(c) Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to pay all costs and expenses incident to the Offering, which is not included in the maximum accountable expense allowance, including the following:

&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;(ii) all fees and expenses in connection with filings with FINRA's Public Offering System;

&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;(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;(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;(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;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any share 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;(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;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 9</u>, <u>10</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, the Company will pay, less any Advances previously paid, all documented out-of-pocket expenses of the Underwriters (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 $250,000, including the Advances. To the extent that the Underwriters' 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>Right of First Refusal</u>**. The Company agrees that it shall provide the Representative an irrevocable right of first refusal for twelve (12) months from the closing of the offering, to act as sole investment banker, sole book-runner, sole financial advisor, and/or sole placement agent, at the Representative's sole discretion, for each and every Transaction (as such term is defined in the Engagement Letter, a **"Transaction"**), including future public and private equity and/or debt offerings, including all equity linked financings, mergers, business combinations, recapitalizations, or sale of some or all of the equity or assets of the Company, whether in conjunction with another advisor, or broker-dealer, or on the Company's own volition, (collectively, **"Future Services"**). The Representative shall have the sole right to determine whether or not any other financial advisor or broker dealer shall have the right to participate in any such Transaction and the economic terms of any such participation. Further, the Company shall immediately notify the Representative of a proposed Transaction and shall direct all third-party inquiries regarding a Transaction to the Representative within three (3) Business Days of receipt of such inquiry. Regardless of whether the Representative provides any Future Services, the Representative will be compensated consistent with the Engagement Letter for any Transaction during the Future Services period. The Representative shall be entitled to compensation under the Engagement Letter in the event the Company conducts a Transaction and does not provide notice to the Representative of such Transaction pursuant to the Engagement Letter.

**8. <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 8</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 8</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;(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 General Disclosure Package, the Prospectus or any Issuer Free Writing 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 General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Underwriters' satisfaction.

&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 General Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, 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;(c) The Underwriters shall have received, in form satisfactory to the Underwriters and Underwriters' counsel of (i) favorable legal opinions from Conyers Dill & Pearman , British Virgin Islands counsel to the Company dated as of the Closing Date and addressed to the Representative, (ii) favorable legal opinions and negative assurance letter from Sichenzia Ross Ference Carmel LLP, U.S. legal counsel for the Company, dated as of the Closing Date and addressed to the Representative, and (iii) favorable legal opinions from Robertsons , Hong Kong legal counsel to the Company, dated as of the Closing Date. A copy of such opinion shall have been provided to the Underwriters with consent from such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received certificates of each of 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 8</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 and the Prospectus pursuant to the Regulations which are not so included, (vii) subsequent to the respective dates as of which information is given in the Registration Statement 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, and (viii) any other conditions deemed necessary for the closing of this offering by the Underwriters' Counsel have been satisfied.

&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 a director of the Company (the "**Secretary'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;(f) 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>.

(g). On the date of this Agreement and on the Closing Date, the Underwriters shall have received a comfort letter from TAAD LLP (the "**Auditor Comfort Letter**") as of each such date, addressed to the Underwriters 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;(h) The Company shall have furnished the Underwriters and Underwriters' Counsel with such other certificates, opinions or documents as they may have reasonably requested.

&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;(j) 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 authorised or issued shares 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, properties or prospects 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;(k) 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 the Nasdaq Capital Market 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 Capital Market, nor will the Company have received any information suggesting that the Commission or the Nasdaq Capital Market is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;(m) 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.

**9. <u>Indemnification</u>**.

&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 General Disclosure Package, 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 General Disclosure Package, 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;(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 General Disclosure Package, 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;(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 9</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 9</u> or <u>Section 10</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.

**10. <u>Contribution</u>**. In order to provide for contribution in circumstances in which the indemnification provided for in <u>Section 9</u> 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 <u>Section 10</u> 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 <u>Section 10</u>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <u>Section 10</u> 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 <u>Section 10</u>: (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 <u>Section 10</u>, 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 10</u> or otherwise. As used herein, a "**Person**" refers to an individual or entity.

**11. <u>Effective Date of Agreement; Termination; Defaulting Underwriters</u>**.

&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>9</u>, <u>10</u>, <u>15</u> and <u>16</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;(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 Nasdaq Capital 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 Nasdaq Capital Market or by order of the Commission, 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;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 Section 11(d) 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 Pricing Disclosure Package, in the Final 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to <u>Section 11(b)</u> 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 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 any amounts previously paid by the Company); *provided, however,* that all such expenses, including the costs and expenses set forth in <u>Section 6(c)</u> which were actually paid, shall not exceed accountable expenses actually incurred in the aggregate, including any advances.

**12. <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>15</u> and <u>16</u>, the indemnity agreements contained in <u>Section 9</u> and the contribution agreements contained in <u>Section 10</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, 9</u>, <u>10</u>, <u>15</u> and <u>16</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u>. For the avoidance of doubt, in the event of termination the Underwriters will receive only out-of-pocket accountable expenses actually incurred subject to the limit in <u>Section 11(d)</u>, in compliance with FINRA Rules 5110(g)(5)(A), 5110(g)(5)(B)(i) and 5110(g)(5)(B)(ii).

**13. <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;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Pacific Century Securities, LLC

747 3rd Ave, Suite 2101

New York, NY 10017

Attention: Francis Ong

Email: francis@pcsecurities.us

with a copy to Underwriter's Counsel at:

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Attention: Fang Liu, Partner

Email: fliu@vcllegal.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

BAO Holding Limited

57th Floor, The Center, 99 Queen's Road Central, Hong Kong

Attention: Chan Chun Ying

Email: brian.chan@boxasone.com

with a copy to the Company's Counsel at:

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31st floor

New York, NY 10036

Attention: Darrin M. Ocasio, Esq. Sharon Carroll, Esq. Matthew Siracusa, Esq.

Email: dmocasio@srfc.law, scarroll@srfc.law, msiracusa@srfc.law

**14.** <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 9</u> and <u>10</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.

**15.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 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**") in the Borough of Manhattan in The City of New York 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 five years from the date of 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 General Disclosure Package, the Prospectus, the offering of the Shares 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.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **BAO Holding Limited** | **BAO Holding Limited** |
| By: |  |
| Name: | Chan Chun Ying |
| Title: | Chief Executive Officer |

---

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

---

| | |
|:---|:---|
| **Pacific Century Securities, LLC** | **Pacific Century Securities, LLC** |
| By: |  |
| Name: | Francis Ong |
| Title: | Chief Executive Officer |

---

*[Signature Page to Underwriting Agreement]*

 

 

**SCHEDULE A**

Underwriters

---

| | | | |
|:---|:---|:---|:---|
| Underwriters | Closing Securities | Closing Securities if the Maximum Over-Allotment Option is Exercised | Closing Purchase Price |
| Pacific Century Securities, LLC |  |  |  |
| Revere Securities LLC |  |  |  |
| **Total** |  |  |  |

---

**SCHEDULE B**

Lock-Up Parties

**Name**

**ANNEX I**

**BAO Holding Limited**

**OFFICERS' CERTIFICATE**

[ ], 2025

The undersigned, Chan Chun Ying, Chief Executive Officer, and Lee Yat Lung Andrew, Chief Financial Officer, of BAO Holding Limited, a British Virgin Islands business company (the "**Company"**), pursuant to Section 8(d) of the Underwriting Agreement, dated as of [●], by and between the Company and Pacific Century Securities, LLC as representative of the several underwriters listed on <u>Schedule A</u> 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 General Disclosure Package, any Permitted Free Writing Prospectus and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of [●] p.m. EST, [Date] (the "**Applicable Time**") 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 required to be stated therein or necessary to make the statements therein not misleading, and the General Disclosure Package, 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 General Disclosure Package, 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 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 General Disclosure Package, any Permitted Free Writing Prospectus and the Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of his 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: Chan Chun Ying <br> Title: Chief Executive Officer

  <br> Name: Lee Yat Lung Andrew <br> Title: Chief Financial Officer

*[Signature Page of Officers' Certificate]*

 

**ANNEX II**

**BAO Holding Limited**

**DIRECTOR'S CERTIFICATE**

[ ], 2025

The undersigned, [●], hereby certifies that he/she is a director of BAO Holding Limited, a British Virgin Islands business company (the "**Company**"), and that as such he/she is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 8(e) of the Underwriting Agreement, dated as of [●], by Pacific Century Securities, LLC as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his/her 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 Certificate of Incorporation, which remains 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</u> is a true and complete copy of a Certificate of Good Standing, dated [Date], by the Registrar of Companies in the British Virgin Islands, relating to the Company.

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.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Signature** |
| Chan Chun Ying | Director; Chief Executive Officer | |
| Lee Yat Lung Andrew | Director; Chief Financial Officer | |

---

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: <br> Title: Director

*[Signature Page of Director's Certificate]*

 

**ANNEX III**

**BAO Holding Limited**

**CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[ ], 2025

The undersigned, Lee Yat Lung Andrew, hereby certifies that he is the duly elected, qualified, and acting Chief Financial Officer, of BAO Holding Limited, a British Virgin Islands business company (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 8(f) of the Underwriting Agreement, dated as of [●], by Pacific Century Securities, LLC as representative of the several underwriters listed on <u>Schedule A</u> 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.

1. I
am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

2. I
am providing this certificate in connection with the offering of the securities described in the Registration Statement and the Prospectus.

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 and the Prospectus.

4. The
Company Financial Statements 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 and the Prospectus.

5. I
have reviewed the disclosure in the Registration Statement and the Prospectus, the financial and operating information and data identified
and circled by VCL Law LLP in the Registration Statement and the Prospectus dated [●], 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.

---

| |
|:---|
| **BAO Holding Limited** |
| By: |
| Name: Lee Yat Lung Andrew |
| Title: Chief Financial Officer |

---

*[Signature Page of CFO's Certificate]*

 

 

**ANNEX IV**

Form of Lock-Up Agreement

[●], 2025

Pacific Century Securities, LLC

747 3rd Ave, Suite 2101

New York, NY 10017

Ladies and Gentlemen:

The undersigned understands Pacific Century Securities, LLC (the "**Underwriter**") propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with BAO Holding Limited, a British Virgin Islands business company (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of class A ordinary shares, par value $0.0001 per share. For purposes of this letter agreement, "Shares" shall mean shares of the Company's class A ordinary shares.

To induce the Underwriter to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriter, the undersigned will not, during the period commencing on the date hereof and ending twelve months, for our directors, officers, and holders owning 5% or more of our outstanding Shares, or six months, for holders owning less than 5% of our outstanding Shares, from the date of commencement of sales of this Offering (the "**Lock-Up Period**"), (A) 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**"); (B) 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 (A) above or this clause (B) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (C) 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 (D) 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 Underwriter 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; *provided* that in the case of any transfer pursuant to the foregoing clauses (B), (C) or (D), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Underwriter 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 "<u>person</u>" or "<u>group</u>" (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 and including the 15 days following 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 (A) 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, (B) 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 Underwriter will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriter 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 not have any 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; *provided* 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 Underwriter 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 Underwriter.

This lock-up agreement shall be governed by and construed in accordance with the 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 Follows]*

---

| |
|:---|
| Very truly yours, |
| By: |
| Name: |
| Address: |

---

 

*[Signature Page of Lock-up Agreement]*

## Exhibit 5.1

**Exhibit 5.1**

23 September 2025

---

| | |
|:---|:---|
| **BAO Holding Limited**<br> Commerce House, Wickhams Cay 1<br> P.O. Box 3140, Road Town, Tortola<br> British Virgin Islands | Matter No. 1004700/111015778<br> Direct line: (852) 2842 9530<br> Email: <u>Richard.Hall@conyers.com</u> |

---

Dear Sirs,

**Re: BAO Holding Limited (the "Company")**

We have acted as special British Virgin Islands legal counsel to the Company in connection with the Company's registration statement on form F-1 (File No. 333-289723, including all amendments or supplements thereto, as filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 20 August 2025 (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") of class A ordinary shares, par value US$0.0001 each (the "**Class A Ordinary Shares**") of the Company. The Registration Statement contains the prospectus (the "**Prospectus**"), to be used for the public offering by the Company of 1,500,000 Class A Ordinary Shares (the "**IPO Shares**").

1. DOCUMENTS REVIEWED

For the purposes of giving this opinion, we have examined the following document(s):

1.1. a copy of the Registration Statement;

1.2. a copy of the certificate of incorporation, the second amended and
 restated memorandum of association and the second amended and restated articles of association of the
 Company (the "**Listing M&A** "), as obtained from the Registrar of Corporate Affairs
 at 4:51 p.m. on 22 September 2025;

1.3. copies of resolutions in writing signed by all the directors of the Company and dated 19 September 2025
(the "**Resolutions** ");

1.4. a copy of a certificate of good standing issued by the Registrar of Corporate Affairs and dated 22 September
2025;

1.5. a copy of the register of members of the Company certified by the assistant secretary of the Company on
22 September 2025; and

1.6. such other documents and made such enquiries as to questions of law as we have deemed necessary in order
to render the opinion set forth below.

2. ASSUMPTIONS

We have assumed

2.1. the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether
or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;

2.2. that where a document has been examined by us in draft form, it will be or has been executed in the form
of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn
to our attention;

2.3. the accuracy and completeness of all factual representations made in the Registration Statement, the Prospectus
and other documents reviewed by us;

2.4. that the Resolutions were passed at one or more duly convened, constituted and quorate meetings or by
unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;

2.5. that there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which
would have any implication in relation to the opinions expressed herein;

2.6. the validity and binding effect under the laws of the United States of America of the Registration Statement
and the Prospectus and that the Registration Statement and the Prospectus will be duly filed and/or declared effective by with the Commission;

2.7. that the Listing M&A remain in full force and effect and have not been amended;

2.8. that the Company will have sufficient authorised but unissued Class A Ordinary Shares in its share capital
to effect the issue of any of the Class A Ordinary Shares at all relevant time;

2.9. that on the date of any issue of Class A Ordinary Shares, the Company is, and after any such issue of
Class A Ordinary Shares, the Company is and will be able to, pay its debts; and

2.10. that upon issue of any Class A Ordinary Shares to be sold by the Company, the Company will receive consideration
for the full issue price thereof which shall be equal to at least the par value thereof.

3. QUALIFICATIONS

3.1. We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other
than the British Virgin Islands. This opinion is to be governed by and construed in accordance with the laws of the British Virgin Islands
and is limited to and is given on the basis of the current law and practice in the British Virgin Islands. This opinion is issued solely
for your benefit and use in connection with the matter described herein and is not to be relied upon by any other person, firm or entity
or in respect of any other matter.

**conyers.com \| 2**

4. OPINION

On the basis of and subject to the foregoing, we are of the opinion that:

1. The Company is duly incorporated and existing under the laws of the British Virgin Islands in good standing
(meaning solely that it has not failed to make any filing with any British Virgin Islands governmental authority, or to pay any British
Virgin Islands government fee or tax, which would make it liable to be struck off the Register of Companies and thereby cease to exist
under the laws of the British Virgin Islands).

2. The allotment and issue of the IPO Shares have been duly authorised. When issued and paid for as contemplated
by the Registration Statement and entered in the register of members of the Company, the IPO Shares will be validly issued, fully paid
and non-assessable (which term when used herein means that no further sums are required to be paid by the holders thereof in connection
with the issue thereof).

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and the references to our firm under the captions "Enforcement of Civil Liabilities" and "Legal Matters" in the Prospectus. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

/s/ *Conyers Dill & Pearman*

**Conyers Dill & Pearman**

**conyers.com \| 3**

## Exhibit 5.2

**Exhibit 5.2**

Our Ref: WWLK/98101 <br> Your Ref:

Direct Line: +852 2861 8471; +852 2861 8327 <br> Direct Email: <u>warrenko@robertsonshk.com</u>; <u>joseph_wong@robertsonshk.com</u>

19 September 2025

**BAO Holding Limited**

Tsing Yi Industrial Centre Phase 1

Nos. 1-33 Cheung Tat Road

Tsing Yi, New Territories

Hong Kong

Dear Sirs,

**<u>RE: BAO HOLDING LIMITED (THE "COMPANY") – LEGAL OPINION</u>**

We act as legal advisers to the Company as to the laws of the Hong Kong Special Administrative Region of the People's Republic of China (**"Hong Kong"**) in connection with the proposed listing of the shares of the Company on the NASDAQ Capital Market ("**NASDAQ**").

We are qualified lawyers of Hong Kong and as such are qualified to issue this opinion (the "**Opinion**") on the laws and regulations of Hong Kong effective as of the date hereof. This Opinion is limited to matters of the laws of Hong Kong as in force and applied at the date of this Opinion. We have not investigated the laws of any jurisdiction other than Hong Kong and we express no opinion on the laws of any other jurisdiction.

We were engaged as Hong Kong counsel to the Company, a company incorporated under the laws of the Cayman Islands, and Boxasone Limited (the "**Hong Kong Subsidiary**") in connection with (a) the proposed initial public offering (the "**Offering**") of 1,500,000 class A ordinary shares, par value of US$0.0001 per share, of the Company (or 1,725,000 class A ordinary shares if the underwriter exercises their over-allotment option in full), by the Company as set forth in the Company's registration statement on Form F-1, including all amendments 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 NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Assumptions** 

Our legal review has been undertaken on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) We
 have assumed that the documents reviewed (the "**Documents**") comprise of
 all the information and materials in existence which are relevant to the Hong Kong Subsidiary
 and unless otherwise indicated we have made no enquiry to ascertain whether all relevant
 documents and records have been supplied to us.

![](ex5-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) We
 have assumed that each of the Documents is up to date, in full force and effect and has not
 been terminated or amended without expressly stating so therein or without our knowledge.

(iii) We
 have assumed that all copies of Documents reviewed by us conform to the originals and we
 have assumed the genuineness of all signatures and company seals and chops.

(iv) We
 have assumed that each contracting party to a Document has the right, power and authority
 and has taken all actions necessary to execute and deliver, and to exercise its rights and
 perform its obligations under the relevant Document.

(v) Except
 where it has been expressly brought to our attention or is apparent from the face of the
 relevant Documents that a Document has been amended but copies of agreements or composites
 of agreements incorporating subsequent amendments have not been provided, we have assumed
 that such agreements are subsisting, complete and include all amendments or alterations to
 such agreements.

(vi) We
 have not reviewed any financial, accounting or technological matters.

(vii) The
 entering into of the Documents (which constitute contract or agreement) by the parties named
 therein is in the commercial benefit of such parties.

(viii) The
 Documents (where applicable) were executed on behalf of the Hong Kong Subsidiary by its duly
 authorised personnel.

(ix) 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;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Opinions** 

Subject to the Assumptions and the Qualifications, we are of the Opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 statements set forth in the Registration Statement under the captions "Risk Factors",
 "Regulatory Environment And The Laws And Regulations Of Hong Kong" 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 hereof; and

(ii) the
 statements set forth in the Registration Statement under the caption "Material Tax
 Considerations – Hong Kong Tax Considerations" and "Enforceability of Civil
 Liabilities – Hong Kong" are true and accurate in all material respects and that
 such statements constitute our opinion.

Page \| 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Qualification** 

The opinions set out above are subject to the following qualifications, limitations and exceptions ("**Qualifications**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our
 Opinion is limited to the laws of Hong Kong of general application on the date hereof. We
 have made no investigation of, and do not express or imply any views on, the laws of any
 jurisdiction other than Hong Kong. Accordingly, we express or imply no opinion directly or
 indirectly on the laws of any jurisdiction other than Hong Kong;

(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 Hong Kong Subsidiary
 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;

Page \| 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) as
 used in this Opinion, the expression "to our best knowledge" or similar language
 with reference to matters of fact refers to the current actual knowledge of the solicitors
 of this firm who have worked on matters for the Hong Kong Subsidiary 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 Hong Kong Subsidiary or the rendering of this Opinion;

(viii) the
 severability of provisions of any of the Documents which are illegal, invalid or unenforceable
 is, as a matter of Hong Kong law, at the discretion of the court, accordingly, we express
 no opinion as to the enforceability or validity of any such clause of the Documents;

(ix) to
 be valid and effective, each choice of law in each Document must be bona fide and the express
 choice of law will be disregarded if a Hong Kong court considers that the system of law has
 been chosen to evade the provisions of the legal system with which the Document, determined
 objectively, are most closely connected;

(x) we
 express no view as to the commercial suitability of the Documents or of the provisions therein
 or the general compliance with market practice or any commercial aspects of such Documents;

(xi) we
 have not carried out any site inspection of the properties for the purpose of verifying the
 actual user of the properties. The actual user of the properties as stated is based upon
 the information as supplied by the Hong Kong Subsidiary;

(xii) we
 have not inspected the properties, neither have we made any enquiries with respect to physical
 state and condition of the properties. We are not in a position to check if there is any
 illegal or unauthorized partitioning or division of the properties, or any illegal or unauthorized
 structure, addition or alteration in or at or to the properties. We are not in a position
 to check or verify the area and/or boundary of the properties;

(xiii) to
 the extent that this opinion contains or refers to reports, opinions or memoranda from any
 other person, that person remains wholly and exclusively responsible for their contents and
 we have not carried out any independent verifications of their contents; and

(xiv) this
 opinion is limited to Hong Kong law as in force and applied by the Hong Kong court as at
 the date of this Opinion.

Page \| 4

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/ ROBERTSONS**

**ROBERTSONS**

Page \| 5

## Exhibit 8.1

**Exhibit 8.1**

23 September 2025

---

| | |
|:---|:---|
| **BAO Holding Limited**<br> Commerce House, Wickhams Cay 1<br> P.O. Box 3140, Road Town, Tortola<br> British Virgin Islands | Matter No.1004700/111025775<br> Direct line: (852) 2842 9530<br> Email: <u>Richard.Hall@conyers.com</u> |

---

Dear Sirs,

**Re: BAO Holding Limited (the "Company")**

We have acted as special British Virgin Islands legal counsel to the Company in connection with the Company's registration statement on form F-1 (File No. 333-289723, including all amendments or supplements thereto, as filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 20 August 2025 (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") of class A ordinary shares, par value US$0.0001 each (the "**Class A Ordinary Shares**") of the Company. The Registration Statement contains the prospectus (the "**Prospectus**"), to be used for the public offering by the Company of 1,500,000 Class A Ordinary Shares (the "**IPO Shares**").

1. DOCUMENTS REVIEWED

For the purposes of giving this opinion, we have examined the following document(s):

1.1. a copy of the Registration Statement;

1.2. a copy of the Prospectus; and

1.3. such other documents and made such enquiries as to questions of law as we have deemed necessary in order
to render the opinion set forth below.

2. ASSUMPTIONS

We have assumed:

2.1. the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether
or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;

2.2. the accuracy and completeness of all factual representations made in the Registration Statement and the
Prospectus and other documents reviewed by us;

2.3. that there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which
would have any implication in relation to the opinions expressed herein;

2.4. the validity and binding effect under the laws of the United States of America of the Registration Statement
and the Prospectus and that the Registration Statement and the Prospectus will be duly filed with and/or declared effective by the Commission;
and

2.5. that the Prospectus, when published, will be in substantially the same form as that examined by us for
the purpose of this opinion.

3. QUALIFICATIONS

3.1. We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other
than the British Virgin Islands. This opinion is to be governed by and construed in accordance with the laws of the British Virgin Islands
and is limited to and is given on the basis of the current law and practice in the British Virgin Islands. This opinion is issued solely
for your benefit and use in connection with the matter described herein and is not to be relied upon by any other person, firm or entity
or in respect of any other matter.

4. OPINION

4.1. On the basis of and subject to the foregoing, we are of the opinion that the statements under the caption
"Material United States, British Virgin Islands and Singapore income Tax Considerations - BVI Taxation" in the Prospectus,
to the extent that they constitute statements of British Virgin Islands law, are true and accurate in all material respects and that such
statements constitute our opinion, and nothing has been omitted from such statements which would make the same misleading in any material
respects.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and the references to our firm under the captions "Enforcement of Legal Liabilities" and "Legal Matters" in the Prospectus. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

 

 */s/ Conyers Dill & Pearman*

**Conyers Dill & Pearman**

**conyers.com \| 2**

## Exhibit 10.10

**Exhibit 10.10**

**BAO Holding Limited**

**Unit A4, 5/F**

**Tsing Yi Industrial Centre Phase 1**

**Nos. 1-33 Cheung Tat Road**

**Tsing Yi, New Territories**

**Hong Kong**

**September 19, 2025**

**Re: Director Offer Letter – Mr. Butt Ka Cheuk**

Dear Mr. Butt:

BAO Holding Limited, a British Virgin Islands BVI business company (the "Company" or "we"), is pleased to offer you a position as an **<u>Independent Director</u>** 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 an Independent 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 the prospectus of the Company being declared effective by the Securities and Exchange Commission of the United States 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 of the Audit Committee, and member of the Compensation Committee and Nomination 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>Compensation</u>.** As compensation for your services to the Company, upon this Agreement becoming effective, you will receive a compensation of US$12,000 (United States Dollars Twelve Thousand) for each calendar year of service under this Agreement on a pro-rated basis, payable on a monthly 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 Policy</u>.** During the term under this Agreement, the Company must include you as an insured under its officers and directors insurance policy, if available and mandatory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&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>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except 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>Ownership</u>.** 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 Resignation</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>Governing 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 Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be 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>Acknowledgement</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,<br>**BAO Holding Limited** | Sincerely,<br>**BAO Holding Limited** |
| By: |  |
|  | LEE Yat Lung, Andrew<br> Chairman and Executive Director |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| BUTT Ka Cheuk |

---

## Exhibit 10.11

**Exhibit 10.11**

**BAO Holding Limited**

**Unit A4, 5/F**

**Tsing Yi Industrial Centre Phase 1**

**Nos. 1-33 Cheung Tat Road**

**Tsing Yi, New Territories**

**Hong Kong**

**September 19, 2025**

**Re: Director Offer Letter – Mr. Pang Kwok Cheong**

Dear Mr. Pang:

BAO Holding Limited, a British Virgin Islands BVI business company (the "Company" or "we"), is pleased to offer you a position as an **<u>Independent Director</u>** 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 an Independent 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 the prospectus of the Company being declared effective by the Securities and Exchange Commission of the United States 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 of the Compensation Committee, and member of the Audit Committee and Nomination 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>Compensation</u>.** As compensation for your services to the Company, upon this Agreement becoming effective, you will receive a compensation of US$12,000 (United States Dollars Twelve Thousand) 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 Policy</u>.** During the term under this Agreement, the Company must include you as an insured under its officers and directors insurance policy, if available and mandatory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&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>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except 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>Ownership</u>.** 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 Resignation</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>Governing 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 Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be 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>Acknowledgement</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,<br>**BAO Holding Limited** | Sincerely,<br>**BAO Holding Limited** |
| By: |  |
|  | LEE Yat Lung, Andrew<br> Chairman and Executive Director |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| PANG Kwok Cheong |

---

## Exhibit 10.12

**Exhibit 10.12**

**BAO Holding Limited**

**Unit A4, 5/F**

**Tsing Yi Industrial Centre Phase 1**

**Nos. 1-33 Cheung Tat Road**

**Tsing Yi, New Territories**

**Hong Kong**

**September 19, 2025**

**Re: Director Offer Letter – Mr. Chiu Tak Ming**

Dear Mr. Chiu:

BAO Holding Limited, a British Virgin Islands BVI business company (the "Company" or "we"), is pleased to offer you a position as an **<u>Independent Director</u>** 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 an Independent 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 the prospectus of the Company being declared effective by the Securities and Exchange Commission of the United States 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 of the Nomination Committee, and member of the Audit Committee and 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>Compensation</u>.** As compensation for your services to the Company, upon this Agreement becoming effective, you will receive a compensation of US$12,000 (United States Dollars Twelve Thousand) for each calendar year of service under this Agreement on a pro-rated basis, payable on a monthly 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 Policy</u>.** During the term under this Agreement, the Company must include you as an insured under its officers and directors insurance policy, if available and mandatory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&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>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except 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>Ownership</u>.** 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 Resignation</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>Governing 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 Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be 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>Acknowledgement</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,<br>**BAO Holding Limited** | Sincerely,<br>**BAO Holding Limited** |
| By: |  |
|  | LEE Yat Lung, Andrew<br> Chairman and Executive Director |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| CHIU Tak Ming |

---

## Exhibit 10.13

**Exhibit 10.13**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This EXECUTIVE EMPLOYMENT AGREEMENT (the "<u>Agreement</u>") is entered into as of [●] <u>2025</u>, by and between BAO Holding Limited (the "<u>Company</u>") and [●], an individual with Hong Kong identification number [●] (the "<u>Executive</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as the Chief Executive Officer of the Company and to assure itself of the services of the Executive during the term of Employment (as defined below) and under the terms and conditions of the Agreement;

WHEREAS, the Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of the Agreement;

---

| | |
|:---|:---|
| **1.** | **EMPLOYMENT** |
|  | The Company hereby agrees to employ the Executive and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth (the "<u>Employment</u>"). |
| **2.** | **TERM** |
|  | Subject to the terms and conditions of the Agreement, the initial term of the Employment shall be twenty four (24) months, commencing on [●], 2025 (the "<u>Effective Date</u>") and ending on [●], 2027 (the "<u>Initial Term</u>"), unless terminated earlier pursuant to the terms of the Agreement. Upon expiration of the Initial Term of the Employment, the Employment shall be automatically extended for successive periods of twelve (12) months each (each, an "<u>Extension Period</u>") unless either party shall have given thirty (30) days advance written notice to the other party, in the manner set forth in Section 7 below, prior to the end of the Extension Period in question, that the term of this Agreement that is in effect at the time such written notice is given is not to be extended or further extended, as the case may be (the period during which this Agreement is effective being referred to hereafter as the "<u>Term</u>"). |
| **3.** | **POSITION AND DUTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the Term, the Executive shall serve as the Chief Executive Officer of the Company or in such other position or positions with a level
 of duties and responsibilities consistent with the foregoing with the Company and/or its subsidiaries and affiliated entities as
 the board of directors of the Company (the " <u>Board</u> ") may specify from time to time and shall have the duties, responsibilities
 and obligations customarily assigned to individuals serving in the position or positions in which the Executive serves hereunder
 and as assigned by the Board.

(b) The
 Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director of the Company or any subsidiaries
 or affiliated entities of the Company (collectively, the " <u>Group</u> ") and as a member of any committees of the board
 of directors of any such entity, provided that the Executive is indemnified for serving in any and all such capacities on a basis
 no less favorable than is currently provided to any other director of any member of the Group.

---

| | |
|:---|:---|
| **4.** | **NO BREACH OF CONTRACT** |
|  | The Executive hereby represents to the Company that: (i) the execution and delivery of the Agreement by the Executive and the performance by the Executive of the Chief Executive Officer'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 by which the Executive is otherwise bound, except that the Executive does not make any representation with respect to agreements required to be entered into by and between the Executive and any member of the Group pursuant to the applicable law of the jurisdiction in which the Executive is based, if any; (ii) that the Executive is not in possession of any information (including, without limitation, confidential information and trade secrets) the knowledge of which would prevent the Executive from freely entering into the Agreement and carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement with any person or entity other than any member of the Group. |
| **5.** | **LOCATION** |
|  | The Executive will be based in Hong Kong or any other location selected by the Executive at his/her convenience of work during the Term. |
| **6.** | **COMPENSATION AND BENEFITS** |

---

(a) <u>Cash Compensation</u>. As compensation for the performance by the Executive of his/her obligations hereunder, during the Term, the Company shall pay the Executive cash compensation (exclusive of the statutory benefit contributions that the Company is required to set aside for the Executive under applicable law), subject to annual review and adjustment by the Board or any committee designated by the Board. The remuneration of the Executive shall be <u>HKD[●] per year</u> (i.e. HKD [●] per month). The compensation (HKD [●] per month) may be paid by one of the Group's subsidiaries. The above monthly compensation shall be paid on no later than the 7 day of each month during the Term.

(b) <u>Equity Incentives</u>. During the Term, the Executive shall be eligible to participate, at a level comparable to similarly situated other executives of the Company, in such long-term compensation arrangements as may be authorized from time to time by the Board, including any share incentive plan.

(c) <u>Benefits</u>. During the Term, the Executive shall be entitled to participate in all of the employee benefit plans and arrangements made available by the Company to its similarly situated executives, including, but not limited to, any retirement plan, medical insurance plan and travel/holiday policy, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. The Company shall reimburse all business related expenses including, but not limited to meals, hotel, and transportation.

---

| | |
|:---|:---|
| **7.** | **TERMINATION OF THE AGREEMENT** |
|  | The Employment may be terminated as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disability</u>.
 The Employment shall terminate if the Executive has a disability, including any physical or mental impairment which, as reasonably
 determined by the Board, renders the Executive unable to perform the essential functions of his/her position at the Company, even
 with reasonable accommodation that does not impose an undue burden on the Company, for more than 180 days in any 12-month period,
 unless a longer period is required by applicable law, in which case that longer period shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Good Reason</u>. The Executive may terminate his/her employment hereunder for "Good Reason" upon the occurrence, without the
 written consent of the Company, of an event constituting a material breach of this Agreement by the Company that has not been fully
 cured within ten (10) business days after written notice thereof has been given by the Executive to the Company setting forth in
 sufficient detail the conduct or activities the Executive believes constitute grounds for Good Reason, including but not limited
 to:

(i) the failure by the Company to pay to the Executive any portion of the Executive's current compensation or to pay to the Executive any portion of an instalment of deferred compensation under any deferred compensation program of the Company, within five (5) business days of the date such compensation is due; or

(ii) any material breach by the Company of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination</u>. Any termination of the Executive's employment under the Agreement shall be communicated by written notice
 of termination (" <u>Notice of Termination</u> ") from the terminating party to the other party. The notice of termination
 shall indicate the specific provision(s) of the Agreement relied upon in effecting the termination.

(d) <u>Compensation upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Death</u>.
 If the Executive's employment is terminated by reason of the Executive's death, the Company shall have no further obligations
 to the Executive under this Agreement and the Executive's benefits shall be determined under the Company's retirement,
 insurance and other benefit and compensation plans or programs then in effect in accordance with the terms of such plans and programs.

(2) <u>By Company without Cause or by the Executive for Good Reason</u>. If the Executive's employment is terminated by the Company other
 than for Cause (as defined below) or by the Executive for Good Reason, the Company shall (i) continue to pay and otherwise provide
 to the Executive, during any notice period, all compensation, base salary and previously earned but unpaid incentive compensation,
 if any, and shall continue to allow the Executive to participate in any benefit plans in accordance with the terms of such plans
 during such notice period; and (ii) pay to the Executive, in lieu of benefits under any severance plan or policy of the Company,
 any such amount as may be agreed between the Company and the Executive.

(3) <u>By Company for Cause or by the Executive other than for Good Reason</u>. If the Executive's employment is be terminated by the
 Company for Cause or by the Executive other than for Good Reason, the Company shall pay the Executive his/her base salary at the
 rate in effect at the time Notice of Termination is given through the Date of Termination, and the Company shall have no additional
 obligations to the Executive under this Agreement.

For the avoidance of doubt, the following conditions each shall constitute "Cause" and shall apply in evaluating a termination of the Executive's employment under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Commission
 of any act of fraud or gross negligence by the Executive in the course of his/her employment hereunder that, in the case of gross
 negligence, has a material adverse effect on the business or financial condition of the Company and/or its subsidiaries and affiliated
 entities;

(ii) Wilful
 material misrepresentation at any time by the Executive to the Board;

(iii) The
 wilful failure or refusal to comply with any of the Executive's material obligations hereunder or to comply with a reasonable
 and lawful instruction of the Board, which failure to comply with such instruction continues for a period of ten (10) days after
 the Executive's receipt of written notice from the Board identifying in reasonable detail the objectionable action or inaction;
 or

(iv) Engagement
 by the Executive in any misconduct or the commission by the Executive of any act that is materially injurious or detrimental to the
 substantial interest of the Company and/or its subsidiaries and affiliated entities, as determined by the Board.

**8.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure.</u> 

The Executive acknowledges and agrees that: (A) the Executive holds a position of trust and confidence with the Company and that his/her employment by the Company will require that the Executive have access to and knowledge of valuable and sensitive information, material, and devices relating to the Company and/or its business, activities, products, services, customers and vendors, including, but not limited to, the following, regardless of the form in which the same is accessed, maintained or stored: the identity of the Company's actual and prospective customers and, as applicable, their representatives; prior, current or future research or development activities of the Company; the products and services provided or offered by the Company to customers or potential customers and the manner in which such services are performed or to be performed; the product and/or service needs of actual or prospective customers; pricing and cost information; information concerning the development, engineering, design, specifications, acquisition or disposition of products and/or services of the Company; user base personal data, programs, software and source codes, licensing information, personnel information, advertising client information, vendor information, marketing plans and techniques, forecasts, and other trade secrets (collectively, the "<u>Confidential Information</u>"); and (B) the direct and indirect disclosure of any such Confidential Information would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Third Party Information in the Company's Possession</u>. The Executive recognizes that the Company may have received, and in the
 future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part
 to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the
 Executive owes the Company and such third parties, during the Term and thereafter, a duty to hold all such confidential or proprietary
 information in strict confidence and not to disclose such information to any person or firm, or otherwise use such information, in
 a manner inconsistent with the limited purposes permitted by the Company's agreement with such third party.

**9.** **NON-COMPETITION AND NON-SOLICITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Competition</u>.
 In consideration of the compensation provided to the Executive by the Company hereunder, the adequacy of which is hereby acknowledged
 by the parties hereto, the Executive agrees that during the Term and for a period of six (6) months following the termination of
 the Employment for whatever reason, the Executive shall not engage in Competition (as defined below) with the Group. For purposes
 of this Agreement, "Competition" by the Executive shall mean the Executive's engaging in, or otherwise directly
 or indirectly being employed by or acting as a consultant or lender to, or being a director, officer, employee, principal, agent,
 stockholder, member, owner or partner of, or permitting the Executive's name to be used in connection with the activities of,
 any other business or organization which competes, directly or indirectly, with the Group in the business of the Group; <u>provided</u>, <u>however</u>, it shall not be a violation for the Executive to become the registered or beneficial owner of up to five percent
 (5%) of any class of the capital stock of a publicly traded corporation in Competition with the Group, provided that the Executive
 does not otherwise participate in the business of such corporation.

(b) <u>Non-Solicitation; Non-Interference</u>. During the Term and for a period of six (6) months following the termination of the Executive's employment
 for any reason, the Executive agrees that he/she will not, directly or indirectly, for the Executive's benefit or for the benefit
 of any other person or entity, do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) solicit
 or seek to solicit from any customer doing business with the Group during the Term business of the same or of a similar nature to
 the business of the Group;

(2) solicit
 or seek to solicit from any known potential customer of the Group business of the same or of a similar nature to that which, whether
 or not has been the subject of a known written or oral bid, offer or proposal by the Group, or of substantial preparation with a
 view to making such a bid, proposal or offer;

(3) solicit
 or seek to solicit the employment or services of, or hire or engage, any person who is employed or engaged by the Group; or

(4) otherwise
 interfere with the business or accounts of the Group, including, but not limited to, with respect to any relationship or agreement
 between the Group and any customer, vendor or supplier.

---

| | |
|:---|:---|
| **10.** | **ENTIRE AGREEMENT** |
|  | The Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he/she has not entered into the Agreement in reliance upon any representation, warranty or undertaking which is not set forth in the Agreement. |
| **11.** | **GOVERNING LAW** |
|  | The Agreement shall be governed by and construed in accordance with the law of the Hong Kong SAR. |
| **12.** | **COUNTERPARTS** |
|  | The Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. The Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. |

---

[*Remainder of the page intentionally left blank*.]

**IN WITNESS WHEREOF**, the Agreement has been executed as of the date first written above.

By: 

Title: 

Name: [●]

## Exhibit 10.14

**Exhibit 10.14**

**BAO HOLDING LIMITED**

**2025 EQUITY INCENTIVE PLAN**

1. **<u>Purposes of the Plan</u>**. BAO Holding Limited, a British Virgin Islands company (the "<u>Company</u>") hereby establishes the BAO Holding Limited 2025 Equity Incentive Plan (the "<u>Plan</u>"). The purpose of the Plan is to promote the long-term success of the Company and the creation of shareholder value by (a) encouraging Employees, Directors and Consultants to focus on the Company's performance, (b) encouraging the attraction and retention of Employees, Directors and Consultants with exceptional qualifications, and (c) providing incentives that align the interests of Employees, Directors and Consultants with those of the shareholders of the Company. The Plan permits the grant of Incentive Share Options, Nonstatutory Share Options, Restricted Shares, Restricted Share Units, Share Appreciation Rights, Performance Units, Performance Shares and Share Bonus Awards as the Administrator may determine.

2. **<u>Definitions</u>**. The following definitions will apply to the terms in the Plan:

"<u>Administrator</u>" means the Board or any of its Committees as will be administering the Plan, in accordance with <u>Section 4</u>.

"<u>Affiliate</u>" means any corporation, partnership, limited liability company, limited liability partnership, business trust, or other entity or person controlling, controlled by or under common control of the Company, as determined by the Administrator in its sole discretion.

"<u>Applicable Laws</u>" means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government order, and the rules of any applicable stock exchange, of any jurisdiction applicable to Awards granted to residents therein.

"<u>Award</u>" means, individually or collectively, a grant under the Plan of Options, SARs, Restricted Shares, Restricted Share Units, Performance Units, Performance Shares and Share Bonus Awards.

"<u>Award Agreement</u>" means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

"<u>Board</u>" means the Board of Directors of the Company, as constituted from time to time.

"<u>Cause</u>" means, with respect to a Participant, unless in the case of a particular Award, the particular Award Agreement states otherwise, (a) the Company or the relevant Subsidiary, having "cause," "just cause" or term of similar meaning or import, to terminate a Participant's employment or service, as defined in any employment, consulting or services agreement with the Participant in effect at the time of such termination, or (b) in the absence of any such employment, consulting or services agreement (or the absence of any definition of "cause," "just cause" or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion:

(i) any
 commission of an act of theft, embezzlement, fraud, dishonesty, ethical breach or other similar acts, or commission of a
 criminal offense;

(ii) any
 material breach of any agreement or understanding between the Participant and the Company or the relevant Subsidiary including, without
 limitation, any applicable intellectual property and/or invention assignment, employment, non-competition, confidentiality or other
 similar agreement or the Company's or the relevant Subsidiary's code of conduct or other workplace rules;

(iii) any
 material misrepresentation or omission of any material fact in connection with the Participant's employment with the Company
 or the relevant Subsidiary or service as a Service Provider;

(iv) any
 material failure to perform the customary duties as an Employee or Director, to obey the reasonable directions of a supervisor or
 to abide by the policies or codes of conduct of the Company or the relevant Subsidiary or to satisfy the requirements or working
 standards of the Company or the relevant Subsidiary during any applicable probationary employment period; or

(v) any
 conduct that is materially adverse to the name, reputation or interests of the Company or any Subsidiary.

"<u>Change in Control</u>" means the occurrence of any of the following events:

(i) Any
 transaction as a result of which any person is the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
 directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company's
 then outstanding voting securities. For purposes of this <u>subsection (i)</u>, the term "person" shall have the same
 meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (A) a trustee or other fiduciary holding securities
 under an employee benefit plan of the Company or of a Parent or Subsidiary, and (B) a corporation owned directly or indirectly by
 the shareholders of the Company in substantially the same proportions as their ownership of the shares of the Company. For purposes
 of this <u>subsection (i)</u>, the acquisition of additional shares by any one person, who is considered to own more than fifty percent
 (50%) of the total voting power of the securities of the Company will not be considered an additional Change in Control;

(ii) A
 change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors
 are Incumbent Directors. " <u>Incumbent Directors</u> " means directors who either (A) are Directors as of the effective
 date of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of
 the Directors at the time of such election or nomination (except where such election or nomination is in connection with an actual
 or threatened proxy contest relating to the election of directors to the Company);

(iii) The
 consummation of the sale, transfer or other disposition by the Company of all or substantially all of the Company's assets,
 except with respect to a sale, transfer or other disposition of assets to a Parent, Subsidiary, or Affiliate; or

(iv) The
 consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons
 who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately
 after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of
 (i) the continuing or surviving entity and, (ii) any direct or indirect Parent corporation of such continuing or surviving entity.

For avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction. The foregoing notwithstanding, if the Award constitutes non-qualified deferred compensation under Section 409A of the Code, in no event shall a Change in Control be deemed to have occurred unless such change shall satisfy the definition of a change in control under Section 409A of the Code.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended. Any reference in the Plan to a section of the Code will be a reference to any successor or amended section of the Code.

"<u>Committee</u>" means a committee appointed by the Board that consists of one or more Board members or other individuals satisfying all Applicable Laws. As of the Effective Date, and until otherwise determined by the Board, the Compensation Committee of the Board will serve as the Committee.

"<u>Company</u>" means BAO Holding Limited, a British Virgin Islands company, or any successor thereto. For purposes of the Plan, the term "Company" shall include any present or future Parent and Subsidiary.

"<u>Consultant</u>" means any person, including an advisor, but who is not an Employee or a Director, engaged by the Company or any Subsidiary of the Company to render services to such entity if: (i) such person renders bona fide services to the Company or any Subsidiary; (ii) the services rendered by such person are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities; and (iii) such person is a natural person who has contracted directly with the Company or any Subsidiary to render such services.

"<u>Director</u>" means a member of the Board or any board of directors (or similar governing authority) of any Subsidiary, including a non-employee Director.

"<u>Disability</u>" unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long-term disability payments under the Company's or any Subsidiary's long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such policy. If the Company or a Subsidiary to which the Participant provides service does not have a long-term disability plan in place, "Disability" means that a Participant is unable to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

"<u>Employee</u>" means any natural person employed by the Company or any Subsidiary of the Company. Neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Exercise Price"</u> in the case of an Option, means the amount for which one Share may be purchased upon exercise of such Option, as specified in the applicable Option Award Agreement. "Exercise Price," in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Share in determining the amount payable upon exercise of such SAR.

"<u>Fair Market Value</u>" means, as of any date, the value of Shares determined as follows:

(i) If
 the Shares are listed on one or more established stock exchanges or national market systems, including without limitation, the New
 York Stock Exchange or the Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such Shares (or the closing
 bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed on the date of determination
 (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales
 price or closing bid was reported), as reported on the website maintained by such exchange or market system or such other source
 as the Administrator deems reliable;

(ii) If
 the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities
 dealer, its Fair Market Value shall be the closing sales price for such Shares as quoted on such system or by such securities dealer
 on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between
 the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date,
 on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems
 reliable; or

(iii) In
 the absence of an established market for the Shares of the type described in (i) and (ii) above, the Fair Market Value thereof shall
 be determined by the Administrator in good faith and in its discretion, and such determination shall be conclusive and binding on
 all persons; provided that if an Award is subject to Section 409A of the Code, then the Fair Market Value shall be determined in
 accordance with Section 409A of the Code.

"<u>Grant Date</u>" means, for all purposes, the date on which the Administrator completes the corporate action authorizing the grant of an Award or such later date specified by the Administrator, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date. Notice of the Administrator's determination to grant an Award will be provided to each Participant within a reasonable time after the Grant Date.

"<u>Incentive Share Option" or "ISO</u>" means an Option that by its terms qualifies and is otherwise intended to qualify as an Incentive Share Option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

"<u>Memorandum and Articles of Association</u>" means the Company's Amended and Restated Memorandum and Articles of Association filed with the Registrar of Corporate Affairs of the British Virgin Islands on April 15, 2025, including any amendments thereto from time to time.

"<u>Nonstatutory Share Option" or "NSO</u>" means an Option that by its terms does not qualify or is not intended to qualify as an ISO.

"<u>Officer</u>" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

"<u>Option</u>" means a share option granted pursuant to the Plan.

"<u>Optionee</u>" means the holder of an outstanding Option.

"<u>Parent</u>" means a "parent corporation," whether now or hereafter existing, as defined in Section 424(e) of the Code.

"<u>Participant</u>" means the holder of an outstanding Award.

"<u>Performance Period</u>" means any fiscal year of the Company or such other period as determined by the Administrator in its sole discretion.

"<u>Performance Share</u>" means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10 hereof.

"<u>Period of Restriction</u>" means the period during which Restricted Shares or Restricted Share Units are subject to forfeiture.

"<u>Performance Unit</u>" means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10 hereof.

"<u>Plan</u>" means this BAO Holding Limited 2025 Equity Incentive Plan, as it may be amended from time to time.

"<u>Restricted Shares</u>" means Shares awarded to a Participant subject to forfeiture in accordance with <u>Section 7</u>.

"<u>Restricted Share Unit" or "RSU"</u> means the right to receive one Share at or after the end of the Period of Restriction, which right is subject to forfeiture in accordance with <u>Section 8</u> of the Plan.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Service Provider</u>" means an Employee, Director or Consultant.

"<u>Share</u>" means a Class A ordinary share in the Company, par value par value $0.0001 each, as adjusted in accordance with <u>Section 12</u>.

"<u>Share Appreciation Right</u>" or "<u>SAR</u>" means the right to receive payment from the Company in an amount no greater than the excess of the Fair Market Value of a Share at the date the SAR is exercised over a specified price fixed by the Administrator in the Award Agreement, which shall not be less than the Fair Market Value of a Share on the Grant Date. In the case of a SAR which is granted in connection with an Option, the specified price shall be the Option Exercise Price.

"<u>Share Bonus Awards</u>" means unrestricted Shares awarded to a Participant in accordance with <u>Section 11</u> of the Plan.

"<u>Subsidiary</u>" means a "subsidiary corporation," whether now or hereafter existing, as defined in Section 424(f) of the Code.

3. **<u>Shares Subject to the Plan</u>**.

a. <u>Shares Subject to the Plan</u>. Subject to the provisions of Section 3(b), Section 3(c) and <u>Section 12</u>, the maximum aggregate number
 of Shares that may be issued under the Plan is three million five hundred and ninety thousand five hundred and thirty-two (3,590,532).

b. <u>Annual Increase</u>. The maximum number of Shares available for issuance under the Plan referred to in clause 3(a) above shall automatically
 be increased on the first trading day in January of each calendar year during the term of the Plan, beginning on the first trading
 day in January 2026, by an amount equal to one percent (1%) of the total number of issued and outstanding ordinary shares of the
 Company as measured as of the last trading day in the immediately preceding calendar year (calculated on an as-converted basis, treating
 each Class B ordinary share as one Class A ordinary share for this purpose). Notwithstanding the foregoing, the Administrator may
 act prior to January 1 of a given calendar year to provide that there will be no such increase in the Share reserve for that year
 or that the increase in the Share reserve for such year will be a lesser number of Shares than provided herein.

c. <u>Maximum Limit During the Term of the Plan.</u> Notwithstanding anything to the contrary in this Section 3, and subject to the provisions
 of Section 12, during the term of the Plan the aggregate maximum number of Shares that may be issued under the Plan shall be 7,200,000
 Shares.

d. <u>Shares Returned to Reserve.</u> If Restricted Shares or Shares issued upon the exercise of an Award under the Plan are forfeited or repurchased,
 then such shares shall again become available for Awards under the Plan. Any Shares subject to an Award that expires or is canceled,
 forfeited, or terminated without issuance of the full number of Shares to which the Award related will again be available for issuance
 under the Plan. Notwithstanding the foregoing, the following Shares shall not again become available for Awards or increase the number
 of Shares available for grant under the Plan: (i) Shares tendered by the Participant or withheld by the Company in payment of the
 purchase price of an Option issued under the Plan, (ii) Shares tendered by the Participant or withheld by the Company to satisfy
 any tax withholding obligation with respect to an Award, (iii) Shares repurchased by the Company with proceeds received from the
 exercise of an Option issued under the Plan, and (iv) Shares subject to a SAR issued under this Plan that are not issued in connection
 with the share settlement of that SAR upon its exercise. To the extent an Award under the Plan is paid out in cash rather than Shares,
 such cash payment shall not reduce the number of Shares available for issuance under the Plan.

e. <u>Share Reserve</u>. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will
 be sufficient to satisfy the requirements of the Plan.

4. **<u>Administration of the Plan</u>**.

a. <u>Administrator</u>.
 The Committee shall serve as Administrator of the Plan. The Committee shall consist of no less than two (2) non-employee directors
 who shall be appointed by the Board. The Committee shall be comprised solely of non-employee director who are (a) "outside
 directors" under Section 162(m) of the Code, (b) "non-employee directors" under Rule 16b-3 of the Exchange Act,
 and (c) who meet any listing standards prescribed by the principal securities market on which the Company's equity securities
 are traded.

b. <u>Powers of the Administrator</u>. Subject to the provisions of the Plan and the approval of any relevant authorities, and in the case of
 a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority,
 in its discretion:

i. to
 determine the Fair Market Value;

ii. to
 select the Service Providers to whom Awards may be granted hereunder;

iii. to
 determine the type of Award and number of Shares to be covered by each Award granted hereunder;

iv. to
 approve forms of agreement for use under the Plan;

v. to
 determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions
 include, but are not limited to, the Exercise Price, the time or times when Awards may be exercised (which may be based on continued
 employment, continued service or performance criteria), any vesting acceleration (whether by reason of a Change of Control or otherwise)
 or waiver of forfeiture, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case
 on such factors as the Administrator, in its sole discretion, will determine;

vi. to
 construe and interpret the terms of the Plan, Awards granted pursuant to the Plan, and any Award Agreements, including the right
 to construe disputed or doubtful Plan, Award, or Award Agreement provisions;

vii. to
 prescribe, amend and rescind rules and regulations relating to the Plan;

viii. to
 modify or amend each Award to the extent any modification or amendment is consistent with the terms of the Plan, and does not materially
 impair the rights of any Participant unless mutually agreed otherwise between the Participant and the Administrator, which agreement
 must be in writing and signed by the Participant and the Company;

ix. to
 allow Participants to satisfy withholding tax obligations in such manner as prescribed in <u>Section 13</u>;

x. to
 authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
 by the Administrator;

xi. to
 delay issuance of Shares or suspend Participant's right to exercise an Award as deemed necessary to comply with Applicable
 Laws;

xii. to
 the extent permitted by Applicable Laws, to delegate, as it may deem appropriate, to one or more Officers of the Company the authority
 to grant Awards to Service Providers who are not Officers and Directors, and exercise such other powers under the Plan as the Administrator
 may determine, in accordance with such guidelines as the Administrator shall set forth at any time or from time to time; and

xiii. to
 make all other determinations deemed necessary or advisable for administering the Plan.

c. <u>Effect of Administrator's Decision</u>. The Administrator's decisions, determinations and interpretations will be final and
 binding on all Participants and any other holders of Awards. Any decision or action taken or to be taken by the Administrator, arising
 out of or in connection with the construction, administration, interpretation and effect of the Plan and of its rules and regulations,
 shall, to the maximum extent permitted by Applicable Laws, be within its absolute discretion (except as otherwise specifically provided
 in the Plan) and shall be final, binding and conclusive upon the Company, all Participants and any person claiming under or through
 any Participant.

5. **<u>Provisions Appliable to Awards</u>**.

a. <u>Eligibility</u>.
 As determined by the Administrator, NSOs, Restricted Shares, Restricted Share Units, SARs, Performance Units, Performance Shares
 or Share Bonus Awards may be granted to Service Providers either alone or in combination with any other Awards and ISOs may be granted
 to Employees of the Company, and of any Subsidiary.

b. <u>Award Agreement</u>. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
 for each Award which may include the term of an Award, the provisions applicable in the event the Participant's employment
 or service terminates, and the Company's authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind
 an Award.

c. <u>Termination for Cause</u>. Unless otherwise provided in the Award Agreement, if a Participant's employment or service is terminated for
 Cause, the Participant's unexercised Awards will terminate upon such termination for Cause, whether or not the Award is then
 vested and/or exercisable.

d. <u>Transfer; Approved Leave of Absence</u>. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from
 either (a) a transfer of employment to the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary
 to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company,
 if the Employee's right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which
 the leave of absence was granted or if the Administrator otherwise so provides in writing, in either case, except to the extent inconsistent
 with Section 409A of the Code if the applicable Award is subject thereto.

e. <u>No Transferability; Limited Exception to Transfer Restrictions</u>.

i. <u>Limits on Transfer</u>. Unless otherwise expressly provided in (or pursuant to) this Section 5e, by Applicable Law and by the Award Agreement,
 as the same may be amended:

(a) all
 Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge,
 encumbrance or charge;

(b) Awards
 will be exercised, during the lifetime of the Participant, only by the Participant; and

(c) amounts
 payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in the case of Shares, registered
 in the name of, the Participant.

In addition, the shares shall be subject to the restrictions set forth in the applicable Award Agreement.

ii. <u>Exceptions to Limits on Transfer</u>. Notwithstanding the foregoing, upon notice to the Administrator no provision herein shall prevent or forbid
 transfers to a trust that was established solely for tax planning purposes and not for purposes of profit or commercial activity
 or, to one or more "family members" (as such term is defined in SEC Rule 701 promulgated under the Securities Act of
 1933, as amended) by gift or pursuant to a qualified domestic relations order.

f. <u>Beneficiaries</u>.
 Notwithstanding Section 5e, a Participant may, in the manner determined by the Administrator, designate a beneficiary to exercise
 the rights of the Participant and to receive any distribution with respect to any Award upon the Participant's death. A beneficiary,
 legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions
 of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide,
 and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Participant is married and resides
 in a community property state, a designation of a person other than the Participant's spouse as his or her beneficiary with
 respect to more than 50% of the Participant's interest in the Award shall not be effective without the prior written consent
 of the Participant's spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the
 person entitled thereto pursuant to the Participant's will or the laws of descent and distribution. Subject to the foregoing,
 a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with
 the Administrator.

g. <u>Fractional Shares</u>. No fractional Shares shall be issued and the Administrator shall determine, in its discretion, whether cash shall be
 given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate.

h. <u>Share Certificate</u>. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates
 evidencing Shares pursuant to the exercise of any Award, unless and until the Administrator has determined, with advice of counsel,
 that the issuance and delivery of such Shares is in compliance with the Company's Memorandum and Articles of Association, all
 Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares
 are listed or traded. All Share certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions
 as the Administrator deems necessary or advisable to comply with all Applicable Laws, and the rules of any national securities exchange
 or automated quotation system on which the Shares are listed, quoted, or traded. The Administrator may place legends on any Share
 certificate to reference restrictions applicable to the Share. In addition to the terms and conditions provided herein, the Administrator
 may require that a Participant make such reasonable covenants, agreements, and representations as the Administrator, in its discretion,
 deems advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require
 any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including
 a window-period limitation, as may be imposed in the discretion of the Administrator.

i. <u>Repricing</u>.
 To the extent not prohibited by Appliable Laws (including any applicable stock exchange rule), the repricing or termination and subsequent
 repricing of Options or SARs at a lower purchase price per Share than the original grant is permitted without prior shareholder approval.
 The Administrator may authorize the Company to issue new Option or SAR Awards in exchange for the surrender and cancellation of any
 or all outstanding Awards, subject to the consent of any Participant whose rights would be impaired. The Administrator may at any
 time repurchase Options with payment in cash, Shares or other consideration, based on such terms and conditions as the Administrator
 and the Participant shall agree.

6. **<u>Share Options</u>**.

a. <u>Grant of Options</u>. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant
 Options to Service Providers in such amounts as the Administrator will determine in its sole discretion.

b. <u>Option Award Agreement</u>. Each Option shall be evidenced by an Award Agreement that shall specify the type of Option granted, the Exercise
 Price, the exercise date, the term of the Option, the number of Shares to which the Option pertains, vesting criteria and such other
 terms and conditions (which need not be identical among Participants) as the Administrator shall determine in its sole discretion.

c. <u>Exercise Price</u>. The Exercise Price for the Shares to be issued pursuant to exercise of an Option will be no less than the Fair Market
 Value per Share on the Grant Date. Notwithstanding the above or any other provision of this Plan or any Award Agreement, Shares shall
 be issued pursuant to exercise of an Option at a price at least equal to their par value.

d. <u>Term of Options</u>. The term of each Option will be stated in any Award Agreements. Unless terminated sooner in accordance with the Plan
 or Award Agreement, no Option shall be exercisable on or after the tenth anniversary of the Grant Date.

e. <u>Time and Form of Payment</u>.

i. <u>Exercise Date</u>. Each Award Agreement shall specify how and when Shares covered by an Option may be purchased. The Award Agreement may specify
 waiting periods, the dates on which Options become exercisable or "vested" and, subject to the termination provisions
 of the Option, exercise periods. The Administrator may accelerate the exercisability of any Option or portion thereof.

ii. <u>Exercise of Option</u>. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such
 conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction
 of a Share. An Option will be deemed exercised when the Company receives: (1) notice of exercise (in such form as the Administrator
 shall specify from time to time) from the person entitled to exercise the Option, and (2) full payment for the Shares with respect
 to which the Option is exercised (together with all applicable withholding taxes). Full payment may consist of any consideration
 and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan (together with all applicable
 withholding taxes). Until the Shares are issued (as evidenced by the appropriate entry in the register of members of the Company),
 no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Shares subject to the Option,
 notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option
 is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares
 are issued, except as provided in Section 12.

iii. <u>Payment</u>.
 The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment.

(1) <u>General Rule</u>. The entire Exercise Price of Shares issued upon exercise of Options shall be payable in cash or cash equivalents at the
 time when such Shares are purchased, except that the Administrator at its sole discretion may accept payment of the Exercise Price
 in any other form(s) described in this Section 6.e.iii. However, if the Optionee is a Director or an Officer of the Company, he or
 she may pay the Exercise Price in a form other than cash or cash equivalents only to the extent permitted by Section 13(k) of the
 Exchange Act;

(2) <u>Repurchase of Shares</u>. With the Administrator's consent, all or any part of the Exercise Price may be paid by the Company repurchasing
 the ownership of fully paid Shares that are already owned by the Optionee. Such Shares to be repurchased shall be valued at their
 Fair Market Value on the date when the new Shares are issued to the Optionee under the Plan.

(3) <u>Exercise/Sale</u>.
 With the Administrator's consent, all or any part of the Exercise Price and any withholding taxes may be paid by delivering
 (on a form prescribed by the Company) an irrevocable direction to a securities broker approved by the Company to sell all or part
 of the Shares being purchased under the Plan and to deliver all or part of the sales proceeds to the Company.

(4) <u>Promissory Note</u>. With the Administrator's consent, all or any part of the Exercise Price and any withholding taxes may be paid by
 delivering (on a form prescribed by the Company) a full-recourse promissory note that is consistent with Applicable Laws.

(5) <u>Other Forms of Payment</u>. With the Administrator's consent, all or any part of the Exercise Price and any withholding taxes may
 be paid in any other form that is consistent with Applicable Laws.

f. <u>Effects of Termination of Employment or Service on Options</u>. Termination of employment or service shall have the following effects on
 Options granted to the Participants:

i. <u>Termination for Cause</u>. Unless otherwise provided in the Award Agreement, if a Participant's employment or service is terminated by
 the Company or any Subsidiary for Cause, the Participant's Options will terminate upon such termination, whether or not the
 Option is then vested and/or exercisable;

ii. <u>Death or Disability</u>. Unless otherwise provided in the Award Agreement, if a Participant's employment or service terminates as
 a result of the Participant's death or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the extent that such Options were vested and exercisable on the date of the Participant's termination on account of death or Disability, the Participant (or his or her legal representative or beneficiary, in the case of the Participant's Disability or death, respectively) may exercise his or her Option within such period of time ending on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Participant does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Options, to the extent not vested and exercisable on the date of the Participant's termination of employment or service, shall terminate upon the Participant's termination of employment or service on account of death or Disability.

iii. <u>Other Terminations of Employment or Service</u>. Unless otherwise provided in the Award Agreement, if a Participant's employment
 by or service to the Company or any Subsidiary terminates for any reason other than a termination by the Company or any Subsidiary
 for Cause or because of the Participant's death or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to the extent that such Options were vested and exercisable on the date of the Participant's such termination of employment or service, the Participant may exercise his or her Option within such period of time ending on the earlier of (a) the date 3 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Participant does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Options, to the extent not vested and exercisable on the date of the Participant's termination of employment or service, shall terminate upon the Participant's termination of employment or service.

j. <u>Forfeiture of Options</u>. All unexercised Options shall be forfeited to the Company in accordance with the terms and conditions set forth in
 the Award Agreement and again will become available for grant under the Plan.

h. <u>Incentive Share Options</u>. Incentive Share Options may be granted to Employees of the Company or any Subsidiary. The terms of any Incentive
 Share Options granted pursuant to the Plan, must comply with the following additional provisions:

i. <u>Individual Dollar Limitation</u>. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect
 to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other
 limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first
 exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options.

ii. <u>Exercise Price</u>. The exercise price of an Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However,
 the exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more
 than ten percent of the total combined voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company
 may not be less than 110% of Fair Market Value on the date of grant and such Option may not be exercisable for more than five years
 from the date of grant.

iii. <u>Expiration of Incentive Share Options</u>. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary
 of the Effective Date.

iv. <u>Right to Exercise</u>. During a Participant's lifetime, an Incentive Share Option may be exercised only by the Participant.

7. **<u>Restricted Shares</u>**.

a. <u>Grant of Restricted Shares</u>. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time,
 may grant Restricted Shares to Service Providers in such amounts as the Administrator will determine in its sole discretion.

b. <u>Restricted Shares Award Agreement</u>. Each Award of Restricted Shares will be evidenced by an Award Agreement that will specify the Period
 of Restriction, the number of Shares granted, the purchase price of the Shares, if any, and the means of payment for the Shares,
 vesting criteria, transferability restrictions, and such other terms and conditions (which need not be identical among Participants)
 as the Administrator will determine in its sole discretion. Restricted Shares granted pursuant to the Plan may be evidenced in such
 manner as the Administrator shall determine. Unless the Administrator determines otherwise, the Company shall instruct the transfer
 agent to register the Restricted Shares under the name of the Participants when the restrictions on such Restricted Shares have lapsed.
 If at the approval of the Administrator certificates representing Restricted Shares are registered in the name of the Participant
 before the restrictions on such Restricted Shares have lapsed, certificates must bear an appropriate legend referring to the terms,
 conditions, and restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain physical possession
 of the certificate until such time as all applicable restrictions lapse.

c. <u>Terms and Conditions</u>.

i. <u>Vesting Conditions</u>. During the Period of Restriction, Restricted Shares shall be subject to forfeiture arising on the basis of such conditions
 as the Administrator may determine in its sole discretion. Any such risk of forfeiture may be waived or terminated, or the Period
 of Restriction shortened, at any time by the Administrator on such basis as it deems appropriate.

ii. <u>Sale Price</u>. Restricted Shares may be sold or awarded under the Plan for such consideration as the Administrator may determine, including
 (without limitation) cash, cash equivalents, property, full-recourse promissory notes, past services and future services. If the
 Participant is a Director or an Officer of the Company, he or she may pay for Restricted Shares with a promissory note only to the
 extent permitted by Section 13(k) of the Exchange Act. Within the limitations of the Plan, the Administrator may accept the cancellation
 of outstanding Options or SARs in return for the grant of Restricted Shares. Notwithstanding the above or any other provision of
 this Plan, Restricted Shares shall be issued at a price at least equal to their par value.

iii. <u>No Voting or Dividend Rights</u>. Unless the Administrator determines otherwise, until the restrictions on the Restricted Shares have
 lapsed, no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Restricted Shares.
 Unless the Administrator determines otherwise, no adjustment will be made for a dividend or other right for which the record date
 is prior to the date when the restrictions on the Restricted Shares have lapsed, except as provided in Section 12.

iv. <u>Transferability</u>.
 Except as provided in the Plan, Restricted Shares may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated
 until the end of the applicable Period of Restriction.

d. <u>Removal of Restrictions</u>. All restrictions imposed on Restricted Shares shall lapse and the Period of Restriction shall end upon the satisfaction
 of the vesting conditions imposed by the Administrator. Restricted Shares not previously forfeited will be released from escrow as
 soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The
 Administrator (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends,
 as necessary or appropriate to minimize administrative burdens on the Company.

8. **<u>Restricted Share Units</u>**.

a. <u>Grant of Restricted Share Units</u>. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time,
 may grant Restricted Share Units to Service Providers in such amounts as the Administrator will determine in its sole discretion.

b. <u>Restricted Share Units Award Agreement</u>. Each Award of Restricted Share Units will be evidenced by an Award Agreement that will specify the
 number of Restricted Share Units granted, vesting criteria, form of payout, and such other terms and conditions (which need not be
 identical among Participants) as the Administrator will determine in its sole discretion. The Administrator may include among such
 conditions the requirement that the performance of the Company or a business unit of the Company shall achieve for a specified period
 of time.

c. <u>Vesting Conditions</u>. During the Period of Restriction, Restricted Shares Units shall be subject to forfeiture arising on the basis of
 such conditions as the Administrator may determine in its sole discretion. Any such risk of forfeiture may be waived or terminated,
 or the Period of Restriction shortened, at any time by the Administrator on such basis as it deems appropriate.

d. <u>Time and Form of Payment</u>. Upon satisfaction of the applicable vesting conditions, payment of vested Restricted Share Units shall occur
 in the manner and at the time provided in the Award Agreement. Except as otherwise provided in the Award Agreement, Restricted Share
 Units may be paid in cash (equal to the aggregate Fair Market Value of the Shares underlying the vested Restricted Share Units),
 Shares, or a combination thereof at the sole discretion of the Administrator. Restricted Share Units that are fully paid in cash
 will not reduce the number of Shares available for issuance under the Plan. Notwithstanding the above or any other provision of this
 Plan, Shares underlying the Restricted Share Units shall be issued at a price at least equal to their par value.

e. <u>No Voting or Dividend Rights</u>. Until the Shares are issued (as evidenced by the appropriate entry in the register of members of the
 Company), no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Shares subject
 to the Restricted Share Units. No adjustment will be made for a dividend or other right for which the record date is prior to the
 date the Shares are issued, except as provided in Section 12.

9. **<u>Share Appreciation Rights</u>**.

a. <u>Grant of SARs</u>. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant SARs
 to Service Providers in such amounts as the Administrator will determine in its sole discretion.

b. <u>Award Agreement</u>. Each SAR grant will be evidenced by an Award Agreement that will specify the exercise price, the number of Shares
 underlying the SAR grant, the term of the SAR, the conditions of exercise, vesting criteria and such other terms and conditions (which
 need not be identical among Participants) as the Administrator will determine in its sole discretion.

c. <u>Exercise Price and Other Terms</u>. The Exercise Price for the exercise of an SAR will be no less than the Fair Market Value per Share on
 the Grant Date. No SAR shall be exercisable on or after the tenth anniversary of the Grant Date. Notwithstanding the above or any
 other term in this Plan or any Award Agreement, Shares shall be issued pursuant to exercise of an SAR at a price at least equal to
 their par value. Notwithstanding the above or any other provision of this Plan, Shares underlying the SARs shall be issued at a price
 at least equal to their par value.

d. <u>Time and Form of Payment of SAR Amount</u>. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company
 in an amount no greater than: (i) the difference between the Fair Market Value of a Share on the date of exercise over the Exercise
 Price; times (ii) the number of Shares with respect to which the SAR is exercised. An Award Agreement may provide for a SAR to be
 paid in cash, Shares of equivalent value, or a combination thereof.

10. **<u>Performance Units and Performance Shares</u>.**

a. <u>Grant of Performance Units/Shares</u>. Performance Units and Performance Shares may be granted to Service Providers at any time and from
 time to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion
 in determining the number of Performance Units/Shares granted to each Participant.

b. <u>Value of Performance Units/Shares</u>. Each Performance Unit will have an initial value that is established by the Administrator on or
 before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date
 of grant. Notwithstanding the above or any other provision of this Plan, Performance Shares shall be issued at a price at least equal
 to their par value.

c. <u>Performance Objectives and Other Terms</u>. The Administrator will set performance objectives or other vesting provisions. The Administrator
 may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited
 to, continued employment), or any other basis determined by the Administrator in its discretion. Each Award of Performance Units/Shares
 will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator,
 in its sole discretion, will determine.

d. <u>Earning of Performance Units/Shares</u>. After the applicable Performance Period has ended, the holder of Performance Units/Shares will be
 entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to
 be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been
 achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance
 objectives or other vesting provisions for such Performance Unit/Share.

e. <u>Form and Timing of Payment of Performance Units/Shares</u>. Payment of earned Performance Units/Shares will be made as soon as practicable
 after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay earned Performance
 Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance
 Units/Shares at the close of the applicable Performance Period) or in a combination thereof.

f. <u>Cancellation of Performance Units/Shares</u>. On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares
 will be forfeited to or repurchased by the Company, and again will be available for grant under the Plan.

11. **<u>Share Bonus Awards</u>**

a. <u>Grant of Share Bonus Awards</u>. Subject to the terms and conditions of the Plan, the Administrator, at any time and from time to time,
 may grant unrestricted Shares out of the reserve of the Company, or other Awards denominated in the Shares, under this Plan to Service
 Providers, either alone or in tandem with other Awards, in such amounts as the Administrator will determine in its sole discretion.

b. <u>Award Agreement</u>. Each Share Bonus grant will be evidenced by an Award Agreement that will specify the number of unrestricted Shares
 granted and such other terms and conditions (which need not be identical among Participants) as the Administrator will determine
 in its sole discretion.

12. **<u>Adjustments; Dissolution or Liquidation; Merger or Change in Control</u>**.

a. <u>Adjustments</u>.
 In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off,
 recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change
 affecting the Shares or the share price or par value of a Share, the Administrator shall make such proportionate adjustments, if
 any, as the Administrator in its discretion may deem appropriate to reflect such change with respect to (i) the aggregate number
 and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3);
 (ii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria
 with respect thereto); and (iii) the grant or exercise price per share for any outstanding Awards under the Plan.

b. <u>Dissolution or Liquidation</u>. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant
 as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised,
 an Award will terminate immediately prior to the consummation of such proposed action.

c. <u>Change in Control</u>. In the event of a Change in Control, all outstanding Awards shall be treated as the Administrator (in its discretion)
 determines, which need provide for treatment of all outstanding Awards (or a portion thereof) in an identical manner and may be effected
 without consent of a Participant. Such treatment shall provide for one or more of the following:

(i) The
 Administrator shall have the discretion, exercisable either at the time an Award is granted or at any time the Award remains outstanding,
 to provide for automatic acceleration of vesting upon occurrence of a Change in Control, whether or not the Award is assumed or replaced
 in the Change in Control, or in connection with a termination of a Participant's Service following a Change in Control.

(ii) The
 assumption of any outstanding Awards by the surviving, continuing, successor or purchasing entity or its Parent, provided that the
 assumption of Options or SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs).

(iii) The
 substitution by the surviving corporation or its Parent of new awards for any outstanding Awards, provided that the substitution
 of Options or SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs).

(iv) Full
 exercisability of any outstanding Options and SARs and full vesting of the number of Shares subject to such Options and SARs, followed
 by the cancellation of such Options and SARs. The full exercisability of any Options and SARs and full vesting of such number of
 Shares may be contingent on the closing of the Change in Control. The Optionees shall be able to exercise such Options and SARs during
 a period preceding the closing date of the Change in Control. Any exercise of such Options and SARs during such period may be contingent
 on the closing of the Change in Control.

(v) The
 cancellation of any outstanding Options and SARs and a payment to the Optionees equal to the excess of (i) the Fair Market Value
 of the number of Shares subject to such Options and SARs (whether or not such Options and SARs are then exercisable or such number
 of Shares are then vested) as of the closing date of such Change in Control over (ii) their Exercise Price. Such payment shall be
 made in the form of cash, cash equivalents, or securities of the surviving corporation or its Parent with a Fair Market Value equal
 to the required amount. Such payment may be made in installments and may be deferred until the date or dates when such Options and
 SARs would have become exercisable or such number of Shares would have vested. Such payment may be subject to vesting based on the
 Optionee's continuing Service, provided that the vesting schedule shall not be less favorable to the Optionee than the schedule
 under which such Options and SARs would have become exercisable or such number of Shares would have vested. If the Exercise Price
 of the number of Shares subject to such Options and SARs exceeds the Fair Market Value of such number of Shares, then such Options
 and SARs may be cancelled without making a payment to the Optionees. For purposes of this <u>subsection (v)</u>, the Fair Market
 Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

(vi) The
 cancellation of any outstanding Restricted Share Units and a payment to the Participants equal to the Fair Market Value of the Shares
 subject to such Restricted Share Units (whether or not such Restricted Share Units are then vested) as of the closing date of such
 Change in Control. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or
 its Parent with a Fair Market Value equal to the required amount. Such payment may be made in installments and may be deferred until
 the date or dates when such Restricted Share Units would have vested. Such payment may be subject to vesting based on the Participant's
 continuing Service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which
 such Restricted Share Units would have vested. For purposes of this <u>subsection (vi)</u>, the Fair Market Value of any security
 shall be determined without regard to any vesting conditions that may apply to such security.

13.  **<u>Taxes</u>** .
 No Shares or cash shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to
 the Administrator for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company
 or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company,
 an amount sufficient to satisfy all applicable taxes (including the Participant's payroll tax obligations) required or permitted
 by Applicable Law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The
 Administrator may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company
 withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required
 to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the issuance,
 vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were
 acquired by the Participant from the Company) in order to satisfy all of the Participant's income and payroll tax liabilities
 with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Administrator,
 be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate
 amount of such liabilities based on the minimum statutory income and payroll tax withholding rates that are applicable to such supplemental
 taxable income under Applicable Laws.

14.  **<u>Grants to Foreign Nationals</u>** . Awards may be granted to Service Providers who are foreign nationals or employed outside the United
 States, or both, on such terms and conditions different from those applicable to grants to Services Providers in the United States
 as in the judgment of the Administrator may be necessary or desirable in order to recognize differences in local law or tax policy,
 and such Awards shall be considered granted pursuant to a non-U.S. sub-plan. The Administrator also may impose conditions on the
 exercise or vesting of Awards in order to minimize the Company's obligation with respect to tax equalization for employees
 on assignments outside their home country.

15.  **<u>No Rights to Awards</u>** . No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the
 Plan, and neither the Company nor the Administrator is obligated to treat Participants, employees, and other persons uniformly.

16.  **<u>No Effect on Employment or Service</u>** . Neither the Plan nor any Award will confer upon any Participant any right with respect to
 continuing the Participant's relationship as a Service Provider with the Company or any Subsidiary of the Company, nor will
 they interfere in any way with the Participant's right or the Company's or any Subsidiary's right to terminate
 such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

17.  **<u>Effective Date</u>** . The Plan is effective as of the date it is adopted and approved by the Board or as otherwise specified by the Board
 when adopting the Plan in accordance with the applicable provisions of the Company's Memorandum and Articles of Association
 (the " <u>Effective Date</u> "). The Company will obtain shareholder approval of the Plan only to the extent necessary
 and desirable to comply with Applicable Laws (including any applicable exchange rule).

18.  **<u>Term of Plan</u>** . The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective
 Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms
 of the Plan and the applicable Award Agreement.

19.  **<u>Amendment and Termination of the Plan</u>** .

a. <u>Amendment and Termination</u>. The Board in its sole discretion may at any time amend, alter, suspend or terminate the Plan.

b. <u>Shareholder Approval</u>. The Company will obtain shareholder approval of any Plan amendment only to the extent necessary and desirable to comply
 with Applicable Laws (including any applicable exchange rule).

c. <u>Effect of Amendment or Termination</u>. Except with respect to amendments made to the extent necessary and desirable to comply with Applicable
 Laws (including any applicable stock exchange rules), no termination, amendment, or modification of the Plan shall adversely affect
 in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant.

20. **<u>Government and Other Regulations</u>**. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all Applicable Laws and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such exemption. In addition, the Administrator may delay or suspend the issuance and delivery of Shares, suspend the exercise of Options or SARs, or suspend the Plan as necessary to comply with Applicable Laws. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company's counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.

21. **<u>Corporate Restrictions on Rights in Shares</u>**. Any Shares to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the Memorandum and Articles of Association. In addition, either at the time an Award is granted or by subsequent action, the Administrator may, but need not, impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales or other subsequent transfers by a Participant, or a holder of Shares acquired pursuant to the Plan, of any Share issued under an Award, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of transfers, sales or otherwise dispositions by the Participant(s) (e.g., a lock-up arrangement with an underwriter of the Company), and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.

22. **<u>Clawback Policy</u>**. Awards granted under the Plan and any gross proceeds received by Participants with respect to Awards granted under the Plan shall be subject to the Company's clawback policy, as amended from time to time, to comply with regulations related to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the listing standards of any national securities exchange on which the Company's securities are listed or any other applicable law, rule, or regulation. Clawback can, if applicable and where permitted by applicable local law, be made by deducting payments that will be due in the future (including salary, bonuses, and other forms of compensation). A Participant's acceptance of an Award under the Plan shall constitute such Participant's acknowledgement and recognition that the Participant's compliance with this Section 22 is a condition for the Participant's receipt of the Award.

23. **<u>Governing Law</u>**. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the internal laws of the State of New York, without giving effect to principles of conflicts of laws.

24. **<u>Section 409A</u>**. To the extent that the Administrator determines that any Award granted under the Plan is or may become subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the Code and related U.S. Department of Treasury guidance (including such U.S. Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines is necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance.

*Adopted by the Board of Directors on [\*], 2025,* effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering

## Exhibit 10.22

**Exhibit 10.22**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is entered into as of [●] by and between BAO Holding Limited, a British Virgin Islands company (the "<u>Company</u>"), and the undersigned, a director and/or an officer of the Company ("<u>Indemnitee</u>"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "<u>Board of Directors</u>") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

"<u>Expenses</u>" shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

"<u>Indemnifiable Event</u>" means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

"<u>Participant</u>" means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

"<u>Proceeding</u>" means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

1. <u>General Agreement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

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.

3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

4. <u>Exclusions</u>. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification under this Agreement:

(a) to the extent that payment is actually made to Indemnitee under a valid, enforceable and collectible insurance policy;

(b) to the extent that Indemnitee is indemnified and actually paid other than pursuant to this Agreement;

(c) in connection with a judicial action by or in the right of the Company, in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by a court of competent jurisdiction, in a decision from which there is no further right of appeal, to be liable for gross negligence or knowing or willful misconduct in the performance of his/her duty to the Company unless and only to the extent that any court in which such action was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses as such court shall deem proper;

(d) in connection with any Proceeding initiated by Indemnitee against the Company, any director or officer of the Company or any other party, and not by way of defense, unless (i) the Company has joined in or the Board has consented to the initiation of such Proceeding; or (ii) the Proceeding is one to enforce indemnification rights under this Agreement or any applicable law;

(e) brought about by the dishonesty or fraud of the Indemnitee seeking payment hereunder; provided, however, that the Company shall indemnify Indemnitee under this Agreement as to any claims upon which suit may be brought against him/her by reason of any alleged dishonesty on his/her part, unless a judgment or other final adjudication thereof adverse to the Indemnitee establishes that he/she committed (i) acts of active and deliberate dishonesty, (ii) with actual dishonest purpose and intent, and (iii) which acts were material to the cause of action so adjudicated;

(f) for any judgment, fine or penalty which the Company is prohibited by applicable law from paying as indemnity;

(g) arising out of Indemnitee's breach of an employment agreement with the Company (if any) or any other agreement with the Company or any of its subsidiaries, or

(h) arising out of Indemnitee's personal income tax payable on any salaries, bonuses, director's fees, including fees for attending meetings, or gain on disposition of shares, options or restricted shares of the Company.

5. <u>No Employment Rights.</u> Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

6. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

1. <u>Notice and Cooperation by Indemnitee</u>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable action to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

2. <u>Indemnification Payment</u>.

(a) <u>Advancement of Expenses</u>. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

(b) <u>Reimbursement of Expenses</u>. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

(c) <u>Determination by the Reviewing Party</u>. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within 10 days after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided, however, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

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.

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.

5. <u>Defense to Indemnification, Burden of Proof and Presumptions</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

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.

7. <u>Company Participation</u>. Subject to Section B.6, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

8. <u>Reviewing Party</u>.

(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "<u>Independent Counsel</u>" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

(d) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "<u>Independent Counsel</u>" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

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.

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.

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

1. <u>Non-Exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission (the "<u>SEC</u>")'s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

3. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

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.

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.

3. <u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

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.

5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

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.

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:

**BAO Holding Limited**

Unit A4, 5/F

Tsing Yi Industrial Centre Phase 1

Nos. 1-33 Cheung Tat Road

Tsing Yi, New Territories

Hong Kong

Attention: Chief Executive Officer, Mr. Chan Chun Ying

and to Indemnitee at his/her address last known to the Company.

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.

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| | |
|:---|:---|
| **BAO Holding Limited** | **BAO Holding Limited** |
| By: |  |
| Name: | [XX] |
| Title: | [XX] |
| **Indemnitee** |  |
| Signature: |  |
| Name: | [XX] |

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*[Signature Page to Indemnification Agreement- BAO Holding Limited]*

## Exhibit 14.1

**Exhibit 14.1**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**OF**

**BAO HOLDING LIMITED**

**I.** **PURPOSE** 

This Code of Business Conduct and Ethics (the "**Code**") contains general guidelines for conducting the business of BAO Holding Limited, a British Virgin Islands company, and its subsidiaries and affiliates (collectively, the "**Company**"), and is intended to qualify as a "code of ethics" within the meaning of Section 406(c) of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we adhere to these higher standards.

This Code is designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the "SEC") and in other public communications made by the Company;

● compliance with applicable laws, rules and regulations;

● prompt internal reporting of violations of the Code; and

● accountability for adherence to the Code.

**II.** **APPLICABILITY** 

This Code applies to all directors, officers and employees of the Company, whether they work for the Company on a full-time, part-time, consultative or temporary basis (each, an "**employee**" and collectively, the "**employees**"). Certain provisions of the Code apply specifically to our chief executive officer, chief financial officer, senior finance officer and any other persons who perform similar functions for the Company (each, a "**senior officer**," and collectively, the "**senior officers**").

The Board of Directors of the Company (the "**Board**") has appointed the Company's Chief Financial Officer as the Compliance Officer for the Company (the "**Compliance Officer**"). If you have any questions regarding the Code or would like to report any violation of the Code, please contact the Compliance Officer.

This Code has been adopted by the Board and shall become effective (the "**Effective Time**") upon the effectiveness of the Company's registration statement on Form F-1 filed by the Company with the SEC relating to the Company's initial public offering. Following the Effective Time, the Board and the Compliance Officer, as well as any duly appointed committee charged with enforcing this Code, shall be entitled to enforce this Code to the full extent permitted by law.

**III.** **CONFLICTS OF INTEREST** 

 ****

***Identifying Conflicts of Interest***

A conflict of interest occurs when an employee's private interest interferes, or appears to interfere, in any way with the interests of the Company as a whole. An employee should actively avoid any private interest that may impact such employee's ability to act in the interests of the Company or that may make it difficult to perform the employee's work objectively and effectively. In general, the following should be considered conflicts of interest:

● <u>Competing Business</u>. No employee may be employed by a business that competes with the Company or deprives it of any business.

● <u>Corporate Opportunity</u>. No employee should use corporate property, information or his/her position with the Company to secure a business opportunity that would otherwise be available to the Company. If an employee discovers a business opportunity that is in the Company's line of business through the use of the Company's property, information or position, the employee must first present the business opportunity to the Company and obtain approval from the Company's Audit Committee before pursuing the opportunity in his/her individual capacity.

● <u>Financial Interests</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No
 employee may have any financial interest (ownership or otherwise), either directly or indirectly through a spouse or other family
 member, in any other business or entity if such interest adversely affects the employee's performance of duties or responsibilities
 to the Company, or requires the employee to devote time to it during such employee's working hours at the Company; provided,
 however that an officer or director may devote time to such other interest during working hours so long as it does not interfere
 with his/her ability to carry out his/her duties at the Company;

ii. No
 employee may hold any ownership interest in a privately held company that is in competition with the Company;

iii. An
 employee may hold up to 5% ownership interest in a publicly traded company that is in competition with the Company; provided that
 if the employee's ownership interest in such publicly traded company increases to more than 5%, the employee must immediately
 report such ownership to the Compliance Officer;

iv. No
 employee may hold any ownership interest in a company that has a business relationship with the Company if such employee's
 duties at the Company include managing or supervising the Company's business relations with that company; and

v. Notwithstanding
 the other provisions of this Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 director or any immediate family member of such director (collectively, "**Director Affiliates**") or a senior officer
 or any immediate family member of such senior officer (collectively, "**Officer Affiliates**") may continue to hold
 his/her investment or other financial interest in a business or entity (an "**Interested Business**") that:

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| | |
|:---|:---|
| (1) | was made or obtained either (x) before the Company invested in or otherwise became interested in such business or entity; or (y) before the director or senior officer joined the Company (for the avoidance of doubt, regardless of whether the Company had or had not already invested in or otherwise become interested in such business or entity at the time the director or senior officer joined the Company); or |
| (2) | may in the future be made or obtained by the director or senior officer, provided that at the time such investment or other financial interest is made or obtained, the Company has not yet invested in or otherwise become interested in such business or entity; |
|  | *provided* that such director or senior officer shall disclose such investment or other financial interest to the Board; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 interested director or senior officer shall refrain from participating in any discussion among senior officers of the Company relating
 to an Interested Business and shall not be involved in any proposed transaction between the Company and an Interested Business; and

(c) before
 any Director Affiliate or Officer Affiliate (i) invests, or otherwise acquires any equity or other financial interest, in a business
 or entity that is in competition with the Company; or (ii) enters into any transaction with the Company, the related director or
 senior officer shall obtain prior approval from the Audit Committee of the Board.

For purposes of this Code, a company or entity is deemed to be "in competition with the Company" if it competes with the Company's business of providing customized software development and technology solutions tailored to each client's unique requirements, offering the capability to deploy and integrate sensors, controls, and other hardware, such as smart displays, kiosks, lockers, and vending machines, to deliver autonomous or semi-autonomous solutions, and/or any other business in which the Company is engaged.

● <u>Loans or Other Financial Transactions</u>. No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions.

● <u>Service on Boards and Committees</u>. No employee shall serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests could reasonably be expected to conflict with those of the Company. Employees must obtain prior approval from the Board or the Company's Audit Committee, as required by the rules of NASDAQ, before accepting any such board or committee position. The Company may revisit its approval of any such position at any time to determine whether an employee's service in such position is still appropriate.

The above is in no way a complete list of situations where conflicts of interest may arise. The following questions might serve as a useful guide in assessing a potential conflict of interest situation not specifically addressed above:

● Is the action to be taken legal?

● Is it honest and fair?

● Is it in the best interests of the Company?

***Disclosure of Conflicts of Interest***

The Company requires that employees fully disclose any situations that could reasonably be expected to give rise to a conflict of interest. If an employee suspects that he/she has a conflict of interest, or a situation that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the Compliance Officer. Conflicts of interest may only be waived by the Board, the appropriate committee of the Board and in some cases, as in accordance with NASDAQ rules, only by the Company's Audit Committee, and will be promptly disclosed to the public to the extent required by law and applicable rules of NASDAQ.

***Family Members and Work***

The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee's objectivity in making decisions on behalf of the Company. If a member of an employee's family is interested in doing business with the Company, the criteria as to whether to enter into or continue the business relationship and the terms and conditions of the relationship must be no less favorable to the Company compared with those that would apply to an unrelated party seeking to do business with the Company under similar circumstances.

Employees should report any situation involving family members that could reasonably be expected to give rise to a conflict of interest to their supervisor or the Compliance Officer. For purposes of this Code, "family members" or "members of employee's family" include an employee's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other than domestic employees) who shares such employee's home.

**IV.** **RELATED PARTY TRANSACTIONS POLICY** 

The Company's related party transactions policy requires a majority of non-interested directors (such authority shall be assumed by the Audit Committee once the Audit Committee is established and taking effect), review and approve all Related Party Transactions, as hereinafter defined, in advance, and that such Related Party Transactions be disclosed in accordance with applicable legal and regulatory requirements. The Company recognizes that there are situations where Related Party Transactions may be in, or may not be inconsistent with, the best interests of the Company and its stakeholders, including but not limited to situations where the Company may obtain products or services of a nature, quantity or quality, or on other terms, that are not readily available from alternative sources or when the Company provides products or services to a Related Party, as hereinafter defined, on an arm's length basis on terms comparable to those provided to unrelated third parties or on terms comparable to those provided to employees generally.

The non-interested directors or Audit Committee shall consider all of the relevant facts and circumstances available to them, including (if applicable), but not limited to (i) the benefits to the Company; (ii) the impact on a director's independence in the event the Related Party is a director, an immediate family member of a director or an entity in which a director is a principal, member, partner, shareholder or senior officer; (iii) the availability of other sources for comparable products or services; (iv) the terms of the transaction; and (v) the terms available to unrelated third parties and employees generally.

The Company's policy requires that no member of the Board or the Audit Committee shall participate in any review, consideration or approval of any Related Party Transaction with respect to which such member or any of his or her immediate family members is the Related Party. The non-interested directors or the Audit Committee shall approve only those Related Party Transactions that are in, or are not inconsistent with, the best interests of the Company and its stakeholders, as the majority of non-interested directors or the Audit Committee determines in good faith.

It shall not be considered a violation of the Company's policy in the event a Related Party Transaction involving a director or senior officer is entered into without his or her knowledge, if such director or senior officer notifies the Compliance Officer or the Company's secretary (the "Corporate Secretary") as soon as practical after such director or senior officer becomes aware of the transaction so the Related Party Transaction can be presented to the Audit Committee for the required review.

Directors and senior officers shall notify the Corporate Secretary or Compliance Officer of any potential Related Party Transactions as soon as the director or senior officer becomes aware of any such transaction. The Corporate Secretary and Compliance Officer shall inform the Board or the Audit Committee of any Related Party Transaction of which they become aware. The Corporate Secretary and Compliance Officer shall be responsible for conducting a preliminary analysis and review of potential Related Party Transactions and presentation to the non-interested directors or the Audit Committee for review including provision of additional information to enable proper consideration by the non-interested directors or the Audit Committee.

At the time the Company becomes aware of a person's status as a beneficial owner of more than 5% of any class of the Company's voting securities, and annually thereafter for so long as such ownership status is maintained, the Compliance Officer shall request (a) if the person is an individual, the same information as is requested of directors and senior officers under this related party transactions policy and (b) if the person is a firm, corporation or other entity, a list of the principals or senior officers of the firm, corporation or entity.

As necessary, the non-interested directors or the Audit Committee shall review approved Related Party Transactions on a periodic basis throughout the duration of the transaction to ensure that the transactions remain in the best interests of the Company. The non-interested directors or the Audit Committee may, in its discretion, engage outside counsel to review certain Related Party Transactions.

This related party transactions policy will be further reviewed and adopted by the Audit Committee once such committee is established and taking effect. The non-interested directors or Audit Committee will review this policy periodically and update it as appropriate.

For purposes of this Code, a "**Related Party Transaction**" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) that occurred since the beginning of the Company's most recent fiscal year in which the Company (including any of its subsidiaries) was, is or will be a participant and in which any Related Party had, has or will have a direct or indirect material interest.

For purposes of this Code, a "**Related Party**" means:

● Any person who is, or at any time since the beginning of the Company's last fiscal year was, a director or senior officer of the Company or a nominee to become a director of the Company;

● Any person who is known to be the beneficial owner of more than 5% of any class of the Company's voting securities;

● Any immediate family member of any of the foregoing persons; and

● Any firm, corporation or other entity in which any of the foregoing persons is employed or is a partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest.

**V.** **GIFTS AND ENTERTAINMENT** 

The giving and receiving of appropriate gifts may be considered common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business connections. However, gifts and entertainment should never compromise, or appear to compromise, an employee's ability to make objective and fair business decisions.

It is the responsibility of employees to use good judgment in this area. As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment is in compliance with applicable law, insignificant in amount and not given in consideration or expectation of any action by the recipient. All gifts and entertainment expenses made on behalf of the Company must be properly accounted for on expense reports.

We encourage employees to submit gifts received to the Company. While it is not mandatory to submit small gifts, gifts of over US$100 must be submitted immediately to the Compliance Officer.

Bribes and kickbacks are criminal acts, strictly prohibited by law. An employee must not offer, give, solicit or receive any form of bribe or kickback anywhere in the world.

**VI.** **FCPA COMPLIANCE** 

The U.S. Foreign Corrupt Practices Act ("**FCPA**") prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. A violation of FCPA does not only violate the Company's policy but also constitute a civil or criminal offense under FCPA which the Company is subject to after the Effective Time. No employee shall give or authorize directly or indirectly any illegal payments to government officials of any country. While the FCPA does, in certain limited circumstances, allow nominal "facilitating payments" to be made, any such payment must be discussed with and approved by an employee's supervisor in advance before it can be made.

**VII.** **PROTECTION AND USE OF COMPANY ASSETS** 

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. Any use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● Exercise reasonable care to prevent theft, damage or misuse of Company property;

● Promptly report any actual or suspected theft, damage or misuse of Company property;

● Safeguard all electronic programs, data, communications and written materials from unauthorized access; and

● Use Company property only for legitimate business purposes.

Except as approved in advance by the Chief Executive Officer or Chief Financial Officer of the Company, the Company prohibits political contributions (directly or through trade associations) by any employee on behalf of the Company. Prohibited political contributions include:

● any contributions of the Company's funds or other assets for political purposes;

● encouraging individual employees to make any such contribution; and

● reimbursing an employee for any political contribution.

**VIII.** **INTELLECTUAL PROPERTY AND CONFIDENTIALITY** 

Employees should abide by the Company's rules and policies in protecting the intellectual property and confidential information, including the following:

● All inventions, creative works, computer software, and technical or trade secrets developed by an employee in the course of performing the employee's duties or primarily through the use of the Company's assets or resources while working at the Company shall be the property of the Company.

● Employees should maintain the confidentiality of information entrusted to them by the Company or entities with which the Company has business relations, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its business associates, if disclosed.

● The Company maintains a strict confidentiality policy. During an employee's term of employment with the Company, the employee shall comply with any and all written or unwritten rules and policies concerning confidentiality and shall fulfill the duties and responsibilities concerning confidentiality applicable to the employee.

● In addition to fulfilling the responsibilities associated with his/her position in the Company, an employee shall not, without obtaining prior approval from the Company, disclose, announce or publish trade secrets or other confidential business information of the Company, nor shall an employee use such confidential information outside the course of his/her duties to the Company.

● Even outside the work environment, an employee must maintain vigilance and refrain from disclosing important information regarding the Company or its business, business associates or employees.

● An employee's duty of confidentiality with respect to the confidential information of the Company survives the termination of such employee's employment with the Company for any reason until such time as the Company discloses such information publicly or the information otherwise becomes available in the public sphere through no fault of the employee.

● Upon termination of employment, or at such time as the Company requests, an employee must return to the Company all of its property without exception, including all forms of medium containing confidential information, and may not retain duplicate materials.

**IX.** **ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS** 

Upon the Effective Time, the Company will be required to report its financial results and other material information about its business to the public and the SEC. It is the Company's policy to promptly disclose accurate and complete information regarding its business, financial condition and results of operations. Employees must strictly comply with all applicable standards, laws, regulations and policies for accounting and financial reporting of transactions, estimates and forecasts. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees should be on guard for, and promptly report, any possibility of inaccurate or incomplete financial reporting. Particular attention should be paid to:

● Financial results that seem inconsistent with the performance of the underlying business;

● Transactions that do not seem to have an obvious business purpose; and

● Requests to circumvent ordinary review and approval procedures.

The Company's senior financial officers and other employees working in the finance department have a special responsibility to ensure that all of the Company's financial disclosures are full, fair, accurate, timely and understandable. Any practice or situation that might undermine this objective should be reported to the Compliance Officer. Employees are prohibited from directly or indirectly taking any action to coerce, manipulate, mislead or fraudulently influence the Company's independent auditors for the purpose of rendering the financial statements of the Company materially misleading. Prohibited actions include but are not limited to:

● issuing or reissuing a report on the Company's financial statements that is not warranted in the circumstances (due to material violations of U.S. GAAP, generally accepted auditing standards or other professional or regulatory standards);

● not performing audit, review or other procedures required by generally accepted auditing standards or other professional standards;

● not withdrawing an issued report when withdrawal is warranted under the circumstances; or

● not communicating matters required to be communicated to the Company's Audit Committee.

**X.** **COMPANY RECORDS** 

Accurate and reliable records are crucial to the Company's business and form the basis of its earnings statements, financial reports and other disclosures to the public. The Company's records are a source of essential data that guides business decision-making and strategic planning. Company records include, but are not limited to, booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of business.

All Company records must be complete, accurate and reliable in all material respects. There is never an acceptable reason to make false or misleading entries. Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company's recordkeeping policy. An employee should contact the Compliance Officer if he/she has any questions regarding the recordkeeping policy.

**XI.** **COMPLIANCE WITH LAWS AND REGULATIONS** 

Each employee has an obligation to comply with the laws of the cities, provinces, regions and countries in which the Company operates. This includes, without limitation, laws covering commercial bribery and kickbacks, patent, copyrights, trademarks and trade secrets, information privacy, insider trading, offering or receiving gratuities, employment harassment, environmental protection, occupational health and safety, false or misleading financial information, misuse of corporate assets and foreign currency exchange activities. Employees are expected to understand and comply with all laws, rules and regulations that apply to their positions at the Company. If any doubt exists about whether a course of action is lawful, the employee should seek advice immediately from the Compliance Officer.

**XII.** **DISCRIMINATION AND HARASSMENT** 

The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class. For further information, employees should consult the Compliance Officer.

**XIII.** **FAIR DEALING** 

Each employee should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. None should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

**XIV.** **HEALTH AND SAFETY** 

The Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence or threats of violence are not permitted.

Each employee is expected to perform his/her duty to the Company in a safe manner, not under the influence of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.

**XV.** **VIOLATIONS OF THE CODE** 

All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. Reporting a known or suspected violation of this Code by others will not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees.

If an employee knows of or suspects a violation of this Code, it is such employee's responsibility to immediately report the violation to the Compliance Officer, who will work with the employee to investigate his/her concern. All questions and reports of known or suspected violations of this Code will be treated with sensitivity and discretion. The Compliance Officer and the Company will protect the employee's confidentiality to the extent possible, consistent with the law and the Company's need to investigate the employee's concern.

It is the Company's policy that any employee who violates this Code will be subject to appropriate disciplinary action, including termination of employment, based upon the facts and circumstances of each particular situation. An employee's conduct, if it does not comply with the law or with this Code, can result in serious consequences for both the employee and the Company.

The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. An employee inflicting reprisal or retaliation against another employee for reporting a known or suspected violation will be subject to disciplinary action, including termination of employment.

**XVI.** **WAIVERS OF THE CODE** 

Waivers of this Code will be granted on a case-by-case basis and only in extraordinary circumstances. Waivers of this Code may be made only by the Board, or the appropriate committee of the Board, and may be promptly disclosed to the public if so required by applicable laws and regulations and rules of the NASDAQ. Notwithstanding the foregoing, any waiver of this Code for a senior officer or a director may only be granted by the Board and must be publicly disclosed in accordance with the applicable rules of the NASDAQ.

**XVII.** **CONCLUSION** 

This Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If employees have any questions about these guidelines, they should contact the Compliance Officer. We expect all employees to adhere to these standards. Each employee is separately responsible for his/her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management positions. If an employee engages in conduct prohibited by the law or this Code, such employee will be deemed to have acted outside the scope of his/her employment. Such conduct will subject the employee to disciplinary action, including termination of employment.

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

Consent of Independent Registered Public Accounting Firm

To the Board of Directors of BAO Holding Limited,

We hereby consent to the inclusion in this Amendment No. 2 to Form F-1 Registration Statement of BAO Holding Limited (the "Company") of our report dated July 11, 2025, except for Notes 17, as to which the date is August 20, 2025, Note 6, as to which the date is September 5, 2025, and Note 16, as to which the date is September 23, 2025 with respect to our audits of the Company's consolidated financial statements as of and for the years ended March 31, 2025 and 2024 which appears in this Registration Statement.

We also consent to the reference to our Firm under the caption "Experts" in such Prospectus.

/s/ TAAD LLP

Diamond Bar, California

September 23, 2025

## Exhibit 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE**

**OF THE BOARD OF DIRECTORS** 

**OF**

**BAO HOLDING LIMITED**

*Adopted by the Board of Directors of BAO Holding Limited (the "Company") on [●] [●], 2025, effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering*.

**I.** **PURPOSE OF THE COMMITTEE** 

The purpose of the Audit Committee (the "**Committee**") of the Board of Directors (the "**Board**") of the Company is to oversee the accounting and financial reporting processes of the Company and its subsidiaries and the audits of the financial statements of the Company.

**II.** **COMPOSITION OF THE COMMITTEE** 

The Committee shall consist of three (3) or more directors, as determined from time to time by the Board. Members of the Committee shall be qualified to serve on the Committee pursuant to the requirements of the Nasdaq Listing Rules (or rules of the trading market on which the Company's securities then trade) (collectively with Nasdaq, the "**Trading Market**") and Rule 10A-3 under the Securities Exchange Act of 1934, as amended, and any additional requirements that the Board deems appropriate.

The chairperson of the Committee shall be designated by the Board, provided that if the Board does not so designate a chairperson, the members of the Committee, by a majority vote, may designate a chairperson.

Any vacancy on the Committee shall be filled by majority vote of the Board. No member of the Committee shall be removed except by majority vote of the Board.

Each member of the Committee (i) must be able to read and understand fundamental financial statements, including the Company's balance sheet, income statement and cash flow statement, (ii) shall not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three (3) years, (iii) must not accept any consulting, advisory, or other compensatory fee from the Company other than for board service, and (iv) must not be an affiliated person of the Company. In addition, at least one (1) member of the Committee must be designated by the Board who qualifies as an "audit committee financial expert" under Item 407(d)(5)(ii) and (iii) of Regulation S-K.

**III.** **MEETINGS OF THE COMMITTEE** 

The Committee shall meet as often as it determines necessary to carry out its duties and responsibilities, but no less frequently than once every fiscal quarter. The Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary.

A majority of the members of the Committee present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other shall constitute a quorum.

The Committee shall maintain minutes of its meetings and records relating to those meetings.

**IV.** **DUTIES AND RESPONSIBILITIES OF THE COMMITTEE** 

In carrying out its duties and responsibilities, the Committee's policies and procedures should remain flexible, so that it may be in a position to best address, react or respond to changing circumstances or conditions. The following duties and responsibilities are within the authority of the Committee and the Committee shall, consistent with and subject to applicable law and rules and regulations promulgated by the U.S. Securities and Exchange Commission ("**SEC**"), the Trading Market, or any other applicable regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Selection, Evaluation, and Oversight of the Auditors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Be directly responsible for the appointment, compensation, retention and oversight of the work of any registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company, and each such registered public accounting firm must report directly to the Committee (the registered public accounting firm engaged for the purpose of preparing or issuing an audit report for inclusion in the Company's Annual Report on Form 20-F (or comparable form) is referred to herein as the "**independent auditors** ");

2. Review and, in its sole discretion, approve in advance the Company's independent auditors' annual engagement letter, including the proposed fees contained therein, as well as all audit and, as provided in the Sarbanes-Oxley Act of 2002 (the "Act") and the SEC rules and regulations promulgated thereunder, all permitted non-audit engagements and relationships between the Company and such independent auditors (which approval should be made after receiving input from the Company's management, if desired). Approval of audit and permitted non-audit services will be made by the Committee or by one (1) or more members of the Committee as shall be designated by the Committee/the chairperson of the Committee and the person(s) granting such approval shall report such approval to the Committee at the next scheduled meeting;

3. Review the performance of the Company's independent auditors, including the lead partner and reviewing partner of the independent auditors, and, in its sole discretion, make decisions regarding the replacement or termination of the independent auditors when circumstances warrant; and

4. Evaluate the independence of the Company's independent auditors to ensure compliance with the Act, rules and regulations promulgated by the SEC, as well as the Trading Market rules by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtaining and reviewing from the Company's independent auditors a formal written statement delineating all relationships between the independent auditors and the Company;

(b) actively engaging in a dialogue with the Company's independent auditors with respect to any disclosed relationships or services that may impact the objectivity and independence of the auditors;

(c) taking, or recommending that the Board take, appropriate action to oversee the independence of the Company's independent auditors;

(d) monitoring compliance by the Company's independent auditors with the audit partner rotation requirements contained in the Act and the rules and regulations promulgated by the SEC thereunder;

(e) monitoring compliance by the Company of the employee conflict of interest requirements contained in the Act and the rules and regulations promulgated by the SEC thereunder; and

(f) engaging in a dialogue with the independent auditors to confirm that audit partner compensation is consistent with applicable SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Oversight of Annual Audit and Interim Reviews** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and discuss with the independent auditors their annual audit plan, including the timing and scope of audit activities, and monitor such plan's progress and results during the year;

2. Review with management, the Company's independent auditors and, as applicable, the responsible manager or director or accountant of the Company's internal auditing department, the following information which is required to be reported by the independent auditor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all critical accounting policies and practices to be used;

(b) all alternative treatments of financial information that have been discussed by the independent auditors and management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditors;

(c) all other material written communications between the independent auditors and management, such as any management letter and any schedule of unadjusted differences; and

(d) any material financial arrangements of the Company which do not appear on the financial statements of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Resolve all disagreements between the Company's independent auditors and management regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Oversight of Financial Reporting Process and Internal Controls** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy and effectiveness of the Company's accounting and internal control policies and procedures on a regular basis, including the responsibilities, budget, compensation and staffing of the Company's internal audit function, through inquiry and discussions with the Company's independent auditors and management;

(b) the yearly report prepared by management, and attested to by the Company's independent auditors, if required, assessing the effectiveness of the Company's internal control over financial reporting and stating management's responsibility for establishing and maintaining adequate internal control over financial reporting prior to its inclusion in the Company's Annual Report on Form 20-F (or comparable form); and

(c) the Committee's level of involvement and interaction with the Company's internal audit function, including the Committee's line of authority and role in appointing and compensating employees in the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review with the executive chairperson, chief executive officer, chief financial officer and independent auditors, periodically, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all 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; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Discuss guidelines and policies governing the process by which senior management of the Company and the relevant departments of the Company, including the internal auditing department, assess and manage the Company's exposure to risk, as well as the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Review with management the progress and results of all internal audit projects, and, when deemed necessary or appropriate by the Committee, direct the Company's chief executive officer to assign additional internal audit projects to, as applicable, the responsible manager or director or accountant of the Company's internal auditing department;

5. Receive periodic reports from the Company's independent auditors, management and, as applicable, the responsible manager or director or accountant of the Company's internal auditing department to assess the impact on the Company of significant accounting or financial reporting developments that may have a bearing on the Company;

6. Establish and maintain free and open means of communication between and among the Committee, the Company's independent auditors, the Company's internal auditing department and management, including providing such parties with appropriate opportunities to meet separately and privately with the Committee on a periodic basis; and

7. Review the type and presentation of information to be included in the Company's earnings press releases (especially the use of "pro forma" or "adjusted" information not prepared in compliance with generally accepted accounting principles), as well as financial information and earnings guidance provided by the Company to analysts and rating agencies (which review may be done generally (i.e., discussion of the types of information to be disclosed and type of presentations to be made), and the Committee need not discuss in advance each earnings release or each instance in which the Company may provide earnings guidance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Establish and implement policies and procedures for the Committee's review and approval or disapproval of proposed transactions or courses of dealings with respect to which executive officers or directors or members of their immediate families have an interest (including all transactions required to be disclosed by Item 404(a) of Regulation S-K);

2. Establish and implement policies and procedures for the Committee's review and approval or disapproval of proposed transactions or courses of dealings that may impact a director's independence, as such term is defined by Item 407 of Regulation S-K and applicable Trading Market rules;

3. Meet periodically with the general counsel, and outside counsel when appropriate, to review legal and regulatory matters, including (i) any matters that may have a material impact on the financial statements of the Company and (ii) any matters involving potential or ongoing material violations of law or breaches of fiduciary duty by the Company or any of its directors, officers, employees, or agents or breaches of fiduciary duty to the Company;

4. Review the Company's policies relating to the ethical handling of conflicts of interest and review past or proposed transactions between the Company and members of management as well as policies and procedures with respect to officers' expense accounts and perquisites, including the use of corporate assets, and consider the results of any review of these policies and procedures by the Company's independent auditors;

5. Review and pre-approve any proposed transaction between the Company or any of its subsidiaries or consolidated affiliated entities and any of the Related Party (such term as defined under the Company's Code of Business Conduct and Ethics (the "Code of Conduct")) and/or any affiliate of a Related Party involving over US$120,000 in a single transaction or a series of related transactions;

6. Review and approve in advance any services provided by the Company's independent auditors to the Company's executive officers or members of their immediate family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Review the Company's program to monitor compliance with the Company's Code of Conduct, and meet periodically with the Company's compliance officer to discuss compliance with the Code of Conduct;

8. Establish procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters;

9. Establish procedures for the receipt, retention and treatment of reports of evidence of a material violation made by attorneys appearing and practicing before the SEC in the representation of the Company or any of its subsidiaries, or reports made by the Company's chief executive officer or general counsel in relation thereto;

10. Propose appropriate funding to compensate the Company's accountants, auditors and advisors employed by the audit committee, to pay for ordinary administrative expenses of the audit committee and to fund or pay any other applicable items so as to satisfy Nasdaq Rule 5605;

11. Secure independent expert advice to the extent the Committee determines it to be appropriate, including retaining, with or without Board approval, independent counsel, accountants, consultants or others, to assist the Committee in fulfilling its duties and responsibilities, the cost of such independent expert advisors to be borne by the Company;

12. Report regularly to the Board on its activities, as appropriate. In connection therewith, the Committee should review with the Board any issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's independent auditors, or the performance of the internal audit function; and

13. Perform such additional activities, and consider such other matters, within the scope of its responsibilities, as the Committee or the Board deems necessary or appropriate.

**V.** **EVALUATION OF THE COMMITTEE** 

The Committee shall, on an annual basis, evaluate its performance. The evaluation shall address all matters that the Committee considers relevant to its performance, including a review and assessment of the adequacy of this charter, and shall be conducted in such manner as the Committee deems appropriate.

The Committee shall deliver to the Board a report, which may be oral, setting forth the results of its evaluation, including any recommended amendments to this charter.

**VI.** **INVESTIGATIONS AND STUDIES; OUTSIDE ADVISERS** 

The Committee may conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel or other consultants or advisers as it deems necessary.

\* \* \*

While the Committee has the duties and responsibilities set forth in this charter, the Committee is not responsible for preparing or certifying the financial statements, for planning or conducting the audit, or for determining whether the Company's financial statements are complete and accurate and are in accordance with generally accepted accounting principles.

In fulfilling their responsibilities hereunder, it is recognized that members of the Committee are not full-time employees of the Company, it is not the duty or responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which it receives information and (ii) the accuracy of the financial and other information provided to the Committee absent actual knowledge to the contrary.

Nothing contained in this charter is intended to create, or should be construed as creating, any responsibility or liability of the members of the Committee, except to the extent otherwise provided under applicable law.

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE COMPENSATION COMMITTEE** 

**OF THE** 

**BOARD OF DIRECTORS** 

**OF**

**BAO HOLDING LIMITED**

*Adopted by the Board of Directors of BAO Holding Limited (the "Company") on [●] [●], 2025, effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering.*

I. PURPOSE OF THE
COMMITTEE

The purposes of the Company's Compensation Committee (the "**Committee**") of the Board of Directors (the "**Board**") shall be to oversee the Company's compensation and employee benefit plans and practices (if any), including its executive compensation plans, and to perform such further functions as may be consistent with this charter or assigned by applicable law, the Company's memorandum and articles of association, as amended, or the Board.

II. COMPOSITION OF
THE COMMITTEE

The Committee shall consist of three (3) or more directors as determined from time to time by the Board. Each member of the Committee shall be qualified to serve on the Committee pursuant to the requirements of the Nasdaq, and any additional requirements that the Board deems appropriate. Composition of the Committee shall also comply with any other applicable laws and regulations. In addition, in affirmatively determining the independence of any director who will serve on the Committee, the Board must consider all factors specifically relevant to determining whether a director has a relationship to the Company which is material to that director's ability to be independent from management in connection with the duties of a Committee member, including but not limited to (i) the source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the Company to such director; and (ii) whether such director is affiliated with the Company, a subsidiary of the Company or an affiliate of a subsidiary of the Company.

The chairperson of the Committee shall be designated by the Board. Any vacancy on the Committee shall be filled by majority vote of the Board. No member of the Committee shall be removed except by majority vote of the Board.

III. MEETINGS AND PROCEDURES
OF THE COMMITTEE

The Committee shall meet as often as it determines necessary to carry out its duties and responsibilities, but no less than once annually. The Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary, provided, that the Chief Executive Officer of the Company may not be present during any portion of a Committee meeting in which deliberation or any vote regarding his or her compensation occurs.

A majority of the members of the Committee present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other shall constitute a quorum.

The Committee shall maintain minutes of its meetings and records relating to those meetings and shall report regularly to the Board on its activities, as appropriate.

IV. DUTIES AND RESPONSIBILITIES
OF THE COMMITTEE

 ****

&nbsp;&nbsp;&nbsp;&nbsp;A. Executive
 Compensation

The Committee shall have the following duties and responsibilities with respect to the Company's executive compensation plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To
 review at least annually the goals and objectives of the Company's executive compensation
 plans, and amend, or recommend that the Board amend, these goals and objectives if the Committee
 deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To
 review at least annually the Company's executive compensation plans in light of the
 Company's goals and objectives with respect to such plans, and, if the Committee deems
 it appropriate, adopt, or recommend to the Board the adoption of, new, or the amendment of
 existing, executive compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To
 evaluate annually the performance of the Chief Executive Officer in light of the goals and
 objectives of the Company's executive compensation plans, and, either as a Committee
 or together with the other independent directors (as directed by the Board), determine and
 approve the Chief Executive Officer's compensation level based on this evaluation.
 In determining the long-term incentive component of the Chief Executive Officer's compensation,
 the Committee shall consider factors as it determines relevant, which may include, for example
 the Company's performance and relative shareholder return, the value of similar awards
 to chief executive officers of comparable companies, and the awards given to the Chief Executive
 Officer of the Company in past years. The Committee may discuss the Chief Executive Officer's
 compensation with the Board if it chooses to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To
 evaluate annually the performance of the other executive officers of the Company in light
 of the goals and objectives of the Company's compensation plans, and either as a Committee
 or together with the other independent directors (as directed by the Board) determine and
 approve the compensation of such other executive officers. To the extent that long-term incentive
 compensation is a component of such executive officer's compensation, the Committee
 shall consider all relevant factors in determining the appropriate level of such compensation,
 including the factors applicable with respect to the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To
 evaluate annually the appropriate level of compensation for Board and Committee service by
 non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To
 review and approve any severance or termination arrangements to be made with any executive
 officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. To
 perform such duties and responsibilities as may be assigned to the Board or the Committee
 under the terms of any executive compensation plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. To
 review perquisites or other personal benefits to the Company's executive officers and
 directors and recommend any changes to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. To
 review and approve the description of executive compensation included in the Company's
 annual report on Form 20-F (or comparable form).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. To
 perform such other functions as assigned by law, the Company's memorandum and articles
 of association, as amended, or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Compensation and Employee Benefit Plans** 

The Committee shall have the following duties and responsibilities with respect to the Company's general compensation and employee benefit plans, including incentive compensation and equity-based plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To
 review at least annually the goals and objectives of the Company's general compensation
 plans and other employee benefit plans (if any), including incentive-compensation and equity-based
 plans, and amend, or recommend that the Board amend, these goals and objectives if the Committee
 deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To
 review at least annually the Company's general compensation plans and other employee
 benefit plans (if any), including incentive-compensation and equity-based plans, in light
 of the goals and objectives of these plans, and recommend that the Board amend these plans
 if the Committee deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To
 review all equity-compensation plans (if any) to be submitted for shareholder approval under
 the Nasdaq listing standards, and to review and, in the Committee's sole discretion,
 approve all equity-compensation plans that are exempt from such shareholder approval requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To
 perform such duties and responsibilities as may be assigned to the Board or the Committee
 under the terms of any compensation or other employee benefit plan, including any incentive-compensation
 or equity-based plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To
 review compensation arrangements for the Company's employees to evaluate whether incentive
 and other forms of pay encourage unnecessary or excessive risk taking, and review and discuss,
 at least annually, the relationship between risk management policies and practices, corporate
 strategy and the Company's compensation arrangements.

V. ROLE OF CHIEF EXECUTIVE
OFFICER

The Chief Executive Officer may make, and the Committee may consider, recommendations to the Committee regarding the Company's compensation and employee benefit plans and practices, including its executive compensation plans, its incentive compensation and equity-based plans with respect to executive officers other than the Chief Executive Officer and the Company's director compensation arrangements.

VI. EVALUATION OF THE
COMMITTEE

The Committee shall, no less frequently than annually, evaluate its own performance. In conducting this review, the Committee shall evaluate whether this charter appropriately addresses the matters that are or should be within its scope and shall recommend such changes as it deems necessary or appropriate to the Board for its consideration. The Committee shall address all matters that the Committee considers relevant to its performance, including at least the following: the adequacy, appropriateness and quality of the information and recommendations presented by the Committee to the Board; the manner in which they were discussed or debated; and whether the number and length of meetings of the Committee were adequate for the Committee to complete its work in a thorough and thoughtful manner.

The Committee shall deliver to the Board a report, which may be oral, setting forth the results of its evaluation, including any recommended amendments to this charter and any recommended changes to the Company's or the Board's policies or procedures.

VII. INVESTIGATIONS
AND STUDIES; OUTSIDE ADVISERS

The Committee may conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser. The Committee shall be directly responsible for the appointment, compensation and oversight of the work of any compensation consultant, legal counsel or other adviser retained by the Committee, the expense of which shall be borne by the Company. The Committee may select a compensation consultant, legal counsel or other adviser to the Committee, other than in-house legal counsel, only after taking into consideration all factors relevant to that person's independence from management, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 provision of other services to the Company by the person that employs the compensation consultant,
 legal counsel or other adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 amount of fees received from the Company by the person that employs the compensation consultant,
 legal counsel or other adviser, as a percentage of the total revenue of the person that employs
 the compensation consultant, legal counsel or other adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 policies and procedures of the person that employs the compensation consultant, legal counsel
 or other adviser that are designed to prevent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any
 business or personal relationship of the compensation consultant, legal counsel or other
 adviser with a member of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any
 stock of the Company owned by the compensation consultant, legal counsel or other adviser;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any
 business or personal relationship of the compensation consultant, legal counsel, other adviser
 or the person employing the adviser with an executive officer of the Company.

The Committee shall conduct the independence assessment with respect to any compensation consultant, legal counsel or other adviser that provides advice to the Committee, other than: (1) in-house legal counsel; and (2) any compensation consultant, legal counsel or other adviser whose role is limited to the following activities for which no disclosure would be required under Item 407(e)(3)(iii) of Regulation S-K: consulting on any broad-based plan that does not discriminate in scope, terms, or operation, in favor of executive officers or directors of the Company, and that is available generally to all salaried employees; or providing information that either is not customized for the Company or that is customized based on parameters that are not developed by the compensation consultant, and about which the compensation consultant does not provide advice.

Nothing herein requires a compensation consultant, legal counsel or other compensation adviser to be independent, only that the Committee consider the enumerated independence factors before selecting or receiving advice from a compensation consultant, legal counsel or other compensation adviser. The Committee may select or receive advice from any compensation consultant, legal counsel or other compensation adviser it prefers, including ones that are not independent, after considering the six (6) independence factors outlined above.

Nothing herein shall be construed: (1) to require the Committee to implement or act consistently with the advice or recommendations of the compensation consultant, legal counsel or other adviser to the Committee; or (2) to affect the ability or obligation of the Committee to exercise its own judgment in fulfillment of its duties.

\* \* \*

While the members of the Committee have the duties and responsibilities set forth in this charter, nothing contained in this charter is intended to create, or should be construed as creating, any responsibility or liability of members of the Committee, except to the extent otherwise provided under applicable law.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS** 

**OF**

**BAO HOLDING LIMITED**

*Adopted by the Board of Directors of BAO Holding Limited (the "Company") on [●] [●], 2025, effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering*.

I. PURPOSE OF THE
COMMITTEE

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of the Company is to assist the Board in discharging the Board's responsibilities regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) identification
 of qualified candidates to become Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) selection
 of nominees for election as directors at the next annual meeting of shareholders (or special
 meeting of shareholders at which directors are to be elected);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) selection
 of candidates to fill any vacancies on the Board or any committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) annual
 review of the composition of the Board in light of the characteristics of independence, experience
 and availability of the Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) oversight
 of the evaluation of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) performance
 of any responsibilities delegated by the Board relating to the Company's corporate
 governance and related matters.

In addition to the powers and responsibilities expressly delegated to the Committee in this charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's memorandum and articles of association, as amended (collectively, the "**Articles**"). The powers and responsibilities delegated by the Board to the Committee in this charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

II. MEMBERSHIP

The Committee shall be comprised of three (3) or more directors, as determined by the Board, each of whom (a) satisfies the independence requirements under the Nasdaq listing requirements, and (b) has experience, in the business judgment of the Board, that would be helpful in addressing the matters delegated to the Committee; *provided*, *however*, that all but one (1) of the members of the Committee may be exempt from the independence requirements of clause (a) for ninety (90) days from the date of effectiveness of the registration statement for the Company's initial public offering, and that a minority of the members of the Committee may be exempt from such independence requirements for one (1) year from the date of effectiveness of such registration statement.

The members of the Committee, including the chairperson of the Committee (the "**Chair**"), shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board. Any action duly taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership provided herein.

III. MEETINGS AND PROCEDURES

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Company's Articles that are applicable to the Committee.

The Committee shall meet at least once per year, or more frequently as the Committee deems necessary or desirable. A meeting of the Committee may be conducted in person or via telephone conference or similar communications equipment where every meeting participant can hear each other.

All non-management directors who are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's management, or any other person whose presence the Committee believes to be desirable and appropriate. Notwithstanding the foregoing, the Committee may exclude from its meetings any person it deems inappropriate, including but not limited to, any non-management director who is not a member of the Committee.

The Committee may retain any independent counsel, experts or advisors that the Committee believes to be desirable and appropriate. The Committee may also use the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any such persons employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall have sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms.

The Chair shall report to the Board regarding the activities of the Committee at appropriate times and as otherwise requested by the chairman of the Board. Minutes of the meetings shall be kept by a person designated by the Chair. Draft and final versions of the minutes of meetings shall be sent to all Committee members for their comments and records respectively, in both cases within a reasonable time after the meetings.

IV. DUTIES AND RESPONSIBILITIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 an appropriate time prior to each annual meeting of shareholders at which directors are to
 be elected or re-elected, the Committee shall recommend to the Board for nomination by the
 Board such candidates as the Committee, in the exercise of its judgment, has found to be
 well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 an appropriate time after a vacancy arises on the Board or a director advises the Board of
 his or her intention to resign, the Committee shall recommend to the Board for appointment
 by the Board to fill such vacancy, such prospective member of the Board as the Committee,
 in the exercise of its judgment, has found to be well qualified and willing and available
 to serve.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 purposes of (a) and (b) above, the Committee may consider the following criteria, among others
 the Committee shall deem appropriate, in recommending candidates for election to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) personal
 and professional integrity, ethics and values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) experience
 in corporate management, such as serving as an officer or former officer of a publicly held
 company, and a general understanding of marketing, finance and other elements relevant to
 the success of a publicly-traded company in the current business environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) experience
 in the Company's industry and with relevant social policy concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) experience
 as a board member of another publicly held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) academic
 expertise in an area of the Company's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) practical
 and mature business judgment, including ability to make independent analytical inquiries;
 and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if
 applicable, for re-election, the director's past attendance at meetings and participation
 in and contributions to the activities of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 foregoing notwithstanding, if the Company is legally bound by contract or otherwise to permit
 a third party to designate one or more of the directors to be elected or appointed (for example,
 pursuant to rights contained in shareholders' agreement), then the nomination or appointment
 of such directors shall be governed by such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Committee shall advise the Board periodically with respect to significant developments in
 the law and practice of corporate governance as well as the Company's compliance with
 applicable laws and regulations, and make recommendations to the Board on all matters of
 corporate governance and on any corrective action to be taken.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Committee shall, at least annually, review the performance of each current director and shall
 consider the results of such evaluation when determining whether or not to recommend the
 nomination of such director for an additional term.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Committee shall oversee the Board in the Board's annual review of its performance (including
 its composition and organization), and will make appropriate recommendations to improve performance;
 the Committee will also be responsible for establishing the evaluation criteria and implementing
 the process for such evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Committee shall consider, develop and recommend to the Board such policies and procedures
 with respect to the nomination of directors or other corporate governance matters as may
 be required pursuant to any rules promulgated by the U.S. Securities and Exchange Commission
 or otherwise considered to be desirable and appropriate in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Committee shall evaluate its own performance on an annual basis, including its compliance
 with this charter, and provide the Board with any recommendations for changes in procedures
 or policies governing the Committee. The Committee shall conduct such evaluation and review
 in such manner as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Committee shall periodically report to the Board on its findings and actions.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Committee shall review and reassess this charter at least annually and submit any recommended
 changes to the Board for its consideration.

V. DELEGATION OF DUTIES

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee, to the extent consistent with the Company's Articles and applicable laws, regulations and rules of the markets in which the Company's securities then trade.

## Exhibit 99.4

**Exhibit 99.4**

**BAO HOLDING LIMITED**

**INSIDER TRADING POLICY**

I. PURPOSE

This Insider Trading Policy (the "Policy") provides guidelines with respect to transactions in the securities of BAO Holding Limited (the "Company") and the handling of confidential information about the Company and the companies with which the Company does business. The Company's Board of Directors has adopted this Policy to promote compliance with United States federal, state, and foreign securities laws that prohibit certain persons who are aware of material non-public information about a company from: (i) trading in securities of that company; or (ii) providing material non-public information to other persons who may trade on the basis of that information.

II. PERSONS SUBJECT TO THE POLICY

This Policy applies to all officers of the Company and its subsidiaries, all members of the Company's Board of Directors and all employees of the Company and its subsidiaries. The Company may also determine that other persons should be subject to this Policy, such as contractors or consultants who have access to material non-public information. This Policy also applies to family members, other members of a person's household and entities controlled by a person covered by this Policy, as described below.

III. TRANSACTIONS SUBJECT TO THE POLICY

This Policy applies to transactions in the Company's securities (collectively referred to in this Policy as "Company Securities"), including the Company's common stock, options to purchase common stock, or any other type of securities that the Company may issue, including (but not limited to) preferred stock, convertible debentures, and warrants, as well as derivative securities that are not issued by the Company, such as exchange-traded put or call options or swaps relating to the Company's Securities.

IV. INDIVIDUAL RESPONSIBILITY

Persons subject to this Policy have ethical and legal obligations to maintain the confidentiality of information about the Company and to not engage in transactions in Company Securities while in possession of material non-public information. Each individual is responsible for making sure that he or she complies with this Policy, and that any family member, household member or entity whose transactions are subject to this Policy, as discussed below, also comply with this Policy. In all cases, the responsibility for determining whether an individual is in possession of material non-public information rests with that individual, and any action on the part of the Company, the Compliance Officer or any other employee or director pursuant to this Policy (or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws. You could be subject to severe legal penalties and disciplinary action by the Company for any conduct prohibited by this Policy or applicable securities laws, as described below in more detail under the heading "Consequences of Violations."

V. ADMINISTRATION OF THE POLICY

Chan Chun Ying shall serve as the Compliance Officer for the purposes of this Policy, and he shall be assisted by counsel to the Company if he considers appropriate (collectively "the Compliance Officer"). All determinations and interpretations by the Compliance Officer shall be final and not subject to further review.

VI. STATEMENT OF POLICY

It is the policy of the Company that no director, officer, or other employee of the Company (or any other person designated by this Policy or by the Compliance Officer as subject to this Policy) who is aware of material non-public information relating to the Company may, directly, or indirectly through family members or other persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Engage
 in transactions in Company Securities, except as otherwise specified in this Policy under
 the headings "Transactions Under Company Plans," "Transactions Not Involving
 a Purchase or Sale" and "Rule 10b5-1 Plans;"

2. Recommend
 the purchase or sale of any Company Securities;

3. Disclose
 material non-public information to persons within the Company whose jobs do not require them
 to have that information, or outside of the Company to other persons, including, but not
 limited to, family, friends, business associates, investors, and expert consulting firms,
 unless any such disclosure is made in accordance with the Company's policies regarding
 the protection or authorized external disclosure of information regarding the Company; or

4. Assist
 anyone engaged in the above activities.

In addition, it is the policy of the Company that no director, officer or other employee of the Company (or any other person designated as subject to this Policy) who, in the course of working for the Company, learns of material non-public information about a company with which the Company does business, including a customer or supplier of the Company, may trade in that company's securities until the information becomes public or is no longer material.

There are no exceptions to this Policy, except as specifically noted herein. Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure), or small transactions, are not excepted from this Policy. The securities laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct.

VII. DEFINITION OF MATERIAL NONPUBLIC INFORMATION

<u>Material Information.</u> Information is considered "material" if a reasonable investor would consider that information important in making a decision to buy, hold or sell securities. Any information that could be expected to affect the Company's stock price, whether it is positive or negative, should be considered material. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances and is often evaluated by enforcement authorities with the benefit of hindsight. While it is not possible to define all categories of material information, some examples of information that ordinarily would be regarded as material are:

● Projections of future earnings or losses, or other earnings guidance;

● Changes to previously announced earnings guidance, or the decision to suspend earnings guidance;

● A pending or proposed merger, acquisition, or tender offer;

● A pending or proposed acquisition or disposition of a significant asset;

● A pending or proposed joint venture;

● A Company restructuring;

● Significant related party transactions;

● A change in dividend policy, the declaration of a stock split, or an offering of additional securities;

● Bank borrowings or other financing transactions out of the ordinary course;

● The establishment of a repurchase program for Company Securities;

● A change in the Company's pricing or cost structure;

● Major marketing changes;

● A change in management;

● A change in auditors or notification that the auditor's reports may no longer be relied upon;

● Development of a significant new product, process, or service;

● Pending or threatened significant litigation, or the resolution of such litigation;

● Impending bankruptcy or the existence of severe liquidity problems;

● The gain or loss of a significant customer or supplier;

● The imposition of a ban on trading in Company Securities or the securities of another company.

<u>When Information is Considered Public.</u> Information that has not been disclosed to the public is generally considered to be non-public information. In order to establish that the information has been disclosed to the public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be considered widely disseminated if it has been disclosed through the Dow Jones "broad tape," newswire services, a broadcast on widely-available radio or television programs, publication in a widely-available newspaper, magazine or news website, or public disclosure documents filed with the SEC that are available on the SEC's website. [*Please note that* A company may be able to conclude that, based on the SEC's guidance in Rel. No. 34-58288 (August 1, 2008), disclosure on the company's website is sufficient to make the information public. By contrast, information would likely not be considered widely disseminated if it is available only to the Company's employees, or if it is only available to a select group of analysts, brokers, and institutional investors.

Once information is widely disseminated, it is still necessary to afford the investing public with sufficient time to absorb the information. As a general rule, information should not be considered fully absorbed by the marketplace until after the second business day after the day on which the information is released. If, for example, the Company were to make an announcement on a Monday, you should not trade in Company Securities until Thursday. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the release of specific material nonpublic information.

VIII. TRANSACTIONS BY FAMILY MEMBERS AND OTHERS

This Policy applies to your family members who reside with you (including a spouse, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), anyone else who lives in your household, and any family members who do not live in your household but whose transactions in Company Securities are directed by you or are subject to your influence or control, such as parents or children who consult with you before they trade in Company Securities (collectively referred to as "Family Members"). You are responsible for the transactions of these other persons and therefore should make them aware of the need to confer with you before they trade in Company Securities, and you should treat all such transactions for the purposes of this Policy and applicable securities laws as if the transactions were for your own account. This Policy does not, however, apply to personal securities transactions of Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by or related to you or your Family Members.

IX. TRANSACTIONS BY ENTITIES THAT YOU INFLUENCE OR CONTROL

This Policy applies to any entities that you influence or control, including any corporations, partnerships or trusts (collectively referred to as "Controlled Entities"), and transactions by these Controlled Entities should be treated for the purposes of this Policy and applicable securities laws as if they were for your own account.

X. TRANSACTIONS UNDER COMPANY PLANS

This Policy does not apply in the case of the following transactions, except as specifically noted:

*<u>Stock Option Exercises.</u>* This Policy does not apply to the exercise of an employee stock option acquired pursuant to the Company's plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This Policy does apply, however, to any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

*<u>Restricted Stock Awards.</u>* This Policy does not apply to the vesting of restricted stock, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock. The Policy does apply, however, to any market sale of restricted stock.

*<u>Other Similar Transactions.</u>* Any other purchase of Company Securities from the Company or sales of Company Securities to the Company are not subject to this Policy.

XII. TRANSACTIONS NOT INVOLVING A PURCHASE OR SALE

*Bona fide* gifts of securities are not transactions subject to this Policy; however, *Bona fide* gifts are not transactions subject to this Policy, unless the person making the gift has reason to believe that the recipient intends to sell the Company Securities while the officer, employee or director is aware of material nonpublic information, or the person making the gift is subject to the trading restrictions specified below under the heading "Additional Procedures" and the sales by the recipient of the Company Securities occur during a blackout period. Further, transactions in mutual funds that are invested in Company Securities are not transactions subject to this Policy.

XIII. SPECIAL AND PROHIBITED TRANSACTIIONS

The Company has determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to this Policy engage in certain types of transactions. It therefore is the Company's policy that any persons covered by this Policy may not engage in any of the following transactions, or should otherwise consider the Company's preferences as described below:

*<u>Short-Term Trading.</u>* Short-term trading of Company Securities may be distracting to the person and may unduly focus the person on the Company's short-term stock market performance instead of the Company's long-term business objectives. For these reasons, any director, officer or other employee of the Company who purchases Company Securities in the open market may not sell any Company Securities of the same class during the six months following the purchase (or vice versa).

*<u>Short Sales.</u>* Short sales of Company Securities (*i.e.,* the sale of a security that the seller does not own) may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company's prospects. In addition, short sales may reduce a seller's incentive to seek to improve the Company's performance. For these reasons, short sales of Company Securities are prohibited. (Short sales arising from certain types of hedging transactions are governed by the paragraph below captioned "Hedging Transactions.")

*<u>Publicly-Traded Options.</u>* Given the relatively short term of publicly-traded options, transactions in options may create the appearance that a director, officer, or employee is trading based on material nonpublic information and focus a director's, officer's, or other employee's attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions in put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited by this Policy. (Option positions arising from certain types of hedging transactions are governed by the next paragraph below.)

*<u>Hedging Transactions.</u>* Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars, and exchange funds. Such hedging transactions may permit a director, officer, or employee to continue to own Company Securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as the Company's other shareholders. Therefore, the Company strongly discourages you from engaging in such transactions. Any person wishing to enter into such an arrangement must first submit the proposed transaction for approval by the Compliance Officer. Any request for pre-clearance of a hedging or similar arrangement must be submitted to the Compliance Officer at least two weeks prior to the proposed execution of documents evidencing the proposed transaction and must set forth a justification for the proposed transaction.

*<u>Margin Accounts and Pledged Securities.</u>* Securities held in a margin account as collateral for a margin loan may be sold by the broker without the customer's consent if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of material nonpublic information or otherwise is not permitted to trade in Company Securities, directors, officers, and other employees are prohibited from holding Company Securities in a margin account. In addition, the Company strongly discourages you from entering into a loan transaction in which you pledge the Company's securities as collateral for a loan. Any person wishing to enter into such an arrangement must first submit the proposed loan transaction for approval by the Compliance Officer. Any request for pre-clearance of a loan transaction or similar arrangement must be submitted to the Compliance Officer at least two weeks prior to the proposed execution of documents evidencing the proposed transaction and must set forth a justification for the proposed transaction. The Compliance Officer will not permit the pledge of the Company's securities unless you can clearly demonstrate the financial capacity to repay the loan without resorting to the pledged securities.

*<u>Standing and Limit Orders.</u>* Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 Plans, as described below) create heightened risks for insider trading violations similar to the use of margin accounts. There is no control over the timing of purchases or sales that result from standing instructions to a broker, and as a result the broker could execute a transaction when a director, officer or other employee is in possession of material nonpublic information. The Company therefore discourages placing standing or limit orders on Company Securities. If a person subject to this Policy determines that they must use a standing order or limit order, the order should be limited to short duration and should otherwise comply with the restrictions and procedures outlined below under the heading "Additional Procedures."

XIV. ADDITIONAL PROCEDURES

The Company has established additional procedures in order to assist the Company in the administration of this Policy, to facilitate compliance with laws prohibiting insider trading while in possession of material non-public information, and to avoid the appearance of any impropriety. These additional procedures are applicable only to those individuals described below.

*<u>Pre-Clearance Procedures.</u>* The persons designated by the Compliance Officer as being subject to these procedures, as well as the Family Members and Controlled Entities of such persons, may not engage in any transaction in Company Securities without first obtaining pre-clearance of the transaction from the Compliance Officer. A request for pre-clearance should be submitted to the Compliance Officer at least two business days in advance of the proposed transaction. The Compliance Officer is under no obligation to approve a transaction submitted for pre-clearance, and may determine not to permit the transaction. If a person seeks pre-clearance and permission to engage in the transaction is denied, then he or she should refrain from initiating any transaction in Company Securities, and should not inform any other person of the restriction.

When a request for pre-clearance is made, the requestor should carefully consider whether he or she may be aware of any material nonpublic information about the Company, and should describe fully those circumstances to the Compliance Officer. The requestor should also indicate whether he or she has effected any non-exempt "opposite-way" transactions within the past six months. The requestor should also be prepared to comply with SEC Rule 144 and file Form 144, if necessary, at the time of any sale.

Pre-cleared trades must be effected within five business days of receipt of pre-clearance unless an exception is granted. Transactions not effected within the time limit would be subject to pre-clearance again. Further, within five business days of completing a transaction in the Company's Securities, The Compliance Officer shall be notified of completion of the transaction.

*<u>Quarterly Trading Restrictions.</u>* The persons designated by the Compliance Officer as subject to this restriction, as well as their Family Members or Controlled Entities, may not conduct any transactions involving the Company's Securities (other than as specified by this Policy), during a "Blackout Period" beginning 30 days prior to the end of each fiscal quarter and ending on the third business day following the date of the public release of the Company's earnings results for that quarter. In other words, these persons may only conduct transactions in Company Securities during the "Window Period" beginning on the third business day following the public release of the Company's quarterly earnings and ending thirty days prior to the close of the next fiscal quarter.

Under certain very limited circumstances, a person subject to this restriction may be permitted to trade during a Blackout Period, but only if the Compliance Officer concludes that the person does not in fact possess material nonpublic information. Persons wishing to trade during a Blackout Period must contact the Compliance Officer for approval at least three business days in advance of any proposed transaction involving Company Securities.

*<u>Event-Specific Trading Restriction Periods.</u>* From time to time, an event may occur that is material to the Company and is known by only a few directors, officers and/or employees. So long as the event re- mains material and nonpublic, the persons designated by the Compliance Officer may not trade Company Securities. In addition, the Company's financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the Compliance Officer, designated persons should refrain from trading in Company Securities even sooner than the typical Blackout Period described above. In that situation, the Compliance Officer may notify these persons that they should not trade in the Company's Securities, without disclosing the reason for the restriction. The existence of an event-specific trading restriction period or extension of a Blackout Period will not be announced to the Company as a whole, and should not be communicated to any other person. Even if the Compliance Officer has not designated you as a person who should not trade due to an event-specific restriction, you should not trade while aware of material nonpublic information. Exceptions will not be granted during an event-specific trading restriction period.

*<u>Exceptions.</u>* The quarterly trading restrictions and event-driven trading restrictions do not apply to those transactions to which this Policy does not apply, as described above under the headings "Transactions Under Company Plans" and "Transactions Not Involving a Purchase or Sale." Further, the requirement for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to trans- actions conducted pursuant to approved Rule 10b5-1 plans, described under the heading "Rule 10b5-1 Plans."

XV. RULE 10b5-1 PLANS

Rule 10b5-1 under the Exchange Act provides a defense from insider trading liability under Rule 10b-5. In order to be eligible to rely on this defense, a person subject to this Policy must enter into a Rule 10b5-1 plan for transactions in Company Securities that meets certain conditions specified in the Rule (a "Rule 10b5-1 Plan"). If the plan meets the requirements of Rule 10b5-1, Company Securities may be purchased or sold without regard to certain insider trading restrictions. To comply with the Policy, a Rule 10b5-1 Plan must be approved by the Compliance Officer and meet the requirements of Rule 10b5-1 and the Company's "Guidelines for Rule 10b5-1 Plans," which may be obtained from the Compliance Officer. In general, a Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of material nonpublic information. Once the plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing, and timing of transactions in advance or delegate discretion on these matters to an independent third party.

Any Rule 10b5-1 Plan must be submitted for approval at least five business days prior to the entry into the Rule 10b5-1 Plan. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan will be required.

XVI. POST-TERMINATION TRANSACTIONS

This Policy continues to apply to transactions in Company Securities even after termination of service to the Company. If an individual is in possession of material nonpublic information when his or her service terminates, that individual may not trade in Company Securities until that information has become public or is no longer material. The pre-clearance procedures specified under the heading "Additional Procedures" above, however, will cease to apply to transactions in Company Securities upon the expiration of any Blackout Period or other Company imposed trading restrictions applicable at the time of the termination of service.

XVII. CONSEQUENCES OF VIOLATIONS

The purchase or sale of securities while aware of material non-public information, or the disclosure of material nonpublic information to others who then trade in the Company's Securities, is prohibited by the federal and state laws. Insider trading violations are pursued vigorously by the SEC, U.S. Attorneys, and state enforcement authorities as well as the laws of foreign jurisdictions. Punishment for insider trading violations is severe, and could include significant fines and imprisonment. While the regulatory authorities concentrate their efforts on the individuals who trade, or who tip inside information to others who trade, the federal securities laws also impose potential liability on companies and other "controlling persons" if they fail to take reasonable steps to prevent insider trading by company personnel.

In addition, an individual's failure to comply with this Policy may subject the individual to Company imposed sanctions, including dismissal for cause, whether or not the employee's failure to comply results in a violation of law. Needless to say, a violation of law, or even an SEC investigation that does not result in prosecution, can tarnish a person's reputation, and irreparably damage a career.

XVIII. COMPANY ASSISTANCE

Any person who has a question about this Policy or its application to any proposed transaction may obtain additional guidance from the Compliance Officer.

XIX. CERTIFICATION

All persons subject to this Policy must certify their understanding of, and intent to comply with, this Policy.

**<u>CERTIFICATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have read and understand the Company's Insider Trading Policy (the "Policy").
 I understand that the Compliance Officer is available to answer any questions I have regarding
 the Policy.

2. Since
 the date that the Policy became effective, or such shorter period of time as I have been
 an employee of the Company, I have complied with the Policy.

3. I
 will continue to comply with the Policy for as long as I am subject to the Policy.

Date of signing: ________________________

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| Please print your name above |

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## Exhibit 99.5

**Exhibit 99.5**

**<u>ANNEX F</u>**

**CLAWBACK POLICY**

**<u>Introduction</u>**

The Board of Directors (the "**Board**") of BAO Bolding Limited (the "**Company**") has adopted this policy (this "**Policy**") to provide for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws. This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and Nasdaq Listing Rule 5608 (the "**Clawback Listing Standards**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee of the Board, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with the definition in Section 10D of the Exchange Act and the Clawback Listing Standards (the "**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Performance shares.

● Performance units.

● Restricted shares.

● Restricted share units.

● Share bonus awards

● Share options.

● Share appreciation rights.

Financial reporting measures include:

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board, without regard to any taxes paid by the Covered Executive in respect of the Incentive Compensation paid based on the erroneous data.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

(a) requiring reimbursement of cash Incentive Compensation previously paid;

(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

(c) offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

(d)) cancelling outstanding vested or unvested equity awards; and

(e) taking any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act, any applicable rules or standards adopted by the Securities and Exchange Commission, and the Clawback Listing Standards.

**<u>Effective Date</u>**

This Policy shall be adopted and effective as of the date which the Board pass the necessary resolution (the "**Effective Date**") and shall apply to Incentive Compensation that is received by Covered Executives on or after the Effective Date, even if such Incentive Compensation was approved, awarded, or granted to Covered Executives prior to the Effective Date.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with the Clawback Listing Standards and any other rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Relationship to Other Plans and Agreements</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. In the event of any inconsistency between the terms of the Policy and the terms of any employment agreement, equity award agreement, or similar agreement under which Incentive Compensation has been granted, awarded, earned or paid to a Covered Executive, whether or not deferred, the terms of the Policy shall govern.

**<u>Acknowledgment</u>**

The Covered Executives shall sign an acknowledgment form in which they acknowledge that they have read and understand the terms of the Policy and are bound by the Policy.

**<u>Impracticability</u>**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.