# EDGAR Filing Document

**Accession Number:** 0001926293
**File Stem:** 0001493152-25-025338
**Filing Date:** 2025-11
**Character Count:** 960421
**Document Hash:** c442a53c6f1f4f3dcea8d32b1242a59d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-025338.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001493152-25-025338

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

**PUBLIC DOCUMENT COUNT**: 76

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Green Circle Decarbonize Technology Ltd
- **CENTRAL INDEX KEY:** 0001926293
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-276943
- **FILM NUMBER:** 251534167

**BUSINESS ADDRESS:**
- **STREET 1:** FLAT 1809, PROSPERITY PLACE
- **STREET 2:** 6 SHING YIP STREET, KWUN TONG, KOWLOON
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 000
- **BUSINESS PHONE:** 852-2882-1222

**MAIL ADDRESS:**
- **STREET 1:** FLAT 1809, PROSPERITY PLACE
- **STREET 2:** 6 SHING YIP STREET, KWUN TONG, KOWLOON
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** 000

**As filed with the Securities and Exchange Commission on November 28, 2025**

**Registration No. 333-276943**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form F-1**

**(Amendment No. 14)** 

**REGISTRATION STATEMENT** 

**UNDER THE SECURITIES ACT OF 1933**

**Green Circle Decarbonize Technology Limited**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **3585** | **Not Applicable** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**Green Circle Decarbonize Technology Limited**

Unit 1809, Prosperity Place, 6 Shing Yip St.

Kwun Tong, Kowloon, Hong Kong

(852) 2882 1222

(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**

telephone 1-800-221-0102

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

---

| |
|:---|
| &nbsp;&nbsp;***Copies to:*** |
| **Daniel Nauth<br> Nauth LPC<br> 217 Queen St. W., #401<br> Toronto, ON M5V 0R2<br> Canada<br> (416) 477-6031** &nbsp;&nbsp;**Thomas J. Poletti, Esq.**<br> **Veronica Lah, Esq.**<br> **Manatt, Phelps & Phillips LLP**<br> **695 Town Center Drive, 14<sup>th</sup> Floor**<br> **Costa Mesa, CA 92626**<br> **(714) 371-2500** |

---

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

If any of the securities being registered on this Prospectus 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 Prospectus 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 Prospectus 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 Prospectus 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 a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "Accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

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 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission 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 jurisdiction where the offer or sale is not permitted.**

**EXPLANATORY NOTE**

Green Circle Decarbonize Technology Limited, the registrant whose name appears on the cover of this registration statement, is a holding company incorporated in the Cayman Islands.

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

● Public Offering Prospectus. A prospectus to be used for the public offering of 2,500,000 ordinary shares, par value US$0.001 per share of the Company ()"**Share**" or "**Ordinary Share**") or 2,875,000 Shares (assuming full exercise of the Underwriter's over-allotment option) of the Registrant (the "**Public Offering Prospectus**") through the Underwriter named on the cover page of the Public Offering Prospectus.

● Resale Prospectus. A prospectus to be used for the resale by the Selling Shareholders set forth therein of 1,800,000 Shares of the Registrant (the "Resale Prospectus").

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

● they contain different outside and inside front covers and back covers;

● they contain different offering sections in the Prospectus Summary section beginning on page Alt-1;

● they contain different Use of Proceeds sections on page Alt-15;

● a Selling Shareholders section is included in the Resale Prospectus;

● a Selling Shareholders Plan of Distribution is inserted; and

● the Legal Matters section in the Resale Prospectus on page Alt-19 deletes the reference to counsel for the Underwriter.

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

**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 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 jurisdiction where the offer or sale is not permitted.**

**Subject to Completion<br> Preliminary Prospectus Dated November 28, 2025**

**PROSPECTUS**

**2,500,000 Ordinary Shares**

**Green Circle Decarbonize Technology Limited**

This is the initial public offering ("**Offering**") of 2,500,000 Shares of Green Circle Decarbonize Technology Limited (the "**Company**").

Prior to this Offering, there has been no public market for our Shares. We intend to apply for a listing on the NYSE American Market ("**NYSE American**") under the ticker symbol "GCDT". We anticipate that the initial public offering price will be US$4.00 per Share. The actual offering price per Share will be determined by us and RBW Capital Partners LLC, a division of Dawson James Securities, Inc., which is a broker-dealer registered with the Securities and Exchange Commission ("**SEC**") and a member of the Financial Industry Regulatory Authority ("**FINRA**") (the "**Underwriter** "), at the time of pricing. The closing of this Offering is conditioned upon NYSE American's approval of our listing application. There can be no assurance that the Offering will be closed and our Shares will be trading on NYSE American.

The Underwriter may also exercise their option to purchase up to an additional 375,000 Shares at the public offering price, less the underwriting discount, for forty-five (45) days after the date of this Prospectus. We will issue to the Underwriter, Underwriters Warrants entitling the Underwriter to purchase 5% of the aggregate number of Shares issued in this Offering, at an exercise price per share equal to 100% of the initial public offering price per share. The Underwriters Warrants are exercisable for a period of three years commencing nine months from the date of effectiveness of this registration statement. The Underwriters Warrants also provide for "piggyback" registration rights, which shall terminate on the earlier of (i) the fifth anniversary of the effective date of the Underwriters Warrants and (ii) the date that Rule 144 would allow the holder of such warrants to sell its registrable securities during any ninety (90) day period, but in no circumstances beyond seven (7) years from the commencement of sales of the Offering in compliance with FINRA Rule5110.05 and 5110(g)(8)(D). We have registered the Shares underlying the Underwriters Warrants in this Offering.

We are, and will be, a "controlled company" under NYSE American Company Guide Section 801(a) as long as our majority shareholder and proposed chief executive officer and proposed executive director, Mr. Chan Kam Biu Richard ("**Mr. Chan**") and his affiliates own and hold more than 50% of our outstanding Shares. See "*Prospectus Summary — Implications of Being a Controlled Company*". For so long as we are a controlled company under that definition, we will be eligible for certain exemptions from the corporate governance requirements of the NYSE American listing rules.

If we cease to be a foreign private issuer, we intend to rely on these exemptions.

Investors are cautioned that they are not buying shares of the operating company based in Hong Kong but instead are buying shares of a holding company that the issuer incorporated in the Cayman Islands that operates through its subsidiary in Hong Kong, which involves unique risks to investors.

The Company is a holding company incorporated in the Cayman Islands with no material operations of its own. As a holding company with no material operations of its own, the Company conducts its operations in Hong Kong through its subsidiary, Boca International Limited, that is incorporated in Hong Kong (the "**Operating Subsidiary**"). The Shares offered in this Offering are Shares of Green Circle Decarbonize Technology Limited, the Cayman Islands holding company, instead of Shares of the Hong Kong Operating Subsidiary. Investors in this Offering will not directly hold equity interests in the Operating Subsidiary.

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

Our Operating Subsidiary conducts its business in Hong Kong, a Special Administrative Region of the PRC, and some of the clients of the Operating Subsidiary are PRC companies that have shareholders or directors that are PRC individuals. As of the date of this Prospectus, we are not subject to the Chinese government's direct influence or discretion over the manner in which we conduct our business activities outside of the PRC. In addition, we do not expect to be materially affected by recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, including, but not limited to the cybersecurity review and regulatory review of overseas listing through an offshore holding company. However, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. 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 business, they may intervene in or influence our operations. Such governmental actions:

● could result in a material change in our operations;

● could hinder our ability to continue to offer securities to investors; and

● may cause the value of the Shares to significantly decline or be worthless.

Additionally, although we own 100% equity interest in our Operating Subsidiary and currently do not have, nor intend to have, any contractual arrangements to establish a variable interest entity ("**VIE**") structure with any entity in China, we are still subject to certain legal and operational risks associated with our Operating Subsidiary being based in Hong Kong and having potential clients who are PRC companies that have shareholders or directors that are PRC individuals. We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, require an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the China Securities Regulatory Commission ("**CSRC**"), prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "**Draft Administrative Regulations**") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "**Draft Filing Measures**"), collectively the "Draft Rules on Overseas Listing", for public opinion.

On February 17, 2023, the CSRC issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines (collectively, the "**Trial Measures**"), which have become effective as at March 31, 2023. The Trial Measures require a PRC domestic enterprise seeking to issue and list its shares overseas to complete certain filing procedures and submit the relevant information to the CSRC. Should the Trial Measures be applicable to us, we may be subject to additional compliance requirements in the future. For more details, see "Risk Factors — Risks Related to Conducting Business in China — The Chinese government may choose to exert more supervision and control over securities offerings that are conducted overseas and/or foreign investment in issuers based in mainland China or Hong Kong. Such action could significantly or completely restrict our ability to offer securities to investors and cause the value of such securities to significantly decline."

On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises or the Confidentiality Provisions, which came into effect on March 31, 2023. The Confidentiality Provisions require that, among other things, (1) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (2) domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfil relevant procedures stipulated by applicable national regulations.

We are a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company without material operations of our own, we conduct our business in Hong Kong through our Operating Subsidiary, Boca International Limited ("**Boca International**"). Further, our chief executive officer, chief financial officer and all members of the board of directors are not mainland China citizens and most of them are based in Hong Kong or outside mainland China and all of our revenues and profits are generated by our subsidiary in Hong Kong and we have not generated any revenues or profits in mainland China. Additionally, we do not intend to operate in mainland China in the foreseeable future. As such, we do not believe we would be subject to the M&A Rules, or would be required to file with the CSRC under the Trial Measures or the Confidentiality Provisions.

Our management monitors the cash position of the entity within our organization regularly and prepares budgets on a monthly basis to ensure each entity has the necessary funds to fulfill its obligation for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our chief financial officer and subject to approval by our board of directors, we will provide funding to the subsidiary through loans or capital contributions. For the Company, incorporated in the Cayman Islands, to transfer cash to its subsidiary, is permitted under the laws of the Cayman Islands and its Memorandum and Articles of Association to act as an investment holding company. Accordingly, the Company may invest in its subsidiary by way of debt or equity contributions. As an investment holding company, the Company may rely on dividends and other equity distributions paid by its subsidiary for its cash and financing requirements. Besides, a Hong Kong company can only make a distribution out of profits available for distribution, as required by the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) and in accordance with its articles of association. Given that the Hong Kong subsidiary of the Company, namely Boca International, records an accumulated deficit as of the date of this Prospectus, it is unable to make any distributions to the Company. Furthermore, if the Company's Hong Kong subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to the Company.

The Company has not made any dividends or distributions to U.S. investors as of the date of this Prospectus. The Company and its subsidiary do not have any plans to distribute earnings in the foreseeable future. No transfers, dividends, or distributions have been made between our Company and our subsidiary as of the date of this Prospectus.

**We are both an "emerging growth company" and a "foreign private issuer"** **under applicable U.S. Securities and Exchange Commission rules and will be eligible for reduced public company disclosure requirements. See "*Prospectus Summary — Implications of Our Being an "Emerging Growth Company*"" and "*Prospectus Summary — Implications of Being a Foreign Private Issuer*" for additional information.**

**Investing in the Shares involves risks. See "Risk Factors" beginning on page 14 to read about certain factors you should carefully consider before deciding to invest in the Shares.**

**The Holding Foreign Companies Accountable Act, or HFCA Act, was enacted on December 18, 2020. The HFCA Act states that 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 Public Company Accounting Oversight Board of the United States (the " PCAOB") for three consecutive years (later changed to two consecutive years), 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. Our auditor, ZH CPA, LLC, the independent registered public accounting firm that issues the audit report included 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 ZH CPA, LLC's compliance with applicable professional standards. ZH CPA, LLC is headquartered in Denver, Colorado and has been inspected by the PCAOB on a regular basis, with the last inspection in February 2025. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the PCAOB determinations. See "Risk Factors — Risks Related to Our Securities — Our Ordinary Shares may be prohibited from being traded on a national exchange under the HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years and, as a result, an exchange may determine to delist our securities. As of the date of this prospectus, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021. However, the delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the value of your investment" on page 24. On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely, consistent with U.S law. It includes three provisions that, if abided by, would grant the PCAOB complete access for the first time: (i) the PCAOB has sole discretion to select the firms, audit engagements and potential violations it inspects and investigates – without consultation with, nor input from, Chinese authorities; (ii) procedures are in place for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; and (iii) the PCAOB has direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates. On December 15, 2022, the PCAOB announced that it has completed a test inspection of two selected auditing firms in mainland China and Hong Kong and has voted to vacate its previous Determination Report, which concluded in December 2021 that the PCAOB could not inspect or investigate completely registered public accounting firms based in mainland China or Hong Kong. On December 23, 2022 the Accelerating Holding Foreign Companies Accountable Act ("AHFCAA") was enacted, which 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 and such act was signed into law on December 29, 2022. However, if in the future the PCAOB is prohibited from conducting complete inspections and investigations of PCAOB-registered public accounting firms in mainland China and Hong Kong, then the companies audited by those registered public accounting firms could be subject to a trading prohibition on U.S. markets pursuant to the Holding Foreign Companies Accountable Act. There can be no assurance that China will abide by the Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China, and that on-site inspections and investigations of firms headquartered in mainland China and Hong Kong will occur and allow for full and timely access to information.**

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

The Underwriter expects to deliver the Shares to purchasers on or about , 2025.

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  |  | (US$) |
| Public offering price | 4.00<sup>(1)</sup> | 10000000 |
| Underwriting discounts and commissions <sup>(2)</sup> | 0.30 | 750000 |
| Non-accountable expense allowance (1%) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| Proceeds (before expenses) to the Company | 3.66 | 9150000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes
 an initial public offering price of US$4.00, representing the anticipated initial public offering price range.

(2) We
 have agreed to pay RBW Capital Partners LLC, the representative underwriter, an underwriter commission fee equal to 7.5% of the gross
 proceeds of the offering. The Offering is made on a "firm commitment underwritten" basis by the Underwriter.
 This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering payable to the
 Underwriter. For a description of the other compensation to be received by the Underwriter, see section entitled "Underwriting."

![](rbw_logo.jpg)

**RBW Capital Partners LLC**

Securities offered by RBW Capital Partners LLC are through Dawson James Securities, Inc., a broker dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. (FINRA).

The date of this Prospectus is , 2025.

**Table of Contents**

---

| | |
|:---|:---|
| [**Table of Contents**](#a_001) | i |
| [Special Note Regarding Forward-Looking Statements](#a_002) | ii |
| [Prospectus Summary](#a_003) | 1 |
| [Exchange Rate Information](#eds_001) | 14 |
| [Risk Factors](#a_004) | 14 |
| [Use of Proceeds](#a_005) | 29 |
| [Determination of Offering Price](#a_006) | 30 |
| [Market for the Shares and Related Shareholder Matters](#a_007) | 31 |
| [Dividend Policy](#a_008) | 32 |
| [Dilution](#a_009) | 33 |
| [Capitalization and Indebtedness](#a_010) | 34 |
| [Selected Financial Data](#a_012) | 35 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_013) | 37 |
| [Our Business](#a_014) | 47 |
| [Regulation](#a_015) | 64 |
| [Directors, Senior Management and Employees](#a_016) | 66 |
| [Compensation of Directors and Executive Officers](#a_017) | 71 |
| [Related Party Transactions](#a_018) | 72 |
| [Security Ownership of Management and Certain Shareholders](#a_019) | 73 |
| [Underwriting](#a_020) | 75 |
| [Description of Share Capital](#a_021) | 81 |
| [Description of the Securities We Are Offering](#lop_001) | 90 |
| [Expenses of the Offering](#a_022) | 91 |
| [Taxation](#a_023) | 92 |
| [Legal Matters](#a_024) | 98 |
| [Experts](#a_025) | 99 |
| [Change in Registrant's Certifying Accountant](#Change_001) | 100 |
| [Enforceability of Civil Liabilities](#a_026) | 101 |
| [Where You Can Find Additional Information](#a_027) | 103 |
| [Part II. Information Not Required in Prospectus](#part_002) | II-1 |
| [Signatures](#sig) | II-3 |
| [Power of Attorney](#poa_01) | II-3 |

---

We and RBW Capital Partners LLC (a division of Dawson James Securities, Inc., which is a broker-dealer registered with the Commission and a member of FINRA) (the "**Underwriter**"), have not authorized anyone to provide information different from that contained in this Prospectus, any amendment or supplement to this Prospectus or in any free writing prospectus prepared by us or on our behalf. We and the Underwriter, take no responsibility for, and can provide no assurance as to the reliability of, any information other than the information in this Prospectus, any amendment or supplement to this Prospectus, and any free writing prospectus prepared by us or on our behalf. Neither the delivery of this Prospectus nor the sale of our Shares means that information contained in this Prospectus is correct after the date of this Prospectus. This Prospectus is not an offer to sell or the solicitation of an offer to buy the Shares in any circumstances under which such offer or solicitation is unlawful.

For investors outside the United States: we and the Underwriter, have not 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 Shares and the distribution of this Prospectus outside the United States.

The Underwriter is the only FINRA members that have been, or will be, engaged to participate in connection with this Offering.

i

**Special Note Regarding Forward-Looking Statements**

In this Prospectus, we make forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). These forward-looking statements are subject to risks and uncertainties and include information about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," or the negative of these terms or other similar expressions. Forward-looking statements include, but are not limited to, such matters as:

● future financial and operating results, including revenues, income, expenditures, cash balances and other financial items;

● our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our goals;

● current and future economic and political conditions;

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

● our expectations regarding our client base;

● our ability to procure the applicable regulatory licenses in the relevant jurisdictions that we operate in;

● competition in our industry;

● relevant government policies and regulations relating to our industry;

● our capital requirements and our ability to raise any additional financing which we may require;

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

● our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business; overall industry and market performance; and

● other assumptions described in this prospectus underlying or relating to any forward-looking statements.

The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance, or achievements to differ materially from the results, levels of activity, performance, or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under "*Risk Factors*" in this Prospectus.

ii

**Prospectus Summary**

*This summary does not contain all of the information you should consider before investing in the Shares. You should read this entire prospectus carefully, including the information incorporated by reference in this Prospectus, including, in particular, the section entitled "Risk Factors" in this Prospectus. Unless otherwise indicated, references to the "**Company**," "**we**," "**us**," or "**our**," or similar terms when used in a historical context refer to Green Circle Decarbonize Technology Limited, or any one or more of its subsidiaries or their predecessors, or to such entities collectively. All references to "Hong Kong" in this Prospectus refer to the Hong Kong Special Administrative Region of the People's Republic of China. All references to "China" or the "PRC" in this Prospectus are to the People's Republic of China. All references to the "United States," "U.S." or "US" refer to the United States of America. The term "US$" refers to the lawful currency of the United States. The terms "HK$" and "HKD" refer to the lawful currency of Hong Kong. The term "RMB" refers to the lawful currency of the PRC.*

**Our Mission**

Our mission is to preserve the world through decarbonization technologies. As an advocate of decarbonization, we design, develop, and provide customized energy saving solutions that bring considerable economic benefits to our clients and reduce carbon emissions for a sustainable future.

As carbon emissions continue to build up in the atmosphere at historic levels, the theme of decarbonization has been gaining momentum on the international stage, and companies and governments are facing more pressure than ever to develop and execute a meaningful net-zero strategy, especially after the adoption of the Paris Agreement and the Glasgow Climate Pact in 2015 and 2021, respectively. The Glasgow Climate Pact reaffirms the Paris Agreement Temperature Goal and urges each of the signing countries to take further actions to accelerate the development, deployment, and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems.

It is specifically acknowledged in the Paris Agreement that climate change is a common concern of humankind, and accordingly the fight against climate change and the pursuit of decarbonization is not only an imperative agenda of governments or states, but also requires commitment and active participation and contribution by non-state actors such as businesses, financial institutions, educational institutions, and healthcare institutions. We have devised and have been consolidating our corporate mission to research, develop, strategize, and commercialize our decarbonization technology and products that not only bring considerable economic benefits to our clients, but also contribute to the global campaign of decarbonization and ultimately a more sustainable future.

**Overview of Our Business**

We are a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company without material operations of our own, we conduct our business in Hong Kong through our Operating Subsidiary, Boca International Limited ("**Boca International**").

We are a provider of advanced energy saving solutions supported by proprietary phase change thermal energy storage materials and thermal engineering services. Our proprietary technology is a phase change material ("**PCM**") thermal energy storage ("**TES**") technology. By applying material science and nanotechnology, we have successfully invented and manufactured our PCM which allows temporary storage of excess thermal energy for later use and thereby bridges the gap between energy availability and energy use ("**BocaPCM-TES Technology**").

With our industry experience and professional expertise, we have put our BocaPCM-TES Technology into practice and invented our product – "BocaPCM-TES Panel" – a custom-made high-density polyethylene ("**HDPE**") plastic encapsulated container fully filled with our PCM solution. Currently, we have developed more than 20 types of PCM, each of which has a unique phase change temperature and TES capacity to accommodate different temperature requirements in various PCM-TES applications. Based on the type of PCM solution filled into the HDPE plastic containers, we are able to manufacture customized BocaPCM-TES Panels with a wide range of operating temperatures from -86°C to +600°C to suit our clients' needs. Accordingly, our BocaPCM-TES Panels can be utilized in many heating, ventilation, and air conditioning ("**HVAC**") and refrigeration applications.

By utilizing our customized BocaPCM-TES Panels, we design, develop, and manufacture our phase change material thermal energy storage system ("**BocaPCM-TES System**") and apply it on various central air conditioning systems (collectively, "**Ultra-High Efficiency Boca Hybrid Power Chiller Plant**"). Our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is essentially an advanced cooling system that can be deployed in most existing and new buildings, and it is environmentally friendly with a long lifespan. Operating alongside with our self-developed fully automatic control system, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can increase its efficiency by optimization control model that shifts the chiller plant's cooling load from on-peak periods to off-peak periods through applying real-time electricity demand peak management, resulting in a lower running cost due to lower tariff rate charged during off-peak periods. Taking our HAECO Project as a reference, buildings installed with our Ultra-High Efficiency Boca Hybrid Power Chiller Plant are able to reduce at least 40% of electricity consumption during all running time, and approximately 50% to 70% of the running cost (depending on the local electricity tariff) when compared with conventional central air conditioning systems. As a result, our technology and products not only contribute to the global campaign of decarbonization by cutting carbon emissions directly, but also bring considerable economic benefits to our clients. For further details of our ability to reduce electricity consumption, see "*Our Business — Our Projects and Achievements — Hong Kong projects — HAECO Project."*

To further our corporate mission and better grasp market opportunities, we continue to strive to develop environmental-friendly, efficient, and cost-saving technologies and solutions for the benefit of our clients and the world at large.

We generated revenue of approximately HK$16.6 million and approximately HK$5.2 million for the years ended March 31, 2025 and 2024, respectively. The revenue for the year ended 31 March 2024 primarily came from providing energy saving services by using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant located at the headquarters of Hong Kong Aircraft Engineering Company Limited ("**HAECO**") in Hong Kong International Airport, and for the year ended March 31, 2025, the revenue primarily came from the HAECO project, a project that the Company provides consultation on research and development services ("**Soar Project**") and another project with LMP International Limited for the provision of our BocaPCM-TES System at the Bayview Garden Shopping Centre, amounting of HK$5.1 million, HK$3.0 million and HK$8.5 million respectively. For further details, see "*Our Business — Our Projects and Achievements — Hong Kong projects.*" We intend to market and sell our products and services in Hong Kong, the PRC, the Republic of Korea, and the Middle East. In order to further promote our business, we have entered into agency agreements with five companies, which are located in Hong Kong, Shanghai, Guangdong Province, Korea, and Dubai respectively. Our agents have the right to sell and install all products relating to our BocaPCM-TES Technology in the specified territories. For further details of our revenue models and agency arrangement, see "*Our Business – Sales and Marketing*".

During the same periods, we incurred a comprehensive loss of approximately HK$6.0 million and approximately HK$7.9 million for the years ended March 31, 2025 and 2024, respectively. Our revenue generated by us for the year ended March 31, 2025 increased by approximately 216.53% when compared with the year ended March 31, 2024, the comprehensive loss for the year decreased by approximately 24.49% from March 31, 2024 to March 31, 2025, primarily due to the increases in gross profit of approximately 159.59% from approximately HK$1.4 million for the year ended March 31, 2024 to approximately HK$3.8 million for the year ended March 31, 2025. For further discussion of our financial information, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations – Operating Results*".

Taking into account our comprehensive loss of approximately HK$6.0 million for the year ended March 31, 2025, our cash and negative working capital as at March 31, 2025, and the uncertainties in our profitability and financing abilities, our management had raised significant doubt about our ability to continue as a going concern. We plan to maintain our project with HAECO that generates stable cashflow while focusing our resources on expanding our business into other geographical territories and exploring into other business segments related to PCM technologies. To improve our liquidity position, we plan to raise capital via Public Offering and debt financing to meet our capital requirements when necessary.

**Our Competitive Strengths**

Research has shown that PCM-TES application has the potential to be a cost-effective and sustainable energy saving solution. We believe our business has the following strengths which distinguish us from our competitors and position us to capitalize on the expected continued growth in the energy saving market:

● *Recognized Know-How and Expertise.* We are one of the few companies in Asia that possess the PCM-TES Technology. We successfully applied our BocaPCM-TES Technology into our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, and its performance has been recognized by a number of awards.

● *Interdisciplinarity.* We not only possess the engineering and technical knowledge of PCM-TES technology, but also invented our own PCM and developed our own fully automatic control system for the construction and operation of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant.

● *Energy Saving Mechanism*. The cooling capacity output of conventional central air conditioning systems is adjusted according to the cooling load demand. In other words, when the cooling load demand is low, the coefficient of performance ()"**COP**") of the refrigeration unit will decrease. In contrast, our BocaPCM-TES System allows thermal energy storage and release, enabling the refrigeration unit to operate under the highest COP possible. If the cooling output of the refrigeration unit is higher than the cooling load demand, additional thermal energy will be stored in our BocaPCM-TES System. Alternatively, if the cooling output of the refrigeration unit cannot meet the cooling load demand, our BocaPCM-TES System will release thermal energy, thereby improving the efficiency of the system.

● *Reduced Running Cost*. Since the rate of electricity tariff is different between on-peak periods and off-peak periods, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is able to shift the chiller plant's cooling load from on-peak periods to off-peak periods by applying real-time electricity demand peak management with our self-developed fully automatic control system. Due to the cooling load shifting mechanism, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can operate and reserve necessary thermal energy during off-peak periods in which energy cost is low. The reserved thermal energy can then be released and utilized during on-peak periods to reduce electricity consumption and therefore achieve a lower electricity running cost. Compared with conventional central air conditioning systems, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can reduce approximately 50% to 70% of the running cost (depending on the local electricity tariff).

● *Increased Capacity*. Compared with conventional central air conditioning systems, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can store additional thermal energy in our BocaPCM-TES System for later use, which increases the system output without requiring extra machinery.

● *Environmentally Friendly*. By using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, electricity consumption can be reduced at least 40% during all running time, which cuts direct and indirect carbon dioxide emissions.

● *User-friendly System*. We have simplified the design of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant and reduced the number of control valves typically needed in conventional central air conditioning systems. Basically, it stores and releases thermal energy by controlling the cooling capacity of the refrigeration unit and the water flow and air flow inside the system.

● *Tailor-made Energy Saving Solution*. We can adjust our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to suit our clients' needs so that the overall machine capacity and TES capacity matches the system cooling loads.

● *Stand-by Capacity*. In case the main machinery fails, our BocaPCM-TES System can act as the back-up facility by utilizing the thermal energy stored inside to handle the system cooling loads.

For further details of our competitive strengths, refer to "*Our Business – Competitive Strengths*".

**Our Strategy**

Since our founding in 1992, we have been on a mission to cut carbon emissions globally with environmentally friendly solutions that improve the way in which the world uses energy. Key elements of our strategy include:

● *Substantial Reliance on the PBC Model.* In order to implement our mission statement "to preserve the world by decarbonization technologies" step-by-step towards a decarbonized world, we intend to substantially rely on the PBC model. Based on the track records of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, we expect to help our clients not only reduce their carbon emissions, but also earn carbon credits to be sold in the carbon markets.

● *Strategic Alliance and Solicitation*. With the purpose of promoting decarbonization and reducing carbon emissions, we intend to co-operate with non-governmental organizations and green funds to work on different decarbonization projects, and solicit business from companies with decarbonization targets or with high electricity consumption rate.

● *Continuous Innovation and Advancement of Our Energy Saving Solutions*. We intend to continue to innovate our Ultra-High Efficiency Boca Hybrid Power Chiller Plant by developing new and enhanced technologies and solutions. Our research and development strategy currently focus on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Cold Chain/Cold Store*. We are collaborating with Gene Company Limited ()"**GeneHK**") to apply our BocaPCM-TES Technology
 in developing and manufacturing (i) ultra-low temperature transportation boxes to store samples in extremely low temperatures; and
 (ii) freezer backup systems to protect samples stored in low or ultra-low temperature freezer in case it is out of electricity (collectively,
 the "Research Projects"). Pursuant to the product development and supply agreement entered into between GeneHK and us,
 we agreed to engage in the Research Projects and supply them with a range of products in accordance with their specifications and
 requirements, exclusively, with regard to certain territories and market sectors. The exclusive territories comprise Mainland China,
 Hong Kong, Macau and Taiwan and the exclusive market sectors comprise scientific research, medical, diagnostic, pharmaceutical, life
 sciences, and biotechnology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Liquid Cooling Technology*. We are designing a dual circuit liquid cooling system for data centers with an aim to minimize their operating costs and noise generation. By making use of (i) basic cooling by refrigeration units and (ii) direct liquid cooling to the central processing units by heat transfer media oil, our liquid cooling system will conduct heat outside of the data centers and therefore lower the temperature by radiation. We expect to achieve an efficient cooling effect for all the servers and storage devices in data centers which will help minimize the noise generated by higher processor speeds. In relation to the liquid cooling part
of the dual circuit, we have adopted the immersion cooling technology which involves directly immersing the electronic components in
a non-conductive liquid. The heat generated by the electronic components will be transferred to the fluid and subsequently removed from
the cooling system. Apart from the design of the cooling system, it is essential for us to find a suitable liquid that does not only
possess reliable and stable heat transfer ability, but also complies with the industrial and regulatory standards in our clients'
countries. We have obtained the quotation from the Hong Kong branch of a multinational energy and petroleum company in relation
to its immersion cooling fluid that has been commercialized since 2020. Furthermore, we have also entered into negotiations with a major
bank in Hong Kong for the installation of our dual circuit liquid cooling system in their data centers.

3. *Artificial Intelligence System*. Currently, we are trying to incorporate model predictive control technology into our existing fully automatic
 control system. We expect this advanced system with self-learning capability to be able to calculate and maintain a more accurate
 maximum COP so that our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can operate more efficiently.

4. *Domestic Heating System.* Depending on the phase change temperatures of different PCM, our BocaPCM-TES Technology can be applied in a wide
 range of energy storage systems. As mentioned above, our +8°C PCM allows our Ultra-High Efficiency Boca Hybrid Power Chiller
 Plant to store and release cold energy at the optimum temperature to promote cost-effectiveness. In contrast, we have also invented
 a PCM with a phase change temperature at +58°C, which is the optimum temperature for storing heat energy obtained from solar
 power for domestic use. Moreover, instead of the traditional photovoltaic system that converts light into electricity using semiconducting
 materials, we seek to develop a heat storage system by combining our BocaPCM-TES Technology with vacuum tube solar collector which
 stores heat energy more efficiently. The heat energy stored in the system can be discharged for domestic use, such as underfloor
 heating. In order to commercialize the domestic heating system, and expand the scale of production, the Company is planning to acquire
 a manufacturer of vacuum tube solar collector.

● *Further Expansion of Our Project Related Services*. We currently offer our clients the following project related services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Project Management.* We offer our clients project management services to ensure the process of installing our Ultra-High Efficiency Boca
 Hybrid Power Chiller Plant is managed in conjunction with the overall project plan, and we oversee the entire project from start
 to end.

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| | |
|:---|:---|
| *2.* | *Commissioning of the System.* We commission our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to ensure that our system is providing the level of performance that was committed to the client. |
| *3.* | *Operations and Maintenance.* We offer our clients operational and maintenance plans to keep our system in top performance. This consists of both remote monitoring of the system's performance as well as periodic onsite visits to perform routine inspection and maintenance. |
|  | We plan to expand our resources and capabilities in project related services to meet our clients' needs. This expansion will include adding employees who perform the work, as well as contracting and certifying qualified third parties to perform the commissioning, operating, and maintenance services. |

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● *Arrangement of Project Financing.* We intend to co-operate with banks and other financial institutions to arrange project finance for our potential clients for building and installing our Ultra-High Efficiency Boca Hybrid Power Chiller Plant.

● *Mass production of BocaPCM-TES Panels.* We expect a steady growth of demand for our Ultra-High Efficiency Boca Hybrid Power Chiller Plant over the next ten years because it has the potential to be installed in all new and existing buildings. In order to satisfy such an enormous amount of demand, we intend to set up our own factory for the mass production of our BocaPCM-TES Panels in the PRC.

**History and Corporate Structure**

We commenced our business operations in 1992 and established Boca International. Since then, we have invested substantial resources in technological advancements, particularly our research and development in PCM and the ancillary technologies for enhancing its commercial applicability.

We have been conducting research and experiments in the physical characteristics and chemical compositions of various PCMs. In 1992, one of our most important PCMs was invented. It undergoes phase change (solidification) at +8°C, which is the optimum temperature for its application in air conditioning systems.

In 2003, we developed the first-generation BocaPCM solution encapsulation in the form of a stainless-steel ball for improving its durability and the heat transfer efficiency of our PCM. Subsequently, in 2007, with the technological advancement in material science, we switched to HDPE panels in our second-generation encapsulations which significantly lowered the costs and brought our technology one step closer to commercialization. In 2013, we further improved the design of our HDPE panels by applying ultrasonic welding technology to enhance its heat transfer rate. HDPE panels are used in the production of our existing BocaPCM-TES Panel, which forms an important part of our BocaPCM-TES System.

In 2015, we developed a fully automatic control software for our Ultra-High Efficiency Boca Hybrid Power Chiller Plant which significantly increases its energy saving performance and operation efficiency. Going forward, one of our research and development goals is to upgrade our current fully automatic control system to an artificial intelligence system.

In 2015, Boca International, wholly owned by Chan Kam Biu Richard was acquired by Richly Conqueror Limited. In 2016, Boca International was acquired by SGOCO International (HK) Limited, a SGOCO Group Limited's ("**SGOCO**", currently known as Troops, Inc., NASDAQ: TROO) subsidiary incorporated in Hong Kong, from Richly Conqueror Limited for the total consideration of HK$52 million in the form of cash, plus 3.4 million new shares in SGOCO Group Limited. In June 2018, SGOCO transferred 48.9% interest in Boca International to an independent third party as part of the consideration to acquire the entire issued share capital of a limited company. In August 2018, the independent third party sold its 48.9% interest to Green Circle Limited. On August 26, 2020, Chan Kam Biu Richard acquired the entire share capital of Green Circle Limited from an independent third party who Chan Kam Biu Richard personally knows. On September 10, 2020, SGOCO disposed of the remaining 51.1% interest in Boca International to an independent third party. On September 21, 2020, the independent third party sold its 51.1% interest to Joyful Star Limited. On September 22, 2020, Chan Kam Biu Richard acquired the entire share capital of Joyful Star Limited from an independent third party who Chan Kam Biu Richard personally knows. On September 24, 2020, Green Circle Limited sold its 48.9% interest to Joyful Star Limited. Thus, the entire issued share capital of Boca International was transferred to Joyful Star Limited in September 2020. In particular, the 51.1% interest in Boca International was transferred to Joyful Star Limited for a consideration of HK$94 from the independent third party and the remaining 48.9% interest in Boca International was transferred to Joyful Star Limited for a consideration of HK$90.

As part of the Company's founding partners' early involvement, where they provided valuable resources contributing to the growth of the Company, Wong Tan Suen, on behalf of Wong C Ching and Ma Chi Heng, subscribed for 360,000 Shares and 240,000 Shares respectively at par value of US$0.001 per share in 2022, as part of the restructuring of the Company in anticipation to the Offering. Prior to the subscription, Wong C Ching and Ma Chi Heng provided an aggregate loan of HK$5,000,000 (HK$4,010,000 and HK$990,000 respectively) to Boca International, and of that HK$4,600,000 remains outstanding. The Security Ownership of Management and Certain Shareholders section of this registration statement accounts for these share issuances. The 600,000 Shares owned by the two individuals - Wong Tan Suen and Ma Chi Heng - have a lock-up period of 183 days from the date of the Offering.

During a reorganization in 2022, we established our current offshore holding structure. Specifically, we established Green Circle Decarbonize Technology Limited, or "**Green Circle**", in the Cayman Islands on February 15, 2022 as a limited liability corporation under the laws of the Cayman Islands. After the completion of the reorganization in 2022, Green Circle became the offshore holding company and has held our subsidiary directly since then. The chart below summarizes our corporate structure and identifies the principal subsidiary as of the date of this Prospectus:

![](formdrs_001.jpg)

**PRC Regulatory Permission**

As of the date of this Prospectus, we and our Hong Kong subsidiary, (i) are not required to obtain permission from any PRC authorities to offer or issue the Shares to foreign investors; (ii) are not subject to permission requirements from the CSRC, CAC or any other PRC regulatory authorities that is required to approve our business operations; and (iii) have not received or been denied such permissions by any PRC authorities. However, given the current PRC regulatory environment, it is uncertain when and whether we or our Hong Kong subsidiary, will be required to obtain permission from the PRC government to list in the U.S. in the future, and even when such permission is obtained, whether it will be denied or rescinded.

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, require an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "Draft Administrative Regulations") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures"), collectively the "Draft Rules on Overseas Listing", for public opinion.

On February 17, 2023, the CSRC issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines (collectively, the "**Trial Measures**"), which have become effective as at March 31, 2023. The Trial Measures require a PRC domestic enterprise seeking to issue and list its shares overseas to complete certain filing procedures and submit the relevant information to the CSRC, failing which the said domestic enterprise may be fined between RMB 1 million and RMB 10 million. According to the Notice on the Management Arrangements for Overseas Issuance and Listing of Domestic Enterprises issued by the CSRC on the same day, if an intended issuer fails to obtain the SEC's Notice of Effectiveness before March 31, 2023 and complete the issuance and listing before September 30, 2023, the said issuer will need to complete the filing procedures with the CSRC before its listing on U.S. exchanges. Should the Trial Measures be applicable to us, we may be subject to additional compliance requirement in the future, and we cannot assure you that we will be able to get the clearance of filing procedures as required on a timely basis, or at all. Any failure by us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our 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 Shares to significantly decline in value or become worthless.

On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises or the Confidentiality Provisions, which came into effect on March 31, 2023. The Confidentiality Provisions require that, among other things, (1) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (2) domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfil relevant procedures stipulated by applicable national regulations.

We have been closely monitoring regulatory developments in the PRC regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings, including this Offering. As of the date of this Prospectus, we have not received any inquiry, notice, warning, sanctions, or regulatory objection to this Offering from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation, and implementation of regulatory requirements related to overseas securities offerings and other capital markets activities. For more details, see "Risk Factors — Risks Related to Conducting Business in China — The Chinese government may choose to exert more supervision and control over securities offerings that are conducted overseas and/or foreign investment in issuers based in Mainland China or Hong Kong. Such action could significantly or completely restrict our ability to offer securities to investors and cause the value of such securities to significantly decline."

**Transfer of Cash Through our Operation**

Green Circle Decarbonize Technology Limited ("**Green Circle**") is a holding company with no operations of its own. We conduct our business operations in Hong Kong primarily through our Hong Kong subsidiary, Boca International Limited ("**Boca International**"). Green Circle is permitted under the laws of the Cayman Islands and its Memorandum and Articles of Association, to act as an investment holding company. As an investment holding company, Green Circle may invest in its subsidiary by way of debt or equity contributions and may rely on dividends and other distributions on equity paid by its subsidiary for its cash and financing requirements.

Currently, all of our business operations are conducted in Hong Kong through our Operating Subsidiary, Boca International. We maintain our bank accounts and balances primarily in licensed banks in Hong Kong. Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". According to the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), a company may only make a distribution out of profits available for distribution, i.e., its accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong with respect to dividends paid by us. Under the relevant laws of Hong Kong, there are no significant restrictions on foreign exchange or our ability to transfer cash between our Company and our Operating Subsidiary in Hong Kong. Boca International is permitted to provide funding to Green Circle through dividend distributions.

As of the date of this Prospectus, no transfers, dividends, or distributions have been made between our Company and our Operating Subsidiary. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. We currently do not have any dividend policy. If our subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to us.

Currently, we do not have any operation in the PRC and we do not intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in the mainland China. Therefore, the PRC laws and regulations do not have any material impact on transfer of cash between our Company and our subsidiary in Hong Kong, across borders, or to U.S. investors. However, in the future, funds may not be available to fund operations or for other use outside of Hong Kong due to any restriction that may be imposed by the PRC government on our ability or our subsidiary's ability to transfer cash, distribute earnings or pay dividends. If such restrictions are imposed in the future, our business, financial conditions, and results of operation could be adversely affected and such measures could materially decrease the value of our Shares, potentially rendering it worthless.

**Summary of Significant Risk Factors**

Our business and our Offering are subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operation, cash flows, and prospects that you should consider before making a decision to invest in the Shares. These risks are discussed more fully in the section titled "Risk Factors" beginning on page 14 of this Prospectus. These risks include, but are not limited to, the following:

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

● Our expansion plan may not be successfully implemented or achieve the intended economic results or business objectives.

● We are subject to concentration risk because a significant portion of our revenue was derived from one customer.

● We rely heavily on a limited number of external suppliers of raw materials in order to produce PCM.

● We rely on our suppliers to provide certain essential machinery and equipment for our customized energy saving system.

● We rely on our sub-contractors to install our customized energy saving system at our customers' designated sites.

● We may suffer from unexpected disruptions to our research and development, production of PCM, and provision of energy saving services as our laboratory equipment, production facilities and customized energy saving system may fail to perform as we expected.

● A sustained reduction in our customers' use of air conditioning during the COVID-19 pandemic may negatively affect our profitability.

● Our business relies on debt financing to settle upfront costs in relation to our performance-based contracts.

● We do not own our office.

● We rely on local agents to capture overseas business opportunities.

● Our management personnel lack experience in managing a public company.

● A substantial portion of our revenue depends on the quality and efficiency of our maintenance and technical support.

● Our existing insurance coverage may not provide adequate protection from losses.

● We may breach our obligations under our performance-based contracts and our energy saving solutions may fail to produce anticipated energy savings.

● We depend on, and may have difficulty acquiring and retaining, key management and other personnel.

● The PCM-TES industry is competitive and subject to change, and our competitors may have superior financial and technical resources.

● We may be involved in disputes or legal and other proceedings.

● We may fail to protect our intellectual property rights.

● Fluctuation in exchange rates could have a material adverse effect on our results of operations and the price of the Shares.

● We depend on governments to incentivize the development and implementation of energy-saving technologies.

● The market acceptance of energy saving solutions services is not certain.

● Our controlling shareholder has control over our corporate matters.

● Our controlling shareholder may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.

For a detailed description of the risks above, please refer to pages 14 – 21.

***Risks Related to Conducting Business in the PRC***

● Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on our business, operating results, and financial position.

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

● The Chinese government may exert substantial influence over the industry in which we operate.

● The Chinese government may choose to exert more supervision and control over securities offerings that are conducted overseas and/or foreign investment in issuers based in Mainland China or Hong Kong. Such action could significantly or completely restrict our ability to offer securities to investors and cause the value of such securities to significantly decline.

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

● Our Ordinary Shares may be prohibited from being traded on a national exchange under the HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years and, as a result, an exchange may determine to delist our securities. As of the date of this prospectus, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021. However, the delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the value of your investment.

● If the PRC government imposes new requirements for approval from the relevant PRC authorities to issue the Shares to foreign investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

For a detailed description of the risks above, please refer to pages 21-25.

***Risks Related to our Securities***

● Raising additional capital through the issuance of Shares may cause dilution to the shareholdings of our existing shareholders.

● We do not intend to pay dividends on the Shares in the foreseeable future.

● Our director owns a large percentage of our outstanding Shares and could exercise control over some of our corporate matters.

● Future sales of substantial amounts of the Shares by existing shareholders could adversely affect the price of the Shares.

● The Shares may be subject to substantial price and volume fluctuation due to a number of factors, many of which are beyond our control and may prevent our shareholders from reselling the Shares at a profit.

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

● We will incur significant expenses and devote other significant resources and management time as a result of being a public company, which may negatively impact our financial performance and could cause our results of operations and financial condition to suffer.

● We may lose our status as a "foreign private issuer" in the United States, which would result in increased costs related to regulatory compliance under United States securities laws.

● Terms of subsequent financings, if any, may adversely impact investors' investments.

● 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 in the Cayman Islands and our Operating Subsidiary is incorporated in Hong Kong.

● Economic substance legislation of the Cayman Islands may adversely impact us or our operations.

For a detailed description of the risks above, please refer to pages 25-28.

**Corporate Information**

One principal executive office is located at Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong and our phone number is +852 2882 1222. We maintain a corporate website at https://pcm-tes.com/. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus.

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

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "**JOBS Act**"), and we are eligible to take advantage of certain exemptions from various reporting and financial disclosure requirements that are applicable to other public companies, that are not emerging growth companies, including, but not limited to, (1) presenting 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 in this prospectus, (2) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), (3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and (4) exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We intend to take advantage of these exemptions. As a result, investors may find investing in our Shares less attractive.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As a result, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has irrevocably 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.

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

**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Exchange Act. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many Exchange Act reports, or as frequently, as a U.S. 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 U.S. 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.

**Implications of Being a Controlled Company**

Upon the completion of this Offering, we will be a "controlled company" as defined under the NYSE American Company Guide because we expect that our proposed chief executive officer and proposed executive director, Mr. Chan will hold (i) approximately 49.40% (assuming full exercise of the over-allotment option); and (ii) approximately 50.88% (assuming no exercise of the over-allotment option) of our total issued and outstanding Shares, i.e., he will own a majority of our total issued and outstanding Shares and will be able to exercise approximately 49.40% (assuming full exercise of the over-allotment option) to approximately 50.88% (assuming no exercise of the over-allotment option) of the total voting power of our issued and outstanding share capital. For so long as we remain a "controlled company," we are permitted to elect to rely, and may so 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 will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we do not intend to rely on the "controlled company" exemption under the NYSE American Company Guide, we could elect to rely on it in the future if we cease to be a foreign private issuer.

**The Offering**

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| | |
|:---|:---|
| Securities offered by the Company | 2,500,000 Shares (assuming no exercise of the over-allotment option).<br>2,875,000 Shares (assuming full exercise of the over-allotment option). |
| Securities outstanding before and after this Offering | 10,000,000 Shares and 12,500,000 Shares (assuming no exercise of the over-allotment option), respectively.<br>10,000,000 Shares and 12,875,000 Shares (assuming full exercise of the over-allotment option), respectively.<br>|
| Underwriter's over-allotment option | The Company has granted the Underwriter an option for a period of 45 days after the date of this Prospectus to purchase up to an additional 375,000 Shares at the public offering price less the underwriting discount. |
| Underwriters Warrants | We will issue to the Underwriter, Underwriters Warrants entitling the Underwriter to purchase 5% of the aggregate number of Shares issued in this Offering, at an exercise price per share equal to 100% of the initial public offering price per share. The Underwriters Warrants are exercisable for a period of three years commencing nine months from the date of effectiveness of this registration statement. |
| Use of proceeds | The net proceeds from this Offering (after deduction of underwriting fees and estimated expenses payable by us in relation to this Offering), assuming an Offer Price of US$4.00 per Share (excluding any exercise of the Underwriter's over-allotment option), being the price sets forth on the cover page of this Prospectus, are estimated to be approximately US$7.1 million. |
|  | The net proceeds from this Offering (after deduction of underwriting fees and estimated expenses payable by us in relation to this Offering), assuming an Offer Price of US$4.00 per Share (including full exercise of the Underwriter's over-allotment option), being the price sets forth on the cover page of this Prospectus, are estimated to be approximately US$8.5 million.<br>|
| Dividends | See "*Dividend Policy*." |
| Lock-up | We have agreed with the Underwriter not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of the Shares or securities convertible into Shares for a period of 180 days commencing on the date of this Prospectus. See "*Underwriting*" for additional information. |
| Listing | We will apply to list our Shares listed on the NYSE American. |
| Symbol | "GCDT" for our Shares |
| Transfer Agent | Odyssey Trust Company |
| Risk factors | See "*Risk Factors*" and other information included or incorporated by reference in this Prospectus for a discussion of factors you should carefully consider before deciding to invest in the Shares. |

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**EXCHANGE RATE INFORMATION**

The Company is a holding company with operations conducted in Hong Kong through its key operating Subsidiary in Hong Kong, Boca International Limited and its reporting currency is in Hong Kong dollars. Translations of amounts from HK$ into US$ are solely for the convenience of the reader and were calculated at the rate of US$1 = HK$7.8, representing the noon buying rate in The City of New York for cable transfers of HK$ as certified for customs purposes by the Federal Reserve Bank of New York on the last trading day of March 31, 2025. No representation is made that the HK$ amount represents or could have been, or could be converted, realized, or settled into US$ at that rate, or at any other rate.

**Risk Factors**

*This offering (this "**Offering**") and an investment in the Shares involve risks and uncertainties. You should consider carefully the risks described below, as well as all other information contained or incorporated by reference in this Prospectus, before you decide to invest in the Shares. Additional risks and uncertainties of which we are not presently aware or currently deem immaterial could also affect our business, financial condition, and results of operations. If any of these risks and uncertainties actually occurs, our business, financial condition and results of operations could be materially and adversely affected. In that event, the trading price of the would likely decline and you might lose all or part of your investment.*

**Risks Related to Our Business and Industry**

**Our expansion plan may not be successfully implemented or achieve the intended economic results or business objectives.**

We believe that our future success depends in part on our ability to enhance our production capabilities. Therefore, we intend to invest a substantial portion of our net proceeds and our internal resources to the enhancement of our production capacity. This would include increasing our production utilization rate, improving our production efficiency, acquiring new equipment and upgrading our existing equipment, and acquiring production facilities in addition to improving our existing production processes. In order to meet the growing demand for our products and our energy saving solutions, as well as to deliver high quality products at a competitive cost level, we plan to utilize 46.8% of the net proceeds from this Offering for expanding the production capacity of our production base for phase change material ("**PCM**") by the construction of a factory and the acquisition of production machineries.

Notwithstanding the foregoing, the implementation of our expansion plans may be affected by the following risks: (i) the demand for our PCM products or our energy saving solutions may not grow at all or in line with the expansion in our production capacity; (ii) our direct labor costs, subcontracting costs, and costs for raw materials may fluctuate significantly due to general market conditions which are beyond our control; (iii) we may fail to attract or retain experienced and suitable personnel to carry out our business plans; and (iv) the construction of new production facilities may encounter unforeseeable problems such as natural disasters, the failure to obtain required government approvals, and legal or regulatory impediments imposed by local governments.

There is no assurance that we will realize our expansion plans in the manner or time we expect, or at all, or that such plans will prove effective. In the event that we fail to accomplish our expansion plans in a timely manner, or at all, we may not be able to achieve our planned future business growth, which in turn may materially and adversely affect our operating results. Furthermore, our future expansion plans may involve significant capital expenditures, which may not be recoverable or may not result in significant revenue growth. Our business, operating results, and financial position may be materially and adversely affected if our business objectives and expansion plan are not achieved.

***We are subject to concentration risk because a significant portion of our revenue was derived from one customer.***

For the year ended March 31, 2025, our revenue was derived from the following customers: LMP International Limited contributed approximately 51.26% (2024: Nil), HAECO contributed approximately 30.64% (2024: 100%) and SOAR Equipment Rental Company Limited contributed approximately 18.10% (2024: Nil), respectively. Save from the above disclosure, there is no other single customer that contributed more than 10% of our total revenue for the years ended March 31, 2025 and 2024.

**We rely heavily on a limited number of external suppliers of raw materials in order to produce PCM.**

Our production of PCM is dependent on a limited number of external suppliers for the supply of various raw materials, such as chemicals and nanomaterials. Nanomaterials are one of the major components involved in the production of PCM and must be manufactured to a high standard in order to be suitable for our use. Although we are continually seeking additional suppliers of nanomaterials that meet our high standards, we currently depend on just one supplier based in Germany. Currently, no long-term agreement has been entered into between us and the German supplier and all transactions thus far between the parties have been conducted on an order-by-order basis in the form of purchase orders. Should our demand for nanomaterials see a significant increase, we will consider entering into long-term or framework agreements with the said German supplier. In light of the foregoing, although we have established stable relationships with our current suppliers, we cannot guarantee that we will be able to obtain nanomaterials in sufficient amounts and/or on a timely basis in the future. If our suppliers fail to satisfy our orders for raw materials, including nanomaterials, and we are unable to identify and negotiate satisfactory commercial terms with alternative suppliers, our production of PCM may be seriously disrupted. As a result, our business, operating results, and financial position could be materially and adversely affected.

**We rely on our suppliers to provide certain essential machinery and equipment for our customized energy saving system.**

Our customized energy saving system comprises a range of machinery and equipment. Except for PCM, which we manufacture in-house, we procure all other machinery and equipment, such as refrigeration units, chillers, water pumps, and cooling towers from our suppliers. For example, in addition to our BocaPCM-TES System and fully automatic control system, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is mainly comprised of cooling towers and refrigeration units, which are manufactured by our suppliers. Additionally, since our customized energy saving system is individually tailored to each customer's needs, adjustment to the specifications of the relevant machinery and equipment may be necessary from time to time. We cannot guarantee that our suppliers will be able to comply with our requests for such adjustments.

To ensure the satisfactory performance of our customized energy saving system, we engage a limited number of suppliers that reliably deliver essential machinery and equipment that meet our standards. If our suppliers are unable to provide us with such machinery and equipment in a timely fashion, or at all, our ability to deliver our customized energy saving system could be impaired, which, in turn, could have a material adverse effect on our business, results of operations, and financial position. Moreover, since we generally do not enter into long-term contracts with our machinery and equipment suppliers, if we fail to develop stable relationships or negotiate new arrangements on acceptable terms with such suppliers, we may face uncertainties when designing our customized energy saving system for our customers and we may be unable to accurately estimate the costs involved. Accordingly, our business, operating results, and financial position could be materially and adversely affected.

**We rely on our sub-contractors to install our customized energy saving system at our customers' designated sites.**

We engage sub-contractors for the installation of our customized energy saving system at our customers' designated sites.

We cannot provide assurance that the quality of services rendered by our sub-contractors will meet our standards or the standards of our customers, or that we will be able to supervise our sub-contractors' work as directly and efficiently as we supervise our own employees. Therefore, we are subject to non-performance, late performance, or sub-standard performance by our sub-contractors. Since we remain accountable to our customers for the performance and quality of our subcontractors' work, we may incur additional costs or be subject to contractual liability for our sub-contractors' unsatisfactory performance. Moreover, there is no assurance that we will always be able to secure services from suitable sub-contractors or negotiate acceptable fees and terms of services with them. In such event, we may face delay or disruption to our installation schedule. The realization of any of the aforementioned risks could materially and adversely affect our business, operating results, and financial position.

**We may suffer from unexpected disruptions to our research and development, production of PCM, and provision of energy saving services as our laboratory equipment, production facilities and customized energy saving system may fail to perform as we expected.**

Our research and development, production of PCM and provision of energy saving services are dependent on the uninterrupted operation of our laboratory equipment, production facilities and customized energy saving system, respectively. We use specially designed equipment to study and explore the physical characteristics of different formulations of PCM, prepare raw materials, and produce PCM by combining various raw materials in accordance with our unique formulas. Additionally, since the revenue generated from our provision of energy saving services is performance-based, it is of paramount importance that our customized energy saving system delivers cost savings to our customers, which requires that it operates continuously and performs to a high standard.

Finally, our machinery and equipment may fail to perform as expected due to wear and tear or latent defect, and our production is subject to interruption due to fire, labor strikes, natural disasters and non-compliance with applicable laws and regulations. Some of these operational risks are beyond our control. If any such risk materializes and we are unable to remedy its effects in a timely and proper manner, our business, operating results, and financial position could be materially and adversely affected.

**A sustained reduction in our customers' use of air conditioning during the COVID-19 pandemic may negatively affect our profitability.**

Our customers and end-users of our energy saving solutions include universities, infrastructure operators, governmental organizations, and industrial and commercial property owners, many of whom have experienced and may in the future experience a reduction in the use of air-conditioning as governments advise residents to avoid attending public places and encourage employers to adopt remote work policies. Any reduction in the use of air-conditioning by our customers would decrease revenue generated from our performance-based contracts. A sustained reduction in the use of air-conditioning may therefore materially and adversely affect our business, operating results, and financial position.

**Our business relies on debt financing to settle upfront costs in relation to our performance-based contracts.**

Given the recent application of PCM in our energy saving solution, as well as our size and scale of operation, we strategically enter into performance-based contracts with our energy saving solution customers, under which these customers pay no upfront costs for the procurement of machinery or installation of our customized energy saving systems. Instead, the customers pay a portion of any subsequent energy cost savings during the term of the energy performance contracts. As a result, we bear significant costs during the initial stage of each performance-based contract. To date, we have relied on debt financing to satisfy our capital requirements. However, there is no assurance that we will continue to obtain sufficient financing for our future performance-based contracts, particularly if this business segment continues to expand. If we fail to secure sufficient financing on favorable terms or maintain reliable financing channels, we may not be able to sustain our current business model, which could materially and adversely affect our business, operating results, and financial position.

Additionally, we rely on our customers' ability to make regular payments during the term of each performance-based contract in order to repay the loan we secured to finance the implementation of our energy saving solution. If our customers default on their payments under such contracts or become insolvent, we may be unable to repay the loan. Our failure to repay our creditors may also damage our credit rating and thus our ability to secure additional financing for future operations. As a result of the occurrence of any of the foregoing, our business, operating results, and financial position could be materially and adversely affected.

**We do not own our office.**

We lease our office. The tenancy of our headquarters will expire in December 2025. We may not be able to negotiate extensions of these leases and may therefore be forced to move our office or production site to a different location, or our rent may increase. We may also incur additional costs if we are forced to relocate from our current premises, including, but not limited to, logistical expenses such as reinstallation costs for relocating our machinery and equipment. Additionally, if we fail to secure suitable new locations after the expiration of our leases, we may be forced to pause our operations until suitable alternatives are found. Any of the foregoing risks could, if realized, materially and adversely affect our business, operating results, and financial position.

**We rely on local agents to capture overseas business opportunities.**

In light of growing awareness of greenhouse gas emissions being a major contributor to climate change, as evidenced by the commitments of over 190 countries under the Paris Agreement to reduce greenhouse gas emissions, we intend to expand our business and deliver our energy saving solution to customers globally. See "*Our Business – Our Mission – Paris Agreement*".

However, as we lack the experience in local industrial practices and established business networks in certain overseas markets, it is difficult and costly for us to identify and contact potential customers in these markets directly. Therefore, we typically engage local agents with experience, knowledge, and business networks to assist us in marketing and selling our products and services. To manage our network of local agents, we usually enter into two-year agency agreements. Under such agreements, our local agents are granted the right to market, distribute, and install our products within the specified market at an agreed price which is subject to our regular review. Accordingly, our success in overseas markets depends on our ability to effectively manage our local agents through our contractual arrangements relating to, among other things, geographical and product exclusivity, pricing and payment terms, and protection of intellectual property rights.

If any of our local agents fail to comply with the terms of our agency agreements, or if we are unable to effectively oversee the compliance of our agents with our agency agreements, the sales and marketing network for our products and services may be disrupted. Moreover, since we rely heavily on our local agents to explore overseas markets and promote our products and services, our business, operating results, and financial position could be materially and adversely affected if such agents fail to secure new business opportunities or fail to maintain relationships with our existing customers. Furthermore, considering the importance of our network of local agents to our business, failure to retain our existing local agents or recruit additional local agents could have a material and adverse effect on our business, operating results, and financial position.

**Our management personnel lack experience in managing a public company.**

Although we market and sell our products and services worldwide, we are a small Hong Kong-based energy saving solutions provider and our management personnel lack experience in managing a public company. As we continually seek new hires with relevant experience and expertise to join our management personnel, we expect to rely on our existing management personnel to oversee the day-to-day operation of our business. Our existing management personnel may be unable to undertake further responsibilities as we grow. A transitional period may be required for our management personnel to adapt to their new duties, which may result in a temporary disruption to our day-to-day business operation. The occurrence of any of these developments could materially and adversely affect our business, operating results, and financial position.

**A substantial portion of our revenue depends on the quality and efficiency of our maintenance and technical support.**

We strive to deliver high quality and efficient maintenance and technical support to our customers in order to ensure customer satisfaction and, with respect to our energy performance-based contract, to maximize energy savings and increase revenue. However, provision of high quality and efficient maintenance services and technical support is subject to risks that are beyond our control, including, for example, the severity of the issues encountered by our customers and the availability of requisite parts and labor. If we cannot resolve maintenance or technical issues in a timely manner or if our maintenance or technical support is ineffective or fails to meet our customers' expectations, our customer relationships and energy saving systems could be impaired, materially and adversely affecting our business, operating results, and financial position.

**Our existing insurance coverage may not provide adequate protection from losses.**

In accordance with industry practice, we maintain certain insurance policies which protect our property, including our machinery and equipment, from loss. Nevertheless, we are unable to guarantee that our current insurance policies are sufficient to cover all risks associated with our operations, office, or production facility. Similarly, we cannot guarantee that we will be able to successfully claim our losses under our current insurance policies on a timely basis, or at all. If we incur any losses that are not covered by our insurance policies, or the compensated amount is significantly less than our actual losses, our business, operating results, and financial position could be materially and adversely affected.

**We may breach our obligations under our performance-based contracts and our energy saving solutions may fail to produce anticipated energy savings.**

We enter into performance-based contracts with certain of our energy saving solutions customers, under which our income varies depending on such customers' energy savings. If our energy saving solutions fail to operate efficiently or otherwise perform as expected, we will be unable to maximize our income under our performance-based contracts. In addition, if we breach our obligations under such contracts, we may be liable for customer losses or damages caused by such breach. Furthermore, any failure on our part to perform our contractual obligations could harm our reputation in the industry and hinder our ability to secure future contracts. Accordingly, our business, operating results, and financial position could be materially and adversely affected.

**We depend on, and may have difficulty acquiring and retaining, key management and other personnel.**

The PCM-TES industry is competitive and subject to rapid technological, social, and regulatory changes, requiring us to possess significant intellectual capital in order to succeed. We depend on the continued service of our key management personnel and other key employees, in particular our founding shareholder, proposed chief executive officer and proposed executive director, Mr. Chan. Mr. Chan oversees our general business operations and administration, including with respect to research and development, sales and marketing, customer relations, product design, plant construction, PCM production, quality control, and maintenance and technical support. We also rely on Mr. Chan's authorization to use certain intellectual property rights, including our trademark and domain name. Therefore, Mr. Chan is crucial to the success and continuous growth of our business. If we lose any key management personnel or any other key employee, in particular, Mr. Chan, we may fail to locate a suitable replacement, and we may incur significant time costs as well as expenses recruiting and training a replacement.

Additionally, in order to maintain our business growth, we must identify, attract, hire, develop, motivate, and retain highly-skilled employees, which requires significant time and expense, particularly as competition for such employees in our industry is intense. We may make significant investments to attract and retain new employees but fail to realize returns on these investments. Additionally, changes to our management structure may disrupt our business operations, particularly if our management personnel, including any new hires, fail to work together effectively and to execute our business plans in a timely manner. If any of our plans to hire or retain key management and employees fail to be successfully implemented or to achieve the intended results, our business operations, future development, and financial conditions could suffer a material and adverse impact. The occurrence of any of the foregoing could materially and adversely affect our business, operating results, and financial position.

**The PCM-TES industry is competitive and subject to change, and our competitors may have superior financial and technical resources.**

Our leading PCM technology and its application in energy saving products to enhance efficiency distinguish us from our competitors. However, our competitors may develop technologies that achieve similar or superior energy savings. Additionally, our competitors may have superior financial and technical resources to devote to research and development, marketing and sales, and maintenance and technical support. Our future success depends on our ability to respond rapidly to evolving technologies, adapt our products and services to changing industry standards and government regulations, and improve the performance and reliability of our products and services. If we fail to achieve any of the foregoing, our products and services may become less attractive to existing and potential customers, which could materially and adversely affect our business, operating results, and financial position.

**We may be involved in disputes or legal and other proceedings.**

We may be involved in disputes or legal and other proceedings with our customers, suppliers, and sub-contractors. These disputes may lead to litigation or other dispute resolution proceedings, resulting in substantial costs as well as delays in our development and production schedules, and a diversion of resources and management's attention, regardless of the outcome. We may also have disagreements with regulatory authorities, which may subject us to administrative proceedings and unfavorable decisions that result in penalties or delay or disrupt the development and operations of our facilities. Such litigation, dispute resolution proceedings, and administrative proceedings may materially and adversely affect our business, operating results, and financial position.

**We may fail to protect our intellectual property rights.**

We rely on a combination of patents, trademarks, and domain names to operate and promote our business. As of the date of this Prospectus, Mr. Chan owns one registered trademark in Hong Kong and one domain name. Mr. Chan has granted us a license to use this trademark and domain name. Moreover, we have applied for patent registration of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant in the United States and the PRC, and we rely on the relevant laws and regulations in Hong Kong, the United States, and the PRC to protect our intellectual property rights. See "*Our Business – Intellectual Property*".

Although our intellectual property rights are protected by relevant laws and regulations, policing unauthorized use of intellectual property may be difficult and expensive, and we may need to resort to litigation to enforce or defend our intellectual property rights or to determine the enforceability, scope, and validity of our proprietary rights or the proprietary rights of others. Such litigation and an adverse determination in any such litigation, if any, could result in substantial costs, which may or may not be recoverable, in part or in full, and harm our business and financial position. Additionally, any infringement of our intellectual property rights associated with our Ultra-High Efficiency Boca Hybrid Power Chiller Plant or other infringement of our intellectual property rights could negatively affect our competitive advantages. If our products and services become less competitive, we may experience a significant loss of income, which could materially and adversely affect our business, operating results, and financial position.

**Fluctuation in exchange rates could have a material adverse effect on our results of operations and the price of the Shares.**

Our operating subsidiary is based in Hong Kong and maintains its books and records in its local currency, HK$, which is its functional currency, and our reporting currency is also in HK$. Going forward, it is anticipated that a substantial part of our revenues and expenditures will be denominated in foreign currencies, such as U.S. dollars, Euro, Pound sterling, and RMB if we successfully expand our business worldwide. As a result, fluctuations in the exchange rates between HK$ and foreign currencies may affect our relative purchasing power in foreign currencies. Such exchange rate fluctuations and any re-measurement in relation to our consolidated financial statements arising therefrom could reduce our profits and show a skewed translated value of our net assets when reported in HK$. This change in value could materially and adversely impact our business, operating results, and financial position.

**We depend on governments to incentivize the development and implementation of energy-saving technologies.**

Over 190 countries have signed the Paris Agreement, committing themselves to reducing greenhouse gas emissions, a significant contributor to climate change. In order to satisfy such commitments, many signatories have created incentives for businesses engaged in developing and implementing energy-saving technologies. For example, on January 1, 2018, the Hong Kong government introduced the voluntary Energy Efficiency Registration Scheme for Buildings (the "**EERSB**") which serves to encourage building owners to outperform the statutory minimum requirements under the Buildings Energy Efficiency Ordinance (Chapter 610 of the Laws of Hong Kong). All new and existing buildings or premises may apply for joining the EERSB provided that they (i) outperform the statutory minimum requirements on energy performance; and (ii) obtain certificates of good building energy performance through the BEAM Plus Assessment System managed by the Hong Kong Green Building Council or other internationally recognized building environmental assessment systems. The capital expenditure incurred on the construction of energy efficient building installations (including lighting, air-conditioning, and lift and escalator installations) registered under the EERSB may be eligible for accelerated tax deduction. Our business depends on such incentives in order to stimulate demand for our customized energy saving solutions. However, we cannot guarantee that we will continue to benefit from such incentives, as they may be amended or abolished, in which case our business, operating results, and financial position could be materially and adversely affected.

**The market acceptance of energy saving solutions services is not certain.**

Our customized energy saving solutions comprises PCM and other technologies that may be unfamiliar to potential customers. In order to promote market awareness and acceptance of such technologies, we regularly engage in presentations and seminars. However, we are unable to guarantee that our energy-saving products and services will be widely accepted by market stakeholders. Failure to achieve market acceptance may prevent us from attracting additional customers and expanding our business, which could materially and adversely affect our business, operating results, and financial position.

***Our controlling shareholder has control over our corporate matters.***

Mr. Chan beneficially owns and controls 6,360,000 Shares that correspond to 63.60% on a pre-Offering basis and (i) approximately 49.40% (assuming full exercise of the over-allotment option) and (ii) approximately 50.88% (assuming no exercise of the over-allotment option) of our total issued and outstanding Shares on a post-Offering basis of our issued and outstanding Shares. Mr. Chan will hold control over corporate matters requiring shareholder approval and will independently control the operations of the Company, including without limitation, electing directors and approving material mergers, acquisitions or other business combination transactions. This concentrated control will limit your ability to influence corporate matters and 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 Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***Our controlling shareholder may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.***

Because our controlling shareholder has control over our corporate matters, his interests may differ from the interests of our company as a whole. The shareholder could, for example, appoint directors and management without the requisite experience, relations or knowledge to steer our company properly because of their affiliations or loyalty, and such actions may materially and adversely affect our business and financial condition. Currently, we do not have any arrangements to address potential conflicts of interest between the shareholder and our company. If we cannot resolve any conflict of interest or dispute between us and the shareholders, we would have to rely on legal proceedings, which could disrupt our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.

**We might need to raise additional capital in the future to fund our existing commercial operations, develop and commercialize new products and technologies and expand our operations.**

Based on cash flow projections for operating activities and available loan facilities, we believe that we have sufficient funds for sustainable operations and will be able to meet our payment obligations from operations and debt related commitments for the next twelve months from the date of the prospectus. For more information, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources." This estimate is based on assumptions that may prove to be wrong, and we may use our available capital resources sooner than we currently expect. If our available cash balances, borrowing capacity, anticipated cash flow from operations and net proceeds from this offering are insufficient to satisfy our liquidity requirements, including because of lower demand for our proprietary PCM TES technology as a result of the risks described in this prospectus or otherwise, we may seek raise equity or debt capital, enter into additional bank loans or bank credit facilities or another form of third-party funding.

We may consider raising additional capital in the future to fund our existing operations, expand our operations, or for other reasons, including to:

● increase our sales and marketing efforts to increase market adoption of our products and address competitive developments;

● provide for costs associated with plans to accommodate potential increases in demand for our products and services;

● fund development and marketing efforts of any future product or service offerings or additional features to our existing proprietary technology;

● acquire, license or invest in new technologies;

● acquire or invest in complementary businesses or assets; and

● finance capital expenditures and general and administrative expenses.

Our present and future funding requirements will depend on many factors, including:

● our ability to generate revenue;

● our reimbursement arrangements with third-parties;

● the cost of expanding our operations and product and service offerings, including our sales and marketing efforts;

● our rate of progress in, and cost of the sales and marketing activities associated with, establishing and maintaining adoption of our products and services;

● the cost of research and development activities;

● the effect of competing technological and market developments;

● costs related to international expansion; and

● the potential cost of and delays in product development as a result of any regulatory oversight applicable to our proprietary technology.

Additionally, our ability to raise capital in a timely manner if needed in the future may be limited, or such capital may be unavailable on acceptable terms, if at all. Any equity or convertible debt financing we enter would likely be dilutive to our shareholders and any future debt financing we enter may impose covenants upon us that restrict our operations, such as limitations on our ability to incur liens or additional debt, repurchase our Shares, make certain investments and engage in certain merger, consolidation or asset sale transactions. Any debt financing or equity that we raise may contain terms that are not favorable to us or our shareholders. If access to sufficient capital is not available as and when needed, our business will be materially impaired and we may be required to cease operations or we may be required to significantly reduce expenses, seek a merger or joint venture partner, file for protection from creditors or liquidate all or part of our assets.

**Risks Related to Conducting Business in the PRC**

**Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on our business, operating results, and financial position.**

We anticipate that a substantial part of our future growth and development will be attributable to the PRC market. Accordingly, our business, prospects, financial conditions, and operations may be influenced significantly by the political, economic, and social conditions in China.

The Chinese economy differs from the economies of most developed countries in certain respects, including the amount of government involvement, level of development, growth rate, control of the foreign exchange, and allocation of resources. Although the Chinese government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese government also exercises significant control over China's economic growth through allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.

While the Chinese economy has experienced significant growth over the past few decades, growth has been uneven, both geographically and among various sectors of the economy. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy but may harm us. For example, our business, operating results, and financial condition may be adversely affected by government control over capital investments or changes in tax regulations. In addition, in the past, the Chinese government has implemented certain measures, including interest rate increases, to control the pace of economic growth. These measures may cause decreased economic activity in China, and since 2012, China's economic growth has slowed down. Any prolonged slowdown in the Chinese economy may reduce the demand for our products and services and materially and adversely affect our business, operating results, and financial condition.

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

Recently, U.S. public companies with substantial operations in or close connection with Hong Kong and China have been the subject of intense scrutiny, criticism, and negative publicity by investors, financial commentators, and regulatory agencies, such as the U.S. Securities and Exchange Commission ("the **SEC**"). Much of the scrutiny, criticism, and negative publicity has centered around the effects of U.S.-China governmental policies and political climate, financial and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result of such scrutiny, criticism, and negative publicity, the publicly traded stock of such companies has sharply decreased in value and, in some exceptional cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into these allegations. It is not clear what effect this sector-wide scrutiny, criticism, and negative publicity will have on our business operations and our stock price. If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or defend our Company. This situation will be costly and time consuming and distract our management from growing our Company. If such allegations are not proven to be groundless, our Company and business operations will be severely and negatively affected.

**The Chinese government may exert substantial influence over the industry in which we operate.**

The PRC government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. In addition, the Hong Kong legal system may rapidly evolve in the near future and may become closely aligned with the legal system in China. As such, the interpretation of many laws, regulations, and rules may be subject to change and the enforcement of these laws, regulations, and rules may involve uncertainties for you and us. Our ability to operate in Hong Kong may be affected by these changes in laws and regulations, including those relating to taxation, import and export tariffs, environmental regulations, land use and property rights, and other matters. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant impact on the economic conditions of Hong Kong or particular regions thereof, and could require us to divest ourselves of any rights and interest we then hold regarding our business operations in Hong Kong. Any divesture or similar action could materially and adversely affect our business, operating results, and financial condition.

**The Chinese government may choose to exert more supervision and control over securities offerings that are conducted overseas and/or foreign investment in issuers based in Mainland China or Hong Kong. Such action could significantly or completely restrict our ability to offer securities to investors and cause the value of such securities to significantly decline.**

Recent statements by the PRC government have indicated an intent to stabilize relationships with overseas regulatory authorities and support Chinese companies across all industries to list abroad. However, it remains unclear as to when and how the PRC government will alter its standard of supervision and control over overseas offerings and/or foreign investments in issuers based in Mainland China or Hong Kong.

The PRC government has proposed new rules that would require companies collecting or holding large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly tighten oversight over China-based internet giants. As of the date of this Prospectus, our revenue is mainly generated from the Hong Kong market and our business does not involve the collection of user data. Based on our understanding of currently applicable PRC laws and regulations, our Offering in the U.S. is not subject to the review or prior approval of the Cyberspace Administration of China (the "**CAC**") or the China Securities Regulatory Commission (the "**CSRC**").

Further, on February 17, 2023, the CSRC issued the Trial Measures which have become effective as at March 31, 2023. The Trial Measures require a PRC domestic enterprise seeking to issue and list its shares overseas to complete certain filing procedures and submit the relevant information to CSRC. For more details, see "PRC Regulatory Permission."

Should the Trial Measures be applicable to us, we may be subject to additional compliance requirement in the future, and we cannot assure you that we will be able to get the clearance of filing procedures as required on a timely basis, or at all. Any failure by us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our 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 Shares to significantly decline in value or become worthless.

Our Operating Subsidiary conducts its business in Hong Kong, a Special Administrative Region of the PRC, and has no operations in Mainland China, although some of the clients of the Operating Subsidiary are PRC companies that have shareholders or directors that are PRC individuals. As of the date of this Prospectus, we are not subject to the Chinese government's direct influence or discretion over the manner in which we conduct our business activities outside of the PRC. In addition, we do not expect to be materially affected by recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. However, uncertainties still exist due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC could significantly or completely restrict our ability to offer securities to investors and could cause the value of such securities to significantly decline, which could materially and adversely affect our business, operating results, and financial position.

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

We intend to list our Ordinary Shares on the NYSE American concurrently with this offering. In order to continue listing our shares on the NYSE American, 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 Ordinary Shares will continue to be listed on the NYSE American in the future. If the NYSE American delists our Ordinary Shares, and we are unable to list our shares on another national securities exchange, we will endeavor to have our 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:<br>

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

● reduced liquidity for our Ordinary Shares;

● a determination that our 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 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 Ordinary Shares are listed on the NYSE American, U.S. federal law prevents or preempts the states from regulating their sale. However, the law does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. Further, if we were no longer listed on the NYSE American, we would be subject to regulations in each state in which we offer our Ordinary Shares.

***Our Ordinary Shares may be prohibited from being traded on a national exchange under the HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years and, as a result, an exchange may determine to delist our securities. As of the date of this prospectus, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021. However, the delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the value of your investment.***

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

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

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

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

On December 16, 2021, PCAOB announced the PCAOB HFCA Act determinations (the "PCAOB determinations") relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in mainland China of 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.

Our auditor, ZH CPA, LLC, the 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 the laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. ZH CPA, LLC is headquartered in Denver, Colorado in the United States and has been inspected by the PCAOB on a regular basis, with the last inspection in February 2025. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the PCAOB determinations. However, the recent developments add uncertainties to our offering, and we cannot assure you whether the NYSE American or regulatory authorities would not apply additional and/or more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, the adequacy of personnel and training or the sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely, consistent with U.S law. It includes three provisions that, if abided by, would grant the PCAOB complete access for the first time: (1) the PCAOB has sole discretion to select the firms, audit engagements and potential violations it inspects and investigates – without consultation with, nor input from, Chinese authorities; (2) procedures are in place for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; and (3) the PCAOB has direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB announced that it has completed a test inspection of two selected auditing firms in mainland China and Hong Kong and has voted to vacate its previous Determination Report, which concluded in December 2021 that the PCAOB could not inspect or investigate completely registered public accounting firms based in mainland China or Hong Kong. On December 23, 2022, the AHFCAA was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three and such act was signed into law on December 29, 2022. However, if in the future the PCAOB is prohibited from conducting complete inspections and investigations of PCAOB-registered public accounting firms in mainland China and Hong Kong, then the companies audited by those registered public accounting firms could be subject to a trading prohibition on U.S. markets pursuant to the Holding Foreign Companies Accountable Act.

There can be no assurance that China will abide by the Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China and that on-site inspections and investigations of firms headquartered in mainland China and Hong Kong will occur and allow for full and timely access to information.

***If the PRC government imposes new requirements for approval from the relevant PRC authorities to issue the Shares to foreign investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.***

As of the date of this Prospectus, we and our Hong Kong subsidiary, (i) are not required to obtain permission from any PRC authorities to offer or issue the Shares to foreign investors; (ii) are not subject to permission requirements from the CSRC, CAC or any other PRC regulatory authorities that is required to approve our business operations; and (iii) have not received or been denied such permissions by any PRC authorities. However, given the current PRC regulatory environment, it is uncertain when and whether we or our Hong Kong subsidiary, will be required to obtain permission from the PRC government to list in the U.S. in the future, and even when such permission is obtained, whether it will be denied or rescinded. We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings, including this Offering. As of the date of this Prospectus, we have not received any inquiry, notice, warning, sanctions, or regulatory objection to this Offering from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offerings and other capital markets activities. If we and our Hong Kong subsidiary (i) do not receive or maintain such permissions or approvals, should they become applicable to us in the future; or (ii) inadvertently conclude that such permissions or approvals are not required, our operations and financial conditions could be materially and 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 be worthless.

**Risks Related to our Securities**

**Raising additional capital through the issuance of Shares may cause dilution to the shareholdings of our existing shareholders.**

Except for in connection with this Offering, we do not have plans to issue additional Shares at present. However, we may do so in the future. As we continue to seek to expand our business, we may require more capital to finance our sales and marketing activities, business operations, research and development, and/or increase in production capacity. If additional funds are raised through the issuance of new equity or equity-linked securities other than on a pro-rata basis to our shareholders, such shareholders may experience a dilution of ownership interest or such new securities may confer rights and privileges that take priority over the Shares registered pursuant to this Offering.

**We do not intend to pay dividends on the Shares in the foreseeable future.**

We intend to retain any future earnings to finance the development and expansion of our business. Therefore, we do not anticipate paying any cash dividends on the Shares in the foreseeable future unless otherwise resolved by the Board of Directors of the Company (the "**Board**"). The Board would consider the results of our business operations, financial position, and other factors before it exercises its discretion to pay dividends. As we do not plan to pay dividends at present, capital appreciation of your Shares may be the sole source of income of your shareholdings.

**Our director owns a large percentage of our outstanding Shares and could exercise control over some of our corporate matters.**

Mr. Chan, our proposed executive director, will beneficially own (i) approximately 49.40% (assuming exercise of the over-allotment option) and (ii) approximately 50.88% (assuming no exercise of the over-allotment option) of our total issued and outstanding Shares of our outstanding Shares upon the completion of this Offering, depending on whether the Underwriter's Option is exercised in full. As a result, he can exercise control over some matters that require us to obtain shareholder approval, including the election of directors to our board and approval of significant corporate transactions that we may consider, such as a merger or other sale of the Shares or assets. This concentration of ownership in the Shares will limit the other shareholders' ability to influence corporate matters and may have the effect of delaying or preventing a third party from acquiring control over us.

**Future sales of substantial amounts of the Shares by existing shareholders could adversely affect the price of the Shares.**

If our existing Shareholders sell substantial amounts of the Shares following the Offering, the market price of the Shares could fall. Such sale by our existing Shareholders might make it more difficult for us to issue new equity or equity-linked securities in the future at a time and place we deem appropriate.

**The Shares may be subject to substantial price and volume fluctuation due to a number of factors, many of which are beyond our control and may prevent our shareholders from reselling the Shares at a profit.**

The market price of the Shares may be volatile and may fluctuate substantially due to many factors, including:

● price and volume fluctuations in the overall stock market;

● announcements of the introduction of new products or services by us or our competitors;

● actual fluctuation in our quarterly operating results, and concerns by investors that such fluctuations may occur in the future;

● deviation in our operating results from the estimates of securities analysts or other analysts;

● additions or departures of key personnel;

● legislation, including measures affecting the energy services sector; and

● developments concerning current or future strategic collaborations.

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

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

In addition, if the trading volumes of our Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Shares. This low volume of trades could also cause the price of our Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Shares. As a result of this volatility, investors may experience losses on their investment in our Shares. A decline in the market price of our Shares also could adversely affect our ability to issue additional shares or other of our securities and our ability to obtain additional financing in the future. There is no assurance that an active market in our Shares will develop or be sustained. If an active market does not develop, holders of our Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

***We*** ***will incur significant expenses and devote other significant resources and management time as a result of being a public company, which may negatively impact our financial performance and could cause our results of operations and financial condition to suffer.***

We will incur significant legal, accounting, insurance and other expenses as a result of being a public company. Laws, regulations and standards relating to corporate governance and public disclosure for public companies, including the Dodd-Frank Act of 2010, the Sarbanes-Oxley Act, regulations related thereto and the rules and regulations of the SEC and NYSE American, will significantly increase our costs as well as the time that must be devoted to compliance matters. We expect that compliance with these laws, rules, regulations and standards will substantially increase our expenses, including our legal and accounting costs, and make some of our operating activities more time-consuming and costly. These new public company obligations also will require attention from our senior management and could divert their attention away from the day-to-day management of our business. We also expect these laws, rules, regulations and standards to make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified persons to serve on our Board of Directors or as officers. As a result of the foregoing, we expect a substantial increase in legal, accounting, insurance and certain other expenses in the future, which will negatively impact our financial performance and could cause our results of operations and financial condition to suffer. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our Shares, fines, sanctions and other regulatory actions and potential civil litigation.

**We may lose our status as a "foreign private issuer" in the United States, which would result in increased costs related to regulatory compliance under United States securities laws.**

The Company will cease to qualify as a "foreign private issuer," as defined in Rule 405 promulgated under the U.S. Securities Act of 1933, as amended (the "**Securities Act**") and Rule 3b-4 promulgated under the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), if, as of the last business day of our second fiscal quarter, more than 50 percent of the outstanding Shares are directly or indirectly owned by residents of the United States. If we determine that we fail to qualify as a foreign private issuer, the Company will cease to be eligible to avail itself of the forms and rules designated for foreign private issuers beginning on the first day of the fiscal year following such determination. Among other things, this will result in loss of the exemption from registration under the Exchange Act provided by Rule 12g3-2(b) promulgated thereunder, and, if the Company is required to register the Shares under section 12(g) of the Exchange Act, we will have to do so as a domestic Company. Further, any securities that we issue in unregistered or unqualified offerings both within and outside the United States will be "restricted securities" (as defined in Rule 144(a)(3) promulgated under the Securities Act), and will continue to be subject to United States resale restrictions notwithstanding their resale in "offshore transactions" pursuant to Regulation S promulgated under the Securities Act. As a practical matter, this will likely require us to register more offerings of our securities under the Securities Act on either a primary offering or resale basis, even if they take place entirely outside the United States. The resulting legal and administrative costs of complying with the resulting regulatory requirements are anticipated to be substantial, and to subject the Company to additional exposure to liability for which we may not be able to obtain insurance coverage on favorable terms, or at all.

**Terms of subsequent financings, if any, may adversely impact investors' investments.**

We may have to engage in equity or debt financings in the future. The rights and the value of each investor's investment in the Shares could be reduced by the dilution caused by future equity issuances. Interest on debt securities could increase costs and negatively impact operating results. If we need to raise more equity capital from the sale of additional stock, institutional or other investors may negotiate terms at least as, and possibly more favorable than the terms of the investors' investments.

***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 in the Cayman Islands and our Operating Subsidiary is incorporated in Hong Kong.***

We are incorporated under the laws of the Cayman Islands and most of our directors and officers reside outside the United States. Moreover, such directors and officers may not have significant assets in the United States. As a result, it may be difficult or impossible to effect service of process within the United States upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.

Conyers Dill & Pearman, our Cayman Islands counsel, have advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Conyers Dill & Pearman has further advised us that the courts of the Cayman Islands would recognize as a valid judgment a final and conclusive judgment *in personam* obtained in the foreign courts (other than judgements from certain Australian courts which are recognized under the Foreign Judgements Reciprocal Enforcement Act) 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) or, in certain circumstances, an *in personam* judgment for non-monetary relief, 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 Cayman 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 Cayman Islands, (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands, and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands.

In addition, Fairbairn Catley Low & Kong, our counsel as to Hong Kong law, has also advised us that there is uncertainty as to whether a Hong Kong court 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. Generally, a foreign judgment may either be registered in accordance with a mutual enforcement arrangement between Hong Kong and the jurisdiction in which the foreign judgment was obtained or be enforced thorough initiating fresh proceeding in Hong Kong under common law. Nevertheless, there is currently no such mutual enforcement arrangement between Hong Kong and the United States. Furthermore, a common law action for recognition of foreign judgment is subject to certain requirements in relation to, among others, the nature of the judgment.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests through actions against us or our officers, directors or major shareholders than they would as public shareholders of a corporation incorporated in the United States. For details, see "Enforceability of Civil Liabilities."

**Economic substance legislation of the Cayman Islands may adversely impact us or our operations.**

The Cayman Islands, together with several other non-European Union jurisdictions, have introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the International Tax Co-operation (Economic Substance) Act, (2020 Revision) (the "Substance Act") came into force in the Cayman Islands introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain "relevant activities,". As we are a Cayman Islands company, compliance obligations include filing annual notifications for the Company, which need to state whether we are carrying out any relevant activities and if so, whether we have satisfied economic substance tests to the extent required under the Substance Act. The Substance Act continues to evolve over time and is subject to further clarification and amendments. We may need to allocate additional resources to keep updated with these developments, and may have to make changes to our operations in order to comply with all requirements under the Substance Act. Failure to satisfy these requirements may subject us to penalties under the Substance Act.

**Use of Proceeds**

The net proceeds from this Offering (after deduction of underwriting fees being 7.5% underwriting discount, commission and 1% non-accountable expenses, and estimated expenses payable being approximately US$2.0 million (equivalent to approximately HK$15.6 million) by us in relation to this Offering), as follows assuming an offer price of US$4.00 per Share (the "**Offer Price**"), being the price set forth on the cover page of this Prospectus, and excluding any exercise of the Underwriter's over-allotment option are estimated to be approximately US$7.1 million (equivalent to HK$55.4 million).

● approximately US$2.2 million (equivalent to approximately HK$17.3 million), representing approximately 31.0% of the net proceeds of this Offering, for expanding the production capacity of our production base for PCM by the construction of a factory with a floor area of approximately 200,000 square feet, together with the acquisition of necessary machinery for production.

● approximately US$3.40 million (equivalent to approximately HK$26.5 million), representing approximately 47.9% of the net proceeds of this Offering, for repaying our other borrowings. Our other borrowings are contributed by 3 individuals who are independent third parties with interest rates of 10%, 5%, and 5%, fixed rate per annum, respectively and a related party with interest rate of 5%. The agreement date for the loans were July 7, 2017, September 3, 2018, May 15, 2010 and September 3, 2018, respectively. The loans are non-convertible and repayable upon the Company's listing on NYSE American. The loans were mainly for setting up our production base and working capital, operating expenses, and other general corporate purposes.

● We borrowed HK$4.1 million (equivalent to approximately US$0.5 million) from The Hong Kong and Shanghai Banking Corporation Limited ()"**HSBC**") in 2021. The interest rate was 3% per annum with a maturity date on January 18, 2030 and June 9, 2030 for each HSBC loan. Such borrowing was used for the fulfillment of our obligation in our HAECO project. We plan to repay such bank borrowing upon the listing of the Shares on a national securities exchange, the outstanding balance was approximately HK$2.6 million or US$0.3 million as of March 31, 2025, which represents approximately 4.2% of the net proceeds of this Offering.

● approximately US$1.2 million (equivalent to HK$9.4 million), representing approximately 16.9% of the net proceeds of this Offering, as working capital, operating expenses, and other general corporate purposes.

We plan to use the net proceeds from this Offering (after deduction of underwriting fees being 7.5% underwriting discount and commission and 1% non-accountable expenses, and estimated expenses payable being approximately US$2.0 million (equivalent to approximately HK$15.6 million) by us in relation to this Offering), as follows assuming an offer price of US$4.00 per Share and including full exercise of the Underwriter's over-allotment option to be approximately US$8.5 million (equivalent to HK$66.3 million):

● approximately US$3.1 million (equivalent to approximately HK$24.3 million), representing approximately 36.5% of the net proceeds of this Offering, for expanding the production capacity of our production base for PCM by the construction of a factory with a floor area of approximately 200,000 square feet, together with the acquisition of necessary machinery for production.

● approximately US$3.40 million (equivalent to approximately HK$26.5 million), representing approximately 40.0% of the net proceeds of this Offering, for repaying our other borrowings. Our other borrowings are contributed by 3 individuals who are independent third parties with interest rates of 10%, 5%, and 5%, fixed rate per annum respectively and a related party with interest rate of 5%. The agreement date for the loans were July 7, 2017, September 3, 2018, May 15, 2010 and September 3, 2018, respectively. The loans are non-convertible and repayable upon the Company's listing on NYSE American. The loans were mainly for setting up our production base and working capital, operating expenses, and other general corporate purposes.

● We borrowed HK$4.1 million (equivalent to approximately US$0.5 million) from HSBC in 2021. The interest rate was 3% per annum with a maturity date on January 18, 2030 and June 9, 2030 for each HSBC loan. Such borrowing was used for the fulfillment of our obligation in our HAECO project. We plan to repay such bank borrowing upon the listing of the Shares on a national securities exchange, the outstanding balance was approximately HK$2.6 million or US$0.3 million as of March 31, 2025, which represents approximately 3.5% of the net proceeds of this Offering.

● approximately US$1.7 million (equivalent to approximately HK$13.3 million), representing approximately 20.0% of the net proceeds of this Offering, as working capital, operating expenses, and other general corporate purposes.

To the extent that the net proceeds are not immediately applied to the above purposes and to the extent permitted by applicable law and regulations, we intend to deposit the net proceeds into short-term demand deposits. We will make an appropriate announcement if there is any material change to the above proposed use of proceeds or if any material amount of the proceeds will be used for general corporate purpose.

Pending determination of the use of the net proceeds from this Offering, we intend to invest them in a variety of capital preservation investments, including short-term, investment-grade, interest-bearing instruments, and government securities.

**Determination of Offering Price**

The offering price of the Shares will be determined by us and the Underwriter at the time of pricing.

The offering price of the Shares does not necessarily bear any relationship to market value, our book value, assets, past operating results, financial condition, or any other established criteria of value. Accordingly, the offering price should not be considered an indication of the actual value of the Shares.

**Market for the SHARES and Related Shareholder Matters**

As of the date of this Prospectus, our authorized share capital is US$50,000 divided into 50,000,000 Shares with a par value of US$0.001 each, of which 10,000,000 Shares are issued and outstanding.

Upon completion of this Offering, 12,500,000 Shares (assuming no exercise of the over-allotment option included in this Offering) will be issued and outstanding.

Upon completion of this Offering, 12,875,000 Shares (assuming full exercise of the over-allotment option included in this Offering) will be issued and outstanding.

Sales of substantial amounts of Shares in the public market could adversely affect prevailing market prices of the Shares.

**Dividend Policy**

We have never declared or paid cash dividends to our shareholders, and we do not intend to pay cash dividends in the foreseeable future. We intend to reinvest any earnings in developing and expanding our business. Any future determination relating to our dividend policy will be at the discretion of the Board of Directors and will depend on a number of factors, including future earnings, our financial condition, operating results, contractual restrictions, capital requirements, business prospects, our strategic goals and plans to expand our business, applicable law and other factors that the Board may deem relevant.

Under Cayman law, dividends may be declared and paid only out of funds legally available therefor, namely out of either profit or our share premium account, and provided further that a dividend may not be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.

See "*Risk Factors – We do not intend to pay dividends on the Shares in the foreseeable future.*"

**Dilution**

If you invest in our Shares in this offering, your interest will be diluted to the extent of the difference between the Offering price per Share and the pro forma as adjusted net tangible book value per share of our Shares immediately after this Offering. The historical net tangible book value of our Shares as of March 31, 2025 was approximately negative US$2,881,398, or approximately negative US$0.29 per Share based upon 10,000,000 Shares outstanding as of that date. Net tangible book value per Share represents our total tangible assets less our total liabilities, divided by the number of Shares outstanding at March 31, 2025.

After giving effect to the receipt of the net proceeds from our sale of 2,500,000 Shares in this Offering at an assumed public offering price of US$4.00 per Share, and after deducting underwriting discounts and commissions and estimated Offering expenses payable by us, pro forma as adjusted net tangible book value as of March 31, 2025 would have been approximately US$5,822,269, or US$0.47 per Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.75 per Share to existing shareholders and an immediate dilution of US$3.53 per Share, assuming no value is attributed to the over-allotment option, to new investors purchasing our Shares in this offering.

The following table illustrates this dilution on a per share basis to new investors:

---

| | | |
|:---|:---|:---|
| Assumed public offering price per Share | US$ | 4.00 |
| Historical net tangible book value per share at March 31, 2025 | US$ | (0.29) |
| Increase in net tangible book value per share after this offering | US$ | 0.75 |
| Pro forma as adjusted net tangible book value per share as of March 31, 2025 after giving further effect to this offering | US$ | 0.47 |
| Dilution in pro forma as adjusted net tangible book value per share to new investors | US$ | 3.53 |

---

The following table summarizes, on a pro forma as adjusted basis as of March 31, 2025, the aggregate number of our Shares, as well as the total consideration and the average price per Share paid to us by existing shareholders and to be paid by new investors acquiring our common stock in this offering, assuming no value is attributed to the over-allotment option.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Considerations** | **Total Considerations** | **Total Considerations** | **Average Price** | **Average Price** |
|  | **Number** | **%** | **Amount** | **Amount** | **%** | **Per Share** | **Per Share** |
| Existing shareholders before this offering | 10000000 | 80.00% | US$ | 10000 | 0.10% | US$ | 0.001 |
| Investors participating in this offering, assuming no value is attributed to the over-allotment option | 2500000 | 20.00% | US$ | 10000000 | 99.90% | US$ | 4.00 |
| Total | 12500000 | 100.00% | US$ | 10010000 | 100.00% | US$ | 0.80 |

---

The table above assumes no exercise of the over-allotment option. If the over-allotment option, if any, in connection with this offering, is exercised in full, the number of Shares held by the existing shareholders after this Offering would be reduced to 77.67% of the total number of Shares outstanding after this Offering, and the number of Shares held by new investors would increase to 2,875,000 Shares, or 22.33% of the total number of Shares outstanding after this Offering.

**Capitalization and Indebtedness**

The following table sets forth the capitalization and indebtedness of the Company as of March 31, 2025 on:

● an actual basis; and

● a pro forma as adjusted basis to reflect: (i) the above; (ii) the issuance and sale of 2,500,000 Shares in this Offering at an assumed initial public offering price of US$4.00 per Share, assuming the Underwriter does not exercise its over-allotment option after deducting underwriting discounts and estimated offering expenses payable by us; and (iii) the issuance and sale of 2,875,000 Shares in this Offering at an assumed Offering price of US$4.00 per Share, assuming full exercise of the 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 this Offering. You should read this table in conjunction with "*Use of Proceeds*," "*Selected Financial Data*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements and related notes included elsewhere in this registration statement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**As of March 31, 2025** | &nbsp;&nbsp;**As of March 31, 2025** | &nbsp;&nbsp;**As of March 31, 2025** | &nbsp;&nbsp;**As of March 31, 2025** |
| <br>&nbsp;&nbsp;**Shareholders' Equity** | &nbsp;&nbsp;**Actual** | &nbsp;&nbsp;**Actual** | &nbsp;&nbsp;**Pro Forma<br> As adjusted<br> (giving effect<br> to sale of 2,500,000<br> Shares) <sup>(1)</sup>** | &nbsp;&nbsp;**Pro Forma<br> As adjusted<br> (giving effect<br> to sale of 2,875,000<br> Shares) <sup>(1)</sup>** |
|  | HK$ | US$ | US$ | US$ |
|  |  | '000 | '000 | '000 |
| **Indebtedness:** |  |  |  |  |
| Indebtedness and Borrowings **<sup>(2)</sup>** | 30904401 | 3962 | 215 | 215 |
| Non-current liabilities **<sup>(3)</sup>** |  |  |  |  |
| **Shareholder's Equity:** |  |  |  |  |
| Shares, par value US$0.001 per share, 50,000,000 Shares authorized, 10,000,000 Shares outstanding on an actual basis, and 12,500,000 shares outstanding on a pro forma as adjusted basis (assuming 2,500,000 ordinary shares to be issued in this offering); and 12,875,000 shares outstanding on a pro forma as adjusted basis (assuming 2,875,000 ordinary shares to be issued in this offering) | 78000 | 10.0 | 12.5 | 12.9 |
| Share premium | 5048160 | 647 | 647 | 647 |
| Additional paid-in capital **<sup>(4)</sup>** |  |  | 8747 | 10079 |
| Accumulated loss <sup>(5)</sup> | (37351826) | (4789) | (5023) | (4983) |
| Other reserve | 11221781 | 1439 | 1439 | 1439 |
| **Total Shareholders' Equity** | (21003885) | (2693) | 5822 | 7195 |
| **Total Capitalization** | 9900516 | 1269 | 6037 | 7410 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 pro forma as adjusted information discussed above is illustrative only and will be adjusted
 based on the actual public offering price and other terms of this offering determined at
 pricing and included the repayment of bank and other borrowings as stated in the "Use of Proceeds"
 section.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Indebtedness
 refers to financial liabilities of the Company and its subsidiaries (the "Group"),
 such as amount due to Directors and Shareholder and Bank and other borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Non-current
 liabilities are included in the table when it is the Company's financial liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Pro
 forma additional paid-in capital (APIC) reflects the offering's gross proceeds, less
 the par value of the shares, underwriting discounts, and other offering expenses that are
 recognized as a deduction from equity under IFRS. In accordance with IAS 32.37 and IAS 32.38,
 offering expenses that relate to both share issuance and listing functions should be allocated
 between these two categories on a rational and consistent basis. As disclosed in the F-1,
 we estimate total offering expenses to be approximately US$2,000,665. (a)
The Company is issuing 2,500,000 new shares in conjunction with the listing of 10,000,000 existing shares. Accordingly, we allocated
20% of the estimated offering expenses to the share issuance, amounting to approximately US$400,133. Therefore, the pro forma
APIC is calculated as follows: US$10,000,000 (offering gross proceeds) minus US$2,500 (share par value), minus US$850,000
(underwriting discounts and non-accountable expense), minus US$400,133 (allocated offering expenses), resulting in a pro
forma APIC of US$8,747,367. (b)
For full exercise of the Underwriter's over allotment option, the Company is issuing 2,875,000 new shares in conjunction
with the listing of 10,000,000 existing shares. Accordingly, we allocated 22% of the estimated offering expenses to the share issuance,
amounting to approximately US$440,146. Therefore, the pro forma APIC is calculated as follows: US$11,500,000 (offering gross proceeds)
minus US$2,875 (share par value), minus US$977,500 (underwriting discounts and non-accountable expense), minus US$440,146 (allocated
offering expenses), resulting in a pro forma APIC of US$10,079,479.

(5) The
 increase in accumulated loss on a pro forma as adjusted basis reflects the portion of the
 offering expenses related to the listing function. (a) As noted in (4), we estimate total
 offering expenses to be approximately US$2,000,665, and we have allocated 80% of these expenses,
 or US$1,600,532, to the listing function, which should be recognized as an expense in the
 statement of profit or loss and other comprehensive income. As of March 31, 2025, US$1,365,740
 of these expenses had already been recognized. Therefore, the increase in accumulated loss
 on a pro forma as adjusted basis is expected to be US$234,792. (b) For full exercise of the
 Underwriter's over allotment option, we allocated 78% of these expenses, or
 approximately US$1,560,519, to the listing function. Therefore, the increase in accumulated
 loss on a pro forma as adjusted basis is expected to be US$194,779.

**Selected Financial Data**

*The following tables set forth selected consolidated financial information for the years ended March 31, 2025 and 2024. Our historical results are not necessarily indicative of the results that may be expected in the future. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this Prospectus as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," appearing elsewhere in the Prospectus.*

**Consolidated Statements of Loss and Other Comprehensive Loss**

**for the Years Ended March 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | 2025 | 2024 |
|  | (HK$) | (HK$) |
| Revenue | 16574921 | 5236436 |
| Cost of revenue | (12823515) | (3791302) |
| Gross profit | 3751406 | 1445134 |
| Administrative expenses | (7668127) | (7102218) |
| Operating loss | (3916721) | (5657084) |
| Finance costs | (2445201) | (2512023) |
| Other income | 379702 | 247167 |
| Loss before tax | (5982220) | (7921940) |
| Income tax recovery | - | - |
| Loss and comprehensive loss for the year | (5982220) | (7921940) |

---

**Consolidated Statements of Financial Position as at March 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31,**  | **As at**<br> **March 31,**  |
|  | 2025 | 2024 |
|  | (HK$) | (HK$) |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalent | 1384211 | 258304 |
| Prepayments and deposits | 2289826 | 1757619 |
| Trade and other receivables | 1643862 | 612248 |
| Contract fulfillment costs | 662929 |  |
| Deferred listing expenses | 1471020 | 935300 |
| Amount due from a shareholder | - | 481293 |
| **Total current assets** | 7451848 | 4044764 |
| **Non-current assets** |  |  |
| Property, plant and equipment | 14505410 | 17966127 |
| Right-of-use assets | 169512 | 395529 |
| Rental deposits |  | 69778 |
| Prepayment | 2356132 | 1474032 |
| **Total non-current assets** | 17031054 | 19905466 |
| **Total assets** | 24482902 | 23950230 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| Trade and other payables | 9914613 | 8609438 |
| Contract liabilities | 4667773 |  |
| Lease liabilities | 169581 | 214978 |
| Amounts due to a shareholder | 689922 | 689922 |
| Amount due to a director | 821243 | 700000 |
| Bank and other borrowings | 29223655 | 29787975 |
| **Total current liabilities** | 45486787 | 40002313 |
| **Non-current liabilities** |  |  |
| Lease liabilities | - | 169582 |
| **Total liabilities** | 45486787 | 40171895 |
| **Shareholders' deficit** |  |  |
| Share capital | 78000 | 78000 |
| Share premium | 5048160 | 5048160 |
| Other reserve | 11221781 | 10021781 |
| Accumulated deficit | (37351826) | (31369606) |
| **Total Shareholders' deficit** | (21003885) | (16221665) |
| **Total liabilities and shareholders' deficit** | 24482902 | 23950230 |

---

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of the Company's financial condition and results of operations should be read together with its financial statements and related notes appearing elsewhere in this Prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this Prospectus, including information with respect to the Company's plans and strategy for its business and related financing, includes forward-looking statements involving risks and uncertainties and should be read together with the "Risk Factors" section of this Prospectus for a discussion of important factors which could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

**Company Overview**

We are a provider of advanced energy saving solutions supported by proprietary phase change thermal energy storage materials and thermal engineering services. Our mission statement is "to preserve the world by decarbonization technologies". As an advocate of decarbonization, we design, develop, and provide customized energy saving solutions that increase economic benefits of our clients and reduce carbon emissions for a sustainable future.

As carbon emissions continue to build up in the atmosphere at historic levels, the theme of decarbonization has been gaining momentum on the international stage, and companies and governments all over the world are facing more pressure than ever to develop and execute a meaningful net-zero strategy, especially after the adoption of the Paris Agreement and the Glasgow Climate Pact in 2015 and 2021, respectively. Even though decarbonization strategies vary significantly across industries, it is believed that transitioning to clean-energy sources is a far more visible pathway toward net zero for many organizations. It is in such context that we have devised and have been consolidating our corporate mission to research, develop, strategize, and commercialize our decarbonization technology and products that not only considerably increase economic benefits of our clients, but also contribute to the global campaign of decarbonization and ultimately a more sustainable future.

Our proprietary technology is a PCM thermal energy storage ("**TES**") technology. By applying material science and nanotechnology, we have successfully invented and manufactured our PCM which allows temporary storage of excess thermal energy for later use and thereby bridges the gap between energy availability and energy use ("**BocaPCM-TES Technology**").

With our industry experience and professional expertise, we have put our BocaPCM-TES Technology into practice and invented our product – "BocaPCM-TES Panel" – a custom-made high-density polyethylene ("**HDPE**") plastic encapsulated container fully filled with our PCM solution. Currently, we have developed more than 20 types of PCM, each of which has a unique phase change temperature and TES capacity to accommodate different temperature requirements in various PCM-TES applications. Based on the type of PCM solution filled into the HDPE plastic containers, we are able to manufacture customized BocaPCM-TES Panels with a wide range of operating temperatures from -86°C to +600°C to suit our clients' needs. Accordingly, our BocaPCM-TES Panels can be utilized in many heating, ventilation, and air conditioning ("**HVAC**") and refrigeration applications.

By utilizing our customized BocaPCM-TES Panels, we design, develop, and manufacture our phase change material thermal energy storage system ("**BocaPCM-TES System**") and apply it on various central air conditioning systems (collectively, "**Ultra-High Efficiency Boca Hybrid Power Chiller Plant**"). Our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is essentially an advanced cooling system that can be deployed in most existing and new buildings, and it is environmentally friendly with a long lifespan. Operating alongside with our self-developed fully automatic control system, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can increase its efficiency by optimization control model that shifts chiller plant's cooling load from on-peak periods to off-peak periods through applying real-time electricity demand peak management, resulting in a lower running cost due to lower tariff rate charged during off-peak periods. Taking our HAECO Project as a reference, buildings installed with our Ultra-High Efficiency Boca Hybrid Power Chiller Plant are able to reduce at least 40% of electricity consumption during all running time, and approximately 50% to 70% of the running cost (depending on the local electricity tariff) when compared with conventional central air conditioning systems. As a result, our technology and products not only contribute to the global campaign of decarbonization by cutting carbon emissions directly, but also increase economic benefits of our clients.

To further our corporate mission and better grasp the market opportunities, we continue to strive to develop environmental-friendly, efficient, and cost-saving technologies and solutions for the benefit of our clients and the world at large.

We generated revenue of approximately HK$16.6 million and HK$5.2 million for the years ended March 31, 2025 and 2024, respectively. The revenue for the year ended 31 March 2024 primarily came from providing energy saving services by using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant located at the headquarters of HAECO in Hong Kong International Airport, for the year ended March 31, 2025, the revenue primarily came from the HAECO project, the Solar Project that the Company provides consultation on research and development services and another project with LMP International Limited for the provision of our BocaPCM-TES System at the Bayview Garden Shopping Centre, amounting of HK$5.1 million, HK$3.0 million and HK$8.5 million respectively. We intend to market and sell our products in Hong Kong, the PRC, the Republic of Korea and the Middle East.

**Operating Results**

***For the years ended March 31, 2025 and 2024***

The following table summarizes our consolidated statements of operations for the years ended March 31, 2025 and 2024. The selected financial information has been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and should be read in conjunction with the Company's consolidated financial statements and related notes corresponding to such periods.

---

| | | |
|:---|:---|:---|
|  | **For the years ended**<br> **March 31,** | **For the years ended**<br> **March 31,** |
|  | 2025 | 2024 |
|  | (HK$) | (HK$) |
| Revenue | 16574921 | 5236436 |
| Cost of revenue | (12823515) | (3791302) |
| Gross profit | 3751406 | 1445134 |
| Administrative expenses | (7668127) | (7102218) |
| Operating loss | (3916721) | (5657084) |
| Finance costs | (2445201) | (2512023) |
| Other income | 379702 | 247167 |
| Loss before tax | (5982220) | (7921940) |
| Income tax expense | - | - |
| Loss and comprehensive loss for the year | (5982220) | (7921940) |

---

*Revenue*

For the year ended March 31, 2025, revenue increased by approximately HK$11.3 million, or approximately 216.53%, to approximately HK$16.6 million from approximately HK$5.2 million for the year ended March 31, 2024. This increase in revenue was mainly due to the increase in consultancy fee income and construction income for the year ended March 31, 2025.

The following table sets out revenues from different services during the two years ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **HK$** | **%** | **HK$** | **%** |
| **Revenue** |  |  |  |  |
| Energy saving services | 5077844 | 30.6 | 5236437 | 100.0 |
| Construction service | 8497077 | 51.3 |  |  |
| Consultancy service | 3000000 | 18.1 | - | - |
| Total | 16574921 | 100.0 | 5236437 | 100.0 |

---

*Cost of revenue*

For the year ended March 31, 2025, cost of revenue increased by approximately HK$9 million, or approximately 238.24%, to approximately HK$12.8 million from approximately HK$3.8 million for the year ended March 31, 2024, the increase was in line with the increase in revenue.

*Gross profit and gross profit margin*

For the year ended March 31, 2025, gross profit increased by approximately HK$2.3 million, or approximately 159.59%, to approximately HK$3.8 million from approximately HK$1.4 million for the year ended March 31, 2024. This increase was in line with the increase in revenue of approximately 216.53% and 238.24% increase in cost of revenue. Our gross profit margin was approximately 23% for the year ended March 31, 2025, decreased by approximately 5% as compared to 28% for the year ended March 31, 2024. The decrease in gross profit margin was mainly due to: (i) higher repair and maintenance costs and reduced revenue from chiller plant maintenance in energy savings services income; (ii) costs attributed to consultancy services income limited to director's salaries as direct costs; and (iii) for one construction project, the Group recognized revenue only to the extent of that cost incurred, as the Group was unable to reasonably measure the progress of the project, and the cost incurred was not proportionate to the progress in satisfying the performance obligation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **March 31,** | **March 31,** | **March 31,** | **March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Gross Profit** | **Gross Margin** | **Gross Profit** | **Gross Margin** |
|  | **HK$** | **%** | **HK$** | **%** |
| Energy Savings Services | 992384 | 19.5 | 1445133 | 27.6 |
| Construction service |  | 0.0 |  | 0.0 |
| Consultancy service | 2759022 | 92.0 | - | 0.0 |
| Overall | 3751406 | 22.6 | 1445133 | 27.6 |

---

*Administrative expenses*

For the year ended March 31, 2025, administrative expenses increased by approximately HK$0.6 million to approximately HK$7.7 million, as compared to approximately HK$7.1 million for the year ended March 31, 2024. The increase was mainly due to the increase of professional fees during the year.

*Finance costs*

For the year ended March 31, 2025, finance costs remained steady at approximately HK$2.4 million and approximately HK$2.5 million for the year ended March 31, 2024.

*Net Loss*

For the year ended March 31, 2025, loss and comprehensive loss for the year decreased by approximately HK$1.9 million, or approximately 24.49% to approximately HK$6.0 million from approximately HK$7.9 million for the year ended March 31, 2024. The decrease was in line with the increase in gross profit during the year.

**Liquidity and Capital Resources**

Historically, we funded our operations primarily through cash generated from our operating activities, bank and other borrowings and financing from related parties and shareholders. As of March 31, 2025 and 2024, we had HK$1,384,211 (approximately US$177,463) and HK$258,304 (approximately US$33,116), respectively, in cash. Our cash and cash equivalents primarily consist of cash in banks which are unrestricted as to withdrawal or use. As of March 31, 2025 and 2024, we had bank and other borrowings of approximately HK$29.2 million (approximately US$3.7 million) and approximately HK$29.8 million (approximately US$3.8 million), respectively. As of March 31, 2025, we had net current liabilities of approximately HK$38.0 million (approximately US$4.9 million). Our ability to continue to operate on a going-concern basis is dependent on our management's ability to successfully execute our business plans, which include increasing revenue while controlling operating expenses, as well as generating operating cash flows and continuing to obtain external sources of financing when necessary. We intend to finance our future working capital requirements and capital expenditures from cash generated from operating activities, bank borrowings and from the net proceeds we will receive from this offering.

When considering our liquidity position and our future capital resources and needs, we take into account our ability to generate revenue, generate operating cash flows and our ability to continue to obtain external sources of financing. Based on cash flow projections for operating activities and available loan facilities, we believe that we have sufficient funds for sustainable operations and will be able to meet our payment obligations from operations and debt related commitments for the next twelve months from the date of the prospectus. See "Risk Factors – We might need to raise additional capital in the future to fund our existing commercial operations, develop and commercialize new products and technologies and expand our operations."

Our total capital as at March 31, 2025 and 2024, is set forth in the table below.

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| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31,**<br> **2025** | **As at**<br> **March 31,**<br> **2024** |
|  | (Audited) | (Audited) |
|  | HK$ | HK$ |
| **Net (cash)** | 1384211 | 258304 |
| **Total shareholders' equity** | (21003885) | (16221665) |

---

As of March 31, 2025, we had one capital commitment for purchasing residential property for director's accommodation. See "*Management's Discussion And Analysis of Financial Condition and Results of Operations —*Capital Expenditures*.*"

We may require additional capital for the development of our business operations and commercialization of the products we are currently developing or may develop in the future. See "*Risk Factors — Risks Related to Our Business and Industry — Our business relies on debt financing to settle upfront costs in relation to our performance-based contracts.*"

***For the years ended March 31, 2025 and 2024***

The following table summarizes our sources and uses of cash and cash equivalents for the years ended March 31, 2025 and 2024.

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| | | |
|:---|:---|:---|
|  | **For the year ended<br> March 31,** | **For the year ended<br> March 31,** |
|  | 2025 | 2024 |
|  | (HK$) | (HK$) |
| **Operating Activities** |  |  |
| Net cash provided by operating activities | 5045485 | 1359309 |
| **Cash used in investing activities** |  |  |
| Prepayment of property, plant and equipment | (1272100) |  |
| **Financing Activities** |  |  |
| Payment of loans from directors | (729302) | (259021) |
| Loans from directors | 843647 | 2394783 |
| Principal repayments of borrowings | (564320) | (580730) |
| Interest paid on borrowings and overdraft | (1965903) | (2585160) |
| Interest paid on lease liabilities | (16621) | (58174) |
| Repayment of lease liabilities | (214979) | (389426) |
| Net cash generated from/(used in) financing activities | (2647478) | (1477728) |
| Net increase /(decrease) in cash | 1125907 | (118419) |
| Cash at the beginning of the year | 258304 | 376723 |
| Cash at the end of the year, represented by bank balances and cash | 1384211 | 258304 |

---

***Operating Activities***

For the year ended March 31, 2025, net cash provided by operating activities increased by approximately of HK$3.7 million or 271%, to approximately HK$5.0 million from approximately HK$1.4 million for the year ended March 31, 2024. The company has net operating cash inflow before movements in working capital of approximately HK$2.2 million. With the net loss of approximately HK$6.0 million, as adjusted for (i) finance costs of approximately HK$2.4 million chiefly consisting of interest on our loans and borrowings; (ii) depreciation of property, plant, and equipment of approximately HK$3.5 million; and (iii) forgiveness of director's remuneration of approximately HK$1.2 million. Movements in working capital resulted in a net cash inflow of approximately HK$2.8 million, primarily consisting of (i) increase in contract fulfillment cost of approximately HK$0.7 million; (ii) increase in prepayments and deposits of approximately HK$0.6 million; (iii) increase in trade and other receivables of HK$1.0 million; and (iv) increase in contract liabilities of approximately HK$4.7 million.

***Investing Activities***

For the year ended March 31, 2025, cash used in investing activities rose to approximately HK$1.27 million, compared to HK$0 for the year ended March 31, 2024. This increase resulted from a prepayment for property, plant, and equipment, including a deposit of HK$950,000 and associated direct costs of HK$322,100 for the acquisition of a residential property intended for director accommodation.

***Financing Activities***

For the year ended March 31, 2025, we had net cash used in financing activities of approximately HK$2.6 million. We had net cash used in financing activities of approximately HK$1.5 million for the year ended March 31, 2024. The change was primarily consisting of (i) interest paid on borrowings and overdraft of approximately HK$2.0 million; (ii) principal repayment of borrowings of approximately HK$564,320; (iii) proceed for loan from directors of approximately HK$843,647; (iv) repayment of lease liabilities of approximately HK$214,979; and (v) repayment of loans from directors of HK$729,302.

**Research and Development**

For the years ended March 31, 2025 and 2024, our research and development strategies mainly focused on two areas that are fundamental to our growth and business operation, namely our PCM and fully automatic control system:

● *Continuous commitment in developing various PCM*. With the outbreak of COVID-19, pharmaceutical companies around the world have been investing a huge amount of resources in the invention of vaccines for protecting the health of the public. However, the delivery of vaccines in a cost-effective way has been an issue for these companies because certain brands of vaccines require a low-temperature environment during transportation. After discovering this potential business opportunity, we carried out numerous experiments and successfully invented seven PCM with phase change temperature ranging from -10.6°C to -86°C. Our PCM is not only applicable in the delivery of vaccines, but we consider that our recently developed PCM also has an important role that it can play in the larger market of cold-chain logistics. In March 2022, we entered into a product development and supply agreement with a Hong Kong company to develop ultra-low temperature transportation boxes as well as a backup system of ultra-low temperature freezer with our PCM. Further details are set out in "*Our Business – Our strategy* ".

● *Improvement and advancement of our fully automatic control system*. Since the operation of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant at the headquarters of HAECO in June 2019, we have been continuously collecting the data generated by our fully automatic control system. After analyzing the data, we are able to monitor the performance of our chiller plant and improve its efficiency by adjusting our fully automatic control system. With more data to be generated in the upcoming years, we aim at further enhancing our control system by developing self-learning capability.

**Trend Information**

Other than as disclosed elsewhere in this Prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

Investors should review statements made in this Prospectus under "*Risk Factors*" and "*Our Business*" for additional information about the Company.

**Off-Balance Sheet Arrangements**

We do not have any outstanding off-balance sheet guarantees, interest rate swap transactions or foreign currency forward contracts. We do not engage in trading activities involving non-exchange traded contracts. In our ongoing business, we do not enter into transactions involving, or otherwise form relationships with, unconsolidated entities or financial partnerships that are established for the purpose of facilitating off-balance sheet arrangements for other contractually narrow or limited purposes.

**Contractual Obligations**

The following table provides our contractual obligations as at March 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Less than 1 year** | **1-5 years** | **More than 5 years** |
|  | **HK$** | **HK$** | **HK$** | **HK$** |
| Bank Borrowings | 2861491 | 117693 | 2701021 | 42777 |
| Lease Obligations | 173700 | 173700 |  |  |
| Other borrowings | 33794968 | 8600000 | 25194968 |  |
| **Total** | 36830159 | 8891393 | 27895989 | 42777 |

---

The following table provides our contractual obligations as at March 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Less than 1 year** | **1-5 years** | **More than 5 years** |
|  | **HK$** | **HK$** | **HK$** | **HK$** |
| Bank Borrowings | 3486843 | 706456 | 2737001 | 43386 |
| Lease Obligations | 405300 | 231600 | 173700 |  |
| Other borrowings | 35660748 | 8600000 | 27060748 |  |
| **Total** | 39552891 | 9538056 | 29971449 | 43386 |

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**Capital Expenditures**

The following table sets forth our capital expenditures for the years ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | For the years ended <br> March 31, | For the years ended <br> March 31, |
|  | 2025 | 2024 |
|  | HK$ | HK$ |
| Purchase of property, plant and equipment (including the prepayment for property) | (1278998) | (66995) |
| Total capital expenditures | (1278998) | (66995) |

---

For the year ended March 31, 2025, the Group entered into sales and purchase agreements with the director and his close family member, Ms. Lui Lai Yuen, and Mr. Chan Koon Wah Charles, for purchasing residential property for director's accommodation. The consideration is HK$9,500,000. As of March 31, 2025, the Group paid the deposit of HK$950,000 and related direct cost of HK$322,100. Except for above agreement, the Group had no additional commitments for capital expenditures.

**Critical Accounting Policies and Estimates**

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and contingencies at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. As a result, management is required to routinely make judgments and estimates about the effects of matters that are inherently uncertain. Actual results may differ from these estimates under different conditions or assumptions.

Critical accounting policy is both material to the presentation of financial statements and requires management to make difficult, subjective or complex judgments that could have a material effect on financial condition or results of operations. Accounting estimates and assumptions may become critical when they are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and that have a material impact on financial condition or operating performance.

Critical accounting estimates are estimates that require us to make assumptions about matters that were highly uncertain at the time the accounting estimate were made and if different estimates that we reasonably could have used in the current period, or changes in the accounting estimate that are reasonably likely occur from period to period, have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Those critical accounting policies and estimates that require the most significant judgment are discussed further below.

*Going concern and liquidity*

The Company has sustained losses for ten consecutive years. In particular, the Company incurred loss of HK$5,982,220 for the year ended Mach 31, 2025. These conditions indicate the existence of material uncertainties which may cast doubt on the Company's ability to continue as a going concern. The assessment of the going concern assumptions involves making judgment by the directors of the Company, at a particular point of time, about the future outcome of events or conditions which are inherently uncertain. The directors of the Company consider that the Company has the ability to continue as a going concern notwithstanding the major conditions that may cast doubts about the going concern assumptions.

*Impairment of property, plant and equipment and right-of-use assets*

The recoverable amount calculation requires the management of the Company to estimate higher of fair value less costs of disposal and value in use of those assets as the recoverable amount.

Property, plant and equipment and right-of-use assets are stated at costs less accumulated depreciation and impairment, if any. In determining whether an asset is impaired, the Company has to exercise judgement and make estimation, particularly in assessing: (1) whether an event has occurred or any indicators that may affect the asset value; (2) whether the carrying value of an asset can be supported by the recoverable amount, in the case of value in use, the net present value of future cash flows which are estimated based upon the continued use of the asset; and (3) the appropriate key assumptions to be applied in estimating the recoverable amounts including cash flow projections and an appropriate discount rate. When it is not possible to estimate the recoverable amount of an individual asset (including right-of-use assets), the Company estimates the recoverable amount of the cash generating unit to which the assets belong, including allocation of corporate assets when a reasonable and consistent basis of allocation can be established, otherwise recoverable amount is determined at the smallest group of cash generating units, for which the relevant corporate assets have been allocated. Changing the assumptions and estimates, including the discount rates or the growth rate in the cash flow projections, could materially affect the recoverable amounts. Where the actual future cash flows are less than expected, a material impairment loss may arise. The fair value less costs of disposal of certain assets have been determined from market available information.

The carrying amount of property, plant and equipment was HK$14,505,410 and HK$17,966,127 as at March 31, 2025, 2024, respectively; and the carrying amount of right-of-use assets was HK$169,512 and HK$395,529, respectively. Based on the management assessment, no impairment loss was provided for property, plant and equipment and right-of-use assets for March 31, 2025, 2024, respectively.

*Sensitivity analysis*

For impairment of property, plant and equipment, if the estimated annual revenue covering 4-year period were reduced by 5% and 10%, while other parameters remain constant, the recoverable amount of CGU would be reduced to HK$15,496,383 and HK$14,540,663 respectively, consequently no impairment loss would be recognised.

If discount rate was increased by 3% and 5%, while other parameters remain constant, the recoverable amount of CGU would be reduced to HK$15,739,120 and HK$15,297,806 respectively, consequently no impairment loss would be recognised.

*Construction progress measurement for revenue recognition*

The Group recognises revenue for performance obligations satisfied over time only when it is able to reasonably measure its progress toward complete satisfaction of those obligations. This requires management to exercise significant judgement in assessing the nature of the performance obligations and determining an appropriate method of measuring progress, whether based on inputs or outputs.

In certain circumstances, the Group is unable to reasonably measure the outcome of a performance obligation due to inherent uncertainties in the scope, timing, or outcome of the work performed. However, where the Group expects to recover the costs incurred in satisfying the performance obligation, revenue is recognised only to the extent of those costs incurred, in accordance with IFRS 15.

This approach reflects management's judgement that, although the final outcome cannot be reliably estimated at the reporting date, it is probable that the costs incurred will be recoverable. As such, revenue is recognised on a zero-margin basis until the point at which the outcome of the performance obligation can be reasonably measured.

For the year ended March 31, 2025, the Company recognized HK$8,497,077 of revenue and cost for MVAC installation project respectively.

**Quantitative and Qualitative Disclosure About Market Risk**

*Foreign currency risk*

The Company is exposed to foreign currency risk primarily through expenses that are denominated in a currency other than the functional currency of the operations to which they relate. The currencies giving rise to this risk are primarily US$. As HK$ is currently pegged to US$, our exposure to foreign exchange fluctuations is minimal.

*Interest rate risk*

The Company is exposed to fair value interest rate risk which arise from lease liabilities. The Company is exposed to cash flow interest rate risk in relation to variable-rate bank balances and variable rate bank borrowing due to the fluctuation of the prevailing market interest rate. The Company currently does not have a policy on hedging interest rate risk. However, the management of the Company monitors interest rate exposure and will consider hedging significant interest rate risk should the need arise.

*Sensitivity analysis*

No sensitivity analysis is presented since the directors of the Company consider that the Company's exposure to interest rate risk is insignificant. Only bank borrowing is floating rate and the balances as at March 31, 2025 were HK$2,623,655. The Company considers the interest rate fluctuation for the bank borrowings for current years ranged from 3% to 3.625%, with the limited change within 0.6%, the Company expects no material change in interest rate over the remaining term of the loans.

*Credit Risk*

As at March 31, 2025 and 2024, the Company's maximum exposure to credit risk which will cause a financial loss due to failure to discharge an obligation by the counterparties is arising from the carrying amounts of the recognized financial assets as stated in the statement of financial position.

*Trade receivables arising from contracts with customers*

In order to minimize the credit risk, management of the Company has delegated a team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. The Company only extends credit to customers based on careful evaluation of the customers' financial conditions and credit history. Credit sales of products are made to customers with an appropriate credit history. The Company performs impairment assessment under ECL model upon application of IFRS 9 on trade receivables individually or based on provision matrix. In this regard, the directors of the Company consider that the Company's credit risk is significantly reduced.

*Amount due from directors*

The Company has considered that credit risks on amount due from directors have not increased significantly since initial recognition and has assessed the ECL under 12-month ECL ("12m ECL") method based on the Company's assessment in the risk of default of the respective counterparties.

*Other receivables*

The Company assessed the impairment for its other receivables individually based on internal credit rating and ageing of these debtors which, in the opinion of the directors of the Company, have no significant increase in credit risk since initial recognition. ECL is estimated based on historical observed default rates over the expected life of debtors and is adjusted for forward-looking information that is available without undue cost or effort. Based on the impairment assessment performed by the Company, the management of the Company considers the loss allowance for other receivables within lifetime ECL was insignificant and accordingly no allowance for losses is provided.

*Cash balances* 

The credit risk on cash balances is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

*Significant concentration of credit risk*

The Company's concentration of credit risk on trade receivables by geographical locations is mainly in Hong Kong. The Company has no other significant concentration of credit risk, with exposure spread over a number of counterparties.

The Company's internal credit risk grading assessment on trade receivables and other financial assets comprise the following categories:

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| | | | |
|:---|:---|:---|:---|
| **Internal <br> credit rating** | **Description** | **Trade receivables** | **Other financial<br> assets** |
| Low risk | The counterparty has a low risk of default and does not have any past-due amounts | Lifetime ECL –<br>not credit-impaired | 12m ECL |
| Watch list | The counterparty has amounts past-due but is continuously settling after due date and with continuous business transactions with the Company | Lifetime ECL –<br>not credit-impaired | 12m ECL |
| Doubtful | There have been significant increases in credit risk since initial recognition through information developed internally or external resources while the counterparty is with continuous business transactions with the Company | Lifetime ECL –<br>not credit-impaired | Lifetime ECL –<br>not credit-impaired |
| Loss | There is evidence indicating the asset is credit-impaired | Lifetime ECL –<br>credit-impaired | Lifetime ECL –<br>credit-impaired |
| Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery | Amount is written off | Amount is written off |

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*Liquidity Risk*

In management of the liquidity risk, the Company has obtained financial support from its shareholders, which has agreed not to demand for repayment from the Company for the next coming twelve months from the date of reporting period and agreed to provide adequate funds to enable the Company to meet in full its financial obligations as they fall due for the foreseeable future. The Company monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Company's operations and mitigate the effects of fluctuations in cash flows. The Company relies on bank loans and other borrowings as a significant source of liquidity. The management monitors the utilization of bank borrowings and ensures compliance with the relevant loan covenants.

The following table details the Company's remaining contractual maturity for its non-derivative financial liabilities. The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Company can be required to pay. Specifically bank borrowings with a repayment on demand clause are included in the earliest time band regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities are based on the agreed repayment dates.

The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amounts is derived from the interest rate at the end of the reporting period.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2025 | Weighted average interest <br> rate | On demand <br> or less than <br> 1 month | 1 -3 months | 3 months <br> to <br> 1 year | 1 year <br> to <br> 5 years | Over <br> 5 years | Total <br> undiscounted <br> cash flows | Carrying <br> amount <br> at March 31, 2025 |
|  |  | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ |
| **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
| Trade payables |  | 82560 |  |  |  |  | 82560 | 82560 |
| Interest payables |  | 3000465 |  |  |  |  | 3000465 | 3000465 |
| Other payables |  | 6805288 |  |  |  |  | 6805288 | 6805288 |
| Amounts due to a director |  | 821243 |  |  |  |  | 821243 | 821243 |
| Amounts due to a shareholder |  | 689922 |  |  |  |  | 689922 | 689922 |
| Bank borrowing |  |  |  |  |  |  |  |  |
| -floating rate | 3.0% | 2623655 |  |  |  |  | 2623655 | 2623655 |
| Other borrowings |  |  |  |  |  |  |  |  |
| -fixed rate | 8.76% | 26600000 |  |  |  |  | 26600000 | 26600000 |
| Lease liabilities | 5.95% | 19300 | 38600 | 115800 | - | - | 173700 | 169581 |
| **Total** |  | 40642433 | 38600 | 115800 | - | - | 40796833 | 40792714 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2024 | Weighted average interest <br>rate | On demand <br>or less than <br>1 month | 1 -3 months | 3 months <br>to <br>1 year | 1 year <br>to <br>5 years | Over <br>5 years | Total <br>undiscounted <br>cash flows | Carrying <br>amount <br>at March 31, 2024 |
|  |  | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ |
| **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
| Trade payables |  | 499352 |  |  |  |  | 499352 | 499352 |
| Interest payables |  | 2672009 |  |  |  |  | 2672009 | 2672009 |
| Other payables |  | 5411776 |  |  |  |  | 5411776 | 5411776 |
| Amounts due to a director |  | 700000 |  |  |  |  | 700000 | 700000 |
| Amounts due to a shareholder |  | 689922 |  |  |  |  | 689922 | 689922 |
| Bank borrowing |  |  |  |  |  |  |  |  |
| -floating rate | 3.63% | 3187975 |  |  |  |  | 3187975 | 3187975 |
| Other borrowings |  |  |  |  |  |  |  |  |
| -fixed rate | 8.76% | 26600000 |  |  |  |  | 26600000 | 26600000 |
| Lease liabilities | 5.95% | 19300 | 38600 | 173700 | 173700 |  | 405300 | 384560 |
| **Total** |  | 39780334 | 38600 | 173700 | 173700 |  | 40166334 | 40145594 |

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Bank and other borrowings with a repayment on demand clause are included in the "on demand or less than 1 month" time band in the above maturity analysis. As at March 31, 2025, the aggregate principal amounts of these bank and other borrowings amounted to HK$29,223,655 (2024: HK$29,787,975). Taking into account the Company's financial position, the directors do not believe that it is probable that the banks and the third-party lenders will exercise their discretionary rights to demand immediate repayment. The directors believe that such loans will be repaid six years after the end of the reporting period in accordance with the scheduled repayment dates set out in the loan agreements, details of which are set out in the table below. The aggregate principal and interest cash outflows of bank and other borrowings with a repayment on demand clause amounted to HK$36,656,459 (2024: HK$39,147,591).

*Maturity Analysis – Bank and other borrowings with a repayment on demand clause based on scheduled repayments*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Weighted average interest <br> rate% | Less than <br> 1 year<br>HK$ | 1 -2 years<br>HK$ | More than <br> 2 years<br>HK$ | Total <br> undiscounted <br> cash flows<br>HK$ | Carrying amount<br>HK$ |
| March 31, 2025 | 8.24% | 8717693 | 2697174 | 25241592 | 36656459 | 29223655 |
| March 31, 2024 | 8.21% | 9303456 | 2706456 | 27134679 | 39147591 | 29787975 |

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The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.

*Fair value measurements of financial instruments*

The fair values of financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.

The directors consider that the carrying amounts of other financial assets and financial liabilities recognized in the financial statements approximate their fair values.

**Our Business**

**Overview**

We are a provider of advanced energy saving solutions supported by proprietary phase change thermal energy storage materials and thermal engineering services. Our mission statement is "to preserve the world by decarbonization technologies". As an advocate of decarbonization, we design, develop, and provide customized energy saving solutions that bring considerable economic benefits to our clients and reduce carbon emissions for a sustainable future.

As carbon emissions continue to build up in the atmosphere at historic levels, the theme of decarbonization has been gaining momentum on the international stage, and companies and governments all over the world are facing more pressure than ever to develop and execute a meaningful net-zero strategy, especially after the adoption of the Paris Agreement and the Glasgow Climate Pact in 2015 and 2021, respectively. Even though decarbonization strategies vary significantly across industries, it is believed that transitioning to clean-energy sources is a far more visible pathway toward net zero for many organizations. It is in such context that we have devised and have been consolidating our corporate mission to research, develop, strategize, and commercialize our decarbonization technology and products that not only bring considerable economic benefits to our clients, but also contribute to the global campaign of decarbonization and ultimately a more sustainable future.

Our proprietary technology is a PCM TES technology. By applying material science and nanotechnology, we have successfully invented and manufactured our PCM which allows temporary storage of excess thermal energy for later use and thereby bridges the gap between energy availability and energy use.

With our industry experience and professional expertise, we have put our BocaPCM-TES Technology into practice and invented our product – "BocaPCM-TES Panel" – a custom-made HDPE plastic encapsulated container fully filled with our PCM solution. Currently, we have developed more than 20 types of PCM, each of which has a unique phase change temperature and TES capacity to accommodate different temperature requirements in various PCM-TES applications. Based on the type of PCM solution filled into the HDPE plastic containers, we are able to manufacture customized BocaPCM-TES Panels with a wide range of operating temperatures from -86°C to +600°C to suit our clients' needs. Accordingly, our BocaPCM-TES Panels can be utilized in many HVAC and refrigeration applications.

By utilizing our customized BocaPCM-TES Panels, we design, develop, and manufacture our phase change material thermal energy storage system and apply it on various central air conditioning systems. Our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is essentially an advanced cooling system that can be deployed in most existing and new buildings, and it is environmentally friendly with a long lifespan. Operating alongside with our self-developed fully automatic control system, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can increase its efficiency by optimization control model that shifts chiller plant's cooling load from on-peak periods to off-peak periods through applying real-time electricity demand peak management, resulting in a lower running cost due to lower tariff rate charged during off-peak periods. Taking our HAECO Project as a reference, buildings installed with our Ultra-High Efficiency Boca Hybrid Power Chiller Plant are able to reduce at least 40% of electricity consumption during all running time, and approximately 50% to 70% of the running cost (depending on the local electricity tariff) when compared with conventional central air conditioning systems. As a result, our technology and products not only contribute to the global campaign of decarbonization by cutting carbon emissions directly, but also bring considerable economic benefits to our clients.

To further our corporate mission and better grasp the market opportunities, we continue to strive to develop environmental-friendly, efficient and cost-saving technologies and solutions for the benefit of our clients and the world at large.

We generated revenue of approximately HK$16.6 million and approximately HK$5.2 million for the years ended March 31, 2025 and 2024, respectively. The revenue primarily came from providing energy saving services by using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant located at the headquarters of "HAECO" in Hong Kong International Airport, and for the year ended March 31, 2025, the revenue primarily came from a project that the Company provides consultation on research and development services ("**Soar Project**") and another project with LMP International Limited for the provision of our BocaPCM-TES System at the Bayview Garden Shopping Centre. We intend to market and sell our products and services in Hong Kong, the PRC, the Republic of Korea, and the Middle East.

**Bayview Garden Shopping Centre Project**

In August 2024, we entered into a lump sum fixed price contract of HK$12,999,000 with LMP International Limited for the provision of our BocaPCM-TES System at the Bayview Garden Shopping Centre, which is a shopping mall located at 633 Castle Peak Road, Tsuen Wan, Tsuen Wan District, New Territories, Hong Kong, with a gross floor area of approximately 50,000 sq.ft. The services we provided included the supply and installation of the complete mechanical ventilation and air conditioning ("**MVAC**") installation for Bayview Garden Shopping Centre, as stated in the summary of tender section on page 2 included in the agreement attached hereto as Exhibit 10.10.

**History**

We commenced our business operations in 1992 and established Boca International Limited ("**Boca International**"), our current major operating entity in Hong Kong. Since then, we have been investing substantial resources in technological advancements, particularly our research and development in PCM and the ancillary technologies for enhancing its commercial applicability.

We have been conducting research and experiments in the physical characteristics and chemical compositions of various PCM. In 1992, one of our most important PCM was invented. It undergoes phase change (solidification) at +8°C, which is the optimum temperature for its application in air conditioning systems.

In 2003, we developed the first-generation BocaPCM solution encapsulation in the form of a stainless-steel ball for improving its durability and the heat transfer efficiency of our PCM. Subsequently, in 2007, with the technological advancement in material science, we switched to HDPE panels in our second-generation encapsulations which significantly lowered the costs and brought our technology one step closer to commercialization. In 2013, we have further improved the design of our HDPE panels by applying ultrasonic welding technology to enhance its heat transfer rate. HDPE panels are used in the production of our existing BocaPCM-TES Panel, which forms an important part of our BocaPCM-TES System.

In 2015, we developed a fully automatic control software for our Ultra-High Efficiency Boca Hybrid Power Chiller Plant which significantly increases its energy saving performance and operation efficiency. Going forward, one of our research and development goals is to upgrade our current fully automatic control system to an artificial intelligence system.

In 2015, Boca International, wholly owned by Chan Kam Biu Richard was acquired by Richly Conqueror Limited. In 2016, Boca International was acquired by SGOCO International (HK) Limited, a SGOCO Group Limited's ("**SGOCO**", currently known as Troops, Inc., NASDAQ: TROO) subsidiary incorporated in Hong Kong, from Richly Conqueror Limited for the total consideration of HK$52 million in the form of cash, plus 3.4 million new shares in SGOCO Group Limited. In June 2018, SGOCO transferred 48.9% interest in Boca International to an independent third party as part of the consideration to acquire the entire issued share capital of a limited company. In August 2018, the independent third party sold its 48.9% interest to Green Circle Limited. On August 26, 2020, Chan Kam Biu Richard acquired the entire share capital of Green Circle Limited from an independent third party who Chan Kam Biu Richard personally knows. On September 10, 2020, SGOCO disposed of the remaining 51.1% interest in Boca International to an independent third party. On September 21, 2020, the independent third party sold its 51.1% interest to Joyful Star Limited. On September 22, 2020, Chan Kam Biu Richard acquired the entire share capital of Joyful Star Limited from an independent third party who Chan Kam Biu Richard personally knows. On September 24, 2020, Green Circle Limited sold its 48.9% interest to Joyful Star Limited. Thus, the entire issued share capital of Boca International was transferred to Joyful Star Limited in September 2020. In particular, the 51.1% interest in Boca International was transferred to Joyful Star Limited for a consideration of HK$94 from the independent third party and the remaining 48.9% interest in Boca International was transferred to Joyful Star Limited for a consideration of HK$90.

As part of the Company's founding partners' early involvement, where they provided valuable resources contributing to the growth of the Company, Wong Tan Suen, on behalf of Wong C Ching and Ma Chi Heng, subscribed for 360,000 Shares and 240,000 Shares respectively at par value of US$0.001 per share in 2022, as part of the restructuring of the Company in anticipation to the Offering. Prior to the subscription, Wong C Ching and Ma Chi Heng provided an aggregate loan of HK$5,000,000 (HK$4,010,000 and HK$990,000 respectively) to Boca International, and of that HK$4,600,000 remains outstanding. The Security Ownership of Management and Certain Shareholders section of this registration statement accounts for these share issuances. The 600,000 Shares owned by the two individuals - Wong Tan Suen and Ma Chi Heng - have a lock-up period of 183 days from the date of the Offering.

During a reorganization in 2022, we established our current offshore holding structure. Specifically, we established the Company in the Cayman Islands on February 15, 2022 as a limited liability corporation under the laws of Cayman Islands. After the completion of the reorganization in 2022, the Company became our offshore holding company and has held our subsidiary directly since then.

**Corporate Structure**

The Company is a holding company that does not have substantive operations. We conduct our businesses through our wholly-owned subsidiary, Boca International. Boca International was incorporated on June, 16, 1992 as a limited liability corporation under the laws of Hong Kong. The chart below summarizes our corporate structure and identifies the principal subsidiary as of the date of this Prospectus:

![](formdrs_002.jpg)

**Our Mission**

As carbon emissions continue to build up in the atmosphere at historic levels, the theme of decarbonization has been gaining momentum on the international stage, and companies and governments are facing more pressure than ever to develop and execute a meaningful net-zero strategy, especially after the adoption of the Paris Agreement and the Glasgow Climate Pact in 2015 and 2021, respectively.

**Paris Agreement**

From November 30 to December 12, 2015, the 21<sup>st</sup> United Nations Climate Change Conference of the Parties ("**COP21**") was held in Paris. In the COP21, all members of the United Nations Framework Convention on Climate Change ("**UNFCCC**") adopted the Paris Agreement, which is a legally binding international treaty on climate change.

The purpose of the Paris Agreement is to strengthen the global response to the threat of climate change, in the context of sustainable development and efforts to eradicate poverty, including by:

&nbsp;&nbsp;&nbsp;&nbsp;1. holding
 the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the
 temperature increase to 1.5°C above pre-industrial levels, recognizing that this would significantly reduce the risks and impacts
 of climate change ()"**Paris Agreement Temperature Goal** ");

2. increasing
 the ability to adapt to the adverse impacts of climate change and foster climate resilience and low greenhouse gas emissions development,
 in a manner that does not threaten food production; and

3. making
 finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

It is specifically acknowledged in the Paris Agreement that climate change is a common concern of humankind, and accordingly the fight against climate change and the pursuit of decarbonization is not only an imperative agenda of governments or states, but also requires commitment and active participation and contribution by non-state actors such as businesses, financial institutions, educational institutions, and healthcare institutions. In terms of actual implementation, increasing energy efficiency and moving from fossil fuels to renewable energy are two of the keystones in the battle against climate change and in the transition to a better and more sustainable world.

**Glasgow Climate Pact**

Under the framework of the Paris Agreement, it requires each of the signing countries to submit a pledge named "nationally determined contributions" ("**NDC**") to limit their greenhouse gas emissions, and they are expected to submit their enhanced NDC every five years to ratchet up the ambition to mitigate climate change. Given that the Paris Agreement was signed in 2015, the conference of 2020 was originally scheduled to be the first ratcheting up. However, due to the COVID-19 pandemic, it was postponed to 2021.

From October 31 to November 13, 2021, the United Kingdom hosted the 26<sup>th</sup> United Nations Climate Change Conference of the Parties ("**COP26**") in Glasgow. After 13 days of negotiations, every attending party at COP26 – representing almost 200 countries – agreed the Glasgow Climate Pact, which is the first climate agreement explicitly planning to reduce unabated coal usage.

The Glasgow Climate Pact not only reaffirms the Paris Agreement Temperature Goal, but also urges each of the signing countries to take further actions to accelerate the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation and energy efficiency measures, including accelerating efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies.

**Our Contributions to Decarbonization**

As of the date of this Prospectus, all 198 UNFCCC members have either signed or acceded to the Paris Agreement and the Glasgow Climate Pact. This means they have agreed to gradually reduce the use of fossil fuels and carbon dioxide emissions to reach net carbon neutrality by 2050 and keep global warming below 2°C by the year 2100.

Even though decarbonization strategies vary significantly across industries, it is believed that transitioning to clean-energy sources is a far more visible pathway toward net zero for many organizations. In particular, in the utility sector, initiatives like use of energy-efficiency programs, time-of-use pricing and energy-management programs have proven to be more cost effective than investing large capital dollars into expanding energy-generation capacity. It is in such context that we have devised and have been consolidating our corporate mission to research, develop, strategize, and commercialize our decarbonization technology and products that not only bring considerable economic benefits to our clients, but also contribute to the global campaign of decarbonization and ultimately a more sustainable future.

**Our Products**

**TES**

TES is a technology that stocks thermal energy by heating or cooling a storage medium so that the stored energy can be used at a later time for heating and cooling applications and power generation. It may involve a 24-hour or alternatively a weekly or seasonal storage cycle depending on the system design. TES systems are used particularly in buildings and in industrial processes. Whilst the output is always thermal, the input energy may be either thermal or electrical.

**PCM**

By applying material science and nanotechnology, we have successfully invented and manufactured our PCM which allows temporary storage of excess thermal energy for later use and thereby bridges the gap between energy availability and energy use. Furthermore, it provides a large thermal buffer for the optimization of HVAC and refrigeration applications.

**BocaPCM-TES Panel**

With our industry experience and professional expertise, we have put our BocaPCM-TES Technology into practice and invented BocaPCM-TES Panels – a custom-made HDPE plastic encapsulated container fully filled with our PCM solution. Currently, we have developed more than 20 types of PCM, each of which has a unique phase change temperature and TES capacity to accommodate different temperature requirements in various PCM-TES applications. Furthermore, raw materials used in all our PCM are natural substances and are non-toxic in nature, which mean they are generally safe to the environment. Based on the type of PCM solution filled into the HDPE plastic containers, we are able to manufacture customized BocaPCM-TES Panels with a wide range of operating temperatures from -86°C to +600°C to suit our clients' needs. Accordingly, our BocaPCM-TES Panels can be utilized in many HVAC and refrigeration applications.

**<u>BocaPCM-TES Panel</u>**

![](formdrs_003.jpg)

**BocaPCM-TES Tank**

To ensure safe and reliable operation, we adopt the ultrasonic welding method to seal the BocaPCM-TES Panel after it is fully filled with our PCM solution. The design of plastic container has incorporated internal support columns as well as external guide circles so that our BocaPCM-TES Panels can be stacked on top of each other and therefore forming a large self-assembling heat exchanger within the tank ("**BocaPCM-TES Tank**"). The self-stacking concept can be applied in both water flow system and air flow system, and the gap between each container provides an ideal flow passage with a large heat exchange surface. Since the maximum stacking height of our BocaPCM-TES Panels is approximately two-point-six meters, the diameter of our BocaPCM-TES Tank will normally be less than approximately three meters.

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| | |
|:---|:---|
| **<u>Water Flow System of BocaPCM-TES Tank</u>** | **<u>Air Flow System of BocaPCM-TES Tank</u>** |
| ![](formdrs_004.jpg) | ![](formdrs_005.jpg) |

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Our BocaPCM-TES Tank is usually made by steel. Depending on the space availability and structural load, it can be constructed on the rooftop, underground or anywhere of the building. It is usually installed close to the chiller plant in order to minimize pipework and pumping energy penalties. If pressurized tank is required, cylindrical tank can be used to accommodate our BocaPCM-TES Panels with minimum bypass distance.

**<u>Horizontal Cylindrical BocaPCM-TES Tank</u>**

![](formdrs_006.jpg)

**BocaPCM-TES System**

Our BocaPCM-TES System adopts a modular design architecture. For sites that have limited space concerns, our system can be subdivided into multiple BocaPCM-TES Tanks in parallel or series layout, giving flexibility to our clients.

**<u>BocaPCM-TES System – BocaPCM-TES Tanks arranged in parallel and series layout</u>**

![](formdrs_007.jpg)

**Fully Automatic Control System**

Our team has developed a fully automatic control system to optimize the operation of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant so that it can operate at its maximum coefficient of performance ("**COP**") at all times, notwithstanding the cooling load and the temperature of chilled water vary from time to time.

**Our Technology**

**Types of Refrigeration Units**

Different types of refrigeration units have different cooling efficiencies. Subject to the type of compressor being used, refrigeration units can be divided into three categories, namely (1) reciprocating refrigeration unit, (2) screwed refrigeration unit, and (3) centrifugal refrigeration unit.

● *Reciprocating refrigeration unit*. It is normally used in occasions where the demand for cooling capacity is low, and its COP is about three to four under standard operating conditions.

● *Screwed refrigeration unit*. It is normally used in medium-sized enterprises, and its COP can reach around four to five under standard operating conditions.

● *Centrifugal refrigeration unit*. It is normally used in medium and large enterprises, and its COP can reach up to five to six under standard operating conditions.

Centrifugal refrigeration unit has the highest COP and hence it is usually used in central air conditioning systems of commercial buildings. Nonetheless, its average COP can only reach four at most.

**Relationship between Cooling Load and COP**

In general, a refrigeration unit has to operate at full capacity in order to maximize its COP. However, it is almost practically impossible as the performance of a refrigeration unit is affected by numerous factors, in particular the weather. Most of the time, refrigeration units operate in partial cooling loads, yielding a relatively low COP. As shown in the cooling load to COP graph below, the COP is varied with the change in the temperature of chilled water or the cooling load, and the maximum COP can only be achieved under a particular cooling load with a particular temperature of chilled water.

The operation of centrifugal refrigeration units is different from that of reciprocating refrigeration units and screwed refrigeration units. For centrifugal refrigeration units, their COP can be greatly improved by adding a variable speed motor. As shown in the cooling load to COP graph below, although the COP of a refrigeration unit can be greatly improved when it works under partial cooling loads, there is still limitation for enhancing the COP by using variable speed motors, i.e. the cooling load must be between 40% and 60% in order to reach the highest COP. However, as mentioned above, it is impossible for a central air conditioning system to operate in this interval during most of the year. Therefore, it is difficult to achieve the optimum performance by simply adding a variable speed motor in a centrifugal refrigeration unit.

**<u>Cooling load to COP graph of a refrigeration unit under different chilled water temperatures</u>**

![](formdrs_008.jpg)

**Ultra-High Efficiency Boca Hybrid Power Chiller Plant**

In order to overcome the aforesaid limitations, we have invented our Ultra-High Efficiency Boca Hybrid Power Chiller Plant by incorporating our BocaPCM-TES System and fully automatic control system into a central air conditioning system so that it not only allows the refrigeration unit to operate in partial cooling loads with high efficiency under an unbalanced strategy, but also guarantees that the total cooling load requirement is satisfied.

**<u>Design of Ultra-High Efficiency Boca Hybrid Power Chiller Plant</u>**

![](formdrs_009.jpg)

Our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is a water flow system, which is mainly comprised of (1) cooling towers, (2) refrigeration units, (3) our BocaPCM-TES System, and (4) our fully automatic control system. The refrigeration units can be the existing refrigeration units (either reciprocating refrigeration unit, screwed refrigeration unit, or centrifugal refrigeration unit) of the central air conditioning system. As for our BocaPCM-TES System, it is formed by multiple BocaPCM-TES Tanks, and each BocaPCM-TES Tank has installed a large number of BocaPCM-TES Panels filled with customized PCM solution. Furthermore, all BocaPCM-TES Panels contain chilled water circulation channels for heat exchange with the PCM solution and hence realize a phase change for thermal energy storage or release. By controlling (1) cooling capacity of the refrigeration unit, (2) water flow of the primary chilled water pumps and (3) water flow of the secondary chilled water pumps, (4) water flow of the condenser water pumps, and (5) air flow of the cooling towers through our fully automatic control system, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant could apply our BocaPCM-TES Technology to store and release energy at its maximum COP.

**Control Models of Ultra-High Efficiency Boca Hybrid Power Chiller Plant**

The control models of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant for storing and releasing energy from our BocaPCM-TES System include:

● *Energy Storage Model*. When the cooling load demand is low, our fully automatic control system is programmed to control the refrigeration units to operate under the maximum COP. Due to the difference of flow rate between the primary chilled water pumps and the secondary chilled water pumps, the surplus chilled water will flow into our BocaPCM-TES System. As a result, our BocaPCM-TES System will operate in thermal energy storage mode so that all or part of the cooling output of the refrigeration unit will be stored in our BocaPCM-TES System.

● *Energy Release Model*. When the cooling load demand is greater than the cooling source, our fully automatic control system is programmed to control the refrigeration units to operate under its corresponding maximum COP and adjust the flow rate between the primary chilled water pumps and the secondary chilled water pumps. As a result, unlike Energy Storage Model, the direction of chilled water flow will be reversed and our BocaPCM-TES System will operate in thermal energy release mode so that the cooling source will meet the cooling load demand.

○ Alternatively, whenever the refrigeration unit is shut down, our BocaPCM-TES System will operate in thermal energy release mode under our fully automatic control system to meet the cooling load demand until all thermal energy stored in our BocaPCM-TES System is Exhausted.

● *Low-cost Energy Storage Model*. Once the cost of electricity supply falls within a certain price range, our fully automatic control system is programmed to keep the refrigeration units operating under high COP and controls our BocaPCM-TES System to operate in thermal energy storage mode as described above so that additional thermal energy will be stored in our Boca PCM-TES System at the lowest tariff rate for future use.

**Seasonality**

In general, seasonal factors do not have a significant direct effect on our sales as the demand for our products and services are relatively constant throughout the year. However, we experience seasonal fluctuations in our revenue generated from performance-based contracting projects. For example, in our HAECO Project, we charge the electricity cost saved by the new chiller plant installed by us as our fees. When the demand for air-conditioning decreases, the use of electricity decreases. As a result, in a performance-based contracting project involving central air-conditioning system, we usually generate a higher revenue when the temperature is high, and vice versa.

**Sales and Marketing**

We are actively marketing our technology and products and we continue to enhance our marketing capabilities. We currently adopt three distinct revenue models, namely (1) Sale and Purchase ("**S&P**"), (2) Performance-Based Contracting ("**PBC**"), and (3) Build, Own, Transfer ("**BOT**").

● *S&P Model*. Under this model, clients would seek our advice on how to improve their existing central air conditioning systems, and we would design a new system employing our BocaPCM-TES Technology for them. Subsequently, we would sell and clients would purchase our BocaPCM-TES Panels, design drawings of the new system and the license to use our fully automatic control system directly. After purchase, clients would engage independent contractors to build and install the new system for their own use.

● *PBC Model*. Under this model, we would enter into performance-based contracts with our clients, the content of which is comprised of (1) a clear set of objectives and indicators, (2) systematic efforts to collect data on the progress of the selected indicators, and (3) consequences, either rewards or sanctions, that are based on the performance of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant. We expect our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can help clients to reduce at least 40% of electricity consumption when compared with their existing central air conditioning systems. Furthermore, since we would own 100% of the project, we would finance and provide the operation and maintenance for the Ultra-High Efficiency Boca Hybrid Power Chiller Plant to our clients. Although this model incurs a higher initial investment cost, but assuming successful implementation, it is expected to give a long-term recurring revenue stream from the amount of electricity that we saved. Our HAECO Project has adopted this model.

● *BOT Model*. Under this model, we would build the Ultra-High Efficiency Boca Hybrid Power Chiller Plant and then sell it to our clients. We believe the low running cost of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant would be attractive for factory and building owners as, taking our HAECO Project as a reference, it is able to reduce at least 40% of the electricity consumption during all running time, and reduce approximately 50% to 70% of the running cost when compared with their existing central air conditioning systems.

In order to further promote our business, we have implemented the following measures:

● *Agency Arrangement*. We intend to expand our business in other countries. Currently, we have entered into agency agreements with six companies, which are located in Hong Kong, the PRC, Korea, the Middle East and Malaysia. Our agents have the right to sell and/or install certain products relating to our BocaPCM-TES Technology in the following territories:

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| | |
|:---|:---|
| **Location of Our Agent** | **Permitted Territory(ies)** |
| Hong Kong | Hong Kong and Indonesia |
| Shanghai, PRC | Mainland China (excluding Hong Kong, Macau and Taiwan) |
| Guangdong Province, PRC | Mainland China |
| Korea | Korea |
| Dubai | Middle East North Africa |
| Malaysia | Malaysia |

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● *Customized Payment Terms*. We would offer customized payments terms to projects which could generate sustainable revenue, for example installment payments or no upfront costs.

Because the PCM-TES application has not been fully adopted by the building sector, we expect that the customer decision process could require us to spend substantial time educating potential clients and other stakeholders, which may result in a lengthy sales cycle.

**Our Projects and Achievements**

From 2006 to 2025, we have successfully completed six projects in Hong Kong and two projects overseas. Currently, we have two ongoing projects in Hong Kong, namely the HAECO Project and the Cold Chain Logistics R&D Project.

***Hong Kong projects***

● *Hong Kong Institute of Education Project* 

 In June 2008, we were engaged by an engineering contractor for the provision of our BocaPCM-TES Panel with +8°C PCM to be installed in two TES tanks at Hong Kong Institute of Education. Subsequently, from January 2012 to June 2012, we provided further improvement works, which consisted of (i) repairing the two TES tanks; (ii) conducting quality checks on our BocaPCM-TES Panels; and (iii) applying protection paint to the internal surface of the TES tanks.

● *City University of Hong Kong Project* 

 In December 2008, we were engaged by an engineering contractor for the provision of our BocaPCM-TES System at City University of Hong Kong. Our scope of engagement included (i) provision of design consultancy services; (ii) supply of BocaPCM-TES Panels with +8°C PCM and TES tanks; and (iii) installation services of the BocaPCM-TES System.

● *Government Storage Centre Project* 

 In January 2012, we were awarded a contract from the Electrical and Mechanical Services Department of Hong Kong for the provision of BocaPCM-TES System at a government storage center located in Tuen Mun, Hong Kong. Our scope of works included (i) system design and material selection; (ii) supply of BocaPCM-TES Panels and TES tanks; and (iii) provision of testing and commissioning services.

● *IBM Data Center Project* 

 In April 2012, we were engaged by an engineering contractor for the provision of our BocaPCM-TES System at a data center of IBM located in Tseung Kwan O, Hong Kong. Our scope of engagement included (i) supply of BocaPCM-TES Panels with +8°C PCM and TES tanks; and (ii) installation services of the BocaPCM-TES System.

● *Hong Kong Science and Technology Park Project* 

 In August 2012, we were engaged by an engineering contractor for the provision of our BocaPCM-TES System at the Hong Kong Science and Technology Park. Our scope of engagement included (i) system design; (ii) supply of BocaPCM-TES Panels with +8°C PCM; and (iii) provision of testing and commissioning services.

● *HAECO Project* 

 On April 21, 2017, we entered into a performance agreement with HAECO to install our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to replace three pre-existing water-cooled chiller plants in the headquarters of HAECO in Hong Kong International Airport. Pursuant to the performance agreement with HAECO, we agreed to provide the following services, namely: (i) carrying out measurement and calculation for coefficient of performance of the existing chiller plants used by HAECO and preparing a detailed design of the new chiller plant; (ii) installing the new chiller plant; and (iii) providing maintenance and repairing services for the new chiller plant for 120 months from the date of handover the New Chiller Plant ("Term"). We handed over the new chiller plant to HAECO on 18 June 2019 and commenced the Term since then. HAECO did not need to make any upfront payment for installation of our chiller plant, instead we will receive the difference of the electricity cost between HAECO's previous chiller plants and the new chiller plant during the Term as our fee. We will provide a rebate to HAECO at the agreed rate according to the performance agreement. The overall average energy consumption of HAECO's central air conditioning systems in Hong Kong International Airport has reduced by approximately 60% after the installation of our chiller plant. In the HAECO Project, we prepared performance report on a monthly basis (the "**Performance Report**") for illustrating, among others, the actual electricity running costs in relation to the electricity consumed by our Ultra-High Efficiency Boca Hybrid Power Chiller Plant and the estimated electricity running costs that would have been recorded by HAECO if it had not installed our new chiller plant. Accordingly, the difference of the above figures represents the amount of electricity running costs saved by HAECO, a portion of which will be paid to us as our service charge. The Performance Report is submitted to HAECO for review and confirmation before we issue our invoice. Based on the Performance Reports, during each month of the periods (i) from June 18, 2021 to June 17, 2022; (ii) from June 18, 2022 to June 17, 2023; and (iii) June 18, 2023 to May 28, 2024 (the "**Performance Reporting Periods** "), our new chiller plant achieved an electricity cost saving ranging from 40% to over 80%. On average, the electricity cost saving of our new chiller plant were approximately 64%, 46%, and 42% in the Performance Reporting Periods, respectively.

● *Cold Chain Logistics R&D Project* 

 In March 2022, we entered into a product development and supply agreement with Gene Company Limited ()"**GeneHK**") for a term of five years. GeneHK is a Hong Kong company focusing on (i) distributing molecular and cell biology instrumentation, reagents and consumables; and (ii) providing consultation services on research projects and experimental techniques. Through the collaboration with GeneHK, we strive to apply our BocaPCM-TES Technology in cold chain logistics and explore new business opportunities. In July 2022, GeneHK has placed orders with us for the provision of our BocaPCM-TES Panels with -50°C PCM to be used in the ultra-low temperature transportation boxes jointly developed by GeneHK and us. In light of the positive feedback from customers, we expect to receive further orders in relation to cold chain logistics.

● *Bayview Garden Shopping Centre Project* 

 In August 2024, we were entered into a lump sum fixed price contract with LMP International Limited for the provision of our BocaPCM-TES System at the Bayview Garden Shopping Centre. Our scope of engagement included (i) system design; (ii) supply of BocaPCM-TES Panels with +8°C PCM; and (iii) provision of testing and commissioning services. For further details, refer to "Our Business – Bayview Garden Shopping Centre Project" on page 48.

● *Soar Project* 

 In May 2024, we entered into a service agreement with Soar Equipment Rental Company Limited ()"**Soar**") under which the Company provides consultation on research and development to Soar in relation to applying BocaPCM E58, which is a chilling panel to cool down operating machine and avoid overheat, for second life battery. The project is estimated to be completed in three years from the date of the service agreement.

● *Macau Hospital Project* 

 In March 2025, we entered into an ultra high efficiency chiller plant agreement with Macau University of Science and Technology Foundation – University Hospital (the "**Macau Hospital**") for provision of "Ultra High Efficiency Chiller Plant System + BocaPCM-TES + BocaAI Controls". The project is estimated to be completed within 11 months upon the first payment was made by the Macau Hospital.

***Overseas projects***

● *Zero Energy Office Building Project* 

 In 2006, we were engaged by a Malaysian contractor for the provision of FlatICE containers filled with specified PCM. Our PCM was used in the Zero Energy Office building in Malaysia as part of its energy saving design.

● *Heat Pump TES Project* 

 In 2007, we supplied FlatICE containers filled with specified PCM to an Italian company which specializes in the design and manufacture of printers for labeling, marking and automatic coding of industrial products.

**Awards relating to Ultra-High Efficiency Boca Hybrid Power Chiller Plant**

In 2021, we received several high-profile awards and industry accolades for our technology and activities in the HAECO Project. These include:

● SDG Enterprise Awards 2021;

● Most Valuable Companies in Hong Kong 2021; and

● Hong Kong's Most Outstanding Business Awards 2021.

**Competitive Strengths**

Research has shown that PCM-TES application has the potential to be a cost-effective and sustainable energy saving solution. We believe our business has the following strengths which distinguish us from our competitors and position us to capitalize on the expected continued growth in the energy saving market:

● *Recognized Know-How and Expertise.* We are one of the few companies in Asia who possess the PCM-TES technology. We successfully applied our BocaPCM-TES Technology into our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, and its performance has been recognized by a number of awards.

● *Interdisciplinarity.* We have not only possessed the engineering and technical knowledge of PCM-TES Technology, but also invented our own PCM and developed our own fully automatic control system for the construction and operation of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant.

● *Energy Saving Mechanism*. The cooling capacity output of conventional central air conditioning systems is adjusted corresponding to the cooling load demand. In other words, when the cooling load demand is low, the COP of the refrigeration unit will decrease. In contrast, our BocaPCM-TES System allows thermal energy storage and release, enabling the refrigeration unit to operate under the highest COP possible. If the cooling output of the refrigeration unit is higher than the cooling load demand, additional thermal energy will be stored in our BocaPCM-TES System. Contrarily, if the cooling output of the refrigeration unit cannot meet the cooling load demand, our BocaPCM-TES System will release thermal energy, thereby improving the efficiency of the system.

● *Reduced Running Cost*. Since the rate of electricity tariff is different between on-peak periods and off-peak periods, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is able to shift chiller plant's cooling load from on-peak periods to off-peak periods through applying real-time electricity demand peak management with our self-developed fully automatic control system. Due to the cooling load shifting mechanism, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can operate and reserve necessary thermal energy during off-peak periods in which energy cost is low. The reserved thermal energy can then be released and utilized during on-peak periods to reduce electricity consumption and therefore achieve a lower electricity running cost. Compared with conventional central air conditioning systems, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can reduce approximately 50% to 70% of the running cost (depending on the local electricity tariff).

 In the HAECO Project, the operation data of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant has been recorded once every hour and all data are stored for continuous monitoring and further analysis. From June 2019 to June 2020, we recorded a total electricity running cost of approximately HK$5.8 million while the original electricity running cost, if the old chiller plants were used, was estimated to be approximately HK$14.6 million for the same period. From June 2020 to June 2021, we recorded a total electricity running cost of approximately HK$6.8 million while the original electricity running cost, if the old chiller plants were used, was estimated to be approximately HK$15.2 million for the same period. Our Ultra-High Efficiency Boca Hybrid Power Chiller Plant has successfully achieved a significant reduction in the electricity running costs of our customer's air conditioning system. The average electricity cost savings were approximately 60% and 56% for the 2019-2020 period and 2020-2021 period, respectively. In addition, our customer has estimated that over 4,000,000 kilograms of carbon dioxide emission will be reduced on an annual basis after using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant.

● *Reduced Use of Space*. By shifting part of the chiller plant's cooling load from on-peak periods to off-peak periods, it allows us to reduce the size of the cooling machinery and hence reduce the use of space.

● *Increased Capacity*. Compared with conventional central air conditioning systems, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can store additional thermal energy in our BocaPCM-TES System for later use, which increase the system output without having extra machinery.

● *Environmentally Friendly*. By using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, electricity consumption can be reduced at least 40% during all running time, which cuts direct and indirect carbon dioxide emissions.

● *User-friendly System*. We have simplified the design of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant and reduced the number of control valves typically needed in conventional central air conditioning systems. Basically, it stores and releases thermal energy by controlling the cooling capacity of the refrigeration unit and the water flow and air flow inside the system.

● *Efficient System*. Compared with other PCM-TES systems on the market, our BocaPCM-TES System can offer a quicker response, which make our Ultra-High Efficiency Boca Hybrid Power Chiller Plant more efficient.

● *Lower Maintenance Cost*. Our Ultra-High Efficiency Boca Hybrid Power Chiller Plant offers a more reliable operation by allowing the machineries to run around the clock, which lower the chance of machine malfunction and thus lower the maintenance Cost.

● *Tailor-made Energy Saving Solution*. We can adjust our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to suit our clients' needs so that the overall machinery capacity and TES capacity would match the system cooling loads.

● *Stand-by Capacity*. In case the main machinery fails, our BocaPCM-TES System can act as the back-up facility by utilizing the thermal energy stored inside to handle the system cooling loads.

● *Diversified Management Team*. Each of our board members has his/her unique experience, and together they form a balanced and competent team.

**Competition**

The PCM-TES industry is highly specialized and dominated by a relatively small number of companies in the world. Our direct competitors are PCM manufacturers, including but not limited to Microtek Laboratories Inc., Croda International Plc., and PCM Products Limited. We also compete indirectly with other conventional chiller plant suppliers and energy saving companies, including but not limited to Carrier Global Corporation, Johnson Controls International Plc., and Mitsubishi Heavy Industries Group. We compete on the basis of system performance and features, total running costs, reliability and system lifespan, sales and marketing capabilities, after sale support and maintenance.

**Our Strategy**

Since our founding in 1992, we have been on a mission to cut carbon emissions globally with environmentally friendly solutions that improve how the world uses energy. Key elements of our strategy include:

● *Substantial Reliance on the PBC Model.* In order to implement our mission statement "to preserve the world by decarbonization technologies" step-by-step towards a decarbonized world, we intend to substantially rely on the PBC model. Based on the track records of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, we expect to help our clients not only reduce their carbon emissions, but also earn carbon credits to be sold in the carbon markets.

● *Strategic Alliance and Solicitation*. With the purpose of promoting decarbonization and reducing carbon emissions, we intend to co-operate with non-governmental organizations and green funds to work on different decarbonization projects, and solicit business from companies with decarbonization targets or with high electricity consumption Rate.

● *Continuous Innovation and Advancement of Our Energy Saving Solutions*. We intend to continue to innovate our Ultra-High Efficiency Boca Hybrid Power Chiller Plant by developing new and enhanced technologies and solutions. Our research and development strategy currently focus on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Cold Chain/Cold Store.* We are collaborating with GeneHK to apply our BocaPCM-TES Technology
 in developing and manufacturing (i) ultra-low temperature transportation boxes to store samples
 in extremely low temperatures; and (ii) freezer backup systems to protect samples stored
 in low or ultra-low temperature freezer in case it is out of electricity (collectively, the
 "**Research Projects** "). Pursuant to the product development and supply agreement
 entered into between GeneHK and us, we agreed to engage in the Research Projects and supply
 them with a range of products in accordance with their specifications and requirements, exclusively,
 with regard to certain territories and market sectors. The exclusive territories comprise
 Mainland China, Hong Kong, Macau and Taiwan and the exclusive market sectors comprise scientific
 research, medical, diagnostic, pharmaceutical, life sciences, and biotechnology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Liquid Cooling Technology.* We are designing a dual circuit liquid cooling system for data centers with an aim to minimize their operating costs and noise generation. By making use of: (i) basic cooling by refrigeration units; and (ii) direct liquid cooling to the central processing units by heat transfer media oil, our liquid cooling system will conduct heat outside of the data centers and therefore lower the temperature by radiation. We expect to provide efficient cooling effect to all the servers and storage devices in data centers and help to minimize the noise generated by higher processor speeds. In relation to the liquid cooling part of the dual circuit,
we have adopted the immersion cooling technology which involves directly immersing the electronic components in a non-conductive liquid.
The heat generated by the electronic components will be transferred to the fluid and subsequently removed from the cooling system. Apart
from the design of the cooling system, it is essential for us to find a suitable liquid that does not only possess reliable and stable
heat transfer ability, but also complies with the industrial and regulatory standards in our clients' countries. In July 2023,
we have obtained the quotation from the Hong Kong branch of a multinational energy and petroleum company in relation to its immersion
cooling fluid that has been commercialized since 2020. Furthermore, we have also entered into negotiations with a major bank in Hong
Kong for the installation of our dual circuit liquid cooling system in their data centers.

*3.* *Artificial Intelligence System.* Currently, we are trying to incorporate model predictive control technology into our existing fully automatic
 control system. We expect this advanced system with self-learning capability can calculate and maintain a more accurate maximum COP
 so that our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can operate more efficiently.

*4.* *Domestic Heating System.* Depending on the phase change temperatures of different PCM, our BocaPCM-TES
 Technology can be applied in a wide range of energy storage systems. As mentioned above,
 our +8°C PCM allows our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to store
 and release cold energy at the optimum temperature to promote cost-effectiveness. In contrast,
 we have also invented a PCM with a phase change temperature at +58°C, which is the optimum
 temperature for storing heat energy obtained from solar power for domestic use. Moreover,
 instead of the traditional photovoltaic system that converts light into electricity using
 semiconducting materials, we seek to develop a heat storage system by combining our BocaPCM-TES
 Technology with vacuum tube solar collector which stores heat energy more efficiently. The
 heat energy stored in the system can be discharged for domestic use, such as underfloor heating.
 In order to commercialize the domestic heating system and expand the scale of production,
 the Company is planning to acquire a manufacturer of vacuum tube solar Collector.

● *Further Expansion of Our Project Related Services*. We currently offer to clients the following project related services:

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| | |
|:---|:---|
| *1.* | *Project Management.* We offer clients project management services to ensure the process of installing our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is managed in conjunction with the overall project plans, and we will oversee the entire project from end to end. |
| *2.* | *Commissioning of the System.* We commission our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to ensure that our system is providing the performance and operations that were committed to the client. |
| *3.* | *Operations and Maintenance.* We offer to our clients operational and maintenance plans to keep our system in top performance. This consists of both remote monitoring of the system's performance as well as periodic onsite visits to perform routine inspection and maintenance. |
|  | We plan to expand our resources and capabilities in project related services to meet our clients' needs. This expansion will include adding employees to perform the work, as well as contracting and certifying qualified third parties to perform the commissioning, operations and maintenance services. |

---

● *Arrangement of Project Financing.* We intend to co-operate with banks and other financial institutions to arrange project finance to our potential clients for building and installing our Ultra-High Efficiency Boca Hybrid Power Chiller Plant.

● *Mass production of BocaPCM-TES Panels.* We expect a steady growth of demand for our Ultra-High Efficiency Boca Hybrid Power Chiller Plant because it has the potential to be installed in all new and existing buildings. In order to satisfy such enormous demand, we intend to set up our own factory for mass production of BocaPCM-TES Panels in the PRC.

**Project Development and Manufacturing**

The value chain below shows the technical project development process, which can be divided into four different steps: project planning, manufacturing, installation, and operation and maintenance. We are active in all of the stages, either independently or through sub-contractors.

We perform the initial project planning phase, which includes detailed feasibility studies and project design activities. Following the planning phase, our team then engages with manufacturers and suppliers for the procurement, manufacturing and assembling of our products. Except for our BocaPCM-TES Panels and the fully automatic control system, all components and materials used in our products are manufactured by parties who we believe are experienced third-party manufacturers and suppliers. The installation of the project is then performed by a selected experienced civil engineering company. After installation, depending on the revenue model for a particular project (S&P, PBC or BOT), the operation and maintenance is either performed by our team directly or by a local subcontractor or by the client after undergoing training in the operation and maintenance of our technology.

In most projects, we work with different suppliers and manufacturers throughout the value chain. We work with and procure parts from experienced manufacturers with extensive expertise and product quality such as Mitsubishi Heavy Industries, Ltd. Part of our rationale in procuring parts from and working with experienced manufacturers is to ensure the long lifespan of our products. According to our experience, components provided by experienced manufacturers are generally with good quality and long durability. Nonetheless, we do not believe that we are dependent on any single vendor for manufacturing the components of and materials for our products.

In addition, since our products are comprised of customized components provided by experienced manufacturers, we believe we face some exposure to fluctuations in the prices of raw materials or other supplies, including nanomaterials, inorganic salt and HDPE materials, which influence the price of components provided by the experienced manufacturers we work with.

**Intellectual Property**

We regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical to our success, and we rely on trademark, copyright and patent law and confidentiality, invention assignment and non-compete agreements with our employees and others to protect our proprietary rights.

As of the date of this Prospectus, Chan Kam Biu Richard ("**Mr. Chan**") owned one registered trademark in Hong Kong which is the name and logo "BocaPCM", and the domain name "pcm-tes.com". He has granted a license to us to use such name and logo, and the domain name. No other person or entity can register or use the name and logo of BocaPCM as a prefix for any trademark or use the domain name "pcm-tes.com" without the written consent of Mr. Chan.

The following is a list of our current patents and patent applications:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Country** | **Application/Patent Number** | **Subject** | **Patent Owner/**<br> **Applicant** | **Status** |
| PRC | ZL202121831087.9 | National Utility Model Patent Certificate: Ultra-High Efficiency Boca Hybrid Power Chiller Plant | Boca International Limited | Approved |
| PRC | 202110902392.0 | National Invention Patent Certificate: Ultra-High Efficiency Boca Hybrid Power Chiller Plant | Boca International Limited | Pending approval |
| PRC | ZL202222304862.6 | National Invention Patent Certificate: Ultra-High Efficiency Boca Hybrid Power Chiller Plant | Chan Kam Biu Richard | Approved |
| PRC | 202320734652.2 | National Utility Model Patent Certificate: PCM-TES Solar Collector High Efficiency Central Air-conditioning | Chan Kam Biu Richard | Pending approval |
| PRC | 202506921704  | National Invention Patent Certificate:<br> PCM-TES Solar Collector High Efficiency Central Air-conditioning | Chan Kam Biu Richard | Pending approval |
| PRC | ZL202320734652.2 | National Invention Patent Certificate:<br> PCM-TES Solar Collector High Efficiency Central Air-conditioning | Chan Kam Biu Richard | Approved |
| PRC | ZL202421908755.7 | National Utility Model Patent Certificate: PCM-TES Solar Collector | Chan Kam Biu Richard | Approved |
| U.S. | 17545636 | High-Efficient Central Chiller Plant System with Variable Load by Phase Change Material Thermal Energy Storage | Boca International Limited | Pending approval |

---

Apart from the patent currently held by us and the patent applications mentioned above, our business also relies on various chemical formulas of PCM which are owned by Mr. Chan in the form of trade secrets.

**Employees**

Our Operating Subsidiary had 3 employees as of March 31, 2025. All of our employees are located in Hong Kong.

The following table sets forth the number of our employees by function as of as of March 31, 2025:

---

| | |
|:---|:---|
| **Function** | **Number of Employees** |
| Management | 1 |
| Accounting and finance | 2 |
| **Total** | 3 |

---

As required by Hong Kong laws and regulations, we participate in a pension scheme under the rules and regulations of the Mandatory Provident Fund Scheme Ordinance (the "MPF Scheme") for all employees in Hong Kong. The contributions to the MPF Scheme are based on a minimum statutory contribution requirement of five per cent of eligible employees' relevant aggregate income up to a maximum of HK$1,500 per employee per month. For the years ended March 31, 2025 and 2024, the pension contributions made by us were HK$12,000 and HK $34,661.29, respectively. We have not experienced any significant labor disputes or any difficulties in recruiting staff for our operations.

**Property and Facilities**

Our headquarters is located in Hong Kong at Unit 1809, Prosperity Place, 6 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong, an office consisting of approximately 918 square feet of office space. On January 1, 2023, the Group commenced an office lease in Hong Kong at Unit 1809, Prosperity Place, 6 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong. The lease term is for 36 months and ends on December 31, 2025. The monthly base rent is HK$19,300.

In addition to our headquarters, we used to lease approximately 3,340 square feet of factory space in Hong Kong at DD119 Lot 1623, 330 Pak Sha Tsuen, Yuen Long, N.T. Our factory was subject to a three-year lease, which was set to expire on December 31, 2025. However, pursuant to a mutual early lease termination agreement, the lease was terminated, upon mutual agreement and consideration, on September 30, 2023.

We only manufacture the BocaPCM-TES Panels in our factory. We would engage manufacturers and suppliers for the procurement and manufacturing of all our Ultra-High Efficiency Boca Hybrid Power Chiller Plant. We currently do not own or lease any other manufacturing facilities.

We believe that our existing property is in good condition and is sufficient and suitable for the conduct of our business for the foreseeable future. To the extent our needs change as our business grows, we expect that additional space and facilities will be available.

**Legal Proceedings**

From time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. As of the date of this Prospectus, our Operating Subsidiary, Boca International Limited, is involved in a legal proceeding, that we filed at the District Court as the plaintiff for an unpaid debt with an amount in dispute of HK$276,295. The legal proceeding is ongoing.

On April 22, 2025, a hearing was held at which the Master indicated that the defendants have failed to attend three interlocutory hearings. At the hearing, the Master indicated that if the defendants fail to attend in the future, orders will be given in their absence. The next case management conference hearing has been scheduled for December 2, 2025. Prior to that hearing, the plaintiff will:

&nbsp;&nbsp;&nbsp;&nbsp;i. prepare
 a statement of issues,

&nbsp;&nbsp;&nbsp;&nbsp;ii. prepare
 a statement of undisputed facts, and

&nbsp;&nbsp;&nbsp;&nbsp;iii. prepare
 a trial bundle

to be submitted to the District Court and to be served on the defendants no later than July 15, 2025.

The defendants will write to the District Court stating whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. they
 agree with the contents of the aforementioned statement of issues,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. they
 agree with the contents of the aforementioned statement of undisputed facts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. they
 agree with the contents of the aforementioned trial bundle

on or before August 12, 2025. Save as disclosed above, we are not currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

**Regulation**

As we conduct business in Hong Kong, our business operations are subject to various regulations and rules promulgated by the Hong Kong government. The following is a brief summary of the Hong Kong laws and regulations that currently and materially affect our business. This section does not purport to be a comprehensive summary of all present and proposed regulations and legislation relating to the industries in which we operate.

***Hong Kong laws and regulations relating to trade description***

Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong) ("**TDO**") aims to prohibit false or misleading trade description and statements to goods and services provided to the customers during or after a commercial transaction. Pursuant to the TDO, any person in the course of any trade or business applies a false trade description to any goods or supply or offers to supply them commits an offence and a person also commits the same offence if he/she is in possession for sale or for any purpose of trade or manufacture of any goods with a false description. The TDO also provides that traders may commit an offence if they engage in a commercial practice that is a misleading omission of material information of the goods, an aggressive commercial practice, involves bait advertising, bait and switch or wrong acceptance of payment.

***Hong Kong laws and regulations relating to supply of services***

Pursuant to Supply of Services (Implied Terms) Ordinance (Chapter 457 of the Laws of Hong Kong) ("**SOS(IT)O**"), in every contract for the supply of service, where the supplier is acting in the course of a business, there is an implied term that the supplier will carry out the service with reasonable care and skill. The SOS(IT)O, provides that where, under a contract for the supply of a service by a supplier acting in the course of a business, the time for the service to be carried out is not fixed by the contract, is not left to be fixed in a manner agreed by the contract or is not determined by the course of dealing between the parties, there is an implied term that the supplier will carry out the service within a reasonable time. The SOS(IT)O, provides that where, under a contract for the supply of a service, the consideration for the service is not determined by the contract, is not left to be determined in a manner agreed by the contract or is not determined by the course of dealing between the parties, there is an implied term that the party contracting with the supplier will pay a reasonable charge.

***Hong Kong laws and regulations relating to sales of goods***

Pursuant to Sale of Goods Ordinance (Chapter 26 of the Laws of Hong Kong) ("**SOGO**"), in every contract of sale, there is an implied warranty that the goods are free, and will remain free until the time when the property is to pass, from any charge or encumbrance not disclosed or known to the buyer before the contract is made and that the buyer will enjoy quiet possession of the goods except so far as it may be disturbed by the owner or other person entitled to the benefit of any charge or encumbrance so disclosed or known. The SOGO provides that there is an implied condition that the goods shall correspond with the description where there is a contract for the sale of goods by description, and there is any implied condition or warranty as to the quality or fitness for any particular purpose of goods supplied under a contract of sale. Where the seller sells goods in the course of a business, there is an implied condition that the goods supplied under the contract are of merchantable quality.

***Hong Kong laws and regulations relating to business registration***

The Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong) requires every person, whether a company or an individual, who carries on a business in Hong Kong to apply for business registration certificate from the Inland Revenue Department within one month from the date of commencement of the business, and to display the valid business registration certificate at the place of business. Any person who fails to apply for business registration or display a valid business registration certificate at the place of business shall be guilty of an offence, and shall be liable to a fine of HK$5,000 and to imprisonment for 1 year.

***Hong Kong laws and regulations relating to intellectual properties rights***

Trade Marks Ordinance (Chapter 559 of the Laws of Hong Kong) ("**TMO**") provides the framework for the Hong Kong's system of registration of trademarks and sets out the rights attached to a registered trade mark, including logo and a brand name. The TMO restricts unauthorized use of a sign which is identical or similar to the registered mark for identical and/or similar goods and/or services for which the mark was registered, where such use is likely to cause confusion on the part of the public. The TDO provides that a person may also commit a criminal offence if that person fraudulently uses a trade mark, including selling and importing goods bearing a forged trade mark, or possessing or using equipment for the purpose of forging a trade mark.

Patents Ordinance (Chapter 514 of the Laws of Hong Kong) provides the framework for "re-registration" system of Chinese, UK and European patents in Hong Kong. The Patents (Amendment) Ordinance 2016, which came into full effect in Hong Kong on 19 December 2019 provided a new framework for a new patent system – an "original grant patent" system, running in parallel with the "re-registration" system.

Copyright Ordinance (Chapter 528 of the Laws of Hong Kong) ("**CO**") provides comprehensive protection for recognized categories of underlying works such as literary, dramatic, musical and artistic works. The CO restricts unauthorized acts such as copying and/or making available copies to the public of a copy right work.

***Hong Kong laws and regulations relating to competition***

Competition Ordinance (Chapter 619 of the Laws of Hong Kong) ("**Competition Ordinance**") prohibits and deters undertakings in all sectors from adopting anti-competitive conduct which has the object or effect of preventing, restricting or distorting competition in Hong Kong. The key prohibitions include (i) prohibition of agreements between businesses which have the object or effect of preventing, restricting or distorting competition in Hong Kong; and (ii) prohibiting companies with a substantial degree of market power from abusing their power by engaging in conduct that has the object or effect of preventing, restricting or distorting competition in Hong Kong. The penalties for breaches of the Competition Ordinance include, but are not limited to, financial penalties of up to 10% of the total gross revenues obtained in Hong Kong for each year, up to a maximum of three years in which the contravention occurs.

***Hong Kong laws and regulations relating to employment and labor protection***

Pursuant to Employment Ordinance (Chapter 57 of the Laws of Hong Kong) ("**EO**"), all employees covered by the EO are entitled to basic protection under the EO including but not limited to payment of wages, restrictions on wages deductions and the granting of statutory holidays.

Pursuant to Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) ("**MPFSO**"), every employer must take all practicable steps to ensure that the employee becomes a member of a Mandatory Provident Fund (MPF) scheme. An employer who fails to comply with such a requirement may face a fine and imprisonment. The MPFSO provides that an employer who is employing a relevant employee must, for each contribution period, from the employer's own funds, contribute to the relevant MPF scheme the amount determined in accordance with the MPFSO.

Pursuant to Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) ("**ECO**"), all employers are required to take out insurance policies to cover their liabilities under the ECO and at common law for injuries at work in respect of all of their employees. An employer failing to do so may be liable to a fine and imprisonment.

Pursuant to Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) ("**MWO**"), an employee is entitled to be paid wages no less than the statutory minimum wage rate during the wage period. With effect from May 1, 2023, the statutory minimum hourly wage rate is HK$40. Failure to comply with MWO constitutes an offence under EO.

Pursuant to the Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong), employers, so far as reasonably practicable, must ensure the safety and health at work of all the employer's employees in their workplaces by: (i) providing and maintaining plant and work systems that do not endanger safety or health; (ii) making arrangements for ensuring safety and health in connection with the use, handling, storage and transport of articles and substances; (iii) providing all necessary information, instruction, training and supervision for ensuring safety and health; (iv) maintaining the workplace under its control in a condition that is safe and without risks to health, and providing and maintaining means of access to and egress from the workplace that are safe and without any such risks; and (v) providing and maintaining a working environment that is safe and without risks to health. Any employer who fails to comply with the above provisions commits an offence and shall be liable on conviction to a fine of HK$200,000. An employer who fails to comply with the above provisions intentionally, knowingly or recklessly commits an offence and shall be liable on conviction to a fine of HK$200,000 and to imprisonment for six months.

**Directors, Senior Management and Employees**

**Directors and Senior Management**

The following table sets out the Company's executive officers, significant personnel and directors as of the date of this Prospectus:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office** | **Principal Business <br> Activities Performed <br> Outside the <br> Company and its <br> subsidiary** |
| **Executive Directors:** |  |  |  |  |
| Chan Kam Biu Richard | Chief Executive Officer and Director | 68 | n/a | n/a |
| Lui Lai Yuen\* | Chief Administrative Officer Nominee and Director Nominee | 66 | n/a | n/a |
| **Independent Non-Executive Directors:** |  |  |  |  |
| Michele Takis Matsuda\* | Director Nominee | 61 | One Year | Director of Procana Company Limited |
| Hui Ringo Wing Kun\* | Director Nominee | 44 | One Year | Executive director of the Hatcher Group Limited; director of VBG Capital Limited, VBG Consulting (Beijing) Co, Ltd. and VBG Asia Limited |
| Chan Sze Man\* | Director Nominee | 43 | One Year | Independent non-executive director of Prosperous Future Holdings Limited and Chi Kan Holdings Limited; and non-executive director of Tongda Group Holdings Limited |
| **Senior Management:** |  |  |  |  |
| Lai Tai Yan | Chief Financial Officer | 52 | One Year | Chief executive officer of BOA International Securities Limited and BOA Global Asset Management Limited |

---

\* These individuals are currently only nominees to their positions and will become directors of the Company upon the effectiveness of the registration statement of which this Prospectus forms a part.

The Company has entered into a service agreement with Lai Tai Yan and appointed Chan Kam Biu Richard as its director. Upon the effectiveness of the registration statement of which this Prospectus forms a part, the Company also intends to enter into employment agreements with Chan Kam Biu Richard and Lui Lai Yuen, and letter of appointments with Michele Takis Matsuda, Hui Ringo Wing Kun and Chan Sze Man.

**Certain Relationships**

Except as set forth above and in our discussion below in "*Interest of Management and Others in Certain Transactions*," none of our directors, executive officers or senior management have been involved in any transactions with us or any of our directors, executive officers, senior management, affiliates, or associates that are required to be disclosed pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "**SEC**").

**Business Experience**

**Chan Kam Biu Richard**

**Chief Executive Officer and Executive Director**

Mr. Chan will serve as our chief executive officer and director as of the effective date of the registration statement of which this Prospectus forms a part. He has over 40 years of experience in the field of electrical and mechanical engineering and construction project management. He founded Boca International in 1992 for research and development purposes. Since June 1995, he has served as a managing director of Boca International. Previously, Mr. Chan served as a Senior Project Engineer of Hutchison Whampoa Properties Limited from September 1989 to March 1995. From 1988 to 1989, he was a Resident Electrical and Mechanical Engineer at Wong & Ouyang (HK) Limited and, between 1979 and 1988, he worked as an engineer at several Hong Kong companies, including The Jardine Engineering Corporation Limited. Mr. Chan holds a higher diploma in mechanical engineering from the Hong Kong Polytechnic (now known as the Hong Kong Polytechnic University), and a master's and doctoral degree in business administration from the Newport University. He was appointed as a member of the Hong Kong Invention Association on March 18, 2022.

***Lui Lai Yuen***

***Executive Director***

Ms. Lui will serve as our Chief Administrative Officer and director as of the effective date of the registration statement of which this Prospectus forms a part. She served as a director of Boca International from 1992 to 2016 and has again held this position since November 2020. She is responsible for administrative and financial management of Boca International. She also oversees the day-to-day business operation of Boca International. Ms. Lui holds a bachelor's degree in business administration from La Jolla University, San Diego, California.

***Michele Takis Matsuda***

***Independent Non-Executive Directo****r*

Mr. Matsuda will serve as our director as of the effective date of the registration statement of which this Prospectus forms a part. He has more than 25 years of experience in the technology sector and has expertise in technical solutions, technical management and business operational management. He is the founder, chief executive officer and director of Procana Company Limited since 2019, a U.S. company incorporated in Delaware and the holding company of Procana Hawaii LLC, a manufacturer of hemp products licensed by the United States Department of Agriculture and registered with the State of Hawaii. He was also the founder, CEO and director of Medcan Company Limited from 2018 to 2021, a U.S. company incorporated in Delaware and the holding company of MedCan Hawaii LLC, a U.S. company focusing on distribution of safe and quality hemp and medical marijuana products. From 2010 to 2018, Mr. Matsuda served as the chief executive officer and director of S.I. Management Limited and S.I. Energy Holdings Limited, each of which is a subsidiary of the S.I. Investments Limited, during which he focused on gaming development projects in Asia and mega solar power plants in Japan. From 2001 to 2003 and from 2008 to 2009, he was appointed as the president of E-Lux Corporation (now known as Quants Inc.) (a company listed on the Japan Association of Securities Dealers Automated Quotation ("JASDAQ"), stock code 6811). From 2003 to 2009, he was the chairman of Sun Innovation Holdings Limited (currently known as Digital Domain Holding Limited) (a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "**Hong Kong Stock Exchange**"), stock code: 547). He was also one of the founders and served as a director of Trans Pacific Telecom Group from 1998 to 2000, a U.S. company which held various telecommunication licenses in UK, the U.S., Japan and Hong Kong. Prior to that, between 1986 to 1996, he served in various positions, including but not limited to facilities manager and real estate manager, with his last position as a director of Technology Administration Division of Nomura Securities International, Inc.

***Hui Ringo Wing Kun***

***Independent Non-Executive Director***

Mr. Hui will serve as our director as of the effective date of the registration statement of which this Prospectus forms a part. He has served as a director of Hatcher Group Limited (formerly known as VBG International Holdings Limited) (a company listed on GEM of the Hong Kong Stock Exchange, stock code: 8365) since 2013, and has been re-designated as an executive director and appointed as the compliance officer of Hatcher Group Limited since 2016. He is also a director of several subsidiaries of Hatcher Group Limited, namely VBG Capital Limited, VBG Consulting (Beijing) Co, Ltd. and VBG Asia Limited. Mr. Hui is primarily responsible for, among others, overseeing the business corporate strategy, compliance and risk management of Hatcher Group Limited. From May 2009 to June 2016, Mr. Hui served as a non-executive director of Jayden Resources Inc. (a company listed on TSX Venture Exchange in Canada, TSXV: JDN).

Mr. Hui obtained a Bachelor of Science degree in management in July 2002 and a Master of Science degree in management in November 2003 from the London School of Economics and Political Science.

***Chan Sze Man***

***Independent Non-Executive Director***

Ms. Chan will serve as our director as of the effective date of the registration statement of which this Prospectus forms a part. She has served as a chief financial officer and company secretary of Tongda Group Holdings Limited (a company listed on main board of the Hong Kong Stock Exchange, stock code: 698) since 2011, and has been re-designated as a non-executive director and appointed as the audit committee member of Tongda Group Holdings Limited since 2021. Ms. Chan is primarily responsible for, among others, overseeing the company and business issues in a broad perspective, particularly in helping develop proposals for strategy development of Tongda Group Holdings Limited. Ms. Chan has been appointed as an independent non-executive director of Prosperous Future Holdings Limited (stock code: 1259) and Chi Kan Holdings Limited since September 2016 and July 2020 respectively, both being companies listed on the main board of the Hong Kong Stock Exchange.

Ms. Chan obtained a Bachelor of Science degree in accounting in June 2010 from the Hong Kong University of Science and Technology.

***Lai Tai Yan***

***Chief Financial Officer***

Mr. Lai has served as our Chief Financial Officer since May 11, 2022. He has over 27 years of financial services and corporate management experience and has served in various banking and financial institutions. Since 2019, Mr. Lai has been the chief executive officer of BOA International Securities Limited and BOA Global Asset Management Limited, both of which are corporations licensed by the Hong Kong Securities and Futures Commission. He is responsible for directing and overseeing the management of the overall operation of the two companies. From December 2015 to September 2016, he served as the chief operations officer of CIS Securities Asset Management Limited ("**CIS**"). In October 2016, he was promoted to the position of chief executive officer which he held until August 2018. During his tenure in CIS, he directed the overall corporate strategy and managed the staff and departments of the company. From April 2015 to November 2015, he served as the chief operations officer of China Frontier Capital Management Limited (currently known as Frontier Capital Management Limited). Prior to that, he worked at JPMorgan Chase & Co. from July 2008 to December 2013, with his last position as the vice president at the Chief Investment Office Department. Between 1995 to 2008, he served in various positions, including but not limited to accountant, risk management manager, product controller, and management information systems officer in a number of banking and financial institutions.

Mr. Lai holds a bachelor's degree in Accounting from Central Queensland University and a master's degree in Business Administration from the University of North Carolina at Charlotte. He also obtained a postgraduate diploma in Corporate Compliance from the School of Professional and Continuing Education, the University of Hong Kong on April 6, 2020. In addition, Mr. Lai has held several accounting-related qualifications. He has been admitted as a fellow member of the Association of International Accountants since September 29, 2017. On January 31, 2013, he was admitted as a fellow of the Institute of Public Accountants at Melbourne, Australia. He has also been admitted as a fellow certified management accountant of the Institute of Certified Management Accountants since October 5, 2015.

**Involvement in Certain Legal Proceedings**

To our knowledge, none of our directors or executive officers have, during the past ten years:

● been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

● had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he or she was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

● been subject to any order, judgment, or decree, not subsequently reversed, suspended, or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

● been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

● been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

● been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the U.S. Commodity Exchange Act of 1936, as amended), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**Family Relationships**

There are no family relationships, or other arrangements or understandings between or among any of the directors, director nominees, executive officers, or other person pursuant to which such person was selected to serve as a director or officer, except that Lui Lai Yuen, our proposed executive director, is the spouse of Chan Kam Biu Richard, our proposed chief executive officer and proposed executive director.

**Service Contracts**

As of the date of this Prospectus, no director of the Company is party to a service contract with the Company or its subsidiary providing for benefits upon termination of employment.

**Committees of the Board of Directors**

We will establish three committees, namely, audit committee, remuneration committee, and nominating and corporate governance committee. We plan to adopt a charter for each of the three committees. Copies of our committee charters can be found on our corporate investor relations website at https://pcm-tes.com/ upon the close of our Offering and listing on NYSE American.

Each committee's members will be appointed upon the close of our Offering and listing on NYSE American. Their functions are described below.

**Audit Committee**

We expect that on completion of the Offering, our audit committee will comprise of Michele Takis Matsuda, Hui Ringo Wing Kun, and Chan Sze Man, and will be chaired by Chan Sze Man. 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 NYSE American, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated Chan Sze Man as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointment, compensation, retention and oversight of the work of any registered public accounting firm engaged;

● 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 with the independent registered public accounting firm any audit problems or difficulties and management's responses;

● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

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

● discussing the annual audited financial statements with management and the independent registered public accounting firm;

● 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.

The audit committee will at all times be composed exclusively of "independent directors" as defined for audit committee members under the NYSE American and the rules and regulations of the SEC.

**Remuneration Committee**

We expect that on completion of the Offering, our remuneration committee will consist of Michele Takis Matsuda Hui Ringo Wing Kun, and Chan Sze Man, and will be chaired by Hui Ringo Wing Kun. Our board of directors has determined that each member of the nomination committee is "independent" as defined by the rules of the SEC and in the NYSE American Company Guide. The remuneration 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, if any;

● 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 NYSE American Company Guide;

● 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.

**Nominating and Corporate Governance Committee**

We expect that on completion of the Offering, our nominating and corporate governance committee will consist of Hui Ringo Wing Kun, Michele Takis Matsuda, and Chan Sze Man, and will be chaired by Chan Sze Man. Our board of directors has determined that each member of the nomination committee is "independent" as defined by the rules of the SEC and in the NYSE American Company Guide. The nominating and corporate governance 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 ensure that it is composed of members containing the appropriate skills and expertise to advise us.

**Foreign Private Issuer Status**

The NYSE American Company Guide includes 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 NYSE American standards. The application of such exceptions requires that we disclose each NYSE American standard that we do not follow and describe the Cayman Islands corporate governance practices that we do follow in lieu of the relevant NYSE American standard. We currently follow Cayman Islands corporate governance practices in lieu of the corporate governance requirements of the NYSE American in respect of the following:

● the requirement under Section 132 of the NYSE American Company Guide that companies listed on NYSE American shall release quarterly sales and earnings;

● the requirement under Section 705 of the NYSE American Company Guide, pursuant to which the solicitation of proxies and delivery of proxy statements for all shareholder meetings requires that these proxies be solicited pursuant to a proxy statement that conforms to the proxy rules of the SEC;

● the Shareholder Approval Requirements under Section 711 to 713 of the NYSE American Company Guide.

● the majority independent director requirement under Section 802(a) of the NYSE American Company Guide; and

● the requirement under Section 802(c) of the NYSE American Company Guide that the independent directors have regularly scheduled meetings with only the independent directors present.

**Code of Business Conduct and Ethics**

We have adopted a Code of Business Conduct and Ethics that applies to our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions. The Code of Business Conduct and Ethics is currently available at our corporate website at https://pcm-tes.com/.

**Compensation of Directors and Executive Officers**

**Director and Executive Officer Compensation**

The following table summarizes all compensation received by our directors, executive officers and senior management in the years ended March 31, 2025 and 2024.

**Summary Compensation Table**

---

| | | | |
|:---|:---|:---|:---|
| | **Compensation Paid** | **Compensation Paid** | **Compensation Paid** |
| <br>**Name and Principal Position** | **Fiscal**<br> **Year** | **Salary**<br> **(HK$)** | **Total**<br> **(HK$)** |
| Mr. Chan Kam Biu Richard | 2025 | Nil | Nil |
| Chief Executive Officer and Director | 2024 | 1200000 Nil | 1200000 |
| Ms. Lui Lai Yuen | 2025 | 600000 Nil | 600000 |
| Chief Administrative Officer and Director | 2024 | 616661 Nil | 616661 |
| Mr. Michele Takis Matsuda | 2025 | Nil | Nil |
| Independent Non-Executive Director | 2024 | Nil | Nil |
| Mr. Hui Ringo Wing Kun | 2025 | Nil | Nil |
| Independent Non-Executive Director | 2024 | Nil | Nil |
| Ms. Chan Sze Man | 2025 | Nil | Nil |
| Independent Non-Executive Director | 2024 | Nil | Nil |
| Mr. Lai Tai Yan | 2025 | 120000 Nil | 120000 |
| Chief Financial Officer | 2024 | 120000 Nil | 120000 |

---

*The currency exchange rate of the US$ to the HK$ for 2025 and 2024 is expected to be US$1 = HK$7.8, respectively.*

**Personnel Agreements, Arrangements or Plans**

The Company has not entered into any plan or arrangement with any of its directors or executive officers concerning compensation to be made in the future.

**RELATED PARTY Transactions**

**Transactions with Related Persons**

Amounts due to/from shareholders and directors

The amounts are unsecured, interest-free and repayable on demand. The related party balances are set out below:

---

| | | |
|:---|:---|:---|
|  | As at March 31 | As at March 31 |
|  | 2025<br>HK$ | 2024<br>HK$ |
| <u>Amount due from (to) shareholders</u> |  |  |
| Joyful Star Limited | (689922) | (689922) |
| Boca Holdings Limited |  | 481293 |
| <u>Amounts due from (to) directors</u> |  |  |
| Dr Chan Kam Biu, Richard | (621243) | (500000) |
| Lui Lai Yuen | (200000) | (200000) |
| <u>Other borrowings</u> |  |  |
| Ma Chi Heng | (990000) | (990000) |
| <u>Interest payable</u> |  |  |
| Ma Chi Heng | (321400) | (271900) |

---

During the year ended March 31, 2025, the Group made no advances of HK$Nil (2024 - HK$203,821) and received advances of HK$Nil (2024 - $680,393) relating to Lui Lai Yuen.

During the year ended March 31, 2025, the Group made advance of HK$729,302 to Dr Chan Kam Biu, Richard (2024 - HK$55,200), received advances of HK$843,647 (2024 - HK$1,714,391) from Dr Chan Kam Biu, Richard, and settlement of the Group's purchase of property, plant and equipment, in total of HK$6,898 (2024 - HK$16,995). As at March 31, 2025, Dr Chan Kam Biu, Richard agreed to waive the amount due of HK$Nil (2024 – HK$3,021,782).

For the year ended March 31, 2025, Chan Kam Biu, Richard, a director and major shareholder, waived his remuneration of HK$1,200,000 to support the Company's financial stability. The waiver was recorded as cost of revenue of HK$240,978 and administrative expenses of HK$959,022 with corresponding account charged against other reserve as a capital contribution.

During the year ended March 31, 2025, the management of the Group has written off the amount due from Boca Holdings Limited of HK$481,293 and recognised it in profit or loss.

We and MavDB Consulting LLC, are parties to a consulting agreement, dated January 1, 2024. MavDB Consulting LLC, a company incorporated in Puerto Rico, is 100% owned by David Joshua Bartch. Accordingly, David Joshua Bartch has the sole voting power over all the shares held by MavDB Consulting LLC. The principal business address of MavDB Consulting LLC is MavDB Consulting LLC, 151 Calle De San Francisco Floor 2, San Juan, PR 00901.

The consulting services provided by the Consultant to the Company include capital markets consulting, introductions to potential investors, global markets consulting for potential entry into other markets globally, introduction to potential M&A targets, introduction to service providers including but not limited to investment banks, underwriters, legal firms, governance experts and auditors, preparation of investor materials including but not limited to investor decks and presentation if needed, and counseling and training management on investment pitches and presentations.

The consulting fees provided by the Company to MavDB Consulting LLC in consideration of the services provided/to be provided are US$50,000 per year, for a total of US$250,000 over five years, commencing January 1, 2024. The Company settled the consulting fees of US$250,000 by issuing 1,000,000 ordinary shares of the Company at a par value of US$0.001 to MavDB Consulting LLC on January 12, 2024.

On March 13, 2025, the Group entered into sales and purchase agreements with the director and his close family member, Ms. Lui Lai Yuen, and Mr. Chan Koon Wah Charles, for purchasing residential property for director's accommodation. The consideration is HK$9,500,000. As of March 31, 2025, the Group paid the deposit of HK$950,000 and related direct cost of HK$322,100.

Except as set forth above, there has not been, nor is there currently proposed, any transaction in which we are or were a participant and the amount involved exceeds the lesser of US$120,000 or 1% of the Company's total assets, and in which any of our directors, executive officers, holders of more than 10% of the Shares or any immediate family member of any of the foregoing had or will have a direct or indirect material interest, other than compensation arrangements, which include equity and other compensation, termination, change in control, consulting and other arrangements, which are described under "*Compensation of Directors and Executive Officers*."

**Review, Approval and Ratification of Related Party Transactions**

Given our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval, or ratification of transactions, such as those described above, with our executive officer(s), director(s), and significant shareholders. We intend to establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional directors, so that such transactions will be subject to the review, approval or ratification of the Board, or an appropriate committee thereof. On a moving forward basis, our directors will continue to approve any related party transaction.

**Security Ownership of Management and Certain Shareholders**

Green Circle Decarbonize Technology Limited is a holding company that does not have substantive operations.

On February 15, 2022, the Company was incorporated with the following ownership structure:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Shareholders** | **Number of Shares** | **Approximate percentage of shareholding** |  |
| Joyful Star Limited (1) | 5,280,000# | 58.66 | % |
| Green Circle Limited (2) | 1,080,000# | 12.00 | % |
| Main Miles Financial Service Holding Limited (3) | 540000 | 6.00 | % |
| Niu B Limited (4) | 540000 | 6.00 | % |
| Success Hero Limited (5) | 540000 | 6.00 | % |
| Wong Tan Suen (6) | 360,000# | 4.00 | % |
| Boca Holdings Limited (7) | 240,000# | 2.67 | % |
| Ma Chi Heng | 240,000# | 2.67 | % |
| GoSmart Consultant Company Limited (8) | 180000 | 2.00 | % |
| **Total** | **9000000** | **100.00** | **%<sup>\*</sup>** |

---

<sup>\*</sup>Percentages may not total 100% due to rounding.

# Subject to lock up period of 183 days after the Offering.

(1) Joyful Star Limited, a British Virgin Islands company, is 100% owned by Chan Kam Biu Richard. Accordingly, Chan Kam Biu Richard has the sole voting and dispositive power over all the Shares held by Joyful Star Limited. The principal business address of Joyful Star Limited is Green Circle Decarbonize Technology Limited, Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong.

(2) Green Circle Limited, a British Virgin Islands company, is 100% owned by Chan Kam Biu Richard. Accordingly, Chan Kam Biu Richard has the sole voting and dispositive power of all the Shares held by Green Circle Limited. The principal business address of Green Circle Limited is Green Circle Decarbonize Technology Limited, Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong.

(3) Main Miles Financial Service Holding Limited, a company incorporated in Hong Kong, is 100% owned by Chau King Hong Claude. Accordingly, Chau King Hong Claude has the sole voting and dispositive power over all the Shares held by Main Miles Financial Service Holding Limited. The principal business address of Main Miles Financial Service Holding Limited is Room 2206-2210, 22/F, China Resources Building, 26 Harbour Road, Hong Kong.

(4) Niu B Limited, a company incorporated in Hong Kong, is 100% owned by Choy Yau Fai. Accordingly, Choy Yau Fai has the sole voting and dispositive power over all the Shares held by Niu B Limited. The principal business address of Niu B Limited is Flat C, 57/F, Tower 3 Sky Tower, Hong Kong.

(5) Success Hero Limited, a company incorporated in Hong Kong, is 100% held by Chan Sze Ming. Accordingly, Chan Sze Ming has the sole voting and dispositive power over all the Shares held by Success Hero Limited.The principal business address of Success Hero Limited is Suite 3101, 31/F, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.

(6) Wong Tan Suen holds the shares on behalf of Wong C Ching.

(7) Boca Holdings Limited, a company incorporated in Hong Kong, is owned by Siu Mei Yan (99%) and Yuen Wing Hin Hinton (1%). Accordingly, Siu Mei Yan has the sole voting and dispositive power over all the Shares held by Boca Holdings Limited. The principal business address of Boca Holdings Limited is Green Circle Decarbonize Technology Limited, Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong.

(8) GoSmart Consultant Company Limited, a company incorporated in Hong Kong, is 100% owned by Cheng Chau Yu. Accordingly, Cheng Chau Yu has the sole voting and dispositive power over all the Shares held by GoSmart Consultant Company Limited. The principal business address of GoSmart Consultant Company Limited is Room 512, 5/F, New Mandarin Plaza Tower B, 14 Science Museum Road, Tsim Sha Tsui East, Hong Kong.

The following table sets forth information with respect to the beneficial ownership of the Shares as of November 28, 2025 and after this Offering by each of the Shareholders, based upon the 10,000,000 Shares outstanding as of November 28, 2025, which represents 100% of our entire issued and outstanding share capital as of such date. As stated above, the Company's total number of issued and outstanding shares on the day of incorporation, February 15, 2022, was 9,000,000, representing 90% of our entire issued and outstanding share capital as of November 28, 2025. An additional 1,000,000 shares were issued on January 12, 2024, which represents the remaining 10% of our entire issued and outstanding share capital as of November 28, 2025. On January 4, 2024, 280,000 shares were issued in error to the Company, which were surrendered on January 11, 2024. The beneficial ownership of Shares is determined in accordance with the rules of the SEC and generally includes any Shares over which a person exercises sole or shared voting or investment power, or the right to receive the economic benefit of ownership. For purposes of the table below, we deem shares subject to options that are currently exercisable or exercisable within 60 days of November 28, 2025, to be outstanding and to be beneficially owned by the person holding the options for the purposes of computing the percentage ownership of that person but we do not treat them as outstanding for the purpose of computing the percentage ownership of any other person.

All of our shareholders, including the shareholders listed below, have the same voting rights attached to their Shares. Following the closing of this Offering, neither our principal shareholders nor our directors and executive officers will have different or special voting rights with respect to their Shares.

Unless otherwise stated, the Shares are owned directly and hold equal voting rights.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares beneficially owned prior to this Offering** | **Shares beneficially owned prior to this Offering** | **Shares beneficially owned after this Offering** | **Shares beneficially owned after this Offering** | **Shares beneficially owned after this Offering** | **Shares beneficially owned after this Offering** |
| <br>**Directors** | **Number of<br> Shares** | **Approximate<br> percentage of<br> outstanding<br> Shares** | **Number of<br> Shares (Assuming Underwriter's over- allotment option is not exercised)** | **Approximate<br> percentage of<br> outstanding<br> Shares** | **Number of<br> Shares (Assuming Underwriter's over-allotment option is exercised in full)** | **Approximate<br> percentage of<br> outstanding<br> Shares** |
| *Directors and executive officers (1)* |  |  |  |  |  |  |
| Dr. Chan Kam Biu Richard | 6360000 | 63.60% | 6360000 | 50.88% | 6360000 | 49.40% |
| *Directors and executive officers as a group* |  |  |  |  |  |  |
|  | 6360000 | 63.60% | 6360000 | 50.88% | 6360000 | 49.40% |
| *5% principal shareholders:* |  |  |  |  |  |  |
| Dr. Chan Kam Biu Richard (2) | 6360000 | 63.60% | 6360000 | 50.88% | 6360000 | 49.40% |
| MavDB Consulting LLC (3) | 985000 | 9.85% | 985000 | 7.88% | 985000 | 7.65% |
| Main Miles Financial Service Holding Limited (4) | 540000 | 5.40% | 540000 | 4.32% | 540000 | 4.19% |
| Niu B Limited (5) | 540000 | 5.40% | 540000 | 4.32% | 540000 | 4.19% |
| Success Hero Limited (6) | 540000 | 5.40% | 540000 | 4.32% | 540000 | 4.19% |

---

(1) The business address for our directors and executive officers is Green Circle Decarbonize Technology Limited, Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong, unless otherwise stated.

(2) Dr. Chan Kam Biu Richard has voting and investment power with respect to these ordinary shares. The address of Dr. Chan is Green Circle Decarbonize Technology Limited, Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong. Dr. Chan acquired these ordinary shares as follows: on February 15, 2022, 1,080,000 shares and 5,280,000 shares were issued to Green Circle Limited and Joyful Star Limited, for the consideration of US1,080 and US$5,280, respectively. Both Green Circle Limited and Joyful Star Limited are 100% owned by Dr. Chan, and the principal business address of Green Circle Limited and Joyful Star Limited is Green Circle Decarbonize Technology Limited, Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong.

(3) MavDB Consulting LLC, a company incorporated in Puerto Rico, is 100% owned by David Joshua Bartch. Accordingly, David Joshua Bartch has the sole voting power over all the Shares held by MavDB Consulting LLC. The principal business address of MavDB Consulting LLC is MavDB Consulting LLC, 151 Calle De San Francisco Floor 2, San Juan, PR 00901. MavDB Consulting LLC acquired these ordinary shares as follows: on January 12, 2024, the Company issued 1,000,000 ordinary shares of US$0.001 each, or US$1,000 in total. However, per the Company's board of directors, the value of the consultancy services provided by MavDB Consulting LLC are worth US$250,000 over a period of five years or US$50,000 per year. The period of consultancy service is for five years commencing January 1, 2024, pursuant to the exemption from registration available under Section 4(a)(2) of the Securities Act and Regulation S promulgated thereunder. On April 28, 2025, MavDB Consulting LLC transferred 15,000 shares to another third party. Ultimately, MavDB Consulting LLC holds 985,000 shares of the Company, which represents 9.85% of outstanding shares prior to the Offering.

(4) Main Miles Financial Service Holding Limited, a company incorporated in Hong Kong, is 100% owned by Chau King Hong Claude. Accordingly, Chau King Hong Claude has the sole voting and dispositive power over all the Shares held by Main Miles Financial Service Holding Limited. The principal business address of Main Miles Financial Service Holding Limited is Room 2206-2210, 22/F, China Resources Building, 26 Harbour Road, Hong Kong. Main Miles Financial Service Holding Limited acquired these ordinary shares as follows: on February 15, 2022, 540,000 shares were issued to Main Miles Financial Service Holding Limited for the consideration of US$540.

(5) Niu B Limited, a company incorporated in Hong Kong, is 100% owned by Choy Yau Fai. Accordingly, Choy Yau Fai has the sole voting and dispositive power over all the Shares held by Niu B Limited. The principal business address of Niu B Limited is Flat C, 57/F, Tower 3 Sky Tower, Hong Kong. Niu B Limited acquired these ordinary shares as follows: on February 15, 2022, 540,000 shares were issued to Niu B Limited for the consideration of US$540.

(6) Success Hero Limited, a company incorporated in Hong Kong, is 100% held by Chan Sze Ming. Accordingly, Chan Sze Ming has the sole voting and dispositive power over all the Shares held by Success Hero Limited. The principal business address of Success Hero Limited is Suite 3101, 31/F, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong. Success Hero Limited acquired these ordinary shares as follows: on February 15, 2022, 540,000 shares were issued to Success Hero Limited for the consideration of US$540.

There are no arrangements known to us that may at a subsequent date result in a change in control of the Company.

**Underwriting**

In connection with this Offering, we expect to enter into an underwriting agreement (the "**Underwriting Agreement**") with RBW Capital Partners LLC ("**RBW**"), a division of Dawson James Securities, Inc., which is a broker-dealer registered with the Commission and members of FINRA, as the representative of underwriters named in this Prospectus, with respect to the Shares.

The Underwriter may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this Offering. The Underwriter has agreed to purchase from us, and we have agreed to sell to the Underwriter, the number of Shares set forth opposite to its name below, at the offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name of Underwriter** | **Number of Shares** |
| RBW Capital Partners LLC, a division of Dawson James Securities, Inc. |  |
| Total | 2500000 |

---

Under the terms and subject to the conditions contained in the Underwriting Agreement, the Underwriter will agree to purchase from us on a firm commitment basis the number of Shares at the public price less the underwriting discount set forth on the cover page of this Prospectus, and the Underwriter has agreed to purchase, and we have agreed to sell to the Underwriter, at US$4.00, which is the Offering price per Share less 7.5%, which is the underwriting discount set forth on the cover page of this Prospectus, up to 2,500,000 Shares in aggregate.

The Shares sold by the Underwriter to the public will initially be offered at the Offering price range set forth on the cover page of this Prospectus. Any Shares sold by the Underwriter to securities dealers may be sold at a discount from the Offering price not to exceed %. If all of the Shares are not sold at the Offering price, the Underwriter may change the Offering price and the other selling terms. The Underwriter has advised us that they do not intend to make sales to discretionary accounts.

**Over-Allotment Option**

We have granted to the Underwriter an option to purchase a number of Shares of the Company that equals 15% of the Shares offered by us in this Offering at US$4.00 per Share, which is the Offering price listed on the cover page of this prospectus, less underwriting discounts, within 45 days from the effective date of its registration statement on Form F-1.

**Discounts, Commissions,** **and Expenses**

The following table shows the underwriting discounts payable to the Underwriter by us in connection with this Offering (assuming both the exercise and non-exercise of the over-allotment option that we have granted to the Underwriter), based on the assumed initial public offering price of US$4.00 per Share, which is the price set forth on the cover page of this Prospectus:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total Without Exercise of Over-allotment Option** | **Total with Exercise of Over-allotment Option** |
|  | (US$) | (US$) | (US$) |
| Initial public offering price | 4.00 | 10000000 | 11500000 |
| Underwriting discounts and commissions paid by the Company (7.5%) | 0.30 | 750000 | 862500 |
| Non-accountable expense allowance (1%) | 0.04 | 100000 | 115000 |
| Proceeds, before expenses, to the Company | 3.66 | 9150000 | 10522500 |

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We agreed to pay to the Underwriter's non-accountable expenses equal to 1% of the gross proceeds raised in the Offering. We have also agreed to pay the Underwriter up to a maximum of US$200,000 for fees and expenses of legal counsel and other reasonable out-of-pocket accountable expenses, including: (i) roadshow expenses and cost of background checks, (ii) plus the additional amount payable by the Company, including all fees, disbursements and expenses in connection with any proposed offering, including, without limitation, the Company's legal and accounting fees and disbursements; the costs of preparing, printing, mailing and delivering the registration statement, the preliminary and final prospectus contained therein and amendments thereto, post-effective amendments and supplements thereto, any other offering materials (as defined in the engagement agreement between the Company and the Underwriter), the Underwriting Agreement and related documents (all in such quantities as RBW may reasonably require); preparing and printing stock certificates and warrant certificates; the costs of any "due diligence" meetings; filing fees (including SEC filing fees), costs and expenses (including third party expenses and disbursements) incurred in registering the Offering, FINRA filing fees; costs and expenses of qualifying the offering under the "blue sky" laws of the states specified by the Underwriter; preparation of leather bound volumes and Lucite cube mementos in such quantities as the Underwriter may reasonably request in connection with an underwritten offering; transfer taxes; and transfer and warrant agent and registrar fees, but excluding those costs and expenses that FINRA regulations require to be borne by a selling agent, placement agent or underwriter, and (iii) if applicable, the costs associated with the use of a third-party electronic road show service (such as Net Roadshow). Any retainer balance or advance expense payment to the representative from us will be reimbursed to us to the extent any portion thereof is not actually incurred in compliance with FINRA Rule 5110(g)(4)(A).

**Underwriter's** **Warrants**

We have agreed to issue warrants to the Underwriter to purchase a number of Shares equal to 5% of the total number of Shares sold in this Offering (including the over-allotment option) at an exercise price equal to 100% of the public offering price of the Shares sold in this Offering. The Underwriters Warrants will be exercisable nine (9) months from the date of effectiveness of this registration statement and will terminate on the third anniversary of such exercisable date. The Underwriters Warrants also provide for "piggyback" registration rights, which shall terminate on the earlier of (i) the fifth anniversary of the effective date of the Underwriters Warrants and (ii) the date that Rule 144 would allow the holder of such warrants to sell its registrable securities during any ninety (90) day period, but in no circumstances beyond seven (7) years from the commencement of sales of the Offering in compliance with FINRA Rule5110.05 and 5110(g)(8)(D). We have registered the Shares underlying the Underwriters Warrants in this Offering.

The Underwriters Warrants and the underlying Shares may be deemed to be compensation by FINRA, and therefore will be subject to FINRA Rule 5110(e)(1). In accordance with FINRA Rule 5110(e)(1), neither the Underwriters Warrants nor any Shares issued upon exercise of the Underwriters Warrants may be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days immediately following the commencement date of sales in this Offering, subject to certain exceptions. The Underwriters Warrants to be received by the Underwriter and related persons in connection with this Offering: (i) fully comply with lock-up restrictions pursuant to FINRA Rule 5110(e)(1); and (ii) fully comply with transfer restrictions pursuant to FINRA Rule 5110(e)(2).

**Determination of Offering Price**

In determining the initial public offering price, we and the Underwriter have considered a number of factors, including:

● the information set forth in this Prospectus and otherwise available to the representative;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future revenue and earnings;

● the general condition of the securities markets at the time of this Offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the Underwriter and us.

The estimated initial public offering price set forth on the cover page of this Prospectus is subject to change as a result of market conditions and other factors. Neither we nor the Underwriter can assure investors that an active trading market will develop for the Shares, or that the Shares will trade in the public market at or above the initial public offering price.

We have agreed to indemnify the Underwriter against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the Underwriter may be required to make for these liabilities.

**Right of First Refusal**

We have granted to the Underwriter, for a period of twelve months following the consummation of any offering in which the Underwriter shall serve as the exclusive agent, adviser, or underwriter, the right of first refusal, if the Company or any of its subsidiaries decides to finance or refinance any indebtedness using a manager or agent, the Underwriter (or any affiliate designated by the Underwriter) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or decides to raise funds by means of a public offering (including through an at-the-market facility) or a private placement or any other capital-raising financing of equity, equity-linked or debt securities using an underwriter or placement agent, the Underwriter (or any affiliate designated by the Underwriter) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing (the "**Right of First Refusal**"). If the Underwriter or one of their affiliates decides to accept any such engagement, the agreement governing such engagement will contain, among other things, provisions for customary fees for transactions of similar size and nature and the provisions of this Agreement, including indemnification, which are appropriate to such a transaction. For the avoidance of doubt, following the Company shall have the right to raise capital in any offering of its securities so long as it does not utilize a broker-dealer or other intermediary as placement agent, underwriter or financial advisor.

**Tail Rights**

Following the closing of any offering in which the Underwriter shall serve as the exclusive agent, adviser, or underwriter, with respect to any public or private offering or other financing or capital-raising transaction of any kind, to the extent that such financing or capital is provided to the Company by investors whom the Underwriter had contacted during the term or introduced to the Company during the Term, if such Tail Financing is consummated at any time within the 12-month period following the expiration or termination of the Company's engagement agreement with the Underwriter, the Underwriter shall be entitled to success fees in accordance with our engagement agreement.

**Lock-Up Obligations**

The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Underwriter, it will not except for customary exempt issuances that will be provided for in the Underwriting Agreement and, for a period of 180 days after the date of the Offering (the "Lock-Up Period"), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company (except in the ordinary course to employees, directors and other service providers); (ii) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company (except a S-8 registration statement); (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

**Electronic Offer, Sale and Distribution of the Shares**

A prospectus in electronic format may be made available on the websites maintained by the Underwriter. In addition, the Shares may be sold by the Underwriter to securities dealers who resell the Shares to online brokerage account holders. Other than the prospectus in electronic format, the information on the Underwriter's website(s) and any information contained in any other website maintained by the Underwriter is not part of the prospectus or the registration statement of which this Prospectus forms a part, has not been approved and/or endorsed by us or the Underwriter in their capacity as underwriter and should not be relied upon by investors.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Shares, or the possession, circulation or distribution of this Prospectus or any other material relating to us or the Shares, where action for that purpose is required. Accordingly, the 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 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.

**Offer Restrictions Outside the United States**

Other than in the United States, no action has been taken by us or the Underwriter that would permit a public offering of the securities offered by this Prospectus in any jurisdiction where action for that purpose is required. The securities offered by this Prospectus may not be offered or sold, directly or indirectly, nor may this Prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this Prospectus comes are advised to inform themselves about and to observe any restrictions relating to this Offering and the distribution of this Prospectus. This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this Prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Stamp Taxes**

If you purchase Shares offered in this Prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this Prospectus.

**Cayman Islands Data Protection**

**Cayman Islands Data Protection Laws**

We have certain duties under the Data Protection Act (as revised) of the Cayman Islands (the "DPA"), based on internationally accepted principles of data privacy.

**Privacy Notice**

This privacy notice puts our shareholders on notice that through your investment into us you will provide us with certain personal information which constitutes personal data within the meaning of the DPA, or personal data.

**Investor Data**

We will collect, use, disclose, retain, and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer, or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

**Who this Affects**

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in us, this will be relevant for those individuals and you should transit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

**How We May Use a Shareholder's Personal Data**

We may, as the data controller, collect, store and use personal data for lawful purposes, including, in particular: (i) where this is necessary for the performance of our rights and obligations under any agreements; (ii) where this is necessary for compliance with a legal and regulatory obligation to which we are or may be subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or (iii) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

**Why We May Transfer Your Personal Data**

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

**The Data Protection Measures We Take**

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

**Contacting the Company**

For further information on the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above, please contact us through our website at https://pcm-tes.com/ or through phone number +(852) 2882 1222.

**Description of Share Capital**

We are a Cayman Islands company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

As of the date of this Prospectus, our authorized share capital is US$50,000 divided into 50,000,000 shares, par value of US$0.001 each, comprising of 50,000,000 Shares of a par value of US$0.001 each. As of the date of this Prospectus, 10,000,000 Shares are issued and outstanding.

Immediately prior to the completion of this Offering, we will have 10,000,000 Shares issued and outstanding. All of the Shares issued and outstanding prior to the completion of this Offering are and will be fully paid, and all of the Shares to be issued in this Offering will be issued as fully paid.

**Our Post-Offering Memorandum and Articles of Association**

We will adopt an amended and restated memorandum and articles of association, which will become effective and replace our current memorandum and articles of association in its entirety immediately prior to the completion of this Offering. The following are summaries of material provisions of the post-offering memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of the Shares.

*Objects of Our Company*. Under our post-offering memorandum and articles of association, the objects of our company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

*Ordinary Shares*. The Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Dividends*. The holders of the Shares are entitled to such dividends as may be declared by our board of directors. Our post-offering memorandum and articles of association provide that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of above premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights*. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by:

● the chairperson of such meeting;

● by at least three shareholders present in person or by proxy for the time being entitled to vote at the meeting;

● by shareholder(s) present in person or by proxy representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting;

● by shareholder(s) present in person or by proxy and holding shares in us conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right; and

● if required by the rules of the relevant stock exchange, by director(s) individually or collectively holding proxies in respect of shares representing five per cent. Or more of the total voting rights at such meeting.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding Shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our post-offering memorandum and articles of association, a reduction of our share capital and the winding up of our Company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders*. As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our post-offering memorandum and articles of association provide that we shall, if required by the Companies Act, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.

Shareholders' general meetings may be convened by the chairperson of our board of directors or by our directors (acting by a resolution of our board). Advance notice of at least ten clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, two shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding shares in our company entitled to vote at such general meeting.

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our post-offering memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Shares*. Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any Share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the Shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of Shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred does not exceed four; and

● a fee of such sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

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

*Liquidation*. On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

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

*Redemption, Repurchase and Surrender of Shares*. We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined, before the issue of such shares, by our board of directors. Our company may also repurchase any of the Shares on such terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, our share premium account or the proceeds of a fresh issue of shares made for the purpose of the repurchase or subject to the Companies Act, out of capital and in the case of any premium payable on the purchase price over the par value of the shares to be repurchased, out of either or both the profits of our company or from sums standing to the credit of our share premium account or subject to the Companies Act, our of capital. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares*. Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

*Issuance of Additional Shares*. Our post-offering memorandum and articles of association authorizes our board of directors to issue additional Shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Our post-offering memorandum and articles of association also authorizes our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights, voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of Shares.

Inspection of Books and Records. Holders of the Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements and rights to inspect our register of members under our post-offering memorandum and articles of association. See "Where You Can Find Additional Information."

*Anti-Takeover Provisions*. Some provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

● authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our post-offering memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

Exempted Company. We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue negotiable or bearer shares or shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

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

● may register as a limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

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

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "**parent**" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

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

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

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

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

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

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than the number of votes which have actually been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

Indemnification of Directors and Executive Officers and Limitation of Liability. Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our post-offering memorandum and articles of association provide that that we shall indemnify our directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our post-offering memorandum and articles of association.

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

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

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our post-offering amended and restated articles of association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our post-offering amended and restated articles of association and may not be taken by written consent of the shareholders without a meeting.

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

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering amended and restated articles of association allow our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our post-offering amended and restated articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting*. Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our post-offering amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors*. Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our post-offering memorandum and articles of association.

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

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

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

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares*. Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

*Amendment of Governing Documents*. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our post-offering memorandum and articles of association may only be amended with a special resolution of our shareholders.

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

**History of Securities Issuances**

On February 15, 2022, the Company was incorporated with the following ownership structure:

---

| | | |
|:---|:---|:---|
| **Name of Shareholders** | **Number of Shares** | **Approximate percentage of shareholding** |
| Joyful Star Limited | 5280000 | 58.66% |
| Green Circle Limited | 1080000 | 12.00% |
| Boca Holdings Limited | 240000 | 2.67% |
| Niu B Limited | 540000 | 6.00% |
| Main Miles Financial Service Holding Limited | 540000 | 6.00% |
| Success Hero Limited | 540000 | 6.00% |
| GoSmart Consultant Company Limited | 180000 | 2.00% |
| Wong Tan Suen | 360000 | 4.00% |
| Ma Chi Heng | 240000 | 2.67% |
| **Total:** | **9000000** | **100.00%** |

---

On January 4, 2024, 280,000 Shares were issued in error to the Company, which were surrendered to the Company on January 11, 2024.

On January 12, 2024, 1,000,000 Shares were issued to MavDB Consulting LLC, increasing the total number of Shares to 10,000,000.

**DESCRIPTION OF THE SECURITIES WE ARE OFFERING**

 **Shares**

The material terms and provisions of our Shares are described under the caption "Description of Share Capital" in this prospectus.

***Underwriters*** ***Warrants***

The material terms and provisions of the Underwriters Warrants are described under the caption "Underwriting."

**Expenses of the Offering**

The following table sets forth all costs and expenses other than underwriting discounts and commissions, which have been paid and/or payable by us in connection with this Offering. All the amounts shown are estimates except for the SEC registration fee and the FINRA filing fee.

---

| | | |
|:---|:---|:---|
| **Itemized expense** | **Amount** | **Amount** |
| SEC registration fee<sup>(1)(2)</sup> | US$ | 6893 |
| FINRA filing fee<sup>(1)(2)</sup> | US$ | 7346 |
| NYSE American listing fee | US$ | 60000 |
| Printing costs and engraving expenses | US$ | 25000 |
| Accounting fees and expenses | US$ | 1000000 |
| Legal fees and expenses | US$ | 550000 |
| Transfer agent and registrar fees | US$ | 5000 |
| Miscellaneous fees and expenses | US$ | 346426 |
| **Total** | **US$** | **2000665** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes
 exercise the exercise in full by the Underwriter of the Underwriter's
 over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based
 on an offering price of US$4.00 per share.

**Taxation**

*The following description is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership, and disposition of the Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.*

**Cayman Islands Tax Considerations**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

We have received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of 20 years from the date of the undertaking, no law that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income, gains or appreciations shall apply to our Company or its operations; and that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (a) on or in respect of the shares, debentures or other obligations of our Company; or (b) by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act of the Cayman Islands.

Payments of dividends and capital in respect of the Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the Shares, nor will gains derived from the disposal of the Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in respect of the issue of the Shares or on an instrument of transfer for a transfer of the Shares except those which hold interests in land in the Cayman Islands.

**Hong Kong Tax Considerations**

The following summary of certain relevant provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding, or selling the Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding, or selling the Shares. Under the current laws of Hong Kong:

● No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Shares.

● Revenues gains from the sale of the Shares by persons carrying on a trade, profession, or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.

● Gains arising from the sale of Shares, where the contracts of purchases and sales of the Shares are situated and effected outside of Hong Kong such as, for example, in the U.S., should not be subject to Hong Kong profits tax according to the current tax practice of the Hong Kong Inland Revenue Department.

● Dividends paid and received on the Shares would not be subject to any Hong Kong tax. No Hong Kong stamp duty is payable on the purchase and sale of the Shares.

Our subsidiary incorporated in Hong Kong, i.e., Boca International, is subjected to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018. Starting from the financial year commencing on or after April 1, 2018, the two-tiered profits tax rates regime took effect, under which the profits tax rate is 8.25% on assessable profits of the first HK$2 million and 16.5% on any part of assessable profits over HK$2 million.

**U.S. Federal Income Tax Considerations**

**The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of the Shares by U.S. Holders (as defined below) that acquire the Shares in this Offering and hold the 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 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 the Shares.**

***General***

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of the 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 the 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 the 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 the Shares.

***Dividends***

 ****

The entire amount of any cash distribution paid with respect to the 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 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 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. As the Company is not a "qualified foreign corporation," such dividends will not be "qualified dividends" for United States federal income tax purposes and will be subject to United States federal income tax at ordinary income rates, subject to the PFIC (as defined below) tax considerations as set out below.

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 the 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 Shares***

 ****

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of 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 Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss, subject to the PFIC tax considerations as set out below, if the 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 the Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Singapore dollars or another currency other than U.S. dollars on the disposition of the 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 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.

We or a related entity express no opinion as to the Company's or a related entity's status as a PFIC for the current or any future or prior year. U.S. Holders should consult their own tax advisors with respect to the PFIC issue and its applicability to their particular tax situation.

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 the 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 the 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 or a related entity are classified as a PFIC for any taxable year during which a U.S. Holder holds the Shares, we do not intend to provide a "PFIC Annual Information Statement," "Annual Intermediary Statement," or a combined statement, as applicable for United States federal income tax purposes, for the making of a "Qualified Electing Fund" election.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds the 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 Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of 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 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 the 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.

If an effective mark-to-market election is made with respect to the 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 Shares held at the end of the taxable year over its adjusted tax basis of such Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Shares held at the end of the taxable year over the fair market value of such 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 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 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 the 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 the 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.

***Controlled Foreign Corporation Considerations***

If a U.S. Holder (or person defined as a U.S. person under Section 7701(a)(30) of the Code) owns, directly, indirectly, or constructively, 10% or more of the total combined voting power of all classes of our stock or the value of the Shares (a "U. S. Shareholder") and U.S. Shareholders own more than 50% of the vote or value of our Company, directly, indirectly, or constructively, we would be a "controlled foreign corporation." This classification would effect many complex results, one of which requires such 10% U.S. Holders to include in their current income their pro rata share of (i) Subpart F income of the CFC, (ii) the CFC's earnings from certain investments in U.S. property, (iii) global intangible low-taxed income ("GILTI), and (iv) base erosion minimum tax amounts for certain 10% U.S. Holders with sufficient gross receipts that make deductible payments to related foreign parties in tax years after December 31. 2018.

In addition, under Section 1248 of the Code, gain from the sale or exchange of shares of the Shares by a US person who is or was a U. S. Shareholder at any time during the five year period before the sale or exchange may be treated as ordinary income to the extent of earnings and profits of ours attributable to the stock sold or exchanged. We or a related entity express no opinion as to the Company's or a related entity's status as a CFC under the Code. U.S. Holders should consult their own tax advisors with respect to the CFC issue and its applicability to their particular tax situation.

If a foreign corporation is both a PFIC and a CFC, the foreign corporation generally will not be treated as a PFIC with respect to certain 10% U.S. Holders of the CFC. This rule generally will be effective for taxable years of 10% U.S. Holders beginning after 1997 and for taxable years of foreign company's ending with or within such taxable years of 10% U.S. Holders. The PFIC provisions continue to apply in the case of a PFIC that is also a CFC with respect to the U.S. Holders that are less than 10% shareholders. Because of the complexity of Subpart F, a more detailed review of these rules is beyond the scope of this discussion.

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 SHARES IS URGED TO CONSULT THEIR OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF THE SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

***Non-U.S. Holders***

 ****

A non-U.S. Holder is a beneficial owner (other than a partnership or disregarded entity for U.S. federal income tax purposes) of the Shares that is not a U.S. Holder.

***Taxation of Distributions and Sale or Other Disposition of The Shares***

 ****

Subject to the U.S. backup withholding rules described below, non-U.S. Holders of the Shares generally will not be subject to U.S. withholding tax on distributions with respect to, or gain on sale or disposition of, the Shares.

Non-U.S. Holders who are engaged in a trade or business in the United States who receive payments with respect to the Shares that are effectively connected with such trade or business should consult their own tax advisers with respect to the U.S. tax consequences of the ownership and disposition of the Shares. Individuals who are present in the United States for 183 days or more in any taxable year should also consult their own tax advisers as to the U.S. federal income tax consequences of the ownership and disposition of the Shares.

***Information Reporting and Backup Withholding***

 ****

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. A non-U.S. Holder may qualify as an exempt recipient by submitting a properly completed IRS Form W-8.

The amount of any backup withholding from a payment to a U.S. Holder or a non-U.S. Holder will be allowed as a credit against the holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

**Legal Matters**

We are being represented by Nauth LPC with respect to certain legal matters as to United States federal securities law and Conyers Dill & Pearman with respect to certain legal matters as to Cayman Islands law. The Underwriter is being represented by Manatt, Phelps & Phillips, LLP with respect to certain legal matters as to United States federal securities law. The validity of the Shares being offered by this Prospectus as to Cayman Islands law will be passed upon for us by Conyers Dill & Pearman. Certain legal matters relating to the Offering as to Hong Kong law will be passed upon for us by Fairbairn Catley Low & Kong, our counsel as to Hong Kong law.

**Experts**

The consolidated financial statements of Green Circle Decarbonize Technology limited as of March 31, 2025 and 2024 included in the registration statement on Form F-1 of which this prospectus forms a part have been audited ZH CPA, LLC, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

**CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

On May 6, 2024, the Company dismissed BF Borgers CPA PC's ("**BF Borgers'**") and on May 9, 2024, the Company engaged ZH CPA, LLC ("**ZH**") as BF Borgers' replacement. The decision to change independent registered public accounting firms was made with the recommendation and approval of the board of directors of the Company.

BF Borgers' audit reports on the Company's consolidated financial statements as of and for the fiscal years ended March, 2023 and March 31, 2022 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to audit scope or accounting principles.

BF Borgers' audit opinion on the Company's consolidated financial statements as of and for the fiscal years ended March 31, 2023 and March 31, 2022 did contain a modification indicating that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Management cannot provide assurance that the Group will maintain profitable operations or become cash flow positive or raise additional debt and/or equity capital. Management intends to continue to support the operations with financing initiatives primarily through, but not limited to, the issuance of equity. Alternative financing options may include obtaining bank credit facilities and short-term loans from third parties. There is no assurance that the Group will be able to obtain such financings or obtain them on favorable terms. Resultantly, ZH's audit opinion for the Company's financial statements as of and for the years ended March 31, 2024 and 2023, included in this prospectus and registration statement, also contains a going concern explanatory paragraph. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Going Concern and Liquidity" and Note 2 of the Company's audited consolidated financial statements as of and for the twelve months ended March 31, 2024 and March 31, 2023.

During the fiscal years ended March 31, 2023 and 2022, and the subsequent interim period through the date of this report, there were no disagreements, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K, between the Company and BF Borgers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to BF Borgers' satisfaction, would have caused BF Borgers to make reference to such disagreements in its audit reports.

During the fiscal years ended March 31, 2023 and 2022, and the subsequent interim period through the date of this report, there were no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K.

During the years ended March 31, 2023 and March 31, 2022, and the subsequent period through March 31, 2024, the Company did not consult with ZH with respect to either (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company's financial statements, and no written report or oral advice was provided to the Company by ZH that ZH concluded was an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement, as that term is described in Item 304(a)(1)(iv) of Regulation S-K under the Exchange Act and the related instructions to Item 304 of Regulation S-K under the Exchange Act, or a reportable event, as that term is defined in Item 304(a)(1)(v) of Regulation S-K under the Exchange Act.

The SEC has advised that, in lieu of obtaining a letter from BF Borgers stating whether or not it agrees with the statements herein, the Company may indicate that BF Borgers is not currently permitted to appear or practice before the SEC for reasons described in the SEC's Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act, Sections 4C and 21C of the Exchange Act and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, dated May 3, 2024.

**Enforceability of Civil Liabilities**

We are incorporated under the laws of the Cayman Islands. Service of process upon us and upon our directors and officers and any the Cayman Islands experts named in this registration statement, most of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, because a majority of our assets and most of our directors and officers are located outside of the United States, any judgment obtained in the United States against us or certain of our directors and officers may be difficult to collect within the United States.

**<u>Cayman Islands</u>**

We have been informed by our special legal counsel as to Cayman Islands laws, Conyers Dill & Pearman, that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the securities laws of the United States or the securities laws of any state in the United States.

Conyers Dill & Pearman has informed us that the uncertainty with regard to Cayman Islands law relates to whether a judgment obtained from the U.S. courts under civil liability provisions of the securities law will be determined by the courts of the Cayman Islands as penal or punitive in nature. The courts of the Cayman Islands may not recognize or enforce such judgments against a Cayman company, and because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. Conyers Dill & Pearman has further advised us that the courts of the Cayman Islands would recognize a final and conclusive judgment in the federal or state courts of the United States based on agreements to which we are a party and 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) or, in certain circumstances, an in personam judgment for non-monetary relief, and would give a judgment based thereon provided that (i) such courts had proper jurisdiction over the parties subject to such judgment; (ii) such courts did not contravene the rules of natural justice of the Cayman Islands; (iii) such judgment was not obtained by fraud; (iv) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (v) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (vi) there is due compliance with the correct procedures under the laws of the Cayman Islands.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this Offering or any purchase or sale of securities in connection with this Offering. Subject to specified time limitations and legal procedures, Cayman Islands courts may enforce a U.S. judgment in a civil matter which is non- appealable, including a judgment based upon the civil liability provisions of the Securities Act or the Exchange Act and including a monetary or compensatory judgment in a non-civil matter, provided that, among other things:

● the judgment is obtained after due process before a court of competent jurisdiction, according to the laws of the state in which the judgment is given and the rules of private international law prevailing in the Cayman Islands;

● the prevailing law of the foreign state in which the judgment is rendered allows for the enforcement of judgments of Cayman Islands courts;

● adequate service of process has been effected and the defendant has had a reasonable opportunity to be heard and to present his or her evidence;

● the judgment is not contrary to public policy of the Cayman Islands, and the enforcement of the civil liabilities set forth in the judgment is not likely to impair the security or sovereignty of the Cayman Islands;

● the judgment was not obtained by fraud and does not conflict with any other valid judgment in the same matter between the same parties;

● an action between the same parties in the same matter was not pending in any Cayman Islands court at the time at which the lawsuit was instituted in the foreign court; and

● the judgment is capable of being executed according to the laws of the Cayman Islands and according to the law of the foreign state in which the relief was granted.

If a foreign judgment is enforced by a Cayman Islands court, it generally will be payable in the Cayman Islands currency, which can then be converted into non-the Cayman Islands currency and transferred out of the Cayman Islands. The usual practice in an action before a Cayman Islands court to recover an amount in a non-Cayman Islands currency is for the Cayman Islands court to issue a judgment for the equivalent amount in Cayman Islands currency at the rate of exchange in force on the date of the judgment, but the judgment debtor may make payment in foreign currency. Pending collection, the amount of the judgment of a Cayman Islands court stated in Cayman Islands currency ordinarily will be linked to the Cayman Islands consumer price index plus interest at the annual statutory rate set by the Cayman Islands regulations prevailing at the time. Judgment creditors must bear the risk of unfavorable exchange rates.

**<u>Hong Kong</u>**

Most of our directors and officers reside in Hong Kong and our Operating Subsidiary is incorporated in Hong Kong. Fairbairn Catley Low & Kong, our counsel as to Hong Kong law, has advised us that there is uncertainty as to whether a Hong Kong court 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.

Generally, foreign judgments may either be (i) registered in Hong Kong under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Chapter 319 of the Laws of Hong Kong) ("**FJREO**"), or (ii) recognized by way of an application in common law. For a foreign judgment to be registered under the FJREO, there must first be a mutual enforcement arrangement between Hong Kong and the jurisdiction in which the foreign judgment was obtained. Currently, there is no such arrangement between Hong Kong and the United States. Alternatively, in order to enforce a judgment issued by a court in the United States against the Company at common law, fresh proceedings must be initiated in Hong Kong, which involves issuing a Writ of Summons and Statement of Claim attaching the United States judgment as proof of the debt. The United States judgment will be treated by the courts of Hong Kong as a cause of action in itself and sued upon as a debt between the relevant parties. In a common law action for recognition of a foreign judgment, the judgment creditor has to prove that, among others, (i) the judgment is *in personam*; (ii) the judgment is in the nature of a monetary award; (iii) the judgment is final and conclusive on the merits and has not been stayed or satisfied in full; and (iv) 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.

**Where You Can Find Additional Information**

We have filed with the SEC a registration statement on Form F-1 under the Securities Act relating to this Offering of the Shares. This Prospectus does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this Prospectus that is included in the registration statement. Statements made in this Prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but are not complete descriptions of all terms of these documents. If we filed any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.

You may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the SEC without charge at the SEC's public reference room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC also maintains an Internet website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC are also available to the public through the SEC's website at <u>www.sec.gov</u>.

Immediately upon the completion of this Offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, 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.

**INDEX TO FINANCIAL STATEMENTS**

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| | |
|:---|:---|
|  | Page |
| **Audited Financial Statements of Green Circle Decarbonize Technology Limited For the years ended March 31, 2025 and 2024** |  |
| [Report of Independent Public Accounting Firm](#am_001) (PCAOB ID: 6413) | F-1 |
| [Statements of Financial Position](#alp_001) | F-2 - F-3 |
| [Statements of Loss and Comprehensive Loss](#alp_002) | F-4 |
| [Statements of Changes in Equity](#alp_003) | F-5 |
| [Statements of Cash Flows](#alp_004) | F-6 - F-7 |
| [Notes to the Consolidated Financial Statements](#alp_005) | F-8 - F-53 |

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![](aud_001.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Directors and**

**Stockholders of Green Circle Decarbonize Technology Limited**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of Green Circle Decarbonize Technology Limited (the "Company") as of March 31, 2025 and 2024, and the related consolidated statements of loss and comprehensive loss, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended March 31, 2025, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2025 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Explanatory Paragraph- Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has suffered recurring losses and has a negative working capital that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ ZH CPA, LLC

We have served as the Company's auditor since 2024.

Denver, Colorado

August 27, 2025

999 18<sup>th</sup> Street, Suite 3000, Denver, CO, 80202 USA Phone: 1.303.386.7224 Fax: 1.303.386.7101 Email: admin@zhcpa.us

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

<u>as at March 31, 2025 aND 2024</u>

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| | | | |
|:---|:---|:---|:---|
|  | <br>Notes | 2025<br>HK$ | 2024<br>HK$ |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalent | 16 | 1384211 | 258304 |
| Prepayments and deposits | 13 | 2289826 | 1757619 |
| Trade and other receivables | 13 | 1643862 | 612248 |
| Contract fulfillment costs | 14 | 662929 |  |
| Deferred listing expenses |  | 1471020 | 935300 |
| Amount due from a shareholder | 15 | - | 481293 |
| **Total current assets** |  | 7451848 | 4044764 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 11 | 14505410 | 17966127 |
| Right-of-use assets | 12 | 169512 | 395529 |
| Rental deposit | 13 |  | 69778 |
| Prepayment | 13 | 2356132 | 1474032 |
| **Total non-current assets** |  | 17031054 | 19905466 |
| **Total assets** |  | 24482902 | 23950230 |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 17 | 9914613 | 8609438 |
| Contract liabilities | 18 | 4667773 |  |
| Lease liabilities | 19 | 169581 | 214978 |
| Amounts due to a shareholder | 15 | 689922 | 689922 |
| Amount due to directors | 15 | 821243 | 700000 |
| Bank and other borrowings | 20 | 29223655 | 29787975 |
| **Total current liabilities** |  | 45486787 | 40002313 |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 19 | - | 169582 |
| **Total liabilities** |  | 45486787 | 40171895 |

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<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION – continued

<u>as at March 31, 2025 aND 2024</u>

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| | | | |
|:---|:---|:---|:---|
|  | <br>Notes | 2025<br>HK$ | 2024<br>HK$ |
| **Shareholders' equity (deficit)** |  |  |  |
| Share capital | 21 | 78000 | 78000 |
| Share premium | 21 | 5048160 | 5048160 |
| Other reserve | 21 | 11221781 | 10021781 |
| Accumulated deficit |  | (37351826) | (31369606) |
| **Total Shareholders' deficit** |  | (21003885) | (16221665) |
| **Total liabilities and shareholders' deficit** |  | 24482902 | 23950230 |

---

The accompanying notes are an integral part of these consolidated financial statements.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

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| | | | |
|:---|:---|:---|:---|
|  | <br>Notes | 2025<br>HK$ | 2024<br>HK$ |
| Revenue | 6 | 16574921 | 5236436 |
| Cost of revenue |  | (12823515) | (3791302) |
| Gross profit |  | 3751406 | 1445134 |
| Administrative expenses | 8 | (7668127) | (7102218) |
| Operating loss |  | (3916721) | (5657084) |
| Other items |  |  |  |
| Finance costs | 9 | (2445201) | (2512023) |
| Other incomes | 7 | 379702 | 247167 |
| Loss before tax |  | (5982220) | (7921940) |
| Income tax expense | 10 | - | - |
| Loss and comprehensive loss for the year |  | (5982220) | (7921940) |

---

LOSS PER SHARE

---

| | | |
|:---|:---|:---|
|  | For the years ended March 31, | For the years ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| Loss per share – Basic and Diluted | (0.60) | (0.86) |
| Weighted Average number of common shares - Basic and Diluted | 10000000 | 9218579 |

---

The accompanying notes are an integral part of these consolidated financial statements.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Attributable to the owners of the Company | Attributable to the owners of the Company | Attributable to the owners of the Company | Attributable to the owners of the Company | Attributable to the owners of the Company | Attributable to the owners of the Company |
|  | Number of common shares | Share <br> capital <br> HK$ | Share premium HK$ | Other reserve <br> HK$ | Accumulated <br> deficit <br> HK$ | Total <br> HK$ |
| At April 1, 2023 | 9000000 | 70200 | 3105960 | 6999999 | (23447666) | (13271507) |
| Issue of shares | 1000000 | 7800 | 1942200 | - | - | 1950000 |
| Forgiveness of amount due to a major shareholder |  |  |  | 3021782 |  | 3021782 |
| Loss and comprehensive loss for the year | - | - | - | - | (7921940) | (7921940) |
| At March 31, 2024 | 10000000 | 78000 | 5048160 | 10021781 | (31369606) | (16221665) |
| Forgiveness of director's remuneration |  |  |  | 1200000 |  | 1200000 |
| Loss and comprehensive loss for the year | - | - | - | - | (5982220) | (5982220) |
| At March 31, 2025 | 10000000 | 78000 | 5048160 | 11221781 | (37351826) | (21003885) |

---

The accompanying notes are an integral part of these consolidated financial statements.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

CONSOLIDATED STATEMENTS OF CASH FLOWS

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

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| | | |
|:---|:---|:---|
|  | For the years ended March 31, | For the years ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| **OPERATING ACTIVITIES** |  |  |
| Net loss | (5982220) | (7921940) |
| Items not affecting cash: |  |  |
| Depreciation of property, plant and equipment | 3467615 | 3576439 |
| Depreciation of right-of-use assets | 226017 | 426724 |
| Gain on early termination of lease |  | (14882) |
| Imputed interest income | (4150) | (5716) |
| Interest expense on borrowings | 2428580 | 2453849 |
| Interest expense on lease liabilities | 16621 | 58174 |
| Forgiveness of trade payables and accrued expense |  | (226000) |
| Forgiveness of director's remuneration | 1200000 |  |
| Bad debts | 481293 |  |
| Consulting fee paid in shares | 390000 | 85968 |
| Operating cash flows before movements in working capital | 2223756 | (1567384) |
| (Increase) decrease in prepayments and deposits | (592495) | (1733) |
| (Increase) decrease in trade and other receivables | (1031614) | 45724 |
| (Increase) decrease in contract fulfillment costs | (662929) |  |
| Increase in trade and other payables | 440994 | 2882702 |
| Increase in contract liabilities | 4667773 | - |
| **NET CASH GENERATE FROM OPERATING ACTIVITIES** | 5045485 | 1359309 |
| **CASH USED IN INVESTING ACTIVITY** |  |  |
| Prepayment of property, plant and equipment | (1272100) | - |
| **FINANCING ACTIVITIES** |  |  |
| Payment of loans from directors | (729302) | (259021) |
| Proceed for loan from directors | 843647 | 2394783 |
| Principal repayments of borrowings | (564320) | (580730) |
| Interest paid on borrowings and overdraft | (1965903) | (2585160) |
| Interest paid on lease liabilities | (16621) | (58174) |
| Repayment of lease liabilities | (214979) | (389426) |
| **NET CASH GENERATED FROM (USED IN) FINANCING ACTIVITIES** | (2647478) | (1477728) |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

---

| | | |
|:---|:---|:---|
|  | For the years ended March 31, | For the years ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| **NET INCREASE (DECREASE) IN CASH** | 1125907 | (118419) |
| **CASH AT THE BEGINNING OF THE YEAR** | 258304 | 376723 |
| **CASH AT THE END OF THE YEAR,** <br> represented by bank balances and cash | 1384211 | 258304 |

---

Supplemental Cash Flow Information (note 25)

The accompanying notes are an integral part of these consolidated financial statements.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

1. DESCRIPTION
OF BUSINESS AND REORGANIZATION

Green Circle Decarbonize Technology Limited (the "Company") was incorporated in the Cayman Islands with limited liability under the Companies Act of the Cayman Islands. The address of the registered office is P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands and the principal place of business of the Company is Unit 1809, Prosperity Place, 6 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong.

The principal activity of the Company is investment holding and its subsidiary (the "Group") is a provider of advanced energy saving solutions and consultancy services and construction services supported by proprietary phase change thermal energy storage materials and thermal engineering services. As an advocate of decarbonization, the subsidiary design, develop, and provide customized energy saving solutions that bring considerable economic benefits to our clients and reduce carbon emissions for a sustainable future.

Reorganization

Boca International Limited ("BOCA") was incorporated in Hong Kong on June 16, 1992, issued 7,000,000 shares to Joyful Star Limited, and the sole shareholder of Joyful Star Limited is Chan Kam Biu Richard ("Richard").

On March 23, 2022, the Company acquired all the 7,000,000 shares of BOCA from Joyful Star Limited for a nominal consideration of HK$1 and became the 100% shareholder of BOCA. As of March 23, 2022, Richard held 70.67% shares of the Company, being 58.67% through Joyful Star Limited and 12.00% through Green Circle Limited. Therefore, Richard was the ultimate controlling party of both the Company and BOCA.

As a result, the Reorganization Transaction is considered a common control combination. The Reorganization Transaction is reflected as an equity transaction on the consolidated financial statements of the Company, using the predecessor value method. The difference between the consideration of HK$1 and BOCA' s share capital of HK$7,000,000 is presented as "other reserve", and the retained earnings of BOCA continue to be presented as retained earnings in the consolidated financial statements.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars, except share data and per share data, or otherwise noted)

2. BASIS
OF PRESENTATION

*Compliance with International Financial Reporting Standards*

 

The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB").

*Basis of Measurement*

 

The Group's consolidated financial statements have been prepared on the historical cost basis as explained in the accounting policies set out in note 4.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

*Functional Currency and Presentation Currency*

 

The Group's consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is also the functional currency of the Group.

*Going concern*

 

The Group's consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The Group has a reported loss and comprehensive loss of HK$5,982,220 for the year ended March 31, 2025, and has a negative working capital of HK$38,034,939 at March 31, 2025.

The Group had cash of HK$1,384,211 at March 31, 2025, but management cannot provide assurance that the Group will maintain profitable operations or become cash flow positive or raise additional debt and/or equity capital. Management intends to continue to support the operations with financing initiatives primarily through, but not limited to, the issuance of equity. Alternative financing options may include obtaining bank credit facilities and short-term loans from third parties. There is no assurance that the Group will be able to obtain such financings or obtain them on favorable terms. This uncertainty cast significant doubt about the ability of the Group to continue as a going concern. The consolidated financial statements do not include any adjustments to the carrying value or presentation of assets or liabilities that might be necessary should the Group be unable to continue as a going concern. These adjustments could be material.

The Group has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

3. APPLICATION
OF NEW AND AMENDMENTS TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS

**Amendments** **to IFRSs that are mandatorily effective for the current year**

---

| | |
|:---|:---|
| Amendments to IFRS 16 | Lease Liability in a Sale and Leaseback |
| Amendments to IAS 1 | Classification of Liabilities as Current or Non-current |
| Amendments to IAS 1 | Non-current Liabilities with Covenants |
| Amendments to IAS 7 and IFRS 7 | Supplier Finance Arrangements |

---

The application of the amendments to IFRSs in the current year has had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

**Amendments to IAS 1 Classification of Liabilities as Current or Non-current (the "2020 Amendments") and Amendments to IAS 1 Noncurrent Liabilities with Covenants (the "2022 Amendments")**

The 2020 Amendments provide clarification and additional guidance on the assessment of right to defer settlement for at least twelve months from reporting date for classification of liabilities as current or noncurrent, which:

● clarify that if a liability has terms that could, at the option of the counterparty, result in its settlement by the transfer of the entity's own equity instruments, these terms do not affect its classification as current or non-current only if the entity recognises the option separately as an equity instrument applying IAS 32 Financial Instruments: Presentation.

● specify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. Specifically, the amendments clarify that the classification should not be affected by management intentions or expectations to settle the liability within 12 months.

For rights to defer settlement for at least twelve months from reporting date which are conditional on the compliance with covenants, the requirements introduced by the 2020 Amendments have been modified by the 2022 Amendments. The 2022 Amendments specify that only covenants with which an entity is required to comply with on or before the end of the reporting period affect the entity's right to defer settlement of a liability for at least twelve months after the reporting date. Covenants which are required to comply with only after the reporting period do not affect whether that right exists at the end of the reporting period.

In accordance with the transition provision, the Group has applied the new accounting policy to the classification of liability as current or non-current retrospectively. The application of the amendments in the current year had no material impact on the consolidated financial statements.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

3. APPLICATION
 OF NEW AND AMENDMENTS TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS - continued

**New and amendments to IFRSs issued but not yet effective**

The Group has not early applied the following new and amendments to IFRSs that have been issued but are not yet effective:

---

| |
|:---|
| Amendments to IFRS 9 and IFRS 7 |
| Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture<sup>1</sup> |
| Amendments to IAS 21 Lack of Exchangeability<sup>2</sup> |
| IFRS 18 Presentation and Disclosure in Financial Statements<sup>4</sup> |

---

<sup>1</sup> Effective for annual periods beginning on or after a date to be determined

<sup>2</sup> Effective for annual periods beginning on or 1 January 2025.

<sup>3</sup> Effective for annual periods beginning on or 1 January 2026.

<sup>4</sup> Effective for annual periods beginning on or 1 January 2027.

The directors of the Company anticipate that the application of all the new and amendments to IFRSs will have no material impact on the Group's financial positions and performance and/or on the disclosures to the Group in the foreseeable future.

**Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments** 

The amendments to IFRS 9 clarify the recognition and derecognition for financial asset and financial liability and add an exception which permits an entity to deem a financial liability to be discharged before the settlement date if it is settled in cash using an electronic payment system if, and only if certain conditions are met.

The amendments also provide guidance on the assessment of whether the contractual cash flows of a financial asset are consistent with a basic lending arrangement. The amendments specify that an entity should focus on what an entity is being compensated for rather than the compensation amount. Contractual cash flows are inconsistent with a basic lending arrangement if they are indexed to a variable that is not a basic lending risk or cost. The amendments state that, in some cases, a contingent feature may give rise to contractual cash flows that are consistent with a basic lending arrangement both before and after the change in contractual cash flows, but the nature of the contingent event itself does not relate directly to changes in basic lending risks and costs. Furthermore, the description of the term "non-recourse" is enhanced and the characteristics of "contractually linked instruments" are clarified in the amendments.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

3. APPLICATION
 OF NEW AND AMENDMENTS TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS - continued

**New and amendments to IFRSs issued but not yet effective** - continued

**Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments** - continued

The disclosure requirements in IFRS 7 in respect of investments in equity instruments designated at fair value through other comprehensive income are amended. In particular, entities are required to disclose the fair value gain or loss presented in other comprehensive income during the period, showing separately those related to investments derecognised during the reporting period and those related to investments held at the end of the reporting period. An entity is also required to disclose any transfers of the cumulative gain or loss within equity related to the investments derecognised during the reporting period. In addition, the amendments introduce the requirements of qualitative and quantitative disclosure of contractual terms that could affect the contractual cash flow based on a contingent event not directly relating to basic lending risks and cost.

The amendments are effective for annual reporting periods beginning on or after 1 April 2026, with early application permitted. The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.

**Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture** 

The amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent's profit or loss only to the extent of the unrelated investors' interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent's profit or loss only to the extent of the unrelated investors' interests in the new associate or joint venture.

The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

3. APPLICATION
 OF NEW AND AMENDMENTS TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS - continued

**Amendments to IFRSs issued but not yet effective** - continued

**Amendments to IAS 21 Lack of Exchangeability**

The amendments specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not.

The amendments state that a currency is exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations.

An entity assesses whether a currency is exchangeable into another currency at a measurement date and for a specified purpose. If an entity is able to obtain no more than an insignificant amount of the other currency at the measurement date for the specified purpose, the currency is not exchangeable into the other currency.

The assessment of whether a currency is exchangeable into another currency depends on an entity's ability to obtain the other currency and not on its intention or decision to do so.

When a currency is not exchangeable into another currency at a measurement date, an entity is required to estimate the spot exchange rate at that date. An entity's objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions.

The amendments do not specify how an entity estimates the spot exchange rate to meet that objective. An entity can use an observable exchange rate without adjustment or another estimation technique. Examples of an observable exchange rate include:

● a spot exchange rate for a purpose other than that for which an entity assesses exchangeability;

● the first exchange rate at which an entity is able to obtain the other currency for the specified purpose after exchangeability of the currency is restored (first subsequent exchange rate).

An entity using another estimation technique may use any observable exchange rate—including rates from obligations—and adjust that rate, as necessary, to meet the objective as set out above.

When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency, the entity is required to disclose information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

3. APPLICATION
 OF NEW AND AMENDMENTS TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS - continued

**Amendments to IFRSs issued but not yet effective** - continued

**Amendments to IAS 21 Lack of Exchangeability**

The amendments add a new appendix as an integral part of IAS 21. The appendix includes application guidance on the requirements introduced by the amendments. The amendments also add new Illustrative Examples accompanying IAS 21, which illustrate how an entity might apply some of the requirements in hypothetical situations based on the limited facts presented.

The amendments are effective for annual reporting periods beginning on or after 1 April 2025, with earlier application permitted. An entity is not permitted to apply the amendments retrospectively. Instead, an entity is required to apply the specific transition provisions included in the amendments.

The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.

**IFRS 18 Presentation and Disclosure in Financial Statements**

IFRS 18 Presentation and Disclosure in Financial Statements, which sets out requirements on presentation and disclosures in financial statements, will replace IAS 1 Presentation of Financial Statements. This new IFRS Accounting Standard, while carrying forward many of the requirements in IAS 1, introduces new requirements to present specified categories and defined subtotals in the statement of profit or loss; provide disclosures on management-defined performance measures in the notes to the financial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share are also made.

IFRS 18, and amendments to other standards, will be effective for annual periods beginning on or after 1 April 2027, with early application permitted. The application of the new standard is expected to affect the presentation of the statement of profit or loss and disclosures in the future financial statements. The Group is in the process of assessing the detailed impact of IFRS 18 on the Group's consolidated financial statements.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION

The consolidated financial statements have been prepared on the historical cost basis as explained in the accounting policies set out below.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 *Share-based Payment*, leasing transactions that are accounted for in accordance with IFRS 16 *Leases* and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 *Inventories* or value in use in IAS 36 *Impairment of Assets*.

The principal accounting policies are set out below.

<u>Basis of consolidation</u>

The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiary. All intercompany transactions and balances among the Company and its subsidiary have been eliminated upon consolidation.

<u>Revenue from contracts with customers</u>

The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to the customer.

A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

● the customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs;

● the Group's performance creates or enhances an asset that the customer controls as the Group performs; or

● the Group's performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

**Revenue from contracts with customers** - continued

A contract asset represents the Group's right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group's unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.

A contract liability represents the Group's obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

A contract asset and a contract liability relating to the same contract are accounted for and presented on a net basis.

**Energy saving services income**

For energy saving services, the revenue is recognized in-line with the energy performance contract entered, being over time of the energy cost saving on electricity consumption.

**Consultancy services income**

The Group provides a consultancy service for development innovation solutions for repurpose second-hand electric vehicle ("EV") batteries for commercial energy storage applications, it is comprised of two types of consultancy services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Completion
 of prototype of second-hand batteries ("Prototype")

The Group provides consultancy services related to technical issues on Prototype and provide research by using proprietary phase change thermal energy storage materials on the Prototype until the first Prototype is completed. There is only one performance obligation, and the contract is typically fixed priced with no variable consideration and financing component. The performance obligation is satisfied and entitled to reimburse from customer if and only if the first Prototype is completed, the revenue was recognised at a point in time upon the completion of the first Prototype which is at the time when the result of services is accepted by the customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Completion
 of know-how on the Prototype

The Group provides consultancy services that apply proprietary phase change thermal energy storage materials on the Prototype until the Prototype is commercialised and approved by the regulatory department. There is only one performance obligation, and the contract is typically fixed priced with no variable consideration and financing component. The revenue is recongised when the (i) prototype is commercialized; and (ii) the final prototype is approved by the International Electrotechnical Commission.

**Construction income**

Construction income was recognised over time. The Group provide construction for the installation of mechanical ventilation and air conditioning ("**MVAC**") system. The typical contract length of the Group entered within one year. The Group generally provides limited warranties for work performed under its construction contracts. The warranty periods typically extend for one year following substantial completion of the Group's work on the project.

The Group shall recognise revenue for a performance obligation satisfied over time only if the entity can reasonably measure its progress towards complete satisfaction of the performance obligation.

In some circumstances, the Group may not be able to reasonably measure the outcome of a performance obligation, but the Group expects to recover the costs incurred in satisfying the performance obligation. In those circumstances, the Group shall recognise revenue only to the extent of the costs incurred until such time that it can reasonably measure the outcome of the performance obligation.

<u>Leases</u>

**Definition of 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.

For contracts entered into or modified or arising from business combinations on or after the date of initial application, the Group assesses whether a contract is or contains a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

Non-lease components are separated from lease component on the basis of their relative stand-alone prices.

**The Group as a lessee**

*Short-term leases and leases of low-value assets* 

The Group applies the short-term lease recognition exemption to warehouse leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the recognition exemption for leases of low-value assets (i.e. value less than US$5,000). Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Leases</u> - continued

**The Group as a lessee** - continued

 

*Right-of-use assets*

 

The cost of right-of-use asset includes:

● the amount of the initial measurement of the lease liability;

● any lease payments made at or before the commencement date, less any lease incentives received;

● any initial direct costs incurred by the Group; and

● an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liability.

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term is depreciated from commencement date to the end of the useful life. The remaining right-of-use assets are depreciated on a straight-line basis over the term of the leases.

The Group presents right-of-use assets as a separate line item in the consolidated statement of financial position.

*Refundable rental deposits* 

 

Refundable rental deposits paid are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of right-of-use assets.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Leases</u> - continued

**The Group as a lessee** - continued

 

*Lease liabilities*

At the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.

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, initially measured using the index or rate as at the commencement date;

● amounts expected to be paid under residual value guarantees;

● the exercise price of a purchase option reasonably certain to be exercised by the Group; and

● payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate.

Variable lease payments that do not depend on an index or a rate are not included in the measurement of lease liabilities and right-of-use assets, and are recognised as expense in the period on which the event or condition that triggers the payment occurs.

After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.

The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever the lease term has changed, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.

The Group presents lease liabilities as a separate line item in the consolidated statement of financial position.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Leases</u> - continued

**The Group as a lessee** - continued

 

*Lease modifications*

The Group accounts for a lease modification as a separate lease if:

● the modification increases the scope of the lease by adding the right to use one or more underlying assets; and

● the consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.

For a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability, less any lease incentives receivable, based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

The Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use assets.

<u>Foreign currencies</u>

In preparing the consolidated financial statements of the Group, transactions in currencies other than the functional currency of the Group ("foreign currencies") are recognised at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise.

<u>Government grants</u>

Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

Government grants related to income that are receivables as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Such grants are presented under "other income".

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Borrowing costs</u>

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

<u>Retirement benefit costs</u>

Payments to the Mandatory Provident Fund Schemes, which are defined contribution schemes, are charged as an expense when employees have rendered service entitling them to the contributions.

<u>Income Taxes</u>

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from "loss before tax" as reported in the statement of profit or loss and other comprehensive income because of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group 's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Income Taxes</u> - continued

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

For the purposes of measuring deferred tax for leasing transactions in which the Group recognises the right-of-use assets and the related lease liabilities, the Group first determines whether the tax deductions are attributable to the right-of-use assets or the lease liabilities.

For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies IAS 12 *Income Taxes* requirements to the leasing transaction as a whole. Temporary differences relating to right-of use assets and lease liabilities are assessed on a net basis. Excess of depreciation on right-of-use assets over the lease payments for the principal portion of lease liabilities resulting in net deductible temporary differences.

Current and deferred tax are recognised in profit or loss.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Property, plant and equipment</u>

Property, plant and equipment are stated in the statement of financial position at cost, less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

Depreciation is recognised so as to write off the cost of items of property, plant and equipment, less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of the reporting period, with the effect of any changes in estimate accounted for on a prospective basis. All property, plant and equipment are no residual values.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

Machinery and Equipment 5 to 10 years <br> Office equipment 5 years <br> Computer 5 years

<u>Impairment losses recognised on property, plant and equipment and right-of-use assets</u>

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment and right-of-use assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u>

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with IFRS 15 *Revenue from Contracts with Customers*. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or financial liabilities at fair value through profit or loss ("FVTPL")) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

**Financial assets**

*Classification and subsequent measurement of financial assets*

Financial assets that meet the following conditions are subsequently measured at amortised cost:

● the financial asset is held within a business model whose objective is to collect contractual cash flows; and

● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income ("FVTOCI"):

● the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and

● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Classification and subsequent measurement of financial assets* - continued

All other financial assets are subsequently measured at FVTPL except that at the date of initial application of IFRS 9/initial recognition of a financial asset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 Business Combinations applies.

A financial asset is classified as held for trading if:

● It has been acquired principally for the purpose of selling in the near term; or

● On initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or

● It is a derivative that is not designated and effective as hedging instrument.

In addition, the Group may irrevocably designate a financial asset that are required to be measured at the amortised cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

Amortised cost and interest income

Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

 

*Impairment of financial assets* 

The Group performs impairment assessment under Expected Credit Loss ("ECL") model on financial assets including trade and other receivables, amount due from directors/ a shareholder and cash which are subject to impairment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant increase in
 credit risk

In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant
 increase in credit risk – continued

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

● an actual or expected significant deterioration in the financial instrument's external (if available) or internal credit rating;

● significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;

● existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor's ability to meet its debt obligations;

● an actual or expected significant deterioration in the operating results of the debtor; or

● an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor's ability to meet its debt obligations.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Definition
 of default

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Credit-impaired
 financial assets

A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) significant
 financial difficulty of the issuer or the borrower;

(b) a
 breach of contract, such as a default or past due event;

(c) the
 lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted
 to the borrower a concession(s) that the lender(s) would not otherwise consider;

(d) it
 is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or

(e) the
 disappearance of an active market for that financial asset because of financial difficulties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Impairment
 policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice where appropriate. A impairment constitutes a derecognition event. Any subsequent recoveries are recognised in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Measurement
 and recognition of ECL

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Measurement
 and recognition of ECL **–** continued

Where ECL is measured on a collective basis or cater for cases where evidence at individual instrument level may not yet be available, the financial instruments are grouped on the following basis:

● Nature of financial instruments (i.e. the Group's trade receivables and other receivables are each assessed as a separate group. Cash and amount due from directors/ related party are assessed for ECL on an individual basis);

● Past-due status;

● Nature, size and industry of debtors; and

● External credit ratings where available.

The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortised cost of the financial asset.

The Group recognises an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables measured at amortised cost where the corresponding adjustment is recognised through a loss allowance account.

*Derecognition of financial assets*

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED MARCH 31, 2025 AND 2024

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial liabilities and equity instruments**

*Classified as debt or equity*

Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

 

*Equity instruments*

An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

*Financial liabilities at amortised cost*

Financial liabilities including trade and other payables, amount due to a shareholder/directors, bank and other borrowings are subsequently measured at amortised cost, using the effective interest method.

*Effective interest method*

 

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Interest expense is recognised on an effective interest basis.

 

*Derecognition of financial liabilities*

The Group derecognises financial liabilities when, and only when, the Group 's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

4. MATERIAL
 ACCOUNTING POLICIES INFORMATION - continued

<u>Financial instruments</u> - continued

 

**Financial liabilities and equity instruments** - continued

*Deferred listing expense* 

An entity typically incurs various costs in issuing or acquiring its own equity instruments. Those costs might include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The transaction costs of an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are recognised as an expense.

Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. Transaction costs that relate jointly to more than one transaction (for example, costs of a concurrent offering of some shares and a stock exchange listing of other shares) are allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions.

As at March 31, 2025, all deferred listing expenses were paid by a third party and recorded as other payables.

 

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

5. CRITICAL
 ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amount of assets, liabilities, revenues and expenses. Actual results could differ from these estimates.

**Critical judgements in applying accounting policies**

The following are the critical judgements, apart from those involving estimations, that the directors of the Company have made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements.

***Impairment of property, plant and equipment and right-of-use assets***

 ****

The recoverable amount calculation requires the management of the Company to estimate higher of fair value less costs of disposal and value in use of those assets as the recoverable amount.

Property, plant and equipment and right-of-use assets are stated at costs less accumulated depreciation and impairment, if any. In determining whether an asset is impaired, the Group has to exercise judgement and make estimation, particularly in assessing: (1) whether an event has occurred or any indicators that may affect the asset value; (2) whether the carrying value of an asset can be supported by the recoverable amount, in the case of value in use, the net present value of future cash flows which are estimated based upon the continued use of the asset; and (3) the appropriate key assumptions to be applied in estimating the recoverable amounts including cash flow projections and an appropriate discount rate. When it is not possible to estimate the recoverable amount of an individual asset (including right-of-use assets), the Group estimates the recoverable amount of the cash generating unit to which the assets belong, including allocation of corporate assets when a reasonable and consistent basis of allocation can be established, otherwise recoverable amount is determined at the smallest group of cash generating units, for which the relevant corporate assets have been allocated. Changing the assumptions and estimates, including the discount rates or the growth rate in the cash flow projections, could materially affect the recoverable amounts. Where the actual future cash flows are less than expected, a material impairment loss may arise. The fair value less costs of disposal of certain assets have been determined from market available information.

As at March 31, 2025, the carrying amount of property, plant and equipment was HK$14,505,410 (2024: HK$17,966,127), and the carrying amount of right-of-use assets was HK$169,512 (2023: HK$395,529). Based on the management assessment, no impairment loss was provided for property, plant and equipment and right-of-use assets for the years ended March 31, 2025 and 2024. Details are set out in notes 11.

***Construction progress measurement for revenue recognition***

The Group recognises revenue for performance obligations satisfied over time only when it is able to reasonably measure its progress toward complete satisfaction of those obligations. This requires management to exercise significant judgement in assessing the nature of the performance obligations and determining an appropriate method of measuring progress, whether based on inputs or outputs.

In certain circumstances, the Group is unable to reasonably measure the outcome of a performance obligation due to inherent uncertainties in the scope, timing, or outcome of the work performed. However, where the Group expects to recover the costs incurred in satisfying the performance obligation, revenue is recognised only to the extent of those costs incurred, in accordance with IFRS 15.

This approach reflects management's judgement that, although the final outcome cannot be reliably estimated at the reporting date, it is probable that the costs incurred will be recoverable. As such, revenue is recognised on a zero-margin basis until the point at which the outcome of the performance obligation can be reasonably measured.

For the year ended March 31, 2025, the Company recognized HK$8,497,077 of revenue and cost for MVAC installation project respectively.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

6. REVENUE

<u>Break-down of revenue</u>

---

| | | |
|:---|:---|:---|
|  | For the year ended March 31, | For the year ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| Energy saving services income |  |  |
| - Hong Kong | 5077844 | 5236436 |
| Consultancy fee income |  |  |
| - Hong Kong | 3000000 |  |
| Construction income |  |  |
| - Hong Kong | 8497077 |  |
| Total | 16574921 | 5236436 |

---

Energy saving services income

As at April 21, 2017, the Group entered into a performance agreement for energy savings project by using Phase Change Material Thermal Energy Storage System together with Ultra-High Efficiency Boca Hybrid Power Chiller Plant. The Group allows a credit period of 30 days to its trade customers.

**Consultancy fee income**

On May 13, 2024, the Group entered into a consultancy agreement for research and development and provide solution to repurpose second-hand EV batteries for commercial energy storage applications. For the year ended March 31, 2025, the Group completed the consultancy services of completion of the first Prototype, the details accounting policies relating to revenue are set out in Note 4. As of March 31, 2025 and 2024, contracted but not yet recognized revenue of consultancy services was HK$3,000,000 and Nil respectively. The management expects that the revenue will be recognised within three years.

**Construction income**

On August 27, 2024, the Group entered into a construction agreement for the installation of MVAC system. Such services are recognised as a performance obligation satisfied over time. Revenue is recognised for these installation services based on these performance obligations under IFRS 15.

In this case, the Group is not able to reasonably measure the outcome of a performance obligation, but the Group expects to recover the costs incurred in satisfying the performance obligation. In those circumstances, the Group shall recognise revenue only to the extent of the costs incurred until such time that it can reasonably measure the outcome of the performance obligation.

As of March 31, 2025 and 2024, contracted but not yet recognized revenue of construction income was HK$19,021,924 and Nil respectively. It was arising from two construction contracts, including aforementioned contract amounted of HK$5,021,924 and HK$14,000,000. The management expects that the revenue will be recognised within one year.

The detailed accounting policies and estimated relating to revenue are set out in Note 4 and Note 5.

The Group allows a credit period of 14 to 90 days to its trade customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Major
 customers

The revenue from major customers individually contributed over 10% of total revenue of the Group for the years ended March 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | For the year ended March 31, | For the year ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| HAECO | 5077844 | 5236436 |
| SOAR Equipment Rental Company Limited | 3000000 |  |
| LMP International Limited | 8497077 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. OTHER
 INCOMES

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Imputed interest income | 4150 | 5716 |
| Bank interest income | 2685 | 569 |
| Waive of trade payables and accrued expense |  | 226000 |
| Insurance claims | 336867 |  |
| Gain on early termination of lease |  | 14882 |
| Sundry income | 36000 | - |
| Total | 379702 | 247167 |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

8. ADMINISTRATIVE
 EXPENSES

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Salaries and benefits | 281037 | 406361 |
| Office and miscellaneous | 787151 | 1003146 |
| Management and consulting fees | 510000 | 205968 |
| Professional fees | 4225016 | 3185586 |
| Director remuneration | 1559022 | 1800000 |
| Depreciation | 273297 | 474697 |
| Travel and promotion | 32604 | 26460 |
| Total | 7668127 | 7102218 |

---

9. FINANCE
 COSTS

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Interest on bank borrowings | 98570 | 123841 |
| Interest on other borrowings | 2330010 | 2330008 |
| Interest on lease liabilities | 16621 | 58174 |
| Total | 2445201 | 2512023 |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

10. INCOME
 TAX EXPENSE

The income tax expense can be reconciled to the loss before tax per the consolidated statement of loss and comprehensive loss as follows:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Loss for the period before income tax | (5982220) | (7921940) |
| Tax at the domestic income tax rate of 16.5% | (987066) | (1307120) |
| Tax effect of income not taxable for tax purpose | (2790) | (5155) |
| Tax effect of expenses not deductible | 902707 | 594476 |
| Tax effect of change in valuation allowance | 87149 | 717799 |
| Income tax expense | - | - |

---

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both years.

No provision for Hong Kong Profits Tax is made for the years ended March 31, 2025 and 2024 as the Group has no assessable profit arising in Hong Kong or the assessable profits are wholly absorbed by tax losses brought forward from prior years.

At the end of the reporting period, the Group has unused tax losses of approximately HK$40,958,937 (2024: HK$43,881,336) available for offset against future profits. Such losses may be carried forward indefinitely.

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Deferred Tax Assets: |  |  |
| Net operating loss carryforwards | 6758225 | 7240421 |
| Gross deferred tax assets | 6758225 | 7240421 |
| Valuation Allowance | (4372203) | (4285053) |
| Deferred tax assets, net of valuation allowance | 2386022 | 2955368 |
| Deferred tax liabilities: |  |  |
| Property and equipment | (2386022) | (2955368) |
| Deferred Tax Liabilities | (2386022) | (2955368) |
| Deferred tax assets (liabilities), net | - | - |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

11. PROPERTY,
 PLANT AND EQUIPMENT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Office <br> equipment<br>HK$ | Computer<br>HK$ | Machinery and Equipment- truck<br>HK$ | Machinery and Equipment- System<br>HK$ | Total<br>HK$ |
| COST |  |  |  |  |  |
| At April 1, 2023 | 164960 | 8998 | 63000 | 33226879 | 33463837 |
| Additions | 4998 | 11997 |  | 50000 | 66995 |
| Written off | - | - | - | (95235) | (95235) |
| At March 31, 2024 | 169958 | 20995 | 63000 | 33181644 | 33435597 |
| Additions | - | 6898 | - | - | 6898 |
| March 31, 2025 | 169958 | 27893 | 63000 | 33181644 | 33442495 |
| DEPRECIATION |  |  |  |  |  |
| At April 1, 2023 | 45027 | 900 | 42000 | 11900339 | 11988266 |
| Provided for the year | 33575 | 1800 | 12600 | 3528464 | 3576439 |
| Elimination of written off | - | - | - | (95235) | (95235) |
| At March 31, 2024 | 78602 | 2700 | 54600 | 15333568 | 15469470 |
| Provided for the year | 33992 | 4888 | 8400 | 3420335 | 3467615 |
| At March 31, 2025 | 112594 | 7588 | 63000 | 18753903 | 18937085 |
| CARRYING VALUES |  |  |  |  |  |
| At March 31, 2025 | 57364 | 20305 | - | 14427741 | 14505410 |
| At March 31, 2024 | 91356 | 18295 | 8400 | 17848076 | 17966127 |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

11. PROPERTY,
 PLANT AND EQUIPMENT – continued

<u>Impairment assessment of property, plant and equipment and right-of-use assets</u>

For the year ended March 31, 2025, the Group has performed impairment assessment on property, plant and equipment and right-of-use assets with carrying amounts of HK$14,505,410 and HK$169,512 respectively, due to the Group was loss making during the year.

The recoverable amounts of the cash-generating units ("CGU") have been determined based on their value in use. That calculation uses cash flow projections based on financial budgets approved by the management of the respective subsidiary covering the following 4 years with a pre-tax discount rate is 15.0% as at March 31, 2025. The Company estimates that the annual revenue for this CGU from 2026 to 2029 will range between HK$5,400,000 and HK$7,400,000, which is based on the future business plan. Another key assumption for the value in use calculated is the budgeted gross margin, which is determined based on the cash-generating units' past performance and management expectations.

Based on the value-in-use calculation, no impairment loss has been recognised against the carrying amounts of property, plant and equipment for the year ended March 31, 2025 and 2024.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

12. RIGHT-OF-USE
 ASSETS

---

| | |
|:---|:---|
|  | Leased properties<br>HK$ |
| COST |  |
| At April 1, 2023 | 1882295 |
| Early termination of lease | (1204245) |
| At March 31, 2024 and 2025 | 678050 |
| DEPRECIATION |  |
| At April 1, 2023 | 156858 |
| Provided for the year | 426724 |
| Elimination of early termination of lease | (301061) |
| At March 31, 2024 | 282521 |
| Provided for the year | 226017 |
| At March 31, 2025 | 508538 |
| CARRYING VALUES |  |
| At March 31, 2025 | 169512 |
| At March 31, 2024 | 395529 |

---

On January 1, 2023, the Group commenced an office lease in Hong Kong. The lease term is for 36 months and ends on December 31, 2025. The monthly base rent is HK$19,300.

For the year ended March 31, 2025, the Group has no addition lease contracts (2024: Nil).

For the year ended March 31, 2025, no lease contract was terminated (2024: one lease contract for leasing a warehouse).

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term is depreciated from commencement date to the end of the useful life. The remaining right-of-use assets are depreciated on a straight-line basis over the terms of the leases.

The total cash outflow for leases is HK$231,600 (2024: HK$447,600).

The lease agreements do not impose any extension or termination options which are exercisable only by the Group and not by the respective lessors.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

12. RIGHT-OF-USE
 ASSETS – continued

As at March 31, 2025 and 2024, the Group does not provide residual value guarantees in relation to leases arrangement. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.

As at March 31, 2025 and 2024 the Group has no leases that are committed but not yet commenced. The maturity of lease liabilities is presented in note 19.

13. PREPAYMENTS
 AND DEPOSITS, TRADE AND OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Trade receivables | 1632602 | 600988 |
| Less: Provision for expected credit losses | - | - |
|  | 1632602 | 600988 |
| Other receivables | 11260 | 11260 |
| Trade and other receivables | 1643862 | 612248 |
| Prepayments and deposits | 4053457 | 3301429 |
| Prepayment for project cost | 592501 | - |
|  | 6289820 | 3913677 |
| Less: Receivables within twelve months shown under current assets | (3933688) | (2369867) |
| Rental deposits and other receivables shown under non-current assets | 2356132 | 1543810 |

---

Details of impairment assessment of trade receivables for the years ended March 31, 2025 and 2024 are set out in note 23(b).

For customers with good credit quality and payment history, the Group allows credit periods from 14 to 90 days (2024: 30 days).

The following is an aged analysis of trade receivables (net of allowance for credit losses) presented based on the invoice date at the end of the reporting period, which approximates the revenue recognition dates:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Up to 30 days | 1632602 | 600988 |

---

Before accepting any new customer, the Group will assess the potential customer's credit quality and define its credit limits. Credit sales are made to customers with an appropriate credit history. Credit limits attributed to customers and credit terms granted to customers are reviewed regularly.

As at March 31, 2025, there is no balance past due (2024: Nil) and the Group does not hold any collateral over these balances.

14. CONTRACT FULFILMENT COSTS

The Group capitalise costs incurred to fulfil contracts as contract fulfilment costs in consolidated statements of financial position. Contract fulfilment costs were HK$662,929 as of March 31, 2025. Contract fulfilment costs are amortized to expense on the construction starting date. No amount of amortisation of contract fulfilment costs were recognised for the year ended March 31, 2025.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

15. RELATED
 PARTY TRANSACTIONS AND BALANCES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Compensation
 of key management personnel of the Company.

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Salaries, fees and other allowances | 1920000 | 1920000 |
| Retirement benefit scheme contributions | - | 16661 |
| Total | 1920000 | 1936661 |

---

---

| | |
|:---|:---|
| Note: | The key management's emoluments was accounted for in administrative expenses amounting to HK$1,679,022 and in the cost of revenue amounting to HK$240,978. |

---

For the year ended March 31, 2025, Chan Kam Biu, Richard, a director and major shareholder, waived his remuneration of HK$1,200,000 to support the Company's financial stability. The waiver was recorded as cost of revenue of HK$240,978 and administrative expenses of HK$959,022 with corresponding account charged against other reserve as a capital contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Amounts
 due to/from shareholders and directors

The amounts are unsecured, interest-free and repayable on demand. The related party balances are set out below:

---

| | | |
|:---|:---|:---|
|  | As at March 31, | As at March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| <u>Amount due from (to) shareholders</u> |  |  |
| Joyful Star Limited | (689922) | (689922) |
| Boca Holdings Limited |  | 481293 |
| <u>Amounts due from (to) directors</u> |  |  |
| Dr Chan Kam Biu, Richard | (621243) | (500000) |
| Lui Lai Yuen | (200000) | (200000) |
| <u>Other borrowings</u> |  |  |
| Ma Chi Heng | (990000) | (990000) |
| <u>Interest payable</u> |  |  |
| Ma Chi Heng | (321400) | (271900) |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

15. RELATED
 PARTY TRANSACTIONS AND BALANCES - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Amounts
 due to/from shareholders and directors - continued

During the year ended March 31, 2025, the Group made advances of HK$Nil (2024 - HK$203,821) and received advances of HK$Nil (2024 - $680,393) relating to Lui Lai Yuen.

During the year ended March 31, 2025, the Group made advance of HK$729,302 to Dr Chan Kam Biu, Richard (2024 - HK$55,200), received advances of HK$843,647 (2024 - HK$1,714,391) from Dr Chan Kam Biu, Richard, and settlement of the Group's purchase of property, plant and equipment, in total of HK$6,898 (2024 - HK$16,995). As at March 31, 2025, Dr Chan Kam Biu, Richard agreed to waive the amount due of HK$Nil (2024 – HK$3,021,782) and transferred to other reserve.

During the year ended March 31, 2025, the management of the Group has written off the amount due from Boca Holdings Limited of HK$481,293 and recognised in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Transactions
 with related parties

The consulting fees paid by the Company to MavDB Consulting LLC, 10% shareholder, in consideration of the services provided/to be provided are US$50,000 per year, for a total of US$250,000 over five years, commencing January 1, 2024. The Company settled the consulting fees of US$250,000 by issuing 1,000,000 ordinary shares of the Company at a par value of US$0.001 to MavDB Consulting LLC on January 12, 2024.

On March 13, 2025, the Group entered into sales and purchase agreements with the director and his close family member, Ms. Lui Lai Yuen, and Mr. Chan Koon Wah Charles, for purchasing residential property for director's accommodation. The consideration is HK$9,500,000. As of March 31, 2025, the Group paid the deposit of HK$950,000 and related direct cost of HK$322,100.

16. CASH
 AND CASH EQUIVALENT

Bank balances carried interest rates at prevailing market rates based on daily bank deposit rate for the years ended March 31, 2025 and 2024.

As at March 31, 2025 and 2024, bank balances are placed in tier one banks in Hong Kong.

17. TRADE
 AND OTHER PAYABLES

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Trade payables | 82560 | 499352 |
| Interest payables | 3000465 | 2672009 |
| Other payables | 6636288 | 4960180 |
| Accrued charges | 169000 | 451597 |
| Provision for reinstatement cost | 26300 | 26300 |
| Trade and other payables | 9914613 | 8609438 |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

18. CONTRACT
 LIABILITIES

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Contract liabilities (note) | 4667773 |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On
 August 27, 2024, the Group has entered contract with independent customer for providing services
 of installation MVAC system, the Group received deposits of HK$9,659,350 from customers,
 this will give rise to contract liabilities before the contract commencement, until the Group
 satisfied the performance obligations. The management recognised the contract liabilities
 of HK$8,497,077 to revenue for the year ended March 31, 2025 and the management expects that
 the unsatisfied performance obligations of HK$1,162,273 will be recognised as revenue within
 one year according to the contract period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On
 February 10, 2025, the Group has entered contract with independent customer for providing
 of supply and installation of the colling tower system, the Group received deposits of HK$
 3,505,500 from customers, this will give rise to contract liabilities before the contract
 commencement, until the Group satisfied the performance obligations. The expects that the
 unsatisfied performance obligations will be recognised as revenue within one year according
 to the contract period.

19. LEASE LIABILITIES

The following table presents lease obligations for the Group for the years ended March 31, 2025 and 2024.

---

| | |
|:---|:---|
|  | Leased properties<br>HK$ |
| Balance April 1, 2023 | 1755280 |
| Imputed interest | 58174 |
| Lease payments | (447600) |
| Discharged by rental deposit | (72000) |
| Early termination of lease | (909294) |
| Balance March 31, 2024 | 384560 |
| Imputed interest | 16621 |
| Lease payments | (231600) |
| Balance March 31, 2025 | 169581 |
| Less: Current portion | (169581) |
| Non-current lease liabilities | - |

---

The weighted average incremental borrowing rates applied to lease liabilities at 5.95% (2024: 5.95%).

The following table discloses the undiscounted cash flow for lease obligations as at March 31, 2025:

---

| | |
|:---|:---|
|  | Leased properties<br>HK$ |
| Less than one year | 173700 |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

20. BANK
 AND OTHER BORROWINGS

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Bank loans | 2623655 | 3187975 |
| Other loans | 26600000 | 26600000 |
| Total | 29223655 | 29787975 |
| Secured | 4623655 | 5187975 |
| Unsecured | 24600000 | 24600000 |
| Total | 29223655 | 29787975 |
| Carrying amount repayable: |  |  |
| &nbsp;&nbsp;&nbsp;Within one year | 26638984 | 27200810 |
| &nbsp;&nbsp;&nbsp;In more than two years but not exceeding five years | 2542107 | 2544015 |
| &nbsp;&nbsp;&nbsp;More than five years | 42564 | 43150 |
|  | 29223655 | 29787975 |
| Amounts due within one year, shown under current liabilities with repayment on demand | 29223655 | 29787975 |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

20. BANK
 AND OTHER BORROWINGS – continued

Details of the bank and other borrowings are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Loan 1<br>HK$ | Loan 2<br>HK$ | Loan 3<br>HK$ | Loan 4<br>HK$ |
| Principal | 3088800 | 20000000 | 2000000 | 3610000 |
| Interest rate p.a | 3.00% to 3.63% | 10% | 5% | 5% |
| Inception date | 18/2/2021 | 17/7/2017 | 15/5/2010 | 9/3/2018 |
| Maturity date | 18/1/2030 | 17/6/2029 | On demand | On demand |
| Repayment terms | Repayable on demand | Repayable on demand (Note 1) | Repayable on demand | Repayable on demand |
| Security | Government Guarantee and director's personal guarantee | Not secured | Director's personal patent right | Not secured |

---

---

| | | |
|:---|:---|:---|
|  | Loan 5<br>HK$ | Loan 6<br>HK$ |
| Principal | 990000 | 1004400 |
| Interest rate p.a | 5% | 3.00% to 3.63% |
| Inception date | 9/4/2018 | 9/7/2021 |
| Maturity date | On demand | 9/6/2030 |
| Repayment terms | Repayable on demand | Repayable on demand |
| Security | Not secured | Government Guarantee and director's personal guarantee |

---

<u>Note:</u>

The repayment term of loan 2 is 10 years but repayable on demand upon the Company being listing.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

20. BANK
 AND OTHER BORROWINGS – continued

The continuity of the term facility for the years ended March 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Balance at beginning of the year | 29787975 | 30368705 |
| Repayments | (564320) | (580730) |
| Balance at end of the year | 29223655 | 29787975 |
| Less: Current portion | (29223655) | (29787975) |
| Non-current portion | - | - |

---

21. SHARE
 CAPITAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Authorised Share Capital**

The Group's authorized common shares were 50,000,000 with par value of HK$0.0078 (US$0.001).

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

21. SHARE
 CAPITAL - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Issued Share Capital**

---

| | | |
|:---|:---|:---|
|  | Number of <br> shares | Amount <br>HK$ |
| **Issued and fully paid:** |  |  |
| At April 1, 2023 |  |  |
| Ordinary shares with par value | 9000000 | 70200 |
| Issue of shares | 1000000 | 7800 |
| At March 31, 2024 and 2025 | 10000000 | 78000 |

---

The Company issued 1 million ordinary shares of HK$0.0078 (US$0.001) each, in exchange for consultancy service of HK$1,950,000 (equivalent to US$250,000). The period of consultancy service was for five years starting from January 1, 2024 and the ordinary shares were issued on 12 January 2024 to MavDB Consulting LLC. HK$390,000 of the consultancy service fee was recognized as administrative expense in the profit or loss for the year ended March 31, 2025 and HK$1,474,032 was recorded as prepayment on the consolidated statement of financial position as of March 31, 2025. On April 28, 2025, 15,000 shares were transferred to an independent third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Share premium** 

The share premium account is governed by the Companies Law of the Cayman Islands and may be applied by the Company subject to the provisions, if any, of its memorandum and articles of association in paying distributions or dividends to equity shareholders.

No distribution or dividend may be paid to the equity shareholders out of the share premium account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d) Other reserve**

Other reserve comprised of (i) waiver of amount due from director who is equity participant in the Group, amounted of HK$3,021,782 and wavier of officer's remuneration of HK$1,200,000; and (ii) merging amount of HK$6,999,999 that the difference between the consideration of HK$1 and BOCA' s share capital of HK$7,000,000.

22. CAPITAL
 RISK MANAGEMENT

The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximising the return to the shareholders through the optimisation of the debt and equity balance. The Group has obtained financial support from its shareholders, which has agreed to provide adequate funds to enable the Group to meet in full its financial obligations as they fall due in the foreseeable future and not to demand for repayment until the Group has financial ability to do so. The Group's overall strategy remains unchanged from prior year.

The capital structure of the Group consists of bank and other borrowings disclosed in Note 20 and amount due to shareholders, net of cash and cash equivalents and equity attributable to owner of the Group, comprising issued share capital and accumulated losses.

The directors of the Company review the capital structure on an on-going basis. As part of this review, the directors consider the cost of capital and the risks associated with each class of capital.

Based on recommendations of the directors, the Group will balance its overall capital structure through new share issues as well as the issue of new debt.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

23. FINANCIAL
 INSTRUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Categories of financial instruments</u> 

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| **Financial assets** |  |  |
| <u>Amortised cost</u> |  |  |
| Trade receivables | 1632602 | 600988 |
| Other receivables | 11260 | 11260 |
| Deposit | 104445 | 100296 |
| Amount due from a shareholder |  | 481293 |
| Cash and cash equivalent | 1384211 | 258304 |
| Total | 3132518 | 1452141 |
| **Financial liabilities** |  |  |
| <u>Amortised cost</u> |  |  |
| Trade payables | 82560 | 499352 |
| Interest payables | 3000465 | 2672009 |
| Accrued and other payables | 6805288 | 5411776 |
| Amount due to a director | 821243 | 700000 |
| Amount due to a shareholder | 689922 | 689922 |
| Bank borrowing | 2623655 | 3187975 |
| Other borrowings | 26600000 | 26600000 |
| Lease liabilities | 169581 | 384560 |
| Total | 40792714 | 40145594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> 

The major financial instruments of the Group include trade receivables, other receivables, deposit, cash, trade payables, interest payables, other payables, amount due from (to) a shareholder, amounts due to directors, bank and other borrowings and lease liabilities. Details of the financial instruments are disclosed in the respective notes. The risks associated with these financial instruments include market risk (represented by interest rate risk), credit risk and liquidity risk. The policies on how to mitigate these risks are set out below. The Group's management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

23. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Market risk**

*Interest rate risk*

The Group is exposed to fair value interest rate risk which arise from lease liabilities. The Group is exposed to cash flow interest rate risk in relation to variable-rate bank balances and variable rate bank borrowing due to the fluctuation of the prevailing market interest rate. The Group currently does not have a policy on hedging interest rate risk. However, the management of the Group monitors interest rate exposure and will consider hedging significant interest rate risk should the need arise.

 

*Sensitivity analysis*

 

No sensitivity analysis is presented since the directors of the Company consider that the Group 's exposure to interest rate risk is insignificant. The Company considers the interest rate fluctuation for the bank borrowings for current years ranged from 3% to 3.625%, with the limited change within 0.6%, the Company expects no material change in interest rate over the remaining term of the loans.

**Credit risk and impairment assessment**

As at March 31, 2025 and 2024, the Group's maximum exposure to credit risk which will cause a financial loss due to failure to discharge an obligation by the counterparties is arising from the carrying amounts of the recognised financial assets as stated in the statement of financial position.

*Trade receivables arising from contracts with customers*

In order to minimise the credit risk, management of the Group has delegated a team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. The Group only extends credit to customers based on careful evaluation of the customers' financial conditions and credit history. Credit sales of products are made to customers with an appropriate credit history. The Group performs impairment assessment under ECL model upon application of IFRS 9 on trade receivables individually or based on provision matrix. In this regard, the directors of the Company consider that the Group's credit risk is significantly reduced.

*Amount due from directors/a shareholder* 

 

The Group has considered that credit risks on amount due from directors/a shareholder have not increased significantly since initial recognition and has assessed the ECL under 12-month ECL method based on the Group's assessment in the risk of default of the respective counterparties.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

23. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Credit risk and impairment assessment** - continued

*Other receivables*

 

The Group assessed the impairment for its other receivables individually based on internal credit rating and ageing of these debtors which, in the opinion of the directors of the Company, have no significant increase in credit risk since initial recognition. ECL is estimated based on historical observed default rates over the expected life of debtors and is adjusted for forward-looking information that is available without undue cost or effort. Based on the impairment assessment performed by the Group, the management of the Group considers the loss allowance for other receivables within lifetime ECL was insignificant and accordingly no allowance for losses is provided.

 

*Bank balances* 

 

The credit risk on bank balances is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum amount of HK$500,000.

*Significant concentration of credit risk*

The Group's concentration of credit risk on trade receivables by geographical locations is in Hong Kong. The Group has no other significant concentration of credit risk, with exposure spread over a number of counterparties.

The Group's internal credit risk grading assessment on trade receivables and other financial assets comprise the following categories:

---

| | | | |
|:---|:---|:---|:---|
| Internal credit rating | Description | Trade<br> receivables | Other financial<br> assets |
| Low risk | The counterparty has a low risk of default and does not have any past-due amounts | Lifetime ECL - not credit-impaired | 12m ECL |
| Watch list | The counterparty has amounts past-due but is continuously settling after due date and with continuous business transactions with the Group | Lifetime ECL -<br> not credit-impaired | 12m ECL |
| Doubtful | There have been significant increases in credit risk since initial recognition through information developed internally or external resources while the counterparty is with continuous business transactions with the Group | Lifetime ECL -<br> not credit-impaired | Lifetime ECL -<br> not credit-impaired |
| Loss | There is evidence indicating the asset is credit-impaired | Lifetime ECL -<br> credit-impaired | Lifetime ECL -<br> credit-impaired |
| Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery | Amount is written off | Amount is written off |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

23. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Credit risk and impairment assessment** - continued

The table below details the credit risk exposures of the Group's financial assets, which are subject to ECL assessment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Gross carrying amount | Gross carrying amount |
|  | <br>Internal | | For the year ended March 31, | For the year ended March 31, |
|  | Credit<br> rating | <br>12m or<br> Lifetime ECL | 2025 <br> HK$ | 2024 <br> HK$ |
| Trade receivables | Low risk (Note) | Lifetime ECL - not credit-impaired | 1632602 | 600988 |
| Other receivables | Low risk | 12m ECL | 11260 | 11260 |
| Deposit | Low risk | 12m ECL | 104445 | 100296 |
| Amount due from a shareholder | Write-off | 12m ECL |  | 481293 |
| Bank balances | Low risk | 12m ECL | 1384211 | 258304 |

---

Note:

During the year ended March 31, 2025 and 2024, there are no net impairment loss allowance related to trade receivables.

**Liquidity risk**

In management of the liquidity risk, the Group has obtained financial support from its shareholders, which has agreed to provide adequate funds to enable the Group to meet in full its financial obligations as they fall due in the foreseeable future and not to demand for repayment until the Group has financial ability to do so. The Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group's operations and mitigate the effects of fluctuations in cash flows. The Group relies on bank and other borrowings as significant sources of liquidity. The management monitors the utilisation of bank and other borrowings and ensures compliance with the relevant loan covenants.

The following table details the Group's remaining contractual maturity for its non-derivative financial liabilities. The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be required to pay. Specifically bank borrowing with a repayment on demand clause are included in the earliest time band regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities are based on the agreed repayment dates.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

23. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Liquidity risk** - continued

The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amounts is derived from the interest rate at the end of the reporting period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2025 | Weighted average interest <br> rate | On demand <br> or less than <br> 1 month | 1 -3 months | 3 months <br> to <br> 1 year | 1 year <br> to <br> 5 years | Over <br> 5 years | Total <br> undiscounted <br> cash flows | Carrying <br> amount <br> at March 31, 2025 |
|  |  | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ |
| **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
| Trade payables |  | 82560 |  |  |  |  | 82560 | 82560 |
| Interest payables |  | 3000465 |  |  |  |  | 3000465 | 3000465 |
| Other payables |  | 6805288 |  |  |  |  | 6805288 | 6805288 |
| Amounts due to a director |  | 821243 |  |  |  |  | 821243 | 821243 |
| Amounts due to a shareholder |  | 689922 |  |  |  |  | 689922 | 689922 |
| Bank borrowing |  |  |  |  |  |  |  |  |
| -floating rate | 3.00% | 2623655 |  |  |  |  | 2623655 | 2623655 |
| Other borrowings |  |  |  |  |  |  |  |  |
| -fixed rate | 8.76% | 26600000 |  |  |  |  | 26600000 | 26600000 |
| Lease liabilities | 5.95% | 19300 | 38600 | 115800 |  |  | 173700 | 169581 |
| Total |  | 40642433 | 38600 | 115800 |  |  | 40796833 | 40792714 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2024 | Weighted average interest <br> rate | On demand <br> or less than <br> 1 month | 1 -3 months | 3 months <br> to <br> 1 year | 1 year <br> to <br> 5 years | Over <br> 5 years | Total <br> undiscounted <br> cash flows | Carrying <br> amount <br> at March 31, 2024 |
|  |  | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ |
| **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
| Trade payables |  | 499352 |  |  |  |  | 499352 | 499352 |
| Interest payables |  | 2672009 |  |  |  |  | 2672009 | 2672009 |
| Other payables |  | 5411776 |  |  |  |  | 5411776 | 5411776 |
| Amounts due to a director |  | 700000 |  |  |  |  | 700000 | 700000 |
| Amounts due to a shareholder |  | 689922 |  |  |  |  | 689922 | 689922 |
| Bank borrowing |  |  |  |  |  |  |  |  |
| -floating rate | 3.63% | 3187975 |  |  |  |  | 3187975 | 3187975 |
| Other borrowings |  |  |  |  |  |  |  |  |
| -fixed rate | 8.76% | 26600000 |  |  |  |  | 26600000 | 26600000 |
| Lease liabilities | 5.95% | 19300 | 38600 | 173700 | 173700 |  | 405300 | 384560 |
| Total |  | 39780334 | 38600 | 173700 | 173700 |  | 40166334 | 40145594 |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

23. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Liquidity risk** - continued

Bank and other borrowings with a repayment on demand clause are included in the "on demand or less than 1 month" time band in the above maturity analysis. As at March 31, 2025, the aggregate principal amounts of these bank and other borrowings are amounted to HK$29,223,655 (2024: HK$29,787,975). Taking into account the Group's financial position, the directors do not believe that it is probable that the banks and the third-party lenders will exercise their discretionary rights to demand for immediate repayment. The directors believe that such loans will be repaid six years after the end of the reporting period in accordance with the scheduled repayment dates set out in the loan agreements, details of which are set out in the table below. The aggregate principal and interest cash outflows of bank and other borrowings with a repayment on demand clause are amounted to HK$36,656,459 (2024: HK$39,147,591).

***Maturity Analysis – Bank and other borrowings with a repayment on demand clause based on scheduled repayments***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Weighted average interest <br> rate% | Less than <br> 1 year<br>HK$ | 1 -2 years<br>HK$ | More than <br> 2 years<br>HK$ | Total <br> undiscounted <br> cash flows<br>HK$ | Carrying amount<br>HK$ |
| March 31, 2025 | 8.24% | 8717693 | 2697174 | 25241592 | 36656459 | 29223655 |
| March 31, 2024 | 8.21% | 9306456 | 2706456 | 27134679 | 39147591 | 29787.975 |

---

The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Fair value measurements of financial instruments</u> 

IFRS 7 Financial Instruments: Disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation technique used to measure fair value 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;● Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liability either directly or indirectly; 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;● Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs)

For the year ended March 31, 2025 and 2024, no financial instruments measured at fair value on a recurring or non-recurring basis were incurred at the end of each reporting period.

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

24. PARTICULARS
 OF PRINCIPAL SUBSIDIARIES OF THE PARENT COMPANY

Details of the subsidiary directly and indirectly held by the parent company at the end of the reporting period are set out below

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name of subsidiary | Place of <br>Incorporation/operations | Paid up issued capital | Proportion of <br>ownership interest held by the Company | Proportion of <br>ownership interest held by the Company | Principal activities |
|  |  |  | 2025 | 2024 |  |
| Boca International Limited | Hong Kong | HK$7,000,000 | 100% | 100% | Provider of advanced energy saving solutions, consultancy services and construction services supported by proprietary phase change thermal energy storage materials and thermal engineering services |

---

25. SUPPLEMENTAL
 CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
|  | For the years ended March 31, | For the years ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes |  |  |
| Non-cash investing and financing transaction: |  |  |
| &nbsp;&nbsp;&nbsp;Early termination of lease |  | (1204245) |
| &nbsp;&nbsp;&nbsp;Issued share capital for consultancy fee |  | 1950000 |
| &nbsp;&nbsp;&nbsp;Forgiveness of amount due to a director |  | 3021782 |
| &nbsp;&nbsp;&nbsp;Forgiveness of directors' remuneration | 1200000 | - |

---

<u>GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED</u>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

26. SEGMENT
 INFORMATION

The Group's operating segment is determined based on information reported to the chief operating decision maker of the Group (the executive directors of the Company) for the purpose of resource allocation and performance assessment. For management purpose, the Group operates in one business unit based on their services, and only has one operating segment, provider of advanced energy saving solutions, consultancy services and construction service supported by proprietary phase change thermal energy storage materials and thermal engineering services operation. The chief operating decision maker reviews the revenue and results of the Group as a whole without further discrete financial information. Accordingly, no analysis of this single operating and reportable segment is presented.

The majority of Group's revenue is generated from Hong Kong, and majority of non-current assets are located in Hong Kong.

27. SUBSEQUENT
 EVENT

Management has evaluated subsequent events through the date these financial statements were available to be issued.

Based on our evaluation, except for aforementioned above, there are no subsequent events that would require disclosure in these consolidated financial statements.

28. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

These consolidated financial statements were approved by the board of directors for issue on August 27, 2025.

**Green Circle Decarbonize Technology Limited**

**Shares**

**PROSPECTUS**

**RBW Capital Partners LLC**

(a division of Dawson James Securities, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025**

**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.**

**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 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 jurisdiction where the offer or sale is not permitted.**

**Subject to Completion<br> Preliminary Prospectus Dated November 28, 2025**

**Green Circle Decarbonize Technology Limited**

**PROSPECTUS**

**1,800,000** **Ordinary Shares**

**Green Circle Decarbonize Technology Limited**

This Resale Prospectus (this "**Prospectus**") relates to the resale from time to time by the selling shareholders identified in this prospectus (the "**Selling Shareholders**") of up to 1,800,000 Ordinary Shares ("**Shares**"). We will not receive any of the proceeds from the sale of Shares by the selling shareholders named in this prospectus.

Any Shares sold by the selling shareholders covered by this prospectus will only occur six months after the trading of our Shares on the NYSE American Market, or NYSE American, begins at prevailing market prices or in privately negotiated prices. No sales of the Shares covered by this prospectus shall occur until six months after the Shares sold in our Offering begin trading on the NYSE American. The distribution of securities offered hereby may be effected in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals. Usual and customary or specifically negotiated brokerage fees or commissions may be paid by the selling shareholders.

No public market currently exists for our Shares. We intend to apply for a listing on the NYSE American under the ticker symbol "GCDT" for the Shares we are offering. The closing of the Company's initial public offering is conditioned upon NYSE American's approval of its listing application. There can be no assurance that the Offering will be closed and our Shares will be trading on NYSE American.

We are, and will be, a "controlled company" under NYSE American Company Guide Section 801(a) as long as our majority shareholder and proposed chief executive officer and proposed executive director, Mr. Chan Kam Biu Richard ("**Mr. Chan**") and his affiliates own and hold more than 50% of our outstanding Shares. See "*Prospectus Summary — Implications of Being a Controlled Company*". For so long as we are a controlled company under that definition, we will be eligible for certain exemptions from the corporate governance requirements of the NYSE American listing rules.

If we cease to be a foreign private issuer, we intend to rely on these exemptions.

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

The Company is a holding company incorporated in the Cayman Islands with no material operations of its own. As a holding company with no material operations of its own, the Company conducts its operations in Hong Kong through its subsidiary, Boca International Limited, that is incorporated in Hong Kong (the "**Operating Subsidiary**"). The Shares offered in this offering (this "**Offering**") are Shares of Green Circle Decarbonize Technology Limited, the Cayman Islands holding company, instead of Shares of the Hong Kong Operating Subsidiary. Investors in this Offering will not directly hold equity interests in the Operating Subsidiary.

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

Our Operating Subsidiary conducts its business in Hong Kong, a Special Administrative Region of the PRC, and some of the clients of the Operating Subsidiary are PRC companies that have shareholders or directors that are PRC individuals. As of the date of this Prospectus, we are not subject to the Chinese government's direct influence or discretion over the manner in which we conduct our business activities outside of the PRC. In addition, we do not expect to be materially affected by recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, including, but not limited to the cybersecurity review and regulatory review of overseas listing through an offshore holding company. However, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. 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 business, they may intervene in or influence our operations. Such governmental actions:

● could result in a material change in our operations;

● could hinder our ability to continue to offer securities to investors; and

● may cause the value of the Shares to significantly decline or be worthless.

Additionally, although we own 100% equity interest in our Operating Subsidiary and currently do not have, nor intend to have, any contractual arrangements to establish a variable interest entity ("**VIE**") structure with any entity in China, we are still subject to certain legal and operational risks associated with our Operating Subsidiary being based in Hong Kong and having potential clients who are PRC companies that have shareholders or directors that are PRC individuals. We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, require an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the China Securities Regulatory Commission ("CSRC"), prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "Draft Administrative Regulations") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures"), collectively the "Draft Rules on Overseas Listing", for public opinion.

On February 17, 2023, the CSRC issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines (collectively, the "Trial Measures"), which have become effective as at March 31, 2023. The Trial Measures require a PRC domestic enterprise seeking to issue and list its shares overseas to complete certain filing procedures and submit the relevant information to the CSRC. Should the Trial Measures be applicable to us, we may be subject to additional compliance requirements in the future. For more details, see "Risk Factors — Risks Related to Conducting Business in China — The Chinese government may choose to exert more supervision and control over securities offerings that are conducted overseas and/or foreign investment in issuers based in mainland China or Hong Kong. Such action could significantly or completely restrict our ability to offer securities to investors and cause the value of such securities to significantly decline."

On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises or the Confidentiality Provisions, which came into effect on March 31, 2023. The Confidentiality Provisions require that, among other things, (1) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (2) domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfil relevant procedures stipulated by applicable national regulations.

We are a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company without material operations of our own, we conduct our business in Hong Kong through our Operating Subsidiary, Boca International Limited ("**Boca International**"). Further, our chief executive officer, chief financial officer and all members of the board of directors are not mainland China citizens and most of them are based in Hong Kong or outside mainland China and all of our revenues and profits are generated by our subsidiary in Hong Kong and we have not generated any revenues or profits in mainland China. Additionally, we do not intend to operate in mainland China in the foreseeable future. As such, we do not believe we would be subject to the M&A Rules, or would be required to file with the CSRC under the Trial Measures or the Confidentiality Provisions.

Our management monitors the cash position of the entity within our organization regularly and prepares budgets on a monthly basis to ensure each entity has the necessary funds to fulfill its obligation for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our chief financial officer and subject to approval by our board of directors, we will provide funding to the subsidiary through loans or capital contributions. For the Company, incorporated in the Cayman Islands, to transfer cash to its subsidiary, is permitted under the laws of the Cayman Islands and its Memorandum and Articles of Association to act as an investment holding company. Accordingly, the Company may invest in its subsidiary by way of debt or equity contributions. As an investment holding company, the Company may rely on dividends and other equity distributions paid by its subsidiary for its cash and financing requirements. Besides, a Hong Kong company can only make a distribution out of profits available for distribution, as required by the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) and in accordance with its articles of association. Given that the Hong Kong subsidiary of the Company, namely Boca International, records an accumulated deficit as of the date of this Prospectus, it is unable to make any distributions to the Company. Furthermore, if the Company's Hong Kong subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to the Company.

The Company has not made any dividends or distributions to U.S. investors as of the date of this Prospectus. The Company and its subsidiary do not have any plans to distribute earnings in the foreseeable future. No transfers, dividends, or distributions have been made between our Company and our subsidiary as of the date of this Prospectus.

**We are both an "emerging growth company" and a "foreign private issuer" under applicable U.S. Securities and Exchange Commission rules and will be eligible for reduced public company disclosure requirements. See "*Prospectus Summary — Implications of Our Being an "Emerging Growth Company*"" and "*Prospectus Summary — Implications of Being a Foreign Private Issuer*" for additional information.**

**Investing in the Shares involves risks. See "Risk Factors" beginning on page 14 to read about certain factors you should carefully consider before deciding to invest in the Shares.**

**The Holding Foreign Companies Accountable Act, or HFCA Act, was enacted on December 18, 2020. The HFCA Act states that 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 Public Company Accounting Oversight Board of the United States (the " PCAOB") for three consecutive years (later changed to two consecutive years), 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. Our auditor, ZH CPA, LLC, the independent registered public accounting firm that issues the audit report included 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 ZH CPA, LLC's compliance with applicable professional standards. ZH CPA, LLC is headquartered in Denver, Colorado and has been inspected by the PCAOB on a regular basis, with the last inspection in February 2025. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the PCAOB determinations. See "Risk Factors — Risks Related to Our Securities — Our Ordinary Shares may be prohibited from being traded on a national exchange under the HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years and, as a result, an exchange may determine to delist our securities. As of the date of this prospectus, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021. However, the delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the value of your investment" on page 24. On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong completely, consistent with U.S law. It includes three provisions that, if abided by, would grant the PCAOB complete access for the first time: (i) the PCAOB has sole discretion to select the firms, audit engagements and potential violations it inspects and investigates – without consultation with, nor input from, Chinese authorities; (ii) procedures are in place for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; and (iii) the PCAOB has direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates. On December 15, 2022, the PCAOB announced that it has completed a test inspection of two selected auditing firms in mainland China and Hong Kong and has voted to vacate its previous Determination Report, which concluded in December 2021 that the PCAOB could not inspect or investigate completely registered public accounting firms based in mainland China or Hong Kong. On December 23, 2022 the Accelerating Holding Foreign Companies Accountable Act ("AHFCAA") was enacted, which 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 and such act was signed into law on December 29, 2022. However, if in the future the PCAOB is prohibited from conducting complete inspections and investigations of PCAOB-registered public accounting firms in mainland China and Hong Kong, then the companies audited by those registered public accounting firms could be subject to a trading prohibition on U.S. markets pursuant to the Holding Foreign Companies Accountable Act. There can be no assurance that China will abide by the Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China, and that on-site inspections and investigations of firms headquartered in mainland China and Hong Kong will occur and allow for full and timely access to information.**

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

The date of this Resale Prospectus is , 2024.

**RESALE PROSPECTUS SUMMARY**

**Prospectus Summary**

*This summary does not contain all of the information you should consider before investing in the Shares. You should read this entire prospectus carefully, including the information incorporated by reference in this Prospectus, including, in particular, the section entitled "Risk Factors" in this Prospectus. Unless otherwise indicated, references to the "**Company**," "**we**," "**us**," or "**our**," or similar terms when used in a historical context refer to Green Circle Decarbonize Technology Limited, or any one or more of its subsidiaries or their predecessors, or to such entities collectively. All references to "Hong Kong" in this Prospectus refer to the Hong Kong Special Administrative Region of the People's Republic of China. All references to "China" or the "PRC" in this Prospectus are to the People's Republic of China. All references to the "United States," "U.S." or "US" refer to the United States of America. The term "US$" refers to the lawful currency of the United States. The terms "HK$" and "HKD" refer to the lawful currency of Hong Kong. The term "RMB" refers to the lawful currency of the PRC.*

**Our Mission**

Our mission is to preserve the world through decarbonization technologies. As an advocate of decarbonization, we design, develop, and provide customized energy saving solutions that bring considerable economic benefits to our clients and reduce carbon emissions for a sustainable future.

As carbon emissions continue to build up in the atmosphere at historic levels, the theme of decarbonization has been gaining momentum on the international stage, and companies and governments are facing more pressure than ever to develop and execute a meaningful net-zero strategy, especially after the adoption of the Paris Agreement and the Glasgow Climate Pact in 2015 and 2021, respectively. The Glasgow Climate Pact reaffirms the Paris Agreement Temperature Goal and urges each of the signing countries to take further actions to accelerate the development, deployment, and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems.

It is specifically acknowledged in the Paris Agreement that climate change is a common concern of humankind, and accordingly the fight against climate change and the pursuit of decarbonization is not only an imperative agenda of governments or states, but also requires commitment and active participation and contribution by non-state actors such as businesses, financial institutions, educational institutions, and healthcare institutions. We have devised and have been consolidating our corporate mission to research, develop, strategize, and commercialize our decarbonization technology and products that not only bring considerable economic benefits to our clients, but also contribute to the global campaign of decarbonization and ultimately a more sustainable future.

**Overview of Our Business**

We are a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company without material operations of our own, we conduct our business in Hong Kong through our Operating Subsidiary, Boca International Limited ("**Boca International**").

We are a provider of advanced energy saving solutions supported by proprietary phase change thermal energy storage materials and thermal engineering services. Our proprietary technology is a phase change material ("**PCM**") thermal energy storage ("**TES**") technology. By applying material science and nanotechnology, we have successfully invented and manufactured our PCM which allows temporary storage of excess thermal energy for later use and thereby bridges the gap between energy availability and energy use ("**BocaPCM-TES Technology**").

With our industry experience and professional expertise, we have put our BocaPCM-TES Technology into practice and invented our product – "BocaPCM-TES Panel" – a custom-made high-density polyethylene ("**HDPE**") plastic encapsulated container fully filled with our PCM solution. Currently, we have developed more than 20 types of PCM, each of which has a unique phase change temperature and TES capacity to accommodate different temperature requirements in various PCM-TES applications. Based on the type of PCM solution filled into the HDPE plastic containers, we are able to manufacture customized BocaPCM-TES Panels with a wide range of operating temperatures from -86°C to +600°C to suit our clients' needs. Accordingly, our BocaPCM-TES Panels can be utilized in many heating, ventilation, and air conditioning ("**HVAC**") and refrigeration applications.

By utilizing our customized BocaPCM-TES Panels, we design, develop, and manufacture our phase change material thermal energy storage system ("**BocaPCM-TES System**") and apply it on various central air conditioning systems (collectively, "**Ultra-High Efficiency Boca Hybrid Power Chiller Plant**"). Our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is essentially an advanced cooling system that can be deployed in most existing and new buildings, and it is environmentally friendly with a long lifespan. Operating alongside with our self-developed fully automatic control system, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can increase its efficiency by optimization control model that shifts the chiller plant's cooling load from on-peak periods to off-peak periods through applying real-time electricity demand peak management, resulting in a lower running cost due to lower tariff rate charged during off-peak periods. Taking our HAECO Project as a reference, buildings installed with our Ultra-High Efficiency Boca Hybrid Power Chiller Plant are able to reduce at least 40% of electricity consumption during all running time, and approximately 50% to 70% of the running cost (depending on the local electricity tariff) when compared with conventional central air conditioning systems. As a result, our technology and products not only contribute to the global campaign of decarbonization by cutting carbon emissions directly, but also bring considerable economic benefits to our clients. For further details of our ability to reduce electricity consumption, see "*Our Business — Our Projects and Achievements — Hong Kong projects — HAECO Project.*"

To further our corporate mission and better grasp market opportunities, we continue to strive to develop environmental-friendly, efficient, and cost-saving technologies and solutions for the benefit of our clients and the world at large.

We generated revenue of approximately HK$16.6 million and approximately HK$5.2 million for the years ended March 31, 2025 and 2024, respectively. The revenue for the year ended 31 March 2024 primarily came from providing energy saving services by using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant located at the headquarters of Hong Kong Aircraft Engineering Company Limited ("**HAECO**") in Hong Kong International Airport, and for the year ended March 31, 2025, the revenue primarily came from the HAECO project, a project that the Company provides consultation on research and development services ("**Soar Project**") and another project with LMP International Limited for the provision of our BocaPCM-TES System at the Bayview Garden Shopping Centre, amounting of HK$5.1 million, HK$3.0 million and HK$8.5 million respectively. For further details, see "*Our Business — Our Projects and Achievements — Hong Kong projects.*" We intend to market and sell our products and services in Hong Kong, the PRC, the Republic of Korea, and the Middle East. In order to further promote our business, we have entered into agency agreements with five companies, which are located in Hong Kong, Shanghai, Guangdong Province, Korea, and Dubai respectively. Our agents have the right to sell and install all products relating to our BocaPCM-TES Technology in the specified territories. For further details of our revenue models and agency arrangement, see "*Our Business – Sales and Marketing*".

During the same periods, we incurred a comprehensive loss of approximately HK$6.0 million and approximately HK$7.9 million for the years ended March 31, 2025 and 2024, respectively. Our revenue generated by us for the year ended March 31, 2025 increased by approximately 216.53% when compared with the year ended March 31, 2024, the comprehensive loss for the year decreased by approximately 24.49% from March 31, 2024 to March 31, 2025, primarily due to the increases in gross profit of approximately 159.59% from approximately HK$1.4 million for the year ended March 31, 2024 to approximately HK$3.8 million for the year ended March 31, 2025. For further discussion of our financial information, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations – Operating Results*".

Taking into account our comprehensive loss of approximately HK$6.0 million for the year ended March 31, 2025, our cash and negative working capital as at March 31, 2025, and the uncertainties in our profitability and financing abilities, our management had raised significant doubt about our ability to continue as a going concern. We plan to maintain our project with HAECO that generates stable cashflow while focusing our resources on expanding our business into other geographical territories and exploring into other business segments related to PCM technologies. To improve our liquidity position, we plan to raise capital via Public Offering and debt financing to meet our capital requirements when necessary.

**Our Competitive Strengths**

Research has shown that PCM-TES application has the potential to be a cost-effective and sustainable energy saving solution. We believe our business has the following strengths which distinguish us from our competitors and position us to capitalize on the expected continued growth in the energy saving market:

● *Recognized Know-How and Expertise.* We are one of the few companies in Asia that possess the PCM-TES Technology. We successfully applied our BocaPCM-TES Technology into our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, and its performance has been recognized by a number of awards.

● *Interdisciplinarity.* We not only possess the engineering and technical knowledge of PCM-TES technology, but also invented our own PCM and developed our own fully automatic control system for the construction and operation of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant.

● *Energy Saving Mechanism*. The cooling capacity output of conventional central air conditioning systems is adjusted according to the cooling load demand. In other words, when the cooling load demand is low, the coefficient of performance ()"**COP**") of the refrigeration unit will decrease. In contrast, our BocaPCM-TES System allows thermal energy storage and release, enabling the refrigeration unit to operate under the highest COP possible. If the cooling output of the refrigeration unit is higher than the cooling load demand, additional thermal energy will be stored in our BocaPCM-TES System. Alternatively, if the cooling output of the refrigeration unit cannot meet the cooling load demand, our BocaPCM-TES System will release thermal energy, thereby improving the efficiency of the system.

● *Reduced Running Cost*. Since the rate of electricity tariff is different between on-peak periods and off-peak periods, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant is able to shift the chiller plant's cooling load from on-peak periods to off-peak periods by applying real-time electricity demand peak management with our self-developed fully automatic control system. Due to the cooling load shifting mechanism, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can operate and reserve necessary thermal energy during off-peak periods in which energy cost is low. The reserved thermal energy can then be released and utilized during on-peak periods to reduce electricity consumption and therefore achieve a lower electricity running cost. Compared with conventional central air conditioning systems, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can reduce approximately 50% to 70% of the running cost (depending on the local electricity tariff).

● *Increased Capacity*. Compared with conventional central air conditioning systems, our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can store additional thermal energy in our BocaPCM-TES System for later use, which increases the system output without requiring extra machinery.

● *Environmentally Friendly*. By using our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, electricity consumption can be reduced at least 40% during all running time, which cuts direct and indirect carbon dioxide emissions.

● *User-friendly System*. We have simplified the design of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant and reduced the number of control valves typically needed in conventional central air conditioning systems. Basically, it stores and releases thermal energy by controlling the cooling capacity of the refrigeration unit and the water flow and air flow inside the system.

● *Tailor-made Energy Saving Solution*. We can adjust our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to suit our clients' needs so that the overall machine capacity and TES capacity matches the system cooling loads.

● *Stand-by Capacity*. In case the main machinery fails, our BocaPCM-TES System can act as the back-up facility by utilizing the thermal energy stored inside to handle the system cooling loads.

For further details of our competitive strengths, refer to "*Our Business – Competitive Strengths*".

**Our Strategy**

Since our founding in 1992, we have been on a mission to cut carbon emissions globally with environmentally friendly solutions that improve the way in which the world uses energy. Key elements of our strategy include:

● *Substantial Reliance on the PBC Model.* In order to implement our mission statement "to preserve the world by decarbonization technologies" step-by-step towards a decarbonized world, we intend to substantially rely on the PBC model. Based on the track records of our Ultra-High Efficiency Boca Hybrid Power Chiller Plant, we expect to help our clients not only reduce their carbon emissions, but also earn carbon credits to be sold in the carbon markets.

● *Strategic Alliance and Solicitation*. With the purpose of promoting decarbonization and reducing carbon emissions, we intend to co-operate with non-governmental organizations and green funds to work on different decarbonization projects, and solicit business from companies with decarbonization targets or with high electricity consumption rate.

● *Continuous Innovation and Advancement of Our Energy Saving Solutions*. We intend to continue to innovate our Ultra-High Efficiency Boca Hybrid Power Chiller Plant by developing new and enhanced technologies and solutions. Our research and development strategy currently focus on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Cold Chain/Cold Store*. We are collaborating with Gene Company Limited ()"**GeneHK**") to apply our BocaPCM-TES Technology
 in developing and manufacturing (i) ultra-low temperature transportation boxes to store samples in extremely low temperatures; and
 (ii) freezer backup systems to protect samples stored in low or ultra-low temperature freezer in case it is out of electricity (collectively,
 the "Research Projects"). Pursuant to the product development and supply agreement entered into between GeneHK and us,
 we agreed to engage in the Research Projects and supply them with a range of products in accordance with their specifications and
 requirements, exclusively, with regard to certain territories and market sectors. The exclusive territories comprise Mainland China,
 Hong Kong, Macau and Taiwan and the exclusive market sectors comprise scientific research, medical, diagnostic, pharmaceutical, life
 sciences, and biotechnology.

2. *Liquid Cooling Technology*. We are designing a dual circuit liquid cooling system for data centers
 with an aim to minimize their operating costs and noise generation. By making use of (i)
 basic cooling by refrigeration units and (ii) direct liquid cooling to the central processing
 units by heat transfer media oil, our liquid cooling system will conduct heat outside of
 the data centers and therefore lower the temperature by radiation. We expect to achieve an
 efficient cooling effect for all the servers and storage devices in data centers which will
 help minimize the noise generated by higher processor speeds. In
 relation to the liquid cooling part of the dual circuit, we have adopted the immersion cooling technology which involves directly
 immersing the electronic components in a non-conductive liquid. The heat generated by the electronic components will be transferred
 to the fluid and subsequently removed from the cooling system. Apart from the design of the cooling system, it is essential for us
 to find a suitable liquid that does not only possess reliable and stable heat transfer ability, but also complies with the industrial
 and regulatory standards in our clients' countries. In July 2023, we have obtained the quotation from the Hong Kong branch
 of a multinational energy and petroleum company in relation to its immersion cooling fluid that has been commercialized since 2020.
 Furthermore, we have also entered into negotiations with a major bank in Hong Kong for the installation of our dual circuit liquid
 cooling system in their data centers.

3. *Artificial Intelligence System*. Currently, we are trying to incorporate model predictive control technology into our existing fully automatic
 control system. We expect this advanced system with self-learning capability to be able to calculate and maintain a more accurate
 maximum COP so that our Ultra-High Efficiency Boca Hybrid Power Chiller Plant can operate more efficiently.

4. *Domestic Heating System.* Depending on the phase change temperatures of different PCM, our BocaPCM-TES Technology can be applied in a wide
 range of energy storage systems. As mentioned above, our +8°C PCM allows our Ultra-High Efficiency Boca Hybrid Power Chiller
 Plant to store and release cold energy at the optimum temperature to promote cost-effectiveness. In contrast, we have also invented
 a PCM with a phase change temperature at +58°C, which is the optimum temperature for storing heat energy obtained from solar
 power for domestic use. Moreover, instead of the traditional photovoltaic system that converts light into electricity using semiconducting
 materials, we seek to develop a heat storage system by combining our BocaPCM-TES Technology with vacuum tube solar collector which
 stores heat energy more efficiently. The heat energy stored in the system can be discharged for domestic use, such as underfloor
 heating. In order to commercialize the domestic heating system, and expand the scale of production, the Company is planning to acquire
 a manufacturer of vacuum tube solar collector.

● *Further Expansion of Our Project Related Services*. We currently offer our clients the following project related services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Project Management.* We offer our clients project management services to ensure the process of installing our Ultra-High Efficiency Boca
 Hybrid Power Chiller Plant is managed in conjunction with the overall project plan, and we oversee the entire project from start
 to end.

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| | |
|:---|:---|
| *2.* | *Commissioning of the System.* We commission our Ultra-High Efficiency Boca Hybrid Power Chiller Plant to ensure that our system is providing the level of performance that was committed to the client. |
| *3.* | *Operations and Maintenance.* We offer our clients operational and maintenance plans to keep our system in top performance. This consists of both remote monitoring of the system's performance as well as periodic onsite visits to perform routine inspection and maintenance. |
|  | We plan to expand our resources and capabilities in project related services to meet our clients' needs. This expansion will include adding employees who perform the work, as well as contracting and certifying qualified third parties to perform the commissioning, operating, and maintenance services. |

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● *Arrangement of Project Financing.* We intend to co-operate with banks and other financial institutions to arrange project finance for our potential clients for building and installing our Ultra-High Efficiency Boca Hybrid Power Chiller Plant.

● *Mass production of BocaPCM-TES Panels.* We expect a steady growth of demand for our Ultra-High Efficiency Boca Hybrid Power Chiller Plant over the next ten years because it has the potential to be installed in all new and existing buildings. In order to satisfy such an enormous amount of demand, we intend to set up our own factory for the mass production of our BocaPCM-TES Panels in the PRC.

**History and Corporate Structure**

We commenced our business operations in 1992 and established Boca International. Since then, we have invested substantial resources in technological advancements, particularly our research and development in PCM and the ancillary technologies for enhancing its commercial applicability.

We have been conducting research and experiments in the physical characteristics and chemical compositions of various PCMs. In 1992, one of our most important PCMs was invented. It undergoes phase change (solidification) at +8°C, which is the optimum temperature for its application in air conditioning systems.

In 2003, we developed the first-generation BocaPCM solution encapsulation in the form of a stainless-steel ball for improving its durability and the heat transfer efficiency of our PCM. Subsequently, in 2007, with the technological advancement in material science, we switched to HDPE panels in our second-generation encapsulations which significantly lowered the costs and brought our technology one step closer to commercialization. In 2013, we further improved the design of our HDPE panels by applying ultrasonic welding technology to enhance its heat transfer rate. HDPE panels are used in the production of our existing BocaPCM-TES Panel, which forms an important part of our BocaPCM-TES System.

In 2015, we developed a fully automatic control software for our Ultra-High Efficiency Boca Hybrid Power Chiller Plant which significantly increases its energy saving performance and operation efficiency. Going forward, one of our research and development goals is to upgrade our current fully automatic control system to an artificial intelligence system.

In 2015, Boca International, wholly owned by Chan Kam Biu Richard was acquired by Richly Conqueror Limited. In 2016, Boca International was acquired by SGOCO International (HK) Limited, a SGOCO Group Limited's ("**SGOCO**", currently known as Troops, Inc., NASDAQ: TROO) subsidiary incorporated in Hong Kong, from Richly Conqueror Limited for the total consideration of HK$52 million in the form of cash, plus 3.4 million new shares in SGOCO Group Limited. In June 2018, SGOCO transferred 48.9% interest in Boca International to an independent third party as part of the consideration to acquire the entire issued share capital of a limited company. In August 2018, the independent third party sold its 48.9% interest to Green Circle Limited. On August 26, 2020, Chan Kam Biu Richard acquired the entire share capital of Green Circle Limited from an independent third party who Chan Kam Biu Richard personally knows. On September 10, 2020, SGOCO disposed of the remaining 51.1% interest in Boca International to an independent third party. On September 21, 2020, the independent third party sold its 51.1% interest to Joyful Star Limited. On September 22, 2020, Chan Kam Biu Richard acquired the entire share capital of Joyful Star Limited from an independent third party who Chan Kam Biu Richard personally knows. On September 24, 2020, Green Circle Limited sold its 48.9% interest to Joyful Star Limited. Thus, the entire issued share capital of Boca International was transferred to Joyful Star Limited in September 2020. In particular, the 51.1% interest in Boca International was transferred to Joyful Star Limited for a consideration of HK$94 from the independent third party and the remaining 48.9% interest in Boca International was transferred to Joyful Star Limited for a consideration of HK$90.

As part of the Company's founding partners' early involvement, where they provided valuable resources contributing to the growth of the Company, Wong Tan Suen, on behalf of Wong C Ching and Ma Chi Heng, subscribed for 360,000 Shares and 240,000 Shares respectively at par value of US$0.001 per share in 2022, as part of the restructuring of the Company in anticipation to the Offering. Prior to the subscription, Wong C Ching and Ma Chi Heng provided an aggregate loan of HK$5,000,000 (HK$4,010,000 and HK$990,000 respectively) to Boca International, and of that HK$4,600,000 remains outstanding. The Security Ownership of Management and Certain Shareholders section of this registration statement accounts for these share issuances. The 600,000 Shares owned by the two individuals - Wong Tan Suen and Ma Chi Heng - have a lock-up period of 183 days from the date of the initial public offering.

During a reorganization in 2022, we established our current offshore holding structure. Specifically, we established Green Circle Decarbonize Technology Limited, or "**Green Circle**", in the Cayman Islands on February 15, 2022 as a limited liability corporation under the laws of the Cayman Islands. After the completion of the reorganization in 2022, Green Circle became the offshore holding company and has held our subsidiary directly since then. The chart below summarizes our corporate structure and identifies the principal subsidiary as of the date of this Prospectus:

**PRC Regulatory Permission**

As of the date of this Prospectus, we and our Hong Kong subsidiary, (i) are not required to obtain permission from any PRC authorities to offer or issue the Shares to foreign investors; (ii) are not subject to permission requirements from the CSRC, CAC or any other PRC regulatory authorities that is required to approve our business operations; and (iii) have not received or been denied such permissions by any PRC authorities. However, given the current PRC regulatory environment, it is uncertain when and whether we or our Hong Kong subsidiary, will be required to obtain permission from the PRC government to list in the U.S. in the future, and even when such permission is obtained, whether it will be denied or rescinded.

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, require an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "Draft Administrative Regulations") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures"), collectively the "Draft Rules on Overseas Listing", for public opinion.

On February 17, 2023, the CSRC issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines (collectively, the "**Trial Measures**"), which have become effective as at March 31, 2023. The Trial Measures require a PRC domestic enterprise seeking to issue and list its shares overseas to complete certain filing procedures and submit the relevant information to the CSRC, failing which the said domestic enterprise may be fined between RMB 1 million and RMB 10 million. According to the Notice on the Management Arrangements for Overseas Issuance and Listing of Domestic Enterprises issued by the CSRC on the same day, if an intended issuer fails to obtain the SEC's Notice of Effectiveness before March 31, 2023 and complete the issuance and listing before September 30, 2023, the said issuer will need to complete the filing procedures with the CSRC before its listing on U.S. exchanges. Should the Trial Measures be applicable to us, we may be subject to additional compliance requirement in the future, and we cannot assure you that we will be able to get the clearance of filing procedures as required on a timely basis, or at all. Any failure by us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our 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 Shares to significantly decline in value or become worthless.

On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises or the Confidentiality Provisions, which came into effect on March 31, 2023. The Confidentiality Provisions require that, among other things, (1) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (2) domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfil relevant procedures stipulated by applicable national regulations.

We have been closely monitoring regulatory developments in the PRC regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings, including this Offering. As of the date of this Prospectus, we have not received any inquiry, notice, warning, sanctions, or regulatory objection to this Offering from the CSRC or other PRC governmental authorities. However, there remains significant uncertainty as to the enactment, interpretation, and implementation of regulatory requirements related to overseas securities offerings and other capital markets activities. For more details, see "Risk Factors — Risks Related to Conducting Business in China — The Chinese government may choose to exert more supervision and control over securities offerings that are conducted overseas and/or foreign investment in issuers based in Mainland China or Hong Kong. Such action could significantly or completely restrict our ability to offer securities to investors and cause the value of such securities to significantly decline."

**Transfer of Cash Through our Operation**

Green Circle Decarbonize Technology Limited ("**Green Circle**") is a holding company with no operations of its own. We conduct our business operations in Hong Kong primarily through our Hong Kong subsidiary, Boca International Limited ("**Boca International**"). Green Circle is permitted under the laws of the Cayman Islands and its Memorandum and Articles of Association, to act as an investment holding company. As an investment holding company, Green Circle may invest in its subsidiary by way of debt or equity contributions and may rely on dividends and other distributions on equity paid by its subsidiary for its cash and financing requirements.

Currently, all of our business operations are conducted in Hong Kong through our Operating Subsidiary, Boca International. We maintain our bank accounts and balances primarily in licensed banks in Hong Kong. Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". According to the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), a company may only make a distribution out of profits available for distribution, i.e., its accumulated, realized profits, so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written off in a reduction or reorganization of capital. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong with respect to dividends paid by us. Under the relevant laws of Hong Kong, there are no significant restrictions on foreign exchange or our ability to transfer cash between our Company and our Operating Subsidiary in Hong Kong. Boca International is permitted to provide funding to Green Circle through dividend distributions.

As of the date of this Prospectus, no transfers, dividends, or distributions have been made between our Company and our Operating Subsidiary. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. We currently do not have any dividend policy. If our subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to us.

Currently, we do not have any operation in the PRC and we do not intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in the mainland China. Therefore, the PRC laws and regulations do not have any material impact on transfer of cash between our Company and our subsidiary in Hong Kong, across borders, or to U.S. investors. However, in the future, funds may not be available to fund operations or for other use outside of Hong Kong due to any restriction that may be imposed by the PRC government on our ability or our subsidiary's ability to transfer cash, distribute earnings or pay dividends. If such restrictions are imposed in the future, our business, financial conditions, and results of operation could be adversely affected and such measures could materially decrease the value of our Shares, potentially rendering it worthless.

**Summary of Significant Risk Factors**

Our business and our Offering are subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operation, cash flows, and prospects that you should consider before making a decision to invest in the Shares. These risks are discussed more fully in the section titled "Risk Factors" beginning on page 14 of this Prospectus. These risks include, but are not limited to, the following:

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

● Our expansion plan may not be successfully implemented or achieve the intended economic results or business objectives.

● We are subject to concentration risk because a significant portion of our revenue was derived from one customer.

● We rely heavily on a limited number of external suppliers of raw materials in order to produce PCM.

● We rely on our suppliers to provide certain essential machinery and equipment for our customized energy saving system.

● We rely on our sub-contractors to install our customized energy saving system at our customers' designated sites.

● We may suffer from unexpected disruptions to our research and development, production of PCM, and provision of energy saving services as our laboratory equipment, production facilities and customized energy saving system may fail to perform as we expected.

● A sustained reduction in our customers' use of air conditioning during the COVID-19 pandemic may negatively affect our profitability.

● Our business relies on debt financing to settle upfront costs in relation to our performance-based contracts.

● We do not own our office.

● We rely on local agents to capture overseas business opportunities.

● Our management personnel lack experience in managing a public company.

● A substantial portion of our revenue depends on the quality and efficiency of our maintenance and technical support.

● Our existing insurance coverage may not provide adequate protection from losses.

● We may breach our obligations under our performance-based contracts and our energy saving solutions may fail to produce anticipated energy savings.

● We depend on, and may have difficulty acquiring and retaining, key management and other personnel.

● The PCM-TES industry is competitive and subject to change, and our competitors may have superior financial and technical resources.

● We may be involved in disputes or legal and other proceedings.

● We may fail to protect our intellectual property rights.

● Fluctuation in exchange rates could have a material adverse effect on our results of operations and the price of the Shares.

● We depend on governments to incentivize the development and implementation of energy-saving technologies.

● The market acceptance of energy saving solutions services is not certain.

● Our controlling shareholder has control over our corporate matters.

● Our controlling shareholder may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.

For a detailed description of the risks above, please refer to pages 14 – 21.

***Risks Related to Conducting Business in the PRC***

● Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on our business, operating results, and financial position.

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

● The Chinese government may exert substantial influence over the industry in which we operate.

● The Chinese government may choose to exert more supervision and control over securities offerings that are conducted overseas and/or foreign investment in issuers based in Mainland China or Hong Kong. Such action could significantly or completely restrict our ability to offer securities to investors and cause the value of such securities to significantly decline.

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

● Our Ordinary Shares may be prohibited from being traded on a national exchange under the HFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years and, as a result, an exchange may determine to delist our securities. As of the date of this prospectus, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021. However, the delisting of our Ordinary Shares, or the threat of being delisted, may materially and adversely affect the value of your investment.

● If the PRC government imposes new requirements for approval from the relevant PRC authorities to issue the Shares to foreign investors or list on a foreign exchange, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

For a detailed description of the risks above, please refer to pages 21-25.

***Risks Related to our Securities***

● Raising additional capital through the issuance of Shares may cause dilution to the shareholdings of our existing shareholders.

● We do not intend to pay dividends on the Shares in the foreseeable future.

● Our director owns a large percentage of our outstanding Shares and could exercise control over some of our corporate matters.

● Future sales of substantial amounts of the Shares by existing shareholders could adversely affect the price of the Shares.

● The Shares may be subject to substantial price and volume fluctuation due to a number of factors, many of which are beyond our control and may prevent our shareholders from reselling the Shares at a profit.

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

● We will incur significant expenses and devote other significant resources and management time as a result of being a public company, which may negatively impact our financial performance and could cause our results of operations and financial condition to suffer.

● We may lose our status as a "foreign private issuer" in the United States, which would result in increased costs related to regulatory compliance under United States securities laws.

● Terms of subsequent financings, if any, may adversely impact investors' investments.

● 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 in the Cayman Islands and our Operating Subsidiary is incorporated in Hong Kong.

● Economic substance legislation of the Cayman Islands may adversely impact us or our operations.

For a detailed description of the risks above, please refer to pages 25-28.

**Corporate Information**

One principal executive office is located at Unit 1809, Prosperity Place, 6 Shing Yip St., Kwun Tong, Kowloon, Hong Kong and our phone number is +852 2882 1222. We maintain a corporate website at https://pcm-tes.com/. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus.

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

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "**JOBS Act**"), and we are eligible to take advantage of certain exemptions from various reporting and financial disclosure requirements that are applicable to other public companies, that are not emerging growth companies, including, but not limited to, (1) presenting 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 in this prospectus, (2) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), (3) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and (4) exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We intend to take advantage of these exemptions. As a result, investors may find investing in our Shares less attractive.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As a result, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has irrevocably 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.

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

**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Exchange Act. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many Exchange Act reports, or as frequently, as a U.S. 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 U.S. 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.

**Implications of Being a Controlled Company**

Upon the completion of this Offering, we will be a "controlled company" as defined under the NYSE American Company Guide because we expect that our proposed chief executive officer and proposed executive director, Mr. Chan will hold (i) approximately 49.40% (assuming full exercise of the over-allotment option); and (ii) approximately 50.88% (assuming no exercise of the over-allotment option) of our total issued and outstanding Shares, i.e., he will own a majority of our total issued and outstanding Shares and will be able to exercise approximately 49.40% (assuming full exercise of the over-allotment option) to approximately 50.88% (assuming no exercise of the over-allotment option) of the total voting power of our issued and outstanding share capital. For so long as we remain a "controlled company," we are permitted to elect to rely, and may so 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 will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we do not intend to rely on the "controlled company" exemption under the NYSE American Company Guide, we could elect to rely on it in the future if we cease to be a foreign private issuer.

**The Resale Offering**

---

| | |
|:---|:---|
| Securities being offered | Ordinary Shares |
| Number of Shares Offered by the Selling Shareholders | 1,800,000 Shares |
| Securities outstanding before this Resale Offering | 10,000,000 Shares |
| Securities outstanding after the Resale Offering | 12,500,000 Shares<sup>(1)</sup>, assuming the issuance by us of 2,500,000 Shares pursuant to the Initial Public Offering Prospectus filed contemporaneously herewith.<br>12,875,000 Shares<sup>(2)</sup>, assuming the issuance by us of 2,875,000 Shares pursuant to the Initial Public Offering Prospectus filed contemporaneously herewith. |
| Use of proceeds | We will not receive any of the proceeds from the sale of the Shares by the Selling Shareholders named in this Resale Prospectus. |
| Risk factors | See "*Risk Factors*" and other information included or incorporated by reference in this Prospectus for a discussion of factors you should carefully consider before deciding to invest in the Shares. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes
 the issuance by us of our Shares pursuant to the Initial Public Offering prospectus filed contemporaneously herewith, no exercise
 of the Underwriter's over-allotment option and all of our Shares to be sold by the Selling Shareholders pursuant to
 the Resale Prospectus filed contemporaneously herewith are sold.

(2) Assumes
 the issuance by us of our Shares pursuant to the Initial Public Offering prospectus filed contemporaneously herewith, full exercise
 of the Underwriter's over-allotment option and all of our Shares to be sold by the Selling Shareholders pursuant to
 the Resale Prospectus filed contemporaneously herewith are sold.

**Selected Financial Data**

*The following tables set forth selected consolidated financial information for the years ended March 31, 2025 and 2024. Our historical results are not necessarily indicative of the results that may be expected in the future. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this Prospectus as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," appearing elsewhere in the Prospectus.*

**Consolidated Statements of Loss and Other Comprehensive Loss**

**for the Years Ended March 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> March 31,** | **For the years ended <br> March 31,** |
|  | 2025 | 2024 |
|  | (HK$) | (HK$) |
| Revenue | 16574921 | 5236436 |
| Cost of revenue | (12823515) | (3791302) |
| Gross profit | 3751406 | 1445134 |
| Administrative expenses | (7668127) | (7102218) |
| Operating loss | (3916721) | (5657084) |
| Finance costs | (2445201) | (2512023) |
| Other income | 379702 | 247167 |
| Loss before tax | (5982220) | (7921940) |
| Income tax recovery | - | - |
| Loss and comprehensive loss for the year | (5982220) | (7921940) |

---

**Consolidated Statements of Financial Position as at March 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31,**  | **As at**<br> **March 31,**  |
|  | 2025 | 2024 |
|  | (HK$) | (HK$) |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalent | 1384211 | 258304 |
| Prepayments and deposits | 2289826 | 1757619 |
| Trade and other receivables | 1643862 | 612248 |
| Contract fulfillment costs | 662929 |  |
| Deferred listing expenses | 1471020 | 935300 |
| Amount due from a shareholder |  | 481293 |
| **Total current assets** | 7451848 | 4044764 |
| **Non-current assets** |  |  |
| Property, plant and equipment | 14505410 | 17966127 |
| Right-of-use assets | 169512 | 395529 |
| Rental deposits |  | 69778 |
| Prepayment | 2356132 | 1474032 |
| **Total non-current assets** | 17031054 | 19905466 |
| **Total assets** | 24482902 | 23950230 |
| **LIABILITIES** |  |  |
| **Current liabilities** |  |  |
| Trade and other payables | 9914613 | 8609438 |
| Contract liabilities | 4667773 |  |
| Lease liabilities | 169581 | 214978 |
| Amounts due to a shareholder | 689922 | 689922 |
| Amount due to a director | 821243 | 700000 |
| Bank and other borrowings | 29223655 | 29787975 |
| **Total current liabilities** | 45486787 | 40002313 |
| **Non-current liabilities** |  |  |
| Lease liabilities |  | 169582 |
| **Total liabilities** | 45486787 | 40171895 |
| **Shareholders' deficit** |  |  |
| Share capital | 78000 | 78000 |
| Share premium | 5048160 | 5048160 |
| Other reserve | 11221781 | 10021781 |
| Accumulated deficit | (37351826) | (31369606) |
| **Total Shareholders' deficit** | (21003885) | (16221665) |
| **Total liabilities and shareholders' deficit** | 24482902 | 23950230 |

---

**USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of the Shares by the Selling Shareholders. In addition, the Underwriter will not receive any compensation from the sale of the Shares by the Selling Shareholders. The Selling Shareholders will receive all of the net proceeds from the sales of Shares offered by it under this prospectus. We have agreed to bear the expenses relating to the registration of the Shares for the Selling Shareholders.

**Selling Shareholders**

The following table sets forth information with respect to the beneficial ownership of the Shares as of November 28, 2025, and after this Offering by each of the Selling Shareholders, based upon the 10,000,000 Shares outstanding as of November 28, 2025, which represents our entire issued and outstanding share capital as of such date. The beneficial ownership of the Shares is determined in accordance with the rules of the SEC and generally includes any Shares over which a person exercises sole or shared voting or investment power, or the right to receive the economic benefit of ownership. For purposes of the table below, we deem Shares subject to options that are currently exercisable or exercisable within 60 days of November 28, 2025, to be outstanding and to be beneficially owned by the person holding the options for the purposes of computing the percentage ownership of that person but we do not treat them as outstanding for the purpose of computing the percentage ownership of any other person.

All of our shareholders, including the shareholders listed below, have the same voting rights attached to their Shares which are detailed further in the table below. Following the closing of this Offering, neither our principal shareholders nor our directors and executive officers will have different or special voting rights with respect to their Shares.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares<br> Beneficially Owned<br> Prior to this Offering** | **Shares<br> Beneficially Owned<br> Prior to this Offering** | | **Shares<br> Beneficially Owned<br> After this Offering** | **Shares<br> Beneficially Owned<br> After this Offering** |
| <br>**Name of Selling Shareholder** | **Shares** | **Percent** | **Number of<br> Shares Being<br> Offered in this**<br>**Offering** | **Shares** | **Percent** |
| Main Miles Financial Service Holding Limited (1) | 540000 | 5.40% | 540000 | 0 | 0% |
| Niu B Limited (2) | 540000 | 5.40% | 540000 | 0 | 0% |
| Success Hero Limited (3) | 540000 | 5.40% | 540000 | 0 | 0% |
| GoSmart Consultant Company Limited (4) | 180000 | 1.80% | 180000 | 0 | 0% |

---

(1) Main Miles Financial Service Holding Limited, a company incorporated in Hong Kong, is 100% owned by Chau King Hong Claude. Accordingly, Chau King Hong Claude has the sole voting and dispositive power over all the Shares held by Main Miles Financial Service Holding Limited. The principal business address of Main Miles Financial Service Holding Limited is Room 2206-2210, 22/F, China Resources Building, 26 Harbour Road, Hong Kong. Main Miles Financial Service Holding Limited acquired these ordinary shares as follows: on February 15, 2022, 540,000 shares were issued to Main Miles Financial Service Holding Limited for the consideration of US$540.

(2) Niu B Limited, a company incorporated in Hong Kong, is 100% owned by Choy Yau Fai. Accordingly, Choy Yau Fai has the sole voting and dispositive power over all the Shares held by Niu B Limited. The principal business address of Niu B Limited is Flat C, 57/F, Tower 3 Sky Tower, Hong Kong. Niu B Limited acquired these ordinary shares as follows: on February 15, 2022, 540,000 shares were issued to Niu B Limited for the consideration of US$540.

(3) Success Hero Limited, a company incorporated in Hong Kong, is 100% held by Chan Sze Ming. Accordingly, Chan Sze Ming has the sole voting and dispositive power over all the Shares held by Success Hero Limited.The principal business address of Success Hero Limited is Suite 3101, 31/F, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong. Success Hero Limited acquired these ordinary shares as follows: on February 15, 2022, 540,000 shares were issued to Success Hero Limited for the consideration of US$540.

(4) GoSmart Consultant Company Limited, a company incorporated in Hong Kong, is 100% owned by Cheng Chau Yu. Accordingly, Cheng Chau Yu has the sole voting and dispositive power over all the Shares held by GoSmart Consultant Company Limited. The principal business address of GoSmart Consultant Company Limited is Room 512, 5/F, New Mandarin Plaza Tower B, 14 Science Museum Road, Tsim Sha Tsui East, Hong Kong. GoSmart Consultant Company Limited acquired these ordinary shares as follows: on February 15, 2022, 180,000 shares were issued to GoSmart Consultant Company Limited for the consideration of US$180.

**SELLING SHAREHOLDERS PLAN OF DISTRIBUTION**

The Selling Shareholders and any of its pledgees, donees, assignees and successors-in-interest may, from time to time, sell any or all of their Shares being offered under this Resale Prospectus on any stock exchange, market or trading facility on which our Shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Shareholders may use any one or more of the following methods when disposing of Shares:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the Shares as agent but may position; and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resales by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● to cover short sales made after the date that the registration statement of which this Resale Prospectus is a part is declared effective by the SEC;

● broker-dealers may agree with the Selling Shareholder to sell a specified number of such Shares at a stipulated price per share;

● a combination of any of these methods of sale; and

● any other method permitted pursuant to applicable law.

The Shares may also be sold under Rule 144 under the Securities Act of 1933, as amended, if available for Selling Shareholders, rather than under this Resale Prospectus. The Selling Shareholders have the sole and absolute discretion not to accept any purchase offer or make any sale of Shares if they deem the purchase price to be unsatisfactory at any particular time.

The Selling Shareholders may pledge their Shares to their broker under the margin provisions of customer agreements. If the Selling Shareholders default on a margin loan, the broker may, from time to time, offer and sell the pledged Shares.

Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of Shares, from the purchaser) in amounts to be negotiated, which commissions as to a particular broker or dealer may be in excess of customary commissions to the extent permitted by applicable law.

If sales of Shares offered under this Resale Prospectus are made to broker-dealers as principals, we would be required to file a post-effective amendment to the registration statement of which this Resale Prospectus is a part. In the post-effective amendment, we would be required to disclose the names of any participating broker-dealers and the compensation arrangements relating to such sales.

The Selling Shareholders and any broker-dealers or agents that are involved in selling the Shares offered under this Resale Prospectus may be deemed to be "underwriters" within the meaning of the Securities Act in connection with these sales. Commissions received by these broker-dealers or agents and any profit on the resale of the Shares purchased by them may be deemed to be underwriting discount under the Securities Act. Any broker-dealers or agents that are deemed to be underwriters may not sell Shares offered under this Resale Prospectus unless and until we set forth the names of the underwriters and the material details of their underwriting arrangements in a supplement to this Resale Prospectus or, if required, in a replacement resale prospectus included in a post-effective amendment to the registration statement of which this Resale Prospectus is a part.

The Selling Shareholders and any other persons participating in the sale or distribution of the Shares offered under this Resale Prospectus will be subject to applicable provisions of the Exchange Act, and the rules and regulations under that act, including Regulation M. These provisions may restrict activities of, and limit the timing of purchases and sales of any of the Shares by, the Selling Shareholders or any other person. Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and other activities with respect to those securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. All of these limitations may affect the marketability of the Shares.

Rule 2710 requires members firms to satisfy the filing requirements of Rule 2710 in connection with the resale, on behalf of the Selling Shareholders, of the securities on a principal or agency basis. NASD Notice to Members 88-101 states that in the event any Selling Shareholder intends to sell any of the Shares registered for resale in this Resale Prospectus through a member of FINRA participating in a distribution of our securities, such member is responsible for insuring that a timely filing, if required, is first made with the Corporate Finance Department of FINRA and disclosing to FINRA the following:

● it intends to take possession of the registered securities or to facilitate the transfer of such certificates;

● the complete details of how the Selling Shareholder's Shares are and will be held, including location of the particular accounts;

● whether the member firm or any direct or indirect affiliates thereof have entered into, will facilitate or otherwise participate in any type of payment transaction with the Selling Shareholder, including details regarding any such transactions; and

● in the event any of the securities offered by the Selling Shareholder are sold, transferred, assigned or hypothecated by any Selling Shareholder in a transaction that directly or indirectly involves a member firm of FINRA or any affiliates thereof, that prior to or at the time of said transaction the member firm will timely file all relevant documents with respect to such transaction(s) with the Corporate Finance Department of FINRA for review.

No FINRA member firm may receive compensation in excess of that allowable under FINRA rules, including Rule 2710, in connection with the resale of the securities by the Selling Shareholders.

If any of the Shares offered for sale pursuant to this Resale Prospectus are transferred other than pursuant to a sale under this Resale Prospectus, then subsequent holders could not use this Resale Prospectus until a post-effective amendment or prospectus supplement is filed, naming such holders. We offer no assurance as to whether the Selling Shareholders will sell all or any portion of the Shares offered under this Resale Prospectus.

We have agreed to pay all fees and expenses we incur incident to the registration of the Shares being offered under this Resale Prospectus. However, each Selling Shareholder and purchaser is responsible for paying any discount, and similar selling expenses they incur.

We and the Selling Shareholders have agreed to indemnify one another against certain losses, damages and liabilities arising in connection with this Resale Prospectus, including liabilities under the Securities Act.

**LEGAL MATTERS**

We are being represented by Nauth LPC with respect to certain legal matters as to United States federal securities law and Conyers Dill & Pearman with respect to certain legal matters as to Cayman Islands law. The validity of the Shares being offered by this Prospectus as to Cayman Islands law will be passed upon for us by Conyers Dill & Pearman. Certain legal matters relating to the Offering as to Hong Kong law will be passed upon for us by Fairbairn Catley Low & Kong, our counsel as to Hong Kong law.

**Green Circle Decarbonize Technology Limited**

**1,800,000** **Ordinary Shares to be sold by the Selling Shareholders**

**RESALE PROSPECTUS**

**You should rely only on the information contained in this Resale Prospectus. No dealer, salesperson or other person is authorized to give information that is not contained in this Resale Prospectus. This Resale Prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this Resale Prospectus is correct only as of the date of this prospectus, regardless of the time of the delivery of this prospectus or the sale of these securities.**

Until, 2025, all dealers that effect transactions in these securities, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriter with respect to their unsold subscriptions.

**The date of this Resale Prospectus is , 2025**

**Part II.**

**Information Not Required in Prospectus**

**Item 6. Indemnification of Directors and Officers**

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

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. We will enter into certain directors' and officers' liability insurance policies upon listing.

**Item 7. Recent Sales of Unregistered Securities**

On February 15, 2022, we issued 600,000, or approximately 6.00% of our 10,000,000 issued Shares as of the date of this filing to Wong Tan Suen, on behalf of Wong C Ching, and Ma Chi Heng in aggregate or approximately 3.60% or 360,000 Shares and approximately 2.40% or 240,000 Shares to Wong Tan Suen, on behalf of Wong C Ching, and Ma Chi Heng, respectively pursuant to the exemption from registration available under Section 4(a)(2) of the Securities Act and Regulation S promulgated thereunder. No underwriters were involved in these issuances of securities.

On January 4, 2024, 280,000 Shares were issued to the Company for the consideration of US$280, pursuant to the exemption from registration available under Section 4(a)(2) of the Securities Act and Regulation S promulgated thereunder. No underwriters were involved in these issuances of securities. These 280,000 Shares were issued in error and were surrendered to the Company on January 11, 2024.

On January 12, 2024, 1,000,000 Shares were issued to MavDB Consulting LLC for the consideration of US$250,000, pursuant to the exemption from registration available under Section 4(a)(2) of the Securities Act and Regulation S promulgated thereunder.

**Item 8. Exhibits and Financial Statement Schedules.**

(a) The following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 1.1 | [Form of Underwriting Agreement.\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225025743/ex1-1.htm) |
| 3.1 | [Articles of Association of Green Circle Decarbonize Technology Limited. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex3-1.htm) |
| 3.2 | [Memorandum of Association of Green Circle Decarbonize Technology Limited. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex3-2.htm) |
| 3.3 | [Amended and Restated Memorandum and Articles of Association of Green Circle Decarbonize Technology Limited (effective immediately prior to the completion of the offering).\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex3-3.htm) |
| 4.1 | [Specimen Ordinary Share Certificate. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224008714/ex4-1.htm) |
| 4.2 | [Form of Underwriters Warrants.\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225006466/ex4-2.htm) |
| 4.3 | [License Agreement between Chan Kam Biu Richard and the Company dated April 29, 2022. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex4-3.htm) |
| 5.1 | [Opinion of Conyers Dill & Pearman as to the validity of the Ordinary Shares.\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315225015978/ex5-1.htm) |
| 5.2 | [Opinion of Fairbairn Catley Low & Kong as to the Laws and Regulations of Hong Kong (included in Exhibit 8.2).\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315225015978/ex8-2.htm) |
| 8.1 | [Opinion of Polaris Tax Counsel Regarding U.S. Tax Matters.\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315225015978/ex8-1.htm) |
| 8.2 | [Opinion of Fairbairn Catley Low & Kong Regarding Hong Kong Tax Matters.\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315225015978/ex8-2.htm) |
| 10.1 | [Chief Financial Officer Consulting Service Agreement between Lai Tai Yan and the Company dated May 11, 2022. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex10-1.htm) |
| 10.2 | [Product Development and Supply Agreement between Boca International Limited and Gene Company Limited dated March 7, 2022. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex10-2.htm) |
| 10.3 | [Factory Lease Agreement. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex10-3.htm) |
| 10.4 | [Office Tenancy Agreement. \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex10-4.htm) |
| 10.5 | [Form of Indemnification Agreement between Green Circle Decarbonize Technology Ltd and its directors and executive officers.\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex10-5.htm) |
| 10.6 | [Form of Director Agreement\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex10-6.htm) |
| 10.7 | [Agreement between Green Circle Decarbonize Technology Ltd and Hong Kong Aircraft Engineering Company Limited \*\* †##](https://www.sec.gov/Archives/edgar/data/1926293/000149315224011186/ex10-9.htm) |
| 10.8 | [Mutual Early Lease Termination Agreement for the company's factory \*\*](ex10-8.htm) |
| 10.9 | [Consulting Agreement, dated January 1, 2024, between Green Circle Decarbonize Technology Ltd and MavDB Consulting LLC \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224050130/ex10-11.htm) |
| 10.10 | [Agreement between Green Circle Decarbonize Technology Limited and LMP International Limited \*\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315225015978/ex10-10.htm) |
| 21.1 | [List of Subsidiaries.\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex21-1.htm) |
| 23.1 | [Consent of ZH CPA, LLC.\*\*](ex23-1.htm) |
| 23.2 | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1).\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315225015978/ex5-1.htm) |
| 23.3 | [Consent of Fairbairn Catley Low & Kong (included in Exhibit 8.2).\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315225015978/ex8-2.htm) |
| 24.1 | [Power of Attorney (included in signature page to Registration Statement).\*\*](#poa_01) |
| 99.1 | [Charter of the Audit Committee.\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225006466/ex99-1.htm) |
| 99.2 | [Charter of the Remuneration Committee.\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225006466/ex99-2.htm) |
| 99.3 | [Charter of the Nominating and Corporate Governance Committee.\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225006466/ex99-3.htm) |
| 99.4 | [Consent of Lui Lai Yuen\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex99-4.htm) |
| 99.5 | [Consent of Michele Takis Matsuda\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex99-5.htm) |
| 99.6 | [Consent of Hui Ringo Wing Kun\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex99-6.htm) |
| 99.7 | [Consent of Chan Sze Man\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex99-7.htm) |
| 99.8 | [Representation pursuant to Item 8.A.4 of Form 20-F\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224005413/ex99-8.htm) |
| 99.9 | [Code of Business Conduct and Ethics of Green Circle Decarbonize Technology Ltd.\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225006466/ex99-9.htm) |
| 99.10 | [Representation pursuant to Item 8.A.4 of Form 20-F\*](https://www.sec.gov/Archives/edgar/data/1926293/000149315224011880/ex99-10.htm) |
| 99.11 | [Representation pursuant to Item 8.A.4 of Form 20-F\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225006466/ex99-11.htm) |
| 107 | [Filing Fee Table.\*](https://www.sec.gov/Archives/edgar/data/1926293/000164117225025743/ex107.htm) |

---

---

| | |
|:---|:---|
| \*<br>| Previously filed<br>|
| \*\* | Filed herewith |
| \*\*\* | To be filed in a later amendment |
| †<br>| Certain confidential information (indicated by brackets and asterisks) has been omitted from this exhibit because it is both (i) not material and (ii) the type of information that the registrant treats as private or confidential |
| ## | Schedules to this exhibit have been omitted pursuant to Item 601(b)(10) of Registration S-K. Green Circle Decarbonize Technology Ltd hereby agrees to furnish a copy of any omitted schedules to the SEC upon request |

---

(b) The following financial statements are filed as part of this registration statement:

**Item 9. Undertakings.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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% change in the maximum aggregate offering price set
 forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 include any material information with respect to the plan of distribution not previously disclosed in the registration statement
 or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
 new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
 deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
 termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That,
 for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b)
 as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than
 prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date
 it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is
 part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
 or prospectus that is part of the registration statement will, as To a purchaser with a time of contract of sale prior to such first
 use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
 statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That,
 for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
 of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
 to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
 are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller
 to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
 the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
 or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 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.

**Insofar as indemnification for liabilities arising under the Securities may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.**

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on this 28<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| **Green Circle Decarbonize Technology Limited** | **Green Circle Decarbonize Technology Limited** |
|  | */s/ Chan Kam Biu Richard* |
| Name: | Chan Kam Biu Richard |
| Title: | Chief Executive Officer and Director |
|  | */s/ Lai Tai Yan* |
| Name: | Lai Tai Yan |
| Title: | Chief Financial Officer |

---

**Power of Attorney**

KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below hereby constitutes and appoints Chan Kam Biu Richard and Lui Lai Yuen, as his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this registration statement, and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended, increasing the number of shares for which registration is sought, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all documents in connection therewith, making such changes in this registration statement as such attorneys-in-fact and agents so acting deem appropriate, with the SEC, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done with respect to the offering of securities contemplated by this registration statement, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done or 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.

---

| | | |
|:---|:---|:---|
| */s/ Chan Kam Biu Richard* | */s/ Chan Kam Biu Richard* | Date: November 28, 2025 |
| Name: | Chan Kam Biu Richard |  |
| Title: | Chief Executive Officer and Director |  |

---

---

| | | |
|:---|:---|:---|
| */s/ Lai Tai Yan* | */s/ Lai Tai Yan* | Date: November 28, 2025 |
| Name: | Lai Tai Yan |  |
| Title: | Chief Financial Officer |  |

---

---

| | | |
|:---|:---|:---|
| */s/ Lui Lai Yuen* | */s/ Lui Lai Yuen* | Date: November 28, 2025 |
| Name: | Lui Lai Yuen |  |
| Title: | Chief Administrative Officer Nominee and Executive Director Nominee |  |

---

---

| | | |
|:---|:---|:---|
| \* | \* | Date: November 28, 2025 |
| Name: | Michele Takis Matsuda |  |
| Title: | Independent Non-Executive Director Nominee |  |

---

---

| | | |
|:---|:---|:---|
| *\** | *\** | Date: November 28, 2025 |
| Name: | Hui Ringo Wing Kun |  |
| Title: | Independent Non-Executive Director Nominee |  |
| \* | \* | Date: November 28, 2025 |
| Name: | Chan Sze Man |  |
| Title: | Independent Non-Executive Director Nominee |  |

---

---

| | |
|:---|:---|
| \* By: | */s/ Chan Kam Biu Richard* |
|  | Chan Kam Biu Richard<br> Attorney-in-Fact |

---

---

| | |
|:---|:---|
| \* By: | */s/ Lai Tai Yan* |
|  | Lai Tai Yan<br> Attorney-in-Fact |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in the City of New York in the State of New York, on November 28, 2025.

---

| | |
|:---|:---|
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

---

| | |
|:---|:---|
| ![](ex3-1_001.jpg) | ![](ex3-1_002.jpg) |

---

THE COMPANIES ACT (2021 Revision)

Company Limited by Shares

ARTICLES OF ASSOCIATION

OF

Green Circle Decarbonize Technology Limited

1. In
 these Articles Table A in the Schedule to the Statute does not apply and, unless there be
 something in the subject or context inconsistent therewith,

---

| | |
|:---|:---|
| "Articles" | means the Articles as originally framed or as from time to time altered by Special Resolution. |
| "Auditors" | means the persons for the time being performing the duties of auditors of the Company. |
| "Company" | means the above named Company. |
| "debenture" | means debenture stock, mortgages, bonds and any other such securities of the Company whether constituting a charge on the assets of the Company or not. |
| "Directors" | means the directors for the time being of the Company. |
| "dividend" | includes bonus. |
| "fully paid" | shall bear the meaning as ascribed to it in the Statute. |
| "Member" | shall bear the meaning as ascribed to it in the Statute. |
| "month" | means calendar month. |
| "paid-up" | means paid-up and/or credited as paid-up. |

---

---

| | | |
|:---|:---|:---|
| CAY 2021/02/31 SPECIAL | -1- | |
| ***Certified a True Copy*** |  | |
| *Downloaded and Printed on 18-Feb-2022* |  | |
| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

---

![](ex3-1_002.jpg)

---

| | |
|:---|:---|
| "registered office" | means the registered office for the time being of the Company. |
| "Seal" | means the common seal of the Company and includes every duplicate seal. |
| "Secretary" | includes an Assistant Secretary and any person appointed to perform the duties of Secretary of the Company. |
| "share" | includes a fraction of a share. |
| "Special<br> Resolution" | has the same meaning as in the Statute and includes a resolution approved in writing as described therein. |
| "Statute" | means the Companies Act of the Cayman Islands as amended and every statutory modification or re-enactment thereof for the time being in force. |
| "written" and<br>"in writing" | include all modes of representing or reproducing words in visible form. |

---

Words importing the singular number only include the plural number and vice versa.

Words importing the masculine gender only include the feminine gender.

Words importing persons only include corporations.

2. The
 business of the Company may be commenced as soon after incorporation as the Directors shall
 see fit, notwithstanding that part only of the shares may have been allotted.

3. The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred
 in or about the formation
 and establishment of the Company including the expenses of registration.

**CERTIFICATES FOR SHARES**

4. Certificates
 representing shares of the Company shall be in such form as shall be determined by the Directors.
 Such certificates may be under Seal. All certificates for shares shall be consecutively numbered
 or otherwise identified and shall specify the shares to which they relate. The name and address
 of the person to whom the shares represented thereby are issued, with the number of shares
 and date of issue, shall be entered in the register of Members of the Company. All certificates
 surrendered to the Company for transfer shall be cancelled and no new certificate shall be
 issued until the former certificate for a like number of shares shall have been surrendered
 and cancelled. The Directors may authorise certificates to be issued with the seal and authorised
 signature(s) affixed by some method or system of mechanical process.

5. Notwithstanding
 Article 4 of these Articles, if a share certificate be defaced, lost or destroyed, it may
 be renewed on payment of a fee of one dollar (US$l.00) or such less sum and on such terms
 (if any) as to evidence and indemnity and the payment of the expenses incurred by the Company
 in investigating evidence, as the Directors may prescribe.

---

| | | |
|:---|:---|:---|
| CAY 2021/02/31 SPECIAL | -2- | |
| ***Certified a True Copy*** |  | |
| *Downloaded and Printed on 18-Feb-2022* |  | |
| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

---

![](ex3-1_002.jpg)

**ISSUE OF SHARES**

6. Subject
 to the provisions, if any, in that behalf in the Memorandum of Association and to any direction
 that may be given by the Company in general meeting and without prejudice to any special
 rights previously conferred on the holders of existing shares, the Directors may allot, issue,
 grant options over or otherwise dispose of shares of the Company (including fractions of
 a share) with or without preferred, deferred or other special rights or restrictions, whether
 in regard to dividend, voting, return of capital or otherwise and to such persons, at such
 times and on such other terms as they think proper PROVIDED ALWAYS that, notwithstanding
 any provision to the contrary contained in these Articles of Association, the Company shall
 be precluded from issuing bearer shares, warrants, coupons or certificates.

7. The
 Company shall maintain a register of its Members and every person whose name is entered as
 a Member in the register of Members shall be entitled without payment to receive within two
 months after allotment or lodgement of transfer (or within such other period as the conditions
 of issue shall provide) one certificate for all his shares or several certificates each for
 one or more of his shares upon payment of fifty cents (US$0.50) for every certificate after
 the first or such less sum as the Directors shall from time to time determine provided that
 in respect of a share or shares held jointly by several persons the Company shall not be
 bound to issue more than one certificate and delivery of a certificate for a share to one
 of the several joint holders shall be sufficient delivery to all such holders.

**TRANSFER OF SHARES**

8. The
 instrument of transfer of any share shall be in writing and shall be executed by or on behalf
 of the transferor and the transferor shall be deemed to remain the holder of a share until
 the name of the transferee is entered in the register in respect thereof.

9. The
 Directors may in their absolute discretion decline to register any transfer of shares without
 assigning any reason therefor. If the Directors refuse to register a transfer they shall
 notify the transferee within two months of such refusal.

10. The
 registration of transfers may be suspended at such time and for such periods as the Directors
 may from time to time determine, provided always that such registration shall not be suspended
 for more than 45 days in any year.

**REDEEMABLE SHARES**

11. (a) Subject
 to the provisions of the Statute and the Memorandum of Association, shares may be issued
 on the terms that they are, or at the option of the Company or the holder are, to be redeemed
 on such terms and in such manner as the Company, before the issue of the shares, may by Special
 Resolution determine and the rights attaching to any issued shares may, subject to the provisions
 of these Articles, by special resolution, be varied so as to provide that such shares are
 to be or are liable to be so redeemed.

---

| | | |
|:---|:---|:---|
| CAY 2021/02/31 SPECIAL | -3- | |
| ***Certified a True Copy*** |  | |
| *Downloaded and Printed on 18-Feb-2022* |  | |
| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

---

![](ex3-1_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the provisions of the Statute and the Memorandum of Association, the Company may purchase
 its own shares (including fractions of a share), including any redeemable shares, provided
 that the manner of purchase has first been authorised by the Company in general meeting and
 may make payment therefor in any manner authorised by the Statute, including out of capital
 and provided that the Company may not redeem or purchase any of its shares if, as a result
 of the redemption or purchase, there would no longer be any issued shares of the Company
 other than shares held as treasury shares.

12. Subject
 to the provisions of these Articles, the manner and any of the terms of any such redemption
 or purchase of shares may be determined by either the Company by ordinary resolution or by
 the Directors. The Company may make a payment in respect of the redemption or purchase of
 its own shares otherwise than out of its profits, share premium account, or the proceeds
 of a fresh issue of shares.

**TREASURY SHARES**

13. The
 Company may, subject to the provisions of the Act, acquire, hold and dispose of its own shares
 as treasury shares.

**VARIATION OF RIGHTS OF SHARES**

14. If
 at any time the share capital of the Company is divided into different classes of shares,
 the rights attached to any class (unless otherwise provided by the terms of issue of the
 shares of that class) may, whether or not the Company is being wound up, be varied with the
 consent in writing of the holders of three-fourths of the issued shares of that class, or
 with the sanction of a Special Resolution passed at a general meeting of the holders of the
 shares of that class.

The provisions of these Articles relating to general meetings shall apply to every such general meeting of the holders of one class of shares except that the necessary quorum shall be one person holding or representing by proxy at least one-third of the issued shares of the class and that any holder of shares of the class present in person or by proxy may demand a poll.

15. The
 rights conferred upon the holders of the shares of any class issued with preferred or other
 rights shall not, unless
 otherwise expressly provided by the terms of issue of the shares of that class, be deemed
 to be varied by the creation or issue of further shares ranking pari passu therewith.

**COMMISSION ON SALE OF SHARES**

16. The
 Company may in so far as the Statute from time to time permits pay a commission to any person
 in consideration of his subscribing
 or agreeing to subscribe whether absolutely or conditionally for any shares of the Company.
 Such commissions may be satisfied by the payment of cash or the lodgement of fully or partly
 paid-up shares or partly in one way and partly in the other. The Company may also on any
 issue of shares pay such brokerage as may be lawful.

---

| | | |
|:---|:---|:---|
| CAY 2021/02/31 SPECIAL | -4- | |
| ***Certified a True Copy*** |  | |
| *Downloaded and Printed on 18-Feb-2022* |  | |
| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

---

![](ex3-1_002.jpg)

**NON-RECOGNITION OF TRUSTS**

17. No
 person shall be recognised by the Company as holding any share upon any trust and the Company
 shall not be bound by or
 be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
 future, or partial interest in any share, or any interest in any fractional part of a share,
 or (except only as is otherwise provided by these Articles or the Statute) any other rights
 in respect of any share except an absolute right to the entirety thereof in the registered
 holder.

**LIEN ON SHARES**

18. The
 Company shall have a first and paramount lien and charge on all shares (whether fully paid-up
 or not) registered in the
 name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements
 to or with the Company (whether presently payable or not) by such Member or his estate, either
 alone or jointly with any other person, whether a Member or not, but the Directors may at
 any time declare any share to be wholly or in part exempt from the provisions of this Article.
 The registration of a transfer of any such share shall operate as a waiver of the Company's
 lien (if any) thereon. The Company's lien (if any) on a share shall extend to all dividends
 or other monies payable in respect thereof.

19. The
 Company may sell, in such manner as the Directors think fit, any shares on which the Company
 has a lien, but no sale shall be made unless a sum in respect of which the lien exists is
 presently payable, nor until the expiration of fourteen days after a notice in writing stating
 and demanding payment of such part of the amount in respect of which the lien exists as is
 presently payable, has been given to the registered holder or holders for the time being
 of the share, or the person, of which the Company has notice, entitled thereto by reason
 of his death or bankruptcy.

20. To
 give effect to any such sale the Directors may authorise some person to transfer the shares
 sold to the purchaser thereof.
 The purchaser shall be registered as the holder of the shares comprised in any such transfer,
 and he shall not be bound to see to the application of the purchase money, nor shall his
 title to the shares be affected by any irregularity or invalidity in the proceedings in reference
 to the sale.

21. The
 proceeds of such sale shall be received by the Company and applied in payment of such part
 of the amount in respect
 of which the lien exists as is presently payable and the residue, if any, shall (subject
 to a like lien for sums not presently payable as existed upon the shares before the sale)
 be paid to the person entitled to the shares at the date of the sale.

**CALL ON SHARES**

22. (a) The
 Directors may from time to time make calls upon the Members in respect of any monies unpaid
 on their shares (whether on account of the nominal value of the shares or by way of premium
 or otherwise) and not by the conditions of allotment thereof made payable at fixed terms,
 provided that no call shall be payable at less than one month from the date fixed for the
 payment of the last preceding call, and each Member shall (subject to receiving at least
 fourteen days notice specifying the time or times of payment) pay to the Company at the time
 or times so specified the amount called on the shares. A call may be revoked or postponed
 as the Directors may determine. A call may be made payable by instalments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 call shall be deemed to have been made at the time when the resolution of the Directors authorising
 such call was passed.

(c) The
 joint holders of a share shall be jointly and severally liable to pay all calls in respect
 thereof.

---

| | | |
|:---|:---|:---|
| CAY 2021/02/31 SPECIAL | -5- | |
| ***Certified a True Copy*** |  | |
| *Downloaded and Printed on 18-Feb-2022* |  | |
| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

---

![](ex3-1_002.jpg)

23. If
 a sum called in respect of a share is not paid before or on a day appointed for payment thereof,
 the persons from whom the sum is due shall pay interest on the sum from the day appointed
 for payment thereof to the time of actual payment at such rate not exceeding ten per cent
 per annum as the Directors may determine, but the Directors shall be at liberty to waive
 payment of such interest either wholly or in part.

24. Any
 sum which by the terms of issue of a share becomes payable on allotment or at any fixed date,
 whether on account of the nominal value of the share or by way of premium or otherwise, shall
 for the purposes of these Articles be deemed to be a call duly made, notified and payable
 on the date on which by the terms of issue the same becomes payable, and in the case of non-payment
 all the relevant provisions of these Articles as to payment of interest forfeiture or otherwise
 shall apply as if such sum had become payable by virtue of a call duly made and notified.

25. The
 Directors may, on the issue of shares, differentiate between the holders as to the amount
 of calls or interest to be paid and the times of payment.

26. (a) The
 Directors may, if they think fit, receive from any Member willing to advance the same, all
 or any part of the monies uncalled and unpaid upon any shares held by him, and upon all or
 any of the monies so advanced may (until the same would but for such advances, become payable)
 pay interest at such rate not exceeding (unless the Company in general meeting shall otherwise
 direct) seven per cent per annum, as may be agreed upon between the Directors and the Member
 paying such sum in advance.

(b) No
 such sum paid in advance of calls shall entitle the Member paying such sum to any portion
 of a dividend declared in respect of any period prior to the date upon which such sum would,
 but for such payment, become presently payable.

**FORFEITURE OF SHARES**

27. (a) If
 a Member fails to pay any call or instalment of a call or to make any payment required by
 the terms of issue on the day appointed for payment thereof, the Directors may, at any time
 thereafter during such time as any part of the call, instalment or payment remains unpaid,
 give notice requiring payment of so much of the call, instalment or payment as is unpaid,
 together with any interest which may have accrued and all expenses that have been incurred
 by the Company by reason of such non-payment. Such notice shall name a day (not earlier than
 the expiration of fourteen days from the date of giving of the notice) on or before which
 the payment required by the notice is to be made, and shall state that, in the event of non-payment
 at or before the time appointed the shares in respect of which such notice was given will
 be liable to be forfeited.

(b) If
 the requirements of any such notice as aforesaid are not complied with, any share in respect
 of which the notice has been given may at any time thereafter, before the payment required
 by the notice has been made, be forfeited by a resolution of the Directors to that effect.
 Such forfeiture shall include all dividends declared in respect of the forfeited share and
 not actually paid before the forfeiture.

---

| | | |
|:---|:---|:---|
| CAY 2021/02/31 SPECIAL | -6- | |
| ***Certified a True Copy*** |  | |
| *Downloaded and Printed on 18-Feb-2022* |  | |
| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

---

![](ex3-1_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 forfeited share may be sold or otherwise disposed of on such terms and in such manner as
 the Directors think fit and at any time before a sale or disposition the forfeiture may be
 cancelled on such terms as the Directors think fit.

28. A
 person whose shares have been forfeited shall cease to be a Member in respect of the forfeited
 shares, but shall, notwithstanding,
 remain liable to pay to the Company all monies which, at the date of forfeiture were payable
 by him to the Company in respect of the shares together with interest thereon, but his liability
 shall cease if and when the Company shall have received payment in full of all monies whenever
 payable in respect of the shares.

29. A
 certificate in writing under the hand of one Director or the Secretary of the Company that
 a share in the Company has
 been duly forfeited on a date stated in the declaration shall be conclusive evidence of the
 fact therein stated as against all persons claiming to be entitled to the share. The Company
 may receive the consideration given for the share on any sale or disposition thereof and
 may execute a transfer of the share in favour of the person to whom the share is sold or
 disposed of and he shall thereupon be registered as the holder of the share and shall not
 be bound to see to the application of the purchase money, if any, nor shall his title to
 the share be affected by any irregularity or invalidity in the proceedings in reference to
 the forfeiture, sale or disposal of the share.

30. The
 provisions of these Articles as to forfeiture shall apply in the case of non-payment of any
 sum which, by the terms of
 issue of a share, becomes payable at a fixed time, whether on account of the nominal value
 of the share or by way of premium as if the same had been payable by virtue of a call duly
 made and notified.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

31. The
 Company shall be entitled to charge a fee not exceeding one dollar (US$l.00) on the registration
 of every probate, letters
 of administration, certificate of death or marriage, power of attorney, notice in lieu of
 distringas, or other instrument.

**TRANSMISSION OF SHARES**

32. In
 case of the death of a Member, the survivor or survivors where the deceased was a joint holder,
 and the legal personal representatives
 of the deceased where he was a sole holder, shall be the only persons recognised by the Company
 as having any title to his interest in the shares, but nothing herein contained shall release
 the estate of any such deceased holder from any liability in respect of any shares which
 had been held by him solely or jointly with other persons.

33. (a) Any
 person becoming entitled to a share in consequence of the death or bankruptcy or liquidation
 or dissolution of a Member (or in any other way than by transfer) may, upon such evidence
 being produced as may from time to time be required by the Directors and subject as hereinafter
 provided, elect either to be registered himself as holder of the share or to make such transfer
 of the share to such other person nominated by him as the deceased or bankrupt person could
 have made and to have such person registered as the transferee thereof, but the Directors
 shall, in either case, have the same right to decline or suspend registration as they would
 have had in the case of a transfer of the share by that Member before his death or bankruptcy
 as the case may be.

(b) If
 the person so becoming entitled shall elect to be registered himself as holder he shall deliver
 or send to the Company a notice in writing signed by him stating that he so elects.

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34. A
 person becoming entitled to a share by reason of the death or bankruptcy or liquidation or
 dissolution of the holder
 (or in any other case than by transfer) shall be entitled to the same dividends and other
 advantages to which he would be entitled if he were the registered holder of the share, except
 that he shall not, before being registered as a Member in respect of the share, be entitled
 in respect of it to exercise any right conferred by membership in relation to meetings of
 the Company PROVIDED HOWEVER that the Directors may at any time give notice requiring any
 such person to elect either to be registered himself or to transfer the share and if the
 notice is not complied with within ninety days the Directors may thereafter withhold payment
 of all dividends, bonuses or other monies payable in respect of the share until the requirements
 of the notice have been complied with.

**AMENDMENT OF MEMORANDUM OF ASSOCIATION, CHANGE OF LOCATION OF<br> REGISTERED OFFICE & ALTERATION OF CAPITAL**

35. (a) Subject
 to and in so far as permitted by the provisions of the Statute, the Company may from time
 to time by ordinary resolution alter or amend its Memorandum of Association otherwise than
 with respect to its name and objects and may, without restricting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase
 the share capital by such sum to be divided into shares of such amount or without nominal
 or par value as the resolution shall prescribe and with such rights, priorities and privileges
 annexed thereto, as the Company in general meeting may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate
 and divide all or any of its share capital into shares of larger amount than its existing
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
 subdivision of its existing shares or any of them divide the whole or any part of its share
 capital into shares of smaller amount than is fixed by the Memorandum of Association or into
 shares without nominal or par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cancel
 any shares which at the date of the passing of the resolution have not been taken or agreed
 to be taken by any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 new shares created hereunder shall be subject to the same provisions with reference to the
 payment of calls, liens, transfer, transmission, forfeiture and otherwise as the shares in
 the original share capital.

(c) Subject
 to the provisions of the Statute, the Company may by Special Resolution change its name or
 alter its objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without
 prejudice to Article 11 hereof and subject to the provisions of the Statute, the Company
 may by Special Resolution reduce its share capital and any capital redemption reserve fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject
 to the provisions of the Statute, the Company may by resolution of the Directors change the
 location of its registered office.

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**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

36. For
 the purpose of determining Members entitled to notice of or to vote at any meeting of Members
 or any adjournment thereof,
 or Members entitled to receive payment of any dividend, or in order to make a determination
 of Members for any other proper purpose, the Directors of the Company may provide that the
 register of Members shall be closed for transfers for a stated period but not to exceed in
 any case 40 days. If the register of Members shall be so closed for the purpose of determining
 Members entitled to notice of or to vote at a meeting of Members such register shall be so
 closed for at least ten days immediately preceding such meeting and the record date for such
 determination shall be the date of the closure of the register of Members.

37. In
 lieu of or apart from closing the register of Members, the Directors may fix in advance a
 date as the record date for any such determination of Members entitled to notice of or to
 vote at a meeting of the Members and for the purpose of determining the Members entitled
 to receive payment of any dividend the Directors may, at or within 90 days prior to the date
 of declaration of such dividend fix a subsequent date as the record date for such determination.

38. If
 the register of Members is not so closed and no record date is fixed for the determination
 of Members entitled to notice
 of or to vote at a meeting of Members or Members entitled to receive payment of a dividend,
 the date on which notice of the meeting is mailed or the date on which the resolution of
 the Directors declaring such dividend is adopted, as the case may be, shall be the record
 date for such determination of Members. When a determination of Members entitled to vote
 at any meeting of Members has been made as provided in this section, such determination shall
 apply to any adjournment thereof.

**GENERAL MEETING**

39. (a) Subject
 to paragraph (c) hereof, the Company shall within one year of its incorporation and in each
 year of its existence thereafter hold a general meeting as its annual general meeting and
 shall specify the meeting as such in the notices calling it. The annual general meeting shall
 be held at such time and place as the Directors shall appoint and if no other time and place
 is prescribed by them, it shall be held at the registered office on the second Wednesday
 in December of each year at ten o'clock in the morning.

(b) At
 these meetings the report of the Directors (if any) shall be presented.

(c) If
 the Company is exempted as defined in the Statute it may but shall not be obliged to hold
 an annual general meeting.

40. (a) The
 Directors may whenever they think fit, and they shall on the requisition of Members of the
 Company holding at the date of the deposit of the requisition not less than one-tenth of
 such of the paid-up capital of the Company as at the date of the deposit carries the right
 of voting at general meetings of the Company, proceed to convene a general meeting of the
 Company.

(b) The
 requisition must state the objects of the meeting and must be signed by the requisitionists
 and deposited at the registered office of the Company and may consist of several documents
 in like form each signed by one or more requisitionists.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Directors do not within 21 days from the date of the deposit of the requisition duly
 proceed to convene a general meeting, the requisitionists, or any of them representing more
 than one-half of the total voting rights of all of them, may themselves convene a general
 meeting, but any meeting so convened shall not be held after the expiration of three months
 after the expiration of the said 21 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 general meeting convened as aforesaid by requisitionists shall be convened in the same manner
 as nearly as possible as that in which general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

41. At
 least five days notice shall be given of an annual general meeting or any other general meeting.
 Every notice shall be exclusive
 of the day on which it is given or deemed to be given and of the day for which it is given
 and shall specify the place, the day and the hour of the meeting and the general nature of
 the business and shall be given in manner hereinafter mentioned or in such other manner if
 any as may be prescribed by the Company PROVIDED that a general meeting of the Company shall,
 whether or not the notice specified in this regulation has been given and whether or not
 the provisions of Article 40 have been complied with, be deemed to have been duly convened
 if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a general meeting called as an annual general meeting by all the Members entitled
 to attend and vote thereat or their proxies; and

(b) in
 the case of any other general meeting by a majority in number of the Members having a right
 to attend and vote at the meeting, being a majority together holding not less than 75 per
 cent in nominal value or in the case of shares without nominal or par value 75 per cent of
 the shares in issue, or their proxies.

42. The
 accidental omission to give notice of a general meeting to, or the non-receipt of notice
 of a meeting by any person
 entitled to receive notice shall not invalidate the proceedings of that meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

43. No
 business shall be transacted at any general meeting unless a quorum of Members is present
 at the time when the meeting proceeds to business; two Members present in person or by proxy
 shall be a quorum provided always that if the Company has one Member of record the quorum
 shall be that one Member present in person or by proxy.

44. A
 resolution (including a Special Resolution) in writing (in one or more counterparts) signed
 by all Members for the time being entitled to receive notice of and to attend and vote at
 general meetings (or being corporations by their duly authorised representatives) shall be
 as valid and effective as if the same had been passed at a general meeting of the Company
 duly convened and held.

45. If
 within half an hour from the time appointed for the meeting a quorum is not present, the
 meeting, if convened upon the requisition of Members, shall be dissolved and in any other
 case it shall stand adjourned to the same day in the next week at the same time and place
 or to such other time or such other place as the Directors may determine and if at the adjourned
 meeting a quorum is not present within half an hour from the time appointed for the meeting
 the Members present shall be a quorum.

46. The
 Chairman, if any, of the Board of Directors shall preside as Chairman at every general meeting
 of the Company, or if there is no such Chairman, or if he shall not be present within fifteen
 minutes after the time appointed for the holding of the meeting, or is unwilling to act,
 the Directors present shall elect one of their number to be Chairman of the meeting.

47. If
 at any general meeting no Director is willing to act as Chairman or if no Director is present
 within fifteen minutes after the time appointed for holding the meeting, the Members present
 shall choose one of their number to be Chairman of the meeting.

48. The
 Chairman may, with the consent of any general meeting duly constituted hereunder, and shall
 if so directed by the meeting, adjourn the meeting from time to time and from place to place,
 but no business shall be transacted at any adjourned meeting other than the business left
 unfinished at the meeting from which the adjournment took place. When a general meeting is
 adjourned for 30 days or more, notice of the adjourned meeting shall be given as in the case
 of an original meeting; save as aforesaid it shall not be necessary to give any notice of
 an adjournment or of the business to be transacted at an adjourned general meeting.

49. At
 any general meeting a resolution put to the vote of the meeting shall be decided on a show
 of hands unless a poll is, before or on the declaration of the result of the show of hands,
 demanded by the Chairman or any other Member present in person or by proxy.

50. Unless
 a poll be so demanded a declaration by the Chairman that a resolution has on a show of hands
 been carried, or carried unanimously, or by a particular majority, or lost, and an entry
 to that effect in the Company's Minute Book containing the Minutes of the proceedings
 of the meeting shall be conclusive evidence of that fact without proof of the number or proportion
 of the votes recorded in favour of or against such resolution.

51. The
 demand for a poll may be withdrawn.

52. Except
 as provided in Article 54, if a poll is duly demanded it shall be taken in such manner as
 the Chairman directs and the result of the poll shall be deemed to be the resolution of the
 general meeting at which the poll was demanded.

53. In
 the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of
 the general meeting at which the show of hands takes place or at which the poll is demanded,
 shall be entitled to a second or casting vote.

54. A
 poll demanded on the election of a Chairman or on a question of adjournment shall be taken
 forthwith. A poll demanded on any other question shall be taken at such time as the Chairman
 of the general meeting directs and any business other than that upon which a poll has been
 demanded or is contingent thereon may be proceeded with pending the taking of the poll.

**VOTES OF MEMBERS**

55. Subject
 to any rights or restrictions for the time being attached to any class or classes of shares,
 on a show of hands every Member of record present in person or by proxy at a general meeting
 shall have one vote and on a poll every Member of record present in person or by proxy shall
 have one vote for each share registered in his name in the register of Members.

56. In
 the case of joint holders of record the vote of the senior who tenders a vote, whether in
 person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders,
 and for this purpose seniority shall be determined by the order in which the names stand
 in the register of Members.

57. A
 Member of unsound mind, or in respect of whom an order has been made by any court, having
 jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee,
 receiver, curator bonis, or other person in the nature of a committee, receiver or curator
 bonis appointed by that court, and any such committee, receiver, curator bonis or other persons
 may vote by proxy.

58. No
 Member shall be entitled to vote at any general meeting unless he is registered as a shareholder
 of the Company on the record date for such meeting nor unless all calls or other sums presently
 payable by him in respect of shares in the Company have been paid.

59. No
 objection shall be raised to the qualification of any voter except at the general meeting
 or adjourned general meeting at which the vote objected to is given or tendered and every
 vote not disallowed at such general meeting shall be valid for all purposes. Any such objection
 made in due time shall be referred to the Chairman of the general meeting whose decision
 shall be final and conclusive.

60. On
 a poll or on a show of hands votes may be given either personally or by proxy.

**PROXIES**

61. The
 instrument appointing a proxy shall be in writing and shall be executed under the hand of
 the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation
 under the hand of an officer or attorney duly authorised in that behalf. A proxy need not
 be a Member of the Company.

62. The
 instrument appointing a proxy shall be deposited at the registered office of the Company
 or at such other place as is specified for that purpose in the notice convening the meeting
 no later than the time for holding the meeting, or adjourned meeting provided that the Chairman
 of the Meeting may at his discretion direct that an instrument of proxy shall be deemed to
 have been duly deposited upon receipt of telex, cable or telecopy confirmation from the appointor
 that the instrument of proxy duly signed is in the course of transmission to the Company.

63. The
 instrument appointing a proxy may be in any usual or common form and may be expressed to
 be for a particular meeting or any adjournment thereof or generally until revoked. An instrument
 appointing a proxy shall be deemed to include the power to demand or join or concur in demanding
 a poll

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64. A
 vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the previous death or insanity of the principal or revocation of the proxy or of the authority
 under which the proxy was executed, or the transfer of the share in respect of which the
 proxy is given provided that no intimation in writing of such death, insanity, revocation
 or transfer as aforesaid shall have been received by the Company at the registered office
 before the commencement of the general meeting, or adjourned meeting at which it is sought
 to use the proxy.

65. Any
 corporation which is a Member of record of the Company may in accordance with its Articles
 or in the absence of such provision by resolution of its Directors or other governing body
 authorise such person as it thinks fit to act as its representative at any meeting of the
 Company or of any class of Members of the Company, and the person so authorised shall be
 entitled to exercise the same powers on behalf of the corporation which he represents as
 the corporation could exercise if it were an individual Member of record of the Company.

66. Shares
 of its own capital belonging to the Company or held by it in a fiduciary capacity shall not
 be voted, directly or indirectly, at any meeting and shall not be counted in determining
 the total number of outstanding shares at any given time.

**DIRECTORS**

67. There
 shall be a Board of Directors consisting of not less than one or more than twelve persons
 (exclusive of alternate Directors) PROVIDED HOWEVER that the Company may from time to time
 by ordinary resolution increase or reduce the limits in the number of Directors. The first
 Directors of the Company shall be determined in writing by, or appointed by a resolution
 of, the subscribers of the Memorandum of Association or a majority of them.

68. The
 remuneration to be paid to the Directors shall be such remuneration as the Directors shall
 determine.Such remuneration shall be deemed to accrue from day to day. The Directors shall
 also be entitled to be paid their travelling, hotel and other expenses properly incurred
 by them in going to, attending and returning from meetings of the Directors, or any committee
 of the Directors, or general meetings of the Company, or otherwise in connection with the
 business of the Company, or to receive a fixed allowance in respect thereof as may be determined
 by the Directors from time to time, or a combination partly of one such method and partly
 the other.

69. The
 Directors may by resolution award special remuneration to any Director of the Company undertaking
 any special work or services for, or undertaking any special mission on behalf of, the Company
 other than his ordinary routine work as a Director. Any fees paid to a Director who is also
 counsel or solicitor to the Company, or otherwise serves it in a professional capacity shall
 be in addition to his remuneration as a Director.

70. A
 Director or alternate Director may hold any other office or place of profit under the Company
 (other than the office of Auditor) in conjunction with his office of Director for such period
 and on such terms as to remuneration and otherwise as the Directors may determine.

71. A
 Director or alternate Director may act by himself or his firm in a professional capacity
 for the Company and he or his firm shall be entitled to remuneration for professional services
 as if he were not a Director or alternate Director.

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72. A
 shareholding qualification for Directors may be fixed by the Company in general meeting,
 but unless and until so fixed no qualification shall be required.

73. A
 Director or alternate Director of the Company may be or become a director or other officer
 of or otherwise interested in any company promoted by the Company or in which the Company
 may be interested as shareholder or otherwise and no such Director or alternate Director
 shall be accountable to the Company for any remuneration or other benefits received by him
 as a director or officer of, or from his interest in, such other company.

74. No
 person shall be disqualified from the office of Director or alternate Director or prevented
 by such office from contracting with the Company, either as vendor, purchaser or otherwise,
 nor shall any such contract or any contract or transaction entered into by or on behalf of
 the Company in which any Director or alternate Director shall be in any way interested be
 or be liable to be avoided, nor shall any Director or alternate Director so contracting or
 being so interested be liable to account to the Company for any profit realised by any such
 contract or transaction by reason of such Director holding office or of the fiduciary relation
 thereby established. A Director (or his alternate Director in his absence) shall be at liberty
 to vote in respect of any contract or transaction in which he is so interested as aforesaid
 PROVIDED HOWEVER that the nature of the interest of any Director or alternate Director in
 any such contract or transaction shall be disclosed by him or the alternate Director appointed
 by him at or prior to its consideration and any vote thereon.

75. A
 general notice that a Director or alternate Director is a shareholder of any specified firm
 or company and is to be regarded as interested in any transaction with such firm or company
 shall be sufficient disclosure under Article 74 and after such general notice it shall not
 be necessary to give special notice relating to any particular transaction.

**ALTERNATE DIRECTORS**

76. Subject
 to the exception contained in Article 84, a Director who expects to be unable to attend Directors'
 Meetings because of absence, illness or otherwise may appoint any person to be an alternate
 Director to act in his stead and such appointee whilst he holds office as an alternate Director
 shall, in the event of absence therefrom of his appointor, be entitled to attend meetings
 of the Directors and to vote thereat and to do, in the place and stead of his appointor,
 any other act or thing which his appointor is permitted or required to do by virtue of his
 being a Director as if the alternate Director were the appointor, other than appointment
 of an alternate to himself, and he shall *ipso facto* vacate office if and when his
 appointor ceases to be a Director or removes the appointee from office. Any appointment or
 removal under this Article shall be effected by notice in writing under the hand of the Director
 making the same.

**POWERS AND DUTIES OF DIRECTORS**

77. The
 business of the Company shall be managed by the Directors (or a sole Director if only one
 is appointed) who may pay all expenses incurred in promoting, registering and setting up
 the Company, and may exercise all such powers of the Company as are not, from time to time
 by the Statute, or by these Articles, or such regulations, being not inconsistent with the
 aforesaid, as may be prescribed by the Company in general meeting required to be exercised
 by the Company in general meeting PROVIDED HOWEVER that no regulations made by the Company
 in general meeting shall invalidate any prior act of the Directors which would have been
 valid if that regulation had not been made.

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78. The
 Directors may from time to time and at any time by powers of attorney appoint any company,
 firm, person or body of persons, whether nominated directly or indirectly by the Directors,
 to be the attorney or attorneys of the Company for such purpose and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under these
 Articles) and for such period and subject to such conditions as they may think fit, and any
 such powers of attorney may contain such provisions for the protection and convenience of
 persons dealing with any such attorneys as the Directors may think fit and may also authorise
 any such attorney to delegate all or any of the powers, authorities and discretions vested
 in him.

79. All
 cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and
 all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or
 otherwise executed as the case may be in such manner as the Directors shall from time to
 time by resolution determine.

80. The
 Directors shall cause minutes to be made in books provided for the purpose:

(a) of
 all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of
 the names of the Directors (including those represented thereat by an alternate or by proxy)
 present at each meeting of the Directors and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of
 all resolutions and proceedings at all meetings of the Company and of the Directors and of
 committees of Directors.

81. The
 Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement
 to any Director who has held any other salaried office or place of profit with the Company
 or to his widow or dependants and may make contributions to any fund and pay premiums for
 the purchase or provision of any such gratuity, pension or allowance.

82. The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and uncalled capital or any part thereof and to issue debentures,
 debenture stock and other securities whether outright or as security for any debt, liability
 or obligation of the Company or of any third party.

**MANAGEMENT**

83. (a) The
 Directors may from time to time provide for the management of the affairs of the Company
 in such manner as they shall think fit and the provisions contained in the three next following
 paragraphs shall be without prejudice to the general powers conferred by this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors from time to time and at any time may establish any committees, local boards or
 agencies for managing any of the affairs of the Company and may appoint any persons to be
 members of such committees or local boards or any managers or agents and may fix their remuneration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors from time to time and at any time may delegate to any such committee, local board,
 manager or agent any of the powers, authorities and discretions for the time being vested
 in the Directors and may authorise the members for the time being of any such local board,
 or any of them to fill up any vacancies therein and to act notwithstanding vacancies and
 any such appointment or delegation may be made on such terms and subject to such conditions
 as the Directors may think fit and the Directors may at any time remove any person so appointed
 and may annul or vary any such delegation, but no person dealing in good faith and without
 notice of any such annulment or variation shall be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 such delegates as aforesaid may be authorised by the Directors to subdelegate all or any
 of the powers, authorities, and discretions for the time being vested in them.

**MANAGING DIRECTORS**

84. The
 Directors may, from time to time, appoint one or more of their body (but not an alternate
 Director) to the office of Managing Director for such term and at such remuneration (whether
 by way of salary, or commission, or participation in profits, or partly in one way and partly
 in another) as they may think fit but his appointment shall be subject to determination *ipso facto* if he ceases from any cause to be a Director and no alternate Director appointed
 by him can act in his stead as a Director or Managing Director.

85. The
 Directors may entrust to and confer upon a Managing Director any of the powers exercisable
 by them upon such terms and conditions and with such restrictions as they may think fit and
 either collaterally with or to the exclusion of their own powers and may from time to time
 revoke, withdraw, alter or vary all or any of such powers.

**PROCEEDINGS OF DIRECTORS**

86. Except
 as otherwise provided by these Articles, the Directors shall meet together for the despatch
 of business, convening, adjourning and otherwise regulating their meetings as they think
 fit. Questions arising at any meeting shall be decided by a majority of votes of the Directors
 and alternate Directors present at a meeting at which there is a quorum, the vote of an alternate
 Director not being counted if his appointor be present at such meeting. In case of an equality
 of votes, the Chairman shall have a second or casting vote.

87. A
 Director or alternate Director may, and the Secretary on the requisition of a Director or
 alternate Director shall, at any time summon a meeting of the Directors by at least two days
 notice in writing to every Director and alternate Director which notice shall set forth the
 general nature of the business to be considered unless notice is waived by all the Directors
 (or their alternates) either at, before or after the meeting is held and PROVIDED FURTHER
 if notice is given in person, by cable, telex or telecopy the same shall be deemed to have
 been given on the day it is delivered to the Directors or transmitting organisation as the
 case may be. The provisions of Article 42 shall apply *mutatis mutandis* with respect
 to notices of meetings of Directors.

88. The
 quorum necessary for the transaction of the business of the Directors may be fixed by the
 Directors and unless so fixed shall be two, a Director and his appointed alternate Director
 being considered only one person for this purpose, PROVIDED ALWAYS that if there shall at
 any time be only a sole Director the quorum shall be one. For the purposes of this Article
 an alternate Director or proxy appointed by a Director shall be counted in a quorum at a
 meeting at which the Director appointing him is not present.

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| *Downloaded and Printed on 18-Feb-2022* |  | |
| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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![](ex3-1_002.jpg)

89. The
 continuing Directors may act notwithstanding any vacancy in their body, but if and so long
 as their number is reduced below the number fixed by or pursuant to these Articles as the
 necessary quorum of Directors the continuing Directors or Director may act for the purpose
 of increasing the number of Directors to that number, or of summoning a general meeting of
 the Company, but for no other purpose.

90. The
 Directors may elect a Chairman of their Board and determine the period for which he is to
 hold office; but if no such Chairman is elected, or if at any meeting the Chairman is not
 present within five minutes after the time appointed for holding the same, the Directors
 present may choose one of their number to be Chairman of the meeting.

91. The
 Directors may delegate any of their powers to committees consisting of such member or members
 of the Board of Directors (including Alternate Directors in the absence of their appointors)
 as they think fit; any committee so formed shall in the exercise of the powers so delegated
 conform to any regulations that may be imposed on it by the Directors.

92. A
 committee may meet and adjourn as it thinks proper. Questions arising at any meeting shall
 be determined by a majority of votes of the members present, and in the case of an equality
 of votes the Chairman shall have a second or casting vote.

93. All
 acts done by any meeting of the Directors or of a committee of Directors (including any person
 acting as an alternate Director) shall, notwithstanding that it be afterwards discovered
 that there was some defect in the appointment of any Director or alternate Director, or that
 they or any of them were disqualified, be as valid as if every such person had been duly
 appointed and qualified to be a Director or alternate Director as the case may be.

94. Members
 of the Board of Directors or of any committee thereof may participate in a meeting of the
 Board or of such committee by means of conference telephone or similar communications equipment
 by means of which all persons participating in the meeting can hear each other and participation
 in a meeting pursuant to this provision shall constitute presence in person at such meeting.
 A resolution in writing (in one or more counterparts), signed by all the Directors for the
 time being or all the members of a committee of Directors (an alternate Director being entitled
 to sign such resolution on behalf of his appointor) shall be as valid and effectual as if
 it had been passed at a meeting of the Directors or committee as the case may be duly convened
 and held.

95. (a) A
 Director may be represented at any meetings of the Board of Directors by a proxy appointed
 by him in which event the presence or vote of the proxy shall for all purposes be deemed
 to be that of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 provisions of Articles 61-64 shall *mutatis mutandis* apply to the appointment of proxies
 by Directors.

**VACATION OF OFFICE OF DIRECTOR**

96. The
 office of a Director shall be vacated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 he gives notice in writing to the Company that he resigns the office of Director;

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| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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![](ex3-1_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 he absents himself (without being represented by proxy or an alternate Director appointed
 by him) from three consecutive meetings of the Board of Directors without special leave of
 absence from the Directors, and they pass a resolution that he has by reason of such absence
 vacated office;

(c) if
 he dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;

(d) if
 he is found a lunatic or becomes of unsound mind.

**APPOINTMENT AND REMOVAL OF DIRECTORS**

97. The
 Company may by ordinary resolution appoint any person to be a Director and may in like manner
 remove any Director and may in like manner appoint another person in his stead.

98. The
 Directors shall have power at any time and from time to time to appoint any person to be
 a Director, either to fill a casual vacancy or as an addition to the existing Directors but
 so that the total amount of Directors (exclusive of alternate Directors) shall not at any
 time exceed the number fixed in accordance with these Articles.

**PRESUMPTION OF ASSENT**

99. A
 Director of the Company who is present at a meeting of the Board of Directors at which action
 on any Company matter is taken shall be presumed to have assented to the action taken unless
 his dissent shall be entered in the Minutes of the meeting or unless he shall file his written
 dissent from such action with the person acting as the Secretary of the meeting before the
 adjournment thereof or shall forward such dissent by registered mail to such person immediately
 after the adjournment of the meeting. Such right to dissent shall not apply to a Director
 who voted in favour of such action.

**SEAL**

100. (a) The
 Company may, if the Directors so determine, have a Seal which shall, subject to paragraph
 (c) hereof, only be used by the authority of the Directors or of a committee of the Directors
 authorised by the Directors in that behalf and every instrument to which the Seal has been
 affixed shall be signed by one person who shall be either a Director or the Secretary or
 Secretary-Treasurer or some person appointed by the Directors for the purpose.

(b) The
 Company may have for use in any place or places outside the Cayman Islands a duplicate Seal
 or Seals each of which shall be a facsimile of the Common Seal of the Company and, if the
 Directors so determine, with the addition on its face of the name of every place where it
 is to be used.

(c) A
 Director, Secretary or other officer or representative or attorney may without further authority
 of the Directors affix the Seal of the Company over his signature alone to any document of
 the Company required to be authenticated by him under Seal or to be filed with the Registrar
 of Companies in the Cayman Islands or elsewhere wheresoever.

(d) A
 document to be executed as a Deed shall be executed by a Director or other person authorised
 by the Directors for that purpose.

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| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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![](ex3-1_002.jpg)

**OFFICERS**

101. The
 Company may have a President, a Secretary or Secretary-Treasurer appointed by the Directors
 who may also from time to time appoint such other officers as they consider necessary, all
 for such terms, at such remuneration and to perform such duties, and subject to such provisions
 as to disqualification and removal as the Directors from time to time prescribe.

**DIVIDENDS, DISTRIBUTIONS AND RESERVE**

102. Subject
 to the Statute, the Directors may from time to time declare dividends (including interim
 dividends) and distributions on shares of the Company outstanding and authorise payment of
 the same out of the funds of the Company lawfully available therefore.

103. The
 Directors may, before declaring any dividends or distributions, set aside such sums as they
 think proper as a reserve or reserves which shall at the discretion of the Directors, be
 applicable for any purpose of the Company and pending such application may, at the like discretion,
 be employed in the business of the Company.

104. No
 dividend or distribution shall be payable except out of the profits of the Company, realised
 or unrealised, or out of the share premium account or as otherwise permitted by the Statute.

105. Subject
 to the rights of persons, if any, entitled to shares with special rights as to dividends
 or distributions, if dividends or distributions are to be declared on a class of shares they
 shall be declared and paid according to the amounts paid or credited as paid on the shares
 of such class outstanding on the record date for such dividend or distribution as determined
 in accordance with these Articles but no amount paid or credited as paid on a share in advance
 of calls shall be treated for the purpose of this Article as paid on the share.

106. The
 Directors may deduct from any dividend or distribution payable to any Member all sums of
 money (if any) presently payable by him to the Company on account of calls or otherwise.

107. The
 Directors may declare that any dividend or distribution be paid wholly or partly by the distribution
 of specific assets and in particular of paid up shares, debentures, or debenture stock of
 any other company or in any one or more of such ways and where any difficulty arises in regard
 to such distribution, the Directors may settle the same as they think expedient and in particular
 may issue fractional certificates and fix the value for distribution of such specific assets
 or any part thereof and may determine that cash payments shall be made to any Members upon
 the footing of the value so fixed in order to adjust the rights of all Members and may vest
 any such specific assets in trustees as may seem expedient to the Directors.

108. Any
 dividend, distribution, interest or other monies payable in cash in respect of shares may
 be paid by cheque or warrant sent through the post directed to the registered address of
 the holder or, in the case of joint holders, to the holder who is first named on the register
 of Members or to such person and to such address as such holder or joint holders may in writing
 direct. Every such cheque or warrant shall be made payable to the order of the person to
 whom it is sent. Any one of two or more joint holders may give effectual receipts for any
 dividends, bonuses, or other monies payable in respect of the share held by them as joint
 holders.

109. No
 dividend or distribution shall bear interest against the Company.

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| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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![](ex3-1_002.jpg)

**CAPITALISATION**

110. The
 Company may upon the recommendation of the Directors by ordinary resolution authorise the
 Directors to capitalise any sum standing to the credit of any of the Company's reserve
 accounts (including share premium account and capital redemption reserve fund) or any sum
 standing to the credit of profit and loss account or otherwise available for distribution
 and to appropriate such sum to Members in the proportions in which such sum would have been
 divisible amongst them had the same been a distribution of profits by way of dividend and
 to apply such sum on their behalf in paying up in full unissued shares for allotment and
 distribution credited as fully paid up to and amongst them in the proportion aforesaid. In
 such event the Directors shall do all acts and things required to give effect to such capitalisation,
 with full power to the Directors to make such provisions as they think fit for the case of
 shares becoming distributable in fractions (including provisions whereby the benefit of fractional
 entitlements accrue to the Company rather than to the Members concerned). The Directors may
 authorise any person to enter on behalf of all of the Members interested into an agreement
 with the Company providing for such capitalisation and matters incidental thereto and any
 agreement made under such authority shall be effective and binding on all concerned.

**BOOKS OF ACCOUNT**

111. The
 Directors shall cause proper books of account to be kept with respect to:

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|:---|:---|
| (a) | all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place; |
| (b) | all sales and purchases of goods by the Company; |
| (c) | the assets and liabilities of the Company. |
| Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions. | Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions. |

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112. The
 Directors shall from time to time determine whether and to what extent and at what times
 and places and under what conditions or regulations the accounts and books of the Company
 or any of them shall be open to the inspection of Members not being Directors and no Member
 (not being a Director) shall have any right of inspecting any account or book or document
 of the Company except as conferred by Statute or authorised by the Directors or by the Company
 in general meeting.

113. The
 Directors may from time to time cause to be prepared and to be laid before the Company in
 general meeting profit and loss accounts, balance sheets, group accounts (if any) and such
 other reports and accounts as may be required by law.

**AUDIT**

114. The
 Company may at any annual general meeting appoint an Auditor or Auditors of the Company who
 shall hold office until the next annual general meeting and may fix his or their remuneration.

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| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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![](ex3-1_002.jpg)

115. The
 Directors may before the first annual general meeting appoint an Auditor or Auditors of the
 Company who shall hold office until the first annual general meeting unless previously removed
 by an ordinary resolution of the Members in general meeting in which case the Members at
 that meeting may appoint Auditors. The Directors may fill any casual vacancy in the office
 of Auditor but while any such vacancy continues the surviving or continuing Auditor or Auditors,
 if any, may act. The remuneration of any Auditor appointed by the Directors under this Article
 may be fixed by the Directors.

116. Every
 Auditor of the Company shall have a right of access at all times to the books and accounts
 and vouchers of the Company and shall be entitled to require from the Directors and Officers
 of the Company such information and explanation as may be necessary for the performance of
 the duties of the auditors.

117. Auditors
 shall at the next annual general meeting following their appointment and at any other time
 during their term of office, upon request of the Directors or any general meeting of the
 Members, make a report on the accounts of the Company in general meeting during their tenure
 of office.

**NOTICES**

118. Notices
 shall be in writing and may be given by the Company to any Member either personally or by
 sending it by post, cable, telex or telecopy to him or to his address as shown in the register
 of Members, such notice, if mailed, to be forwarded airmail if the address be outside the
 Cayman Islands.

119. (a) Where
 a notice is sent by post, service of the notice shall be deemed to be effected by properly
 addressing, pre-paying and posting a letter containing the notice, and to have been effected
 at the expiration of 60 hours after the letter containing the same is posted as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 a notice is sent by cable, telex, telecopy or electronic message, service of the notice shall
 be deemed to be effected by properly addressing, and sending such notice through a transmitting
 organisation and to have been effected on the day the same is sent as aforesaid.

120. A
 notice may be given by the Company to the joint holders of record of a share by giving the
 notice to the joint holder first named on the register of Members in respect of the share.

121. A
 notice may be given by the Company to the person or persons which the Company has been advised
 are entitled to a share or shares in consequence of the death or bankruptcy of a Member by
 sending it through the post as aforesaid in a pre-paid letter addressed to them by name,
 or by the title of representatives of the deceased, or trustee of the bankrupt, or by any
 like description at the address supplied for that purpose by the persons claiming to be so
 entitled, or at the option of the Company by giving the notice in any manner in which the
 same might have been given if the death or bankruptcy had not occurred.

122. Notice
 of every general meeting shall be given in any manner hereinbefore authorised to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every
 person shown as a Member in the register of Members as of the record date for such meeting
 except that in the case of joint holders the notice shall be sufficient if given to the joint
 holder first named in the register of Members.

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| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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|:---|:---|
| (b) | every person upon whom the ownership of a share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a Member of record where the Member of record but for his death or bankruptcy would be entitled to receive notice of the meeting; and |
| No other person shall be entitled to receive notices of general meetings. | No other person shall be entitled to receive notices of general meetings. |

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**WINDING UP**

123. If
 the Company shall be wound up the liquidator may, with the sanction of a Special Resolution
 of the Company and any other sanction required by the Statute, divide amongst the Members
 in specie or kind the whole or any part of the assets of the Company (whether they shall
 consist of property of the same kind or not) and may for such purpose set such value as he
 deems fair upon any property to be divided as aforesaid and may determine how such division
 shall be carried out as between the Members or different classes of Members. The liquidator
 may with the like sanction, vest the whole or any part of such assets in trustees upon such
 trusts for the benefit of the contributories as the liquidator, with the like sanction, shall
 think fit, but so that no Member shall be compelled to accept any shares or other securities
 whereon there is any liability.

124. If
 the Company shall be wound up, and the assets available for distribution amongst the Members
 as such shall be insufficient to repay the whole of the paid-up capital, such assets shall
 be distributed so that, as nearly as may be, the losses shall be borne by the Members in
 proportion to the capital paid up, or which ought to have been paid up, at the commencement
 of the winding up on the shares held by them respectively. And if in a winding up the assets
 available for distribution amongst the Members shall be more than sufficient to repay the
 whole of the capital paid up at the commencement of the winding up, the excess shall be distributed
 amongst the Members in proportion to the capital paid up at the commencement of the winding
 up on the shares held by them respectively. This Article is to be without prejudice to the
 rights of the holders of shares issued upon special terms and conditions.

**INDEMNITY**

125. The
 Directors and officers for the time being of the Company and any trustee for the time being
 acting in relation to any of the affairs of the Company and their heirs, executors, administrators
 and personal representatives respectively shall be indemnified out of the assets of the Company
 from and against all actions, proceedings, costs, charges, losses, damages and expenses which
 they or any of them shall or may incur or sustain by reason of any act done or omitted in
 or about the execution of their duty in their respective offices or trusts, except such (if
 any) as they shall incur or sustain by or through their own wilful neglect or default respectively
 and no such Director, officer or trustee shall be answerable for the acts, receipts, neglects
 or defaults of any other Director, officer or trustee or for joining in any receipt for the
 sake of conformity or for the solvency or honesty of any banker or other persons with whom
 any monies or effects belonging to the Company may be lodged or deposited for safe custody
 or for any insufficiency of any security upon which any monies of the Company may be invested
 or for any other loss or damage due to any such cause as aforesaid or which may happen in
 or about the execution of his office or trust unless the same shall happen through the wilful
 neglect or default of such Director, Officer or trustee.

**FINANCIAL YEAR**

126. Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on 31st December
 in each year and, following the year of incorporation, shall begin on 1st January in each
 year.

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| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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![](ex3-1_002.jpg)

**AMENDMENTS OF ARTICLES**

127. Subject
 to the Statute, the Company may at any time and from time to time by Special Resolution alter
 or amend these Articles in whole or in part.

**TRANSFER BY WAY OF CONTINUATION**

128. If
 the Company is exempted as defined in the Statute, it shall, subject to the provisions of
 the Statute and with the approval of a Special Resolution, have the power to register by
 way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman
 Islands and to be deregistered in the Cayman Islands.

For and on behalf of

Vistra (Cayman) Limited

of P. O. Box 31119

Grand Pavilion,

Hibiscus Way,

802 West Bay Road,

Grand Cayman,

KY1 - 1205

Cayman Islands

Corporation

![](e3-1_003.jpg)

(Sd.) Authorised Signatory

Lynden John

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|:---|:---|
| DATED 15th day of February, 2022 |  |
| WITNESS to the above signature :- | ![](e3-1_004.jpg) |
|  | (Sd.) Candace Rankin |
|  | of P. O. Box 31119 |
|  | Grand Pavilion, |
|  | Hibiscus Way, |
|  | 802 West Bay Road, |
|  | Grand Cayman, |
|  | KY1 - 1205 |
|  | Cayman Islands |

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| *Registrar of Companies* |  | *Auth Code: D09701680782* |
| *Auth Code: F23040406689* |  | *www.verify.gov.ky* |

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## Exhibit 3.2

**Exhibit 3.2**

![](ex3-2_001.jpg)

**EXEMPTED** Company Registered and

filed as No. 387301 On 15-Feb-2022

Assistant Registrar

**MEMORANDUM**

**AND**

**ARTICLES OF ASSOCIATION**

**OF**

**Green Circle Decarbonize Technology Limited**

**Incorporated on the 15th day of February, 2022**

**INCORPORATED IN THE CAYMAN ISLANDS**

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| Registrar of Companies | Auth Code: E84065218048 |
| Auth Code: D07314886259 | www.verify.gov.ky |

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**EXEMPTED** Company Registered and

filed as No. 387301 On 15-Feb-2022

Assistant Registrar

THE COMPANIES ACT (2021 Revision)<br> Company Limited by Shares

MEMORANDUM OF ASSOCIATION

OF

Green Circle Decarbonize Technology Limited

1. The name of the Company is Green Circle Decarbonize Technology Limited.

2. The
 Registered Office of the Company shall be at the offices of Vistra (Cayman) Limited, P. O.
 Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman
 Islands or at such other place as the Directors may from time to time decide.

3. The
 objects for which the Company is established are unrestricted and shall include, but without
 limitation, the following:

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|:---|:---|
| (a) | (i) To carry on the business of an investment company and to act as promoters and entrepreneurs and to carry on business as financiers, capitalists, concessionaires, merchants, brokers, traders, dealers, agents, importers and exporters and to undertake and carry on and execute all kinds of investment, financial, commercial, mercantile, trading and other operations. |
|  | (ii) To carry on whether as principals, agents or otherwise howsoever the business of realtors, developers, consultants, estate agents or managers, builders, contractors, engineers, manufacturers, dealers in or vendors of all types of property including services. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 exercise and enforce all rights and powers conferred by or incidental to the ownership of
 any shares, stock, obligations or other securities including without prejudice to the generality
 of the foregoing all such powers of veto or control as may be conferred by virtue of the
 holding by the Company of some special proportion of the issued or nominal amount thereof,
 to provide managerial and other executive, supervisory and consultant services for or in
 relation to any company in which the Company is interested upon such terms as may be thought
 fit.

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| Registrar of Companies | Auth Code: E84065218048 |
| Auth Code: D07314886259 | www.verify.gov.ky |

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**EXEMPTED** Company Registered and

filed as No. 387301 On 15-Feb-2022

Assistant Registrar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 purchase or otherwise acquire, to sell, exchange, surrender, lease, mortgage, charge, convert,
 turn to account, dispose of and deal with real and personal property and rights of all kinds
 and, in particular, mortgages, debentures, produce, concessions, options, contracts, patents,
 annuities, licences, stocks, shares, bonds, policies, book debts, business concerns, undertakings,
 claims, privileges and choses in action of all kinds.

(d) To
 subscribe for, conditionally or unconditionally, to underwrite, issue on commission or otherwise,
 take, hold, deal in and convert stocks, shares and securities of all kinds and to enter into
 partnership or into any arrangement for sharing profits, reciprocal concessions or cooperation
 with any person or company and to promote and aid in promoting, to constitute, form or organise
 any company, syndicate or partnership of any kind, for the purpose of acquiring and undertaking
 any property and liabilities of the Company or of advancing, directly or indirectly, the
 objects of the Company or for any other purpose which the Company may think expedient.

(e) To
 stand surety for or to guarantee, support or secure the performance of all or any of the
 obligations of any person, firm or company whether or not related or affiliated to the Company
 in any manner and whether by personal covenant or by mortgage, charge or lien upon the whole
 or any part of the undertaking, property and assets of the Company, both present and future,
 including its uncalled capital or by any such method and whether or not the Company shall
 receive valuable consideration thereof.

(f) To
 engage in or carry on any other lawful trade, business or enterprise which may at any time
 appear to the Directors of the Company capable of being conveniently carried on in conjunction
 with any of the aforementioned businesses or activities or which may appear to the Directors
 or the Company likely to be profitable to the Company.

In the interpretation of this Memorandum of Association in general and of this Clause 3 in particular no object, business or power specified or mentioned shall be limited or restricted by reference to or inference from any other object, business or power, or the name of the Company, or by the juxtaposition of two or more objects, businesses or powers and that, in the event of any ambiguity in this clause or elsewhere in this Memorandum of Association, the same shall be resolved by such interpretation and construction as will widen and enlarge and not restrict the objects, businesses and powers of and exercisable by the Company.

4. Notwithstanding the generality
 of the objects stated in this Memorandum of Association, as of the date of establishment, the nature of business of the Company is
 Equity Holding Company.

---

| | |
|:---|:---|
| CAY 2021/02/31 SPECIAL |  |
| **Certified a True Copy** |  |
| Downloaded and Printed on 18-Feb-2022 |  |
| Registrar of Companies | Auth Code: E84065218048 |
| Auth Code: D07314886259 | www.verify.gov.ky |

---

![](ex3-2_001.jpg)

**EXEMPTED** Company Registered and

filed as No. 387301 On 15-Feb-2022

Assistant Registrar

5. Except
 as prohibited or limited by the Companies Act (2021 Revision), the Company shall have full
 power and authority to carry out any object and shall have and be capable of from time to
 time and at all times exercising any and all of the powers at any time or from time to time
 exercisable by a natural person or body corporate in doing in any part of the world whether
 as principal, agent, contractor or otherwise whatever may be considered by it necessary for
 the attainment of its objects and whatever else may be considered by it as incidental or
 conducive thereto or consequential thereon, including, but without in any way restricting
 the generality of the foregoing, the power to make any alterations or amendments to this
 Memorandum of Association and the Articles of Association of the Company considered necessary
 or convenient in the manner set out in the Articles of Association of the Company, and the
 power to do any of the following acts or things, viz: to pay all expenses of and incidental
 to the promotion, formation and incorporation of the Company; to register the Company to
 do business in any other jurisdiction; to sell, lease or dispose of any property of the Company;
 to draw, make, accept, endorse, discount, execute and issue promissory notes, debentures,
 bills of exchange, bills of lading, warrants and other negotiable or transferable instruments;
 to lend money or other assets and to act as guarantors; to borrow or raise money on the security
 of the undertaking or on all or any of the assets of the Company including uncalled capital
 or without security; to invest monies of the Company in such manner as the Directors determine;
 to promote other companies; to sell the undertaking of the Company for cash or any other
 consideration; to distribute assets in specie to Members of the Company; to make charitable
 or benevolent donations; to pay pensions or gratuities or provide other benefits in cash
 or kind to Directors, officers, employees, past or present and their families; to purchase
 Directors and officers liability insurance and to carry on any trade or business and generally
 to do all acts and things which, in the opinion of the Company or the Directors, may be conveniently
 or profitably or usefully acquired and dealt with, carried on, executed or done by the Company
 in connection with the business aforesaid PROVIDED THAT the Company shall only carry on the
 businesses for which a licence is required under the laws of the Cayman Islands when so licensed
 under the terms of such laws.

6. The
 liability of each Member is limited to the amount from time to time unpaid on such Member's
 shares.

7. The
 share capital of the Company is US$50,000.00 divided into 50,000,000 shares of a nominal
 or par value of US$0.001 each with power for the Company insofar as is permitted by law,
 to redeem or purchase any of its shares and to increase or reduce the said capital subject
 to the provisions of the Companies Act (2021 Revision) and the Articles of Association and
 to issue any part of its capital, whether original, redeemed or increased with or without
 any preference, priority or special privilege or subject to any postponement of rights or
 to any conditions or restrictions and so that unless the conditions of issue shall otherwise
 expressly declare every issue of shares whether declared to be preference or otherwise shall
 be subject to the powers hereinbefore contained PROVIDED ALWAYS that, notwithstanding any
 provision to the contrary contained in this Memorandum of Association, the Company shall
 have no power to issue bearer shares, warrants, coupons or certificates.

8. If
 the Company is registered as exempted, its operations will be carried on subject to the provisions
 of Section 174 of the Companies Act (2021 Revision) and, subject to the provisions of the
 Companies Act (2021 Revision) and the Articles of Association, it shall have the power to
 register by way of continuation as a body corporate limited by shares under the laws of any
 jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

---

| | |
|:---|:---|
| CAY 2021/02/31 SPECIAL |  |
| **Certified a True Copy** |  |
| Downloaded and Printed on 18-Feb-2022 |  |
| Registrar of Companies | Auth Code: E84065218048 |
| Auth Code: D07314886259 | www.verify.gov.ky |

---

![](ex3-2_001.jpg)

**EXEMPTED** Company Registered and

filed as No. 387301 On 15-Feb-2022

Assistant Registrar

**We, the undersigned, are desirous of being formed into a Company pursuant to this Memorandum of Association and the Companies Act (2021 Revision), and we hereby agree to take the numbers of shares set opposite our name below.**

---

| | |
|:---|:---|
| Signature, Name, Occupation, and Address of Subscriber | Number of Shares Taken by Each Subscriber |
| For and on behalf of<br> Vistra (Cayman) Limited<br> of P. O. Box 31119<br> Grand Pavilion,<br> Hibiscus Way,<br> 802 West Bay Road,<br> Grand Cayman,<br> KY1 - 1205<br>Cayman Islands<br> Corporation<br>![](ex3-2_002.jpg)<br>(Sd.) Authorised Signatory<br> Lynden John <br>| ONE |

---

---

| | |
|:---|:---|
| DATED 15th day of February, 2022 |  |
| WITNESS to the above signature :- | ![](ex3-2_003.jpg) |
|  | (Sd.) Candace Rankin<br> of P. O. Box 31119<br> Grand Pavilion,<br> Hibiscus Way,<br> 802 West Bay Road,<br> Grand Cayman,<br> KY1 -1205<br> Cayman Islands |

---

---

| | |
|:---|:---|
| CAY 2021/02/31 SPECIAL |  |
| **Certified a True Copy** |  |
| Downloaded and Printed on 18-Feb-2022 |  |
| Registrar of Companies | Auth Code: E84065218048 |
| Auth Code: D07314886259 | www.verify.gov.ky |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

The following abbreviations shall be construed as though the words set forth below opposite each abbreviation were written out in full where such abbreviation appears:

---

| | |
|:---|:---|
| TEN COM | - as tenants in common |
| TEN ENT | - as tenants by entireties |
| JTTEN | - as joint tenants with right of survivorship and not tenants in common |
| (Name) CUST (Name) UNIF | - (Name) as Custodian for (Name) under the<br>|
| GIFT MIN ACT (State) | - (State) Uniform Gifts to Minors Act<br>|
| In the case of an individual assignee, show at least one given name in full | In the case of an individual assignee, show at least one given name in full |

---

Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto

PLEASE INSERT SOCIAL INSURANCE NUMBER,

SOCIAL SECURITY NUMBER OR OTHER

---

| | |
|:---|:---|
| IDENTIFYING NUMBER OF TRANSFEREE | **S.I.N./S.S.N ______________________________________** |

---

Please print or typewrite name and address (including postal code or zip code, as applicable) of transferee

_________________________________________________________________________________________securities registered in the name of the undersigned on the books of the Company named on the face of this certificate and represented hereby, and irrevocably constitutes and appoints a duly authorized officer of the transfer agent and registrar as the attorney of the undersigned to transfer the said securities on the register of transfers and books of the Company with full power of substitution hereunder.

DATED: __________________________ 20 _____ Signature: ________________________________

---

| | |
|:---|:---|
| NOTICE: | The signatures of this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatsoever, and must be guaranteed by a Canadian chartered bank or eligible guarantor institution with membership in an approved signature guarantee medallion program. |

---

Signature Guaranteed By:

---

| | |
|:---|:---|
| **SECURITY INSTRUCTIONS - INSTRUCTIONS DE SÉCURITÉ**<br>THIS IS WATERMARKED PAPER, DO NOT ACCEPT WITHOUT NOTING<br> WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK.<br> PAPIER FILIGRANÉ, NE PAS ACCEPTER SANS VÉRIFIER LA PRÉSENCE<br> DU FILIGRANE. POUR CE FAIRE, PLACER À LA LUMIÈRE. | ![](ex4-1_002.jpg) |

---

## Exhibit 4.3

**EXHIBIT 4.3**

**<u>LICENSE AGREEMENT</u>**

**THIS LICENSE AGREEMENT** (the **"Agreement")** is made on 29<sup>th</sup> April 2022

**BETWEEN:**

(1) **CHAN KAM BIU RICHARD**![](ex4-3_001.jpg) (holder
 of Hong Kong Identity Card No. E890280(5)) of Flat C, 37/F, Tower 9, Le Point, Metro Town,
 8 King Ling Road, Tseung Kwan 0, Hong Kong (the **"Licensor");** and

(2) **GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED,** an exempted company with limited liability incorporated
 in the Cayman Islands on 15 February 2022 under company number 387301 whose registered office
 is at the offices of Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way,
 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands (the **"Licensee").** 

Each referred to as a **"Party"** and collectively as the **"Parties".**

**RECITALS:**

(A) The
 Licensor is the beneficial owner of the trademark "BocaPCM", the particulars
 of which are set forth in Schedule 1 of this Agreement (the **"Trademark").** 

(B) The
 Licensor is the beneficial owner of the domain name "pcm-tes.com", the particulars
 of which are set forth in Schedule 2 of this Agreement (the **"Domain Name").** 

(C) The
 Licensor desires to grant the Licensee and its Affiliates a licence to operate the Business
 (as defined below) using the Trademark and the Domain Name in the Territories (as defined
 below) and the Licensee wishes to accept such licence.

**NOW IT IS HEREBY AGREED** as follows:

1. In
 this Agreement (including the Recitals and the Schedules), the following expressions shall
 have the following meanings unless the context otherwise requires:

"Affiliate(s)" with respect to either Party, any association, corporation, partnership, joint venture or other entity a majority of whose issued and voting shares or equity interest is owned or controlled directly or indirectly by such Party

---

| | |
|:---|:---|
| "Business" | any goods and/or services in relation to advanced energy saving solutions and thermal engineering provided by the Licensee |
| "Effective Date" | the date of this Agreement |
| "Hong Kong" | the Hong Kong Special Administrative Region of the PRC |
| "law" | any law, statute, regulation, decree, rule which are applicable |
| "Term" | as defined in Clause 5 of this Agreement |
| "Territories" | worldwide |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Licensor hereby grants a non-exclusive license, free of charges, to the Licensee and its
 Affiliates to use the Trademark and the Domain Name for operation of the Business during
 the Term in the Territories in accordance with the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Licensee shall obtain prior written approval from the Licensor if it intends to sublicense
 the Trademark and/or the Domain Name to any third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Licensor shall reserve the right to use the Trademark and the Domain Name within the Territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This
 Agreement shall be effective on the Effective Date and shall continue in force until terminated
 at any time by either Party (the **"Term"**) by giving the other Party a 30-day
 prior written notice mailed to the address of the other Party or its process agent as indicated
 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Licensee shall not assign or transfer any of its rights or obligations under this Agreement
 without the prior consent of the Licensor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Licensee shall indemnify the Licensor and keep the Licensor indemnified against all losses,
 expenses, liabilities, actions and claims which the Licensor may sustain or incur by reason
 of the failure of the Licensee in performing, observing and complying with any of the terms
 and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This
 Agreement is governed by and shall be construed in all respects in accordance with the laws
 of Hong Kong and the parties irrevocably submit to the non-exclusive jurisdiction of the
 Hong Kong courts in relation to any proceedings arising out of or in connection with this
 Agreement, but this Agreement may be enforced in any other courts of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
 Licensee hereby irrevocably appoints Boca International Limited of Unit 1809, Prosperity
 Place, 6 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong as its agent for the service of
 process in Hong Kong in relation to any matter arising out of this Agreement. If such process
 agent ceases to have an address in Hong Kong, the Licensee irrevocably agrees to appoint
 a new process agent and deliver to the other parties within 14 days a copy of a written acceptance
 of appointment by the process agent. Nothing contained in this Agreement shall affect the
 right to serve process in any other manner permitted by law or the right to bring proceedings
 in any other jurisdiction for the purposes of the enforcement or execution of any judgment
 or other settlement in any other court.

*- The remainder of this page is intentionally left blank -*

**SCHEDULE 1 - TRADEMARK**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Trade mark | Registration<br> number | Class | Registered<br> owner  | Date of<br> registration  | Expiry date |
| ![](ex4-3_002.jpg)  | 305630904 | 11 | ![](ex4-3_003.jpg) | 21-05-2021 | 20-05-2031 |

---

**SCHEDULE 2 - DOMAIN NAME**

Domain Name Name of registrant Date of registration Expiry date <br> <u>pcm-tes.com</u> <u>Dr. Chan Kam Biu Richard</u> <u>10 April 2007</u> 10 April 2023

**IN WITNESS** whereof the Parties hereto have executed this Agreement the day and year first above written.

**<u>The Licensor</u>**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex4-3_005.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex4-3_005.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex4-3_005.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex4-3_005.jpg) |

---

in the presence of:

![](ex4-3_006.jpg)

**<u>The Licensee</u>**

---

| |
|:---|
| ![](ex4-3_009.jpg) |
| ![](ex4-3_009.jpg) |
| ![](ex4-3_009.jpg) |
| ![](ex4-3_009.jpg) |
| ![](ex4-3_009.jpg) |
| ![](ex4-3_009.jpg) |
| ![](ex4-3_009.jpg) |

---

## Exhibit 10.1

**Exhibit 10.1**

**Dated: 11 May 2022**

**GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED**

**(as the Company)**

**AND**

**LAI TAI YAN**

**(as the Consultant)**

**CHIEF FINANCIAL OFFICER**

**CONSULTING SERVICE AGREEMENT**

**THIS AGREEMENT** is made on 11 May 2022

**BETWEEN:**

(1) **GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED,** an exempted company with limited liability incorporated
 in the Cayman Islands on 15 February 2022 (company number: 387301), having its principal
 place of business at Unit 1809, Prosperity Place, 6 Shing Yip Street, Kwun Tong, Kowloon,
 Hong Kong (the **"Company");** and

(2) **LAI TAI YAN,** (holder of Hong Kong ID Card number: G694963(A)) of Flat D, 7/F, No. 9 Nassau
 Street, Mei Foo Sun Chun, Kowloon (the **"Consultant").** 

**WHEREAS:**

A. The
 Company is desirous of engaging the Consultant and the Consultant is desirous of being engaged
 by the Company to provide finance-related services to the Group (as defined below) and to
 act as the named Chief Financial Officer of the Company on the terms and conditions set out
 below.

**NOW IT IS AGREED AS FOLLOWS:**

1. <u>DEFINITION AND INTERPRETATION</u> 

1.1 In
 this Agreement, unless the context otherwise requires:

---

| | |
|:---|:---|
| **"Articles"** | articles of association of the Company, as may be amended from time to time |
| **"bank business day"** | a day (other than a Saturday, a Sunday or a public holiday in Hong Kong or any day where a "black" rainstorm warning or a tropical cyclone warning signal number 8 or above is in force in Hong Kong) on which the licensed banks are generally open for normal banking business in Hong Kong during its normal business hours |
| **"Board"** | the board of directors of the Company from time to time |
| **"Commencement Date"** | 11 May 2022 |
| **"director(s)"** | the director(s) of the Company from time to time |
| **"Group"** | the Company and its subsidiaries from time to time, and **"member(s) of the Group"** shall be construed accordingly |
| **"Hong Kong"** | the Hong Kong Special Administrative Region of the PRC |

---

---

| | |
|:---|:---|
| **"HK$"** | Hong Kong dollars, the lawful currency of Hong Kong |
| **"Listing Rules"** | any regulations and rules in the United States that govern the listing of the securities of the Company on the NASDAQ Stock Market as may from time to time be amended, modified or supplemented |
| **"month(s)"** | calendar month(s) |
| **"PRC"** | the People's Republic of China, which for the purpose of this Agreement, excludes Hong Kong, Macau and Taiwan |
| **"Service Fee"** | the service fee payable by the Company to the Consultant pursuant to Clause 4.1 of this Agreement |
| **"Term"** | the period from the Commencement Date until its expiry or termination, and any renewed terms pursuant to Clauses 2 and 6 of this Agreement |
| **"this Agreement"** | this consulting service agreement between the Company and the Consultant, as may from time to time be amended, modified or supplemented pursuant to Clause 9.2 of this Agreement |
| **"working day"** | Monday to Saturday, a Saturday being reckoned as a half working day, in each case except where such day falls on a public or statutory holiday of Hong Kong |

---

1.2 In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references
 to Clauses and Sub-clauses in this Agreement are respectively to clauses and sub-clauses
 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references
 to any ordinance, regulation or other statutory provision includes reference to such ordinance,
 regulation or statutory provision as may be modified, consolidated or re-enacted from time
 to time, and shall, where the context so permits or requires, be construed as including reference
 to the corresponding provisions of any earlier legislation (whether repealed or not) directly
 or indirectly amended, consolidated, extended, or replaced thereby or re-enacted therein,
 which may be applicable to any relevant tax year or other period, and shall include any orders,
 regulations, instruments or other subordinate legislation made under the relevant ordinance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless
 the context otherwise requires, words denoting a singular number include the plural and vice
 versa, words denoting one gender include both genders and the neuter and words denoting a
 person include a corporation, sole proprietorship, firm, joint venture or syndicate and,
 in each case, vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 rule known as ejusdem generis shall not apply, so that words and phrases in general terms
 following or followed by specific examples shall be construed in the widest possible sense
 and shall not be construed as limited or related to the examples given.

1.3 The headings in this Agreement
 are for ease of reference only and do not form part of this Agreement and shall not affect the interpretation or construction of this
 Agreement.

**2.**  **<u>ENGAGEMENT</u>** 

2.1 The
 Company hereby engages the Consultant and the Consultant hereby accepts his engagement to
 provide finance-related services to the Group and acted as the named Chief Financial Officer
 of the Company with the major duties described in Clause 3 for a term of 1 year from the
 Commencement Date which shall be automatically renewed for successive periods of 1 year each
 commencing from the day immediately after the expiry of the then current term, unless terminated
 earlier pursuant to Clause 6 of this Agreement (subject to the requirements of the Listing
 Rules). Unless otherwise agreed between the Company and the Consultant, the same terms as
 set out in this Agreement shall apply to any renewed terms of appointment of the Consultant,
 save as to the Service Fee, the applicable amount of which shall be such as may be prevailing
 in the immediately preceding term of this Agreement.

2.2 The
 Consultant represents and warrants that he has full authority, power and capacity to enter
 into this Agreement and duly perform all of his obligations hereunder, and he is not bound
 by or subject to any court order, agreement, arrangement or undertaking which in any way
 restricts or prohibits him from entering into this Agreement or from performing all of his
 obligations and duties hereunder and he is not aware of any reason which may render him unsuitable
 to act as the named Chief Financial Officer of the Company as at the date of this Agreement.

**3.**  **<u>DUTIES</u>** 

3.1 The
 Consultant hereby undertakes with the Company that, during the continuance of this Agreement
 he shall use his best endeavours to carry out his duties under this Agreement.

3.2 Without
 prejudice to the generality of Clause 3.1, the Consultant shall, during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide
 finance-related advice and all necessary finance-related services to the Group;

(b) manage
 and oversee the finance of the Group periodically;

(c) act
 as the named Chief Financial Officer of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) devote
 a reasonable part of his time, attention and abilities during normal business hours and such
 additional hours as may reasonably be required to perform the duties normally associated
 with such position and as determined by the Company in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) perform
 such other duties and exercise such other powers which the Board may from time to time properly
 assign to him in his capacity as the Chief Financial Officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) avoid
 actual and potential conflicts of interest and duty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) disclose
 fully and fairly his interests in contracts with the Company and comply with the stipulations
 of the Articles, the Listing Rules and other relevant laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) apply
 such degree of skill, care and diligence as may reasonably be expected of a person of his
 knowledge and experience and holding his office within the Company.

4. <u>REMUNERATION AND EXPENSES</u> 

4.1 In
 consideration of the performance by the Consultant of his duties herein contained, the Company
 shall during the Term pay or procure its subsidiaries to pay to the Consultant a Service
 Fee at the rate of HK$10,000 for each month of the Term on a twelve-month basis (subject
 to annual review and excluding any discretionary bonus) in compliance with the provisions
 of the Articles for the time being in force.

4.2 The
 Service Fee shall be payable on the last working day of every month during the Term or, if
 that day is not a bank business day, on the immediately preceding bank business day. Such
 payment date may be varied by the Company from time to time but the Service Fee for a particular
 month shall not be paid later than the last day of that month in any event.

4.3 The
 amount of the Service Fee will be reviewed by the remuneration committee of the Company (the **"Remuneration Committee").** Any adjustment of Service Fee of the Consultant
 must be recommended by the Remuneration Committee and approved by a majority in number of
 the members of the Board. Any increase in Service Fee shall, unless specified by the Board,
 become effective for all periods after January of the year in which it is notified to the
 Consultant.

4.4 The
 Company shall reimburse the Consultant of all reasonable out-of-pocket expenses properly
 incurred by the Consultant in connection with the performance of the duties of the Consultant
 under this Agreement, in each case, subject to such expenses being evidenced and vouched
 for in such manner as the Board may reasonably require.

4.5 The
 following arrangements shall apply whenever the Consultant is required to travel outside
 Hong Kong in the performance of his duties under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ordinary
 class travel tickets shall be provided to the Consultant for all cross-border travels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) full
 reimbursement shall be made to the Consultant for meal expenses reasonably incurred by him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) full
 reimbursement shall be made to the Consultant for all travelling expenses reasonably incurred
 by him; and

(d) accommodation
 at international class hotels shall be provided to the Consultant,

and if ordinary class travel or international class hotel accommodation is unavailable to or at the city to which the Consultant is required to travel, the business class of travel and accommodation available shall be provided to the Consultant.

5. <u>CONFIDENTIALITY</u> 

The Consultant shall not, either at any time during or after the Term, use, divulge or communicate to or cause or enable any third party (other than any officer or employee of any member of the Group whose province is to know the same) to become aware of or use, take away, conceal, destroy or retain for his own or some other person's advantage or to the detriment of any member of the Group any secret, confidential or other document and information (whether marked as confidential or not), including but not limited to any of the intellectual property, technological knowhow or information used or applied or which may be used or applied by the Group in relation to its business or potential business or which the Group has obtained from any third party on terms that restrict its disclosure or use, other confidential technical information, any of the trade secrets, client list, accounts, financial or trading information or other confidential or personal information which the Consultant may receive or obtain in relation to the business, finances, dealings or affairs of any member of the Group or any principal, joint venture partner, contracting party or client of the Group including any information regarding the products, services, research program, projects or other technical data, knowhow or specifications, whether in human or machine readable form and whether stored electronically or otherwise, or the finances, proposals, contractual arrangements, principals, joint venture partners, contracting parties, clients, employees or agents of any member of the Group, provided that the provisions of this Clause shall not apply to any information or material which is in the public domain other than as a result of any unauthorized disclosure. This Clause shall survive notwithstanding termination of this Agreement.

6. <u>TERMINATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The
 Company may forthwith terminate the appointment of the Consultant under this Agreement prior
 to the expiry of the Term by service of a notice in writing to such effect to the Consultant
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Consultant is or shall be guilty of any dishonesty, gross misconduct, willful or serious
 default or gross negligence in the discharge of duties or shall commit any continued material
 breach of the terms of this Agreement after written warning (other than a breach capable
 of remedy which is remedied by the Consultant to the satisfaction of the Board within 30
 days upon his being called upon to do so in writing by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Consultant is or shall be guilty of conduct likely to bring himself or any member of the
 Group into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Consultant is or shall become a lunatic or of unsound mind or a patient for any purpose of
 any statute relating to mental health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Consultant is or shall become permanently incapacitated by illness or other like causes so
 as to prevent the Consultant from performing his duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Consultant is or will be convicted of any offence which in the reasonable opinion of the
 Board will seriously prejudice the performance of his duties hereunder, or in any way detrimental
 to the interests of the Company or any member of the Group, or be identified as an insider
 dealer under any statutory enactment or regulations relating to insider dealing in force
 from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Consultant persistently without cause refuses to carry out any reasonable and lawful order
 given to him by the Board during the term of his appointment hereunder or persistently fail
 to attend to his duties hereunder.

6.2 The
 Consultant shall have no claim against the Company for damages or otherwise by reason of
 termination under Clause 6.1 and no delay or forbearance by the Company in exercising any
 such right of termination shall constitute a waiver of that right.

6.3 Either
 party may terminate this Agreement for reasons other than those stated in Clause 6.1 by providing
 30 days' prior notice in writing to the other party.

7. <u>EFFECT OF TERMINATION AND EXPIRY</u> 

7.1 All
 information, documents, records, correspondence, client lists, accounts, statistics, drawings,
 equipment or other property relating to the businesses or affairs of any member of the Group
 (including all those items referred to in Clause 5) kept in the possession or under the control
 of the Consultant and all copies thereof or extracts therefrom made by or on behalf of the
 Consultant shall be and remain the property of the relevant member of the Group and shall
 be delivered to the Company within 7 days upon the expiry of the Term or its sooner determination.

7.2 Termination
 or expiration of this Agreement shall not extinguish any rights of compensation that shall
 accrue prior to the expiry of the Term or its sooner determination.

8. <u>INDEMNITY</u> 

8.1 The
 Company agrees to indemnify and hold harmless the Consultant on written demand from and against
 any and all reasonable losses, claims, damages, liabilities, and expenses, including without
 limitation, any proceedings brought against the Consultant, arising from the performance
 of his duties pursuant to or his appointment under this Agreement (the **"Losses"),** so far as permitted by law, except in any case where the matter in respect of which indemnification
 sought under this Clause was caused by, whether directly or indirectly, any fraud, dishonesty, negligence, gross misconduct,
 willful or serious default or neglect of the Consultant and/or any authorized representative
 acting on behalf of the Consultant.

8.2 The
 Company shall if so required by the Consultant during the Term take out and maintain for
 the benefit of the Consultant an insurance policy against the Consultant's liability
 for such an amount and on such terms as the parties may reasonably agree.

9. <u>ENTIRE AGREEMENT</u> 

9.1 This
 Agreement embodies all the terms and provisions of and relating to the appointment of the
 Consultant by the Company.

9.2 The
 terms of this Agreement may only be modified or amended in writing by the parties hereto
 or their duly authorized agents.

10. <u>PRIOR AGREEMENTS</u> 

This Agreement is in substitution for and shall supersede all former and existing agreements or arrangements made orally or in writing for the appointment of the Consultant by any member of the Group, which shall be deemed to have been cancelled with effect from the date of this Agreement and no party shall have any claim in respect of any such superseded agreements or arrangements.

11. <u>SERVICE OF NOTICE</u> 

11.1 Any
 notice, claim, demand, court process or other communication under this Agreement (collectively **"communication"** in this Clause 11) shall be in the English language or
 the Chinese language (if there is any discrepancy in the interpretation of the English, or
 Chinese versions, the English version prevails) and may be served or given personally or
 sent to the address or facsimile numbers (if any) stated after the relevant party's
 name at the beginning of this Agreement or to such other address or facsimile numbers as
 may from time to time be notified in writing by one party to the other with specific reference
 to this Agreement, by the following means and the addressee of such communication shall be
 deemed to have received the same within the time stated adjacent to the relevant means of
 dispatch:

---

| | |
|:---|:---|
| <u>Means of dispatch</u> | <u>Time of deemed receipt</u> |
| Local mail or courier | 24 hours |
| Facsimile | on dispatch |
| Air courier/Speedpost | 3 days |
| Airmail | 5 days |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 A
 communication served in accordance with Clause 11.1 shall be deemed sufficiently served and
 in proving service and/or receipt of a communication it shall be sufficient to prove that
 such communication was left at the addressee's address or that the envelope containing
 such communication was properly addressed and posted or dispatched to the addressee's
 address or that the communication was properly transmitted by facsimile to the addressee.
 In the case of facsimile transmission, such transmission shall be deemed properly transmitted
 on receipt of a satisfactory report of transmission printed out by the sending machine.

11.3 Nothing
 in this Clause 11 shall preclude the service of communication or the proof of such service
 by any mode permitted by law.

**12.**  **<u>ASSIGNMENT</u>** 

None of the rights, benefits or duties of the Company or the Consultant under this Agreement may be assigned, transferred, sub-contracted or delegated.

13. <u>NO EMPLOYMENT RELATIONSHIP</u> 

Notwithstanding any provision of this Agreement to the contrary, the Company and the Consultant agreed that this Agreement is not intended to and shall not be construed to create an employment relationship between the Company and the Consultant. This Agreement shall constitute a contract for services between the Company and the Consultant upon its execution.

14. <u>SEVERABILITY</u> 

Any provision of this Agreement which is prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.

15. <u>PROPER LAW AND JURISDUCTION</u> 

This Agreement shall in all respects be interpreted and construed in accordance with and governed by the laws of Hong Kong and each of the parties hereto hereby irrevocably submits to the non-exclusive jurisdiction of the Hong Kong courts and waives all defenses to any action arising hereunder brought in the courts of Hong Kong on the ground that such action is brought in an inconvenient forum.

16. <u>CONTRACTS (RIGHTS OF THIRD PARTIES) ORDINANCE</u> 

Notwithstanding any other provisions of this Agreement, a person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce any provisions of this Agreement.

**IN WITNESS** whereof the parties hereto entered into this Agreement the day and year first above written.

---

| | |
|:---|:---|
| **<u>THE COMPANY</u>**) |  |
| **SIGNED** for and on behalf of) |  |
| **GREEN CIRCLE DECARBONIZE TECHNOLOGY LIMITED**) | ![](ex10-1_001.jpg) |
| by **CHAN KAM BIU RICHARD**) |  |
| its director,) |  |
| in the presence of: ![](ex10-1_005.jpg) |  |

---

---

| | |
|:---|:---|
| **<u>THE CONSULTANT</u>**) |  |
| SIGNED by **LAI TAI YAN**) | ![](ex10-1_003.jpg) |
| (HKID no.: G694963(A)) |  |
| in the presence of:) |  |

---

![](ex10-1_004.jpg)

## Exhibit 10.2

**Exhibit 10.2**

**<u>PRODUCT DEVELOPMENT AND SUPPLY AGREEMENT</u>**

THIS **PRODUCT DEVELOPMENT AND SUPPLY AGREEMENT ('** this Agreement") is made effective as of 7 March 2022 ("Effective Date"), by and between. Boca International Limited, a company organized under the laws of Hong Kong SAR. with its principal place of business at Unit 1809. Prosperity Place. 6 Shing Yip Street, Kwun Tong. Kowloon. Hong Kong ("Boca\*\*) and Gene Company Limited, a corporation organized under the laws of Hong Kong SAR. with its principal place of business at Unit A, 8/F Shell Industrial Building, 12 Lee Chung Street, Chai Wan, Hong Kong ("GeneHK").

WHEREAS, Boca - an Environmental Energy Saving Specialist is engaged in the business of developing, manufacturing, marketing and selling its patented BocaPCM TES PANEL products;

WHEREAS, GeneHK wish to engage Boca to further develop and long term supply a range of Products according to GeneHK's specification and requirement - sub-zero TES panel ["sub-zero\*\* "Iceberg'\*] "Product\*\* to combine with its current product lines. The research & development project, supply of Product and the contemplated by this Agreement are solely for GeneHK on an exclusive basis throughout the Territory and Market Sectors set forth in **EXHIBIT 1.6** and **EXHIBIT 1.7.**

NOW, THEREFORE, in consideration of the foregoing, and the mutual promises and covenants contained herein, Boca and GeneHK hereby agree as follows:

**ARTICLE 1 - DEFINITIONS**

For purposes of this Agreement, the following terms shall have the meanings and definitions set forth below:

1.1 "Contract
 Period" is from 7 March 2022 to 6 March 2027.

1.2 "Boca
 Intellectual Property" shall mean all patents, copyrights, designs, drawings, trademarks, service marks, trade names, domain
 names, logos, trade designations and other proprietary rights, and all applications and registrations therefor, that pertain to Boca
 to enable fulfilling its obligation of this Agreement.

1.3 "Joint
 Intellectual Property" shall mean all inventions, improvements and discoveries which are made jointly by employee(s) of Boca
 and employee(s) of GeneHK in carrying out the Project during the validity of this Agreement; and unless proven otherwise, all inventions,
 improvements or discoveries created or made during Contract Period shall be deemed to be Joint Intellectual Property.

1.4 "Project"
 shall mean the research and supply project(s) described in Exhibit 1.4.

1.5 "Product"
 or "Products" means individually and/or collectively set forth in Exhibit 1.5 attached hereto. During the term of this
 Agreement GeneHK may. at its sole discretion, amend Exhibit specification and requirement.

1.6 "Territory"
 means the countries and/or geographic areas listed in Exhibit 1.6 attached hereto.

1.7 "Market
 Sectors" means the market sectors and/or industries listed in Exhibit 1.7 attached hereto.

1.8 "Warranty
 Period" means  **<u>twenty-four (24)</u>** months from the date of end customer's acceptance of Successful the Product.

1.9 "Successful
 End Product' means Products reach or exceed the pre-agreed requirement as set forth in Exhibit 1.4 and Exhibit 1.5 and pass
 all necessary tests or evaluation by GeneHK.

1.10 "Prices"
 means the selling price of Successful End Product from Boca to Gene HK set forth in Exhibit 1.8

**ARTICLE 2 - RESEARCH WORK**

GeneHK and Boca shall use their best endeavors to perform the Project in accordance with the terms and conditions of this Agreement.

Boca shall develop and produce Products that fulfill GeneHK's requirement as set forth in Exhibit 1.4. All defected Product shall be replaced by Boca free of charge during the Warranty Period.

**ARTICLE 3 - REPORTS**

3.1 Boca shall provide to GeneHK on going written reports periodically (no less than once a month) during the Contract Period concerning the progress on development of any prototype, samples or Products.

3.2 GeneHK shall provide to Boca on going test and evaluation reports during the development stage of any prototype, samples or Products.

3.3 Both parties shall use their best endeavors to resolve any difference that may arise in relation to the Project.

**ARTICLE 4 - COSTS, BILLINGS, AND OTHER SUPPORT**

4.1 GeneHK shall pay 50% deposit upon each purchase order and balance to be paid within thirty (30) days of receipt of monthly invoices, any pre-agreed actual charges incurred by the Boca.

4.2 GeneHK shall be deemed the sole owner of any equipment, tools or goods purchased and provided by GeneHK under this Agreement.

4.3 Boca agrees to GeneHK offsetting any pre-agreed expenses or purchases prior to any payment to Boca.

**ARTICLE 5 - PUBLICITY**

Neither party shall make any public announcement or statement relating to the Project without the written consent of the other party.

**ARTICLE 6 - INTELLECTUAL PROPERTY**

6.1 All rights and title to Boca Intellectual Property used for the Project shall belong to the Boca and shall be subject to the terms and conditions of this Agreement.

6.2 All rights and title to inventions, improvements and discoveries, whether or not patentable or copyrightable, created during the Contract Period shall be jointly owned by GeneHK and Boca, and referred to as Joint Intellectual Property.

6.3 GeneHK and Boca agree to equally pay all costs incurred in connection with the preparation, filing, prosecution, and maintenance of patent applications covering Joint Intellectual Property.

6.4 Boca shall be responsible for. and liable to each employee-inventor regarding, its employee inventor's reward relating to the benefits of any Joint Intellectual Property. Boca shall indemnify GeneHK for any such claim by any of Boca's employees.

**ARTICLE 7 - GRANT OF RIGHTS**

7.1 Boca hereby grants GeneHK a royalty-free, perpetual, non-exclusive license to use Boca Intellectual Property in order for GeneHK to be able to commercially exploit the Project.

7.2 Boca agrees to NOT directly or indirectly market, sell, or supply Product to any customers who intend to sell or to modify, alter, derivatize or manipulate Product in any way for re-sale or use within the Territory and or Market Sectors set forth in EXHIBIT 1.6 and EXHIBIT 1.7, unless as otherwise approved and agreed upon by GeneHK in writing.

7.3 With respect to any patent granted in respect of any Joint Intellectual Property. Boca shall consult and seek GeneHK's consent in writing before granting license over the Joint Intellectual Property. The GeneHK's written consent shall include, but not limited to, exclusivity, royalty, period and other terms and conditions, and shall not be unreasonably withheld.

7.4 GeneHK may commercially exploit Joint Intellectual Property solely or together with any third party or grant license to any third party.

**ARTICLE 8 - TERM AND TERMINATION**

8.1 This Agreement is effective on the date of this Agreement and continues to be effective until 6 March 2027. unless earlier terminated.

8.2 This Agreement may not be terminated by either Party during the Contract Period unless a mutual written agreement being executed by Both Parties.

8.3 If a party commits any breach of or default in any of the terms or conditions of this Agreement and fails to remedy such default or breach within <u>thirty (301 days</u> after receipt of a written notice thereof from the other party, the other party may. at its option and in addition to any other remedies which it may have at law or in equity, terminate this Agreement by sending a written notice of termination to the party in breach or default.

8.4 No termination of this Agreement, however effected, shall discharge the parties from their rights and obligations accrued prior to such termination or expiration of this Agreement.

**ARTICLE 9 - INDEPENDENT CONTRACTOR**

9.1 Boca shall be deemed to be and shall be an independent contractor and as such Boca shall not be entitled to any benefits applicable to employees of GeneHK.

9.2 Neither party is authorized or empowered to act as agent for the other for any purpose and shall not on behalf of the other bind that party into any contract, warranty, commitment or obligation.

**ARTICLE 10 - GOVERNING LAW AND DISPUTE RESOLUTION**

10.1 This Agreement shall be governed by and construed in accordance with the substantive laws of the Hong Kong Special Administrative Region ("Hong Kong") without regard to the conflicts of law provisions thereof.

10.2 Any dispute, controversy, difference or claim arising out of or relating 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 Hong Kong International Arbitration Centre ("HKIAC") under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law' of this arbitration clause shall be Hong Kong law; The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

10.3 Force Majeure. Neither party shall be liable to the other party for any failure to perform or delay in the performance of any obligation hereunder, other than obligation to make timely payments to the other Party, when such failure to perform or delay in performance is caused by an event of force majeure: provided, however, that the party whose performance is prevented or delayed by such event of force majeure shall give prompt notice thereof to the other party. For purposes of this section, the term force majeure shall include war. rebellion, civil disturbance, pandemic, earthquake, fire, flood, strike, lockout, labor unrest, acts of governmental authorities, shortage of material, acts of God. acts of the public enemy and. in general, any other causes or conditions beyond the reasonable control of the parties. If any event of force majeure continues for more than ninety (90) calendar days, either party may terminate this Agreement upon written notice to the other party.

**ARTICLE 11 - ASSIGNMENT**

No party may assign or otherwise transfer its rights or delegate its obligations hereunder, either in whole or in part, whether by operation of law or otherwise (including, without limitation, by way of asset or stock acquisition, merger or consolidation), without the prior written consent of the other party. Any attempted assignment or delegation without the other party's written consent will be null and void.

**ARTICLE 12 - CONFIDENTIALITY**

12.1 Both Parties agree to use the proprietary reports, information and data acquired from the other Party and identified as such at the time of disclosure ("Confidential Information") only to perform its services under this Agreement and not to disclose to any third party any such Confidential Information during and for a period of five (5) years from the date of disclosure.

12.2 The obligation to protect Confidential Information shall not apply to any information that:

(1) is already in the possession of a Party prior to disclosure to it;

(2) is independently developed by a Party;

(3) becomes publicly available other than through breach of this provision;

(4) is received by a Party from a third party with authorization to make such disclosure;

(5) is released with the other Party's written consent: or

(6) is required to be released by law or court order.

**ARTICLE 13-NOTICES**

Notices hereunder shall be deemed made if given by email, courier, registered or certified envelope, postage prepaid, and addressed to the recipient party at the address given below, or such other address as may hereafter be designated by notice in writing:

---

| | |
|:---|:---|
| If to: Boca International Limited | If to: Gene Company Limited |
| Unit 1809, Prosperity Place, | Unit A, 8/F Shell Industrial Building, |
| 6 Shing Yip Street, Kwun Tong, Kowloon, | 12 Lee Chung Street, Chai Wan, |
| Hong Kong. | Hong Kong. |
| Att: Dr. Richard Chan (C/o Nike Siu | Att: Dr T. Cheung (C/o Alex Xiang) |
| Email: <u>dr.richardchan@gmail.com</u> | Email: ctgene@netvigator.com |

---

**ARTICLE 14 - SURVIVAL**

Expiration or termination of this Agreement shall not relieve either contractual party from any liability that, at the time of such expiration or termination, has already accrued to the other Party. The provisions of the following Sections shall survive the termination of this Agreement for any reason: Articles 4. 5, 6. 7. 9. 12 and 13.

**ARTICLE 15 -AMENDMENT AND MODIFICATION**

No amendment to or modification of or rescission, termination or discharge of this Agreement is effective unless it is in writing, identified as an amendment to or rescission, termination or discharge of this Agreement and signed by an authorized Representative of each Party.

**ARTICLE 16 -GOVERNING LANGUAGE**

This Agreement has been prepared and executed in the English language. No authorized translation has been prepared or executed. In the event that any translation is prepared, the English language version of this Agreement shall govern..

This Agreement is executed voluntarily by each of the Parties without any duress or undue influence on the part, or on behalf, of any of them. The Parties represent and warrant to each other that they have read and fully understand each of the provisions of this Agreement and have relied on the advice and representation of competent legal counsel of their own choosing.

---

| | | | |
|:---|:---|:---|:---|
| For and on behalf of | For and on behalf of | For and on behalf of | For and on behalf of |
| **Boca International Limited** | **Boca International Limited** | **Gene Company Limited** | **Gene Company Limited** |
| "Boca" |  | "GeneHK" | "GeneHK" |
| ![](ex10-2_001.jpg) | ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg) | ![](ex10-2_002.jpg) |
| Authorized Signature | Authorized Signature | Authorized Signature | Authorized Signature |
| Name: | Dr. Richard Chan | Name: | Dr. Cheung To |
| Title: | Managing Director | Title: | Director |
| Date: | 7<sup>th</sup> March 2022 | Date: | 7<sup>th</sup> March 2022 |

---

**EXHIBIT 1.4**

**PROJECT**

**1. Project ULT Transportation Boxes** (超低温冷链运输箱的研发和生产)

Develop and Manufacture of Ultra-low Temperature Transportation Boxes.

**2. Project ULT Freezer TempBackUp** (低溫/超低温冰箱断电保护项目的研发和生产)

To protect samples stored in low/Ultra-low temperature refrigerator when power off.

**EXHIBIT 1.5**

**PRODUCT**

Product Specifications: To be agreed by both Parties

**EXHIBIT 1.6**

**TERRITORY**

---

| | |
|:---|:---|
| **Exclusive** | **: P. R. China including Hong Kong SAR, Macao SAR and Taiwan.** |
| **Non-exclusive** | **: Rest of the World** |

---

**Exhibit 1.7**

**Sub-Zero Market Sectors and Applications:**

---

| | |
|:---|:---|
| **Exclusive:** | **Non Exclusive:** |
| ● Scientific Research | ● All other sectors or applications. |
| ● Medical; |  |
| ● Diagnostic; |  |
| ● Pharmaceutical: |  |
| ● Clinical; |  |
| ● Life Sciences; |  |
| ● Biotechnology; |  |

---

**Exhibit 1.8**

**Prices**

**HKS Three Hundred (300-) per piece of Products before bulk discount.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Marketing List Price of BocaPCM-TES-Panels V38 system with BocaPCM, 160 panels/cu.m., to be delivered within year of 2022: | Marketing List Price of BocaPCM-TES-Panels V38 system with BocaPCM, 160 panels/cu.m., to be delivered within year of 2022: | HK$ | 300.00 | /pc. Ex-factory, excluding TAX & delivery. |
| BocaPCM Type: E-50 (-50°C) | TES Capacity Per Panel: | 1,077kJ (Latent), 16.2kJ/K (Specific) | 1,077kJ (Latent), 16.2kJ/K (Specific) | 1,077kJ (Latent), 16.2kJ/K (Specific) |
| Quantity (pcs.) per order | Bulk Quantity Supply Discount % for Dealer |  |  |  |
| >1,000 | 10 |  |  |  |
| >2,000 | 15 |  |  |  |
| >4,000 | 20 |  |  |  |
| >16,000 | 25 |  |  |  |
| >32,000 | 30 |  |  |  |
| >64,000 | to be agreed |  |  |  |
| Prepared by Dr. Richard Chan (Mar 2022) | Prepared by Dr. Richard Chan (Mar 2022) | Prepared by Dr. Richard Chan (Mar 2022) | Prepared by Dr. Richard Chan (Mar 2022) | Prepared by Dr. Richard Chan (Mar 2022) |

---

## Exhibit 10.3

**Exhibit 10.3**

**土地/物業租賃**

**Land / Property Lease**

租約物業位址：新界元朗白沙村330號DD119 LOT 1623 (部分)

Address of the Property under the Lease: DD119 LOT 1623,330 Pak Sha Tsuen<sub>:</sub> Yuen Long, N. T. (in part)

出租人("甲方")：陳志堅身份證號碼：C404602Q)

地址：新界元朗白沙村330號 電牯：90121073

Lessor ("Party A"): Chan Chi Kin ID Number: C 404602 (A)

Add 330 Pak Sha Tsuen, Yuen Long. N. T. Tel: 9012 1073

承組人("乙方"〉：寶加园除有隈公司商業註冊戦碼：1588340

地址：九龍觀塘成業街6號泓富康場1809室 電站：9466 2367

Lessee ("Party B"): Boca international Limited Business Registration Number: 15889340

Add: 330 Pak Sha Tsuen, Yuen Long. N.T. Tel: 9466 2367

租賛條款如下：

Terms of the lease shall be as follows:

1. 祖釣土地面積：約3340平方呎土地(附固定裝置八月祖港幣36,
 000.00元(港幣三蔦六千 元"

Area of the land under the lease: Approximately 3.340 sq. ft. of land (with fixtures thereon) for a monthly rent of HK$36<sub>;</sub>000.00 (Hong Kong Dollars THIRTY-SIX THOUSAND ONLY).

2. 租約期眼：因定期限為三年，從2023年1月1日至2025年12月3】日止

Term: Fixed term of three years from 1 January 2023 to 31 December 2025.

3. 乙方可發•出三個月書面通知终止租約
 ' 而甲方可在香港玫府收回有關土地以實旋公共專案的
 情況下可終止租約。

Party B can give three months notice in writing to terminate the tenancy whereas Party A can terminate the tenancy in case of that Hong Kong Government acquire the relevant land by resumption for the implementation of public projects.

4. 乙方應在每月租赁生效日期的第一周內支付租金•不将以任何理由拖欠租金。如果逾期十
夭，或咅乙方来能，履行水洛•宅項下的任何條软•甲方可以立即烬止本協定(希霍訴諸租賃審
裁庭)，將土地出租给另一方-沒收押金並依法收回逾期應付的租金。

Party B shall pay the rent within the first week of the lease effective date of each month and may not default in such payment or any ground. If such payment is ten days overdue,, or if Party B fails to perform any provision hereunder, Party A may terminate this agreement with immediate effect (without resort to the Tenancy Tribunal), lease the land to another party instead, forfeit the deposit and recover the overdue rent payable for the Term pursuant to the law.

5. 乙方不得將上述租賃土地辑租或轉讓给任何其他方。租約期滿后・乙方投终止租釣時•應提
前一使月書面適知甲方•否則定金将被沒收•租約期滿后•乙方對租賃土地享有優先粗賃握・
除非簽著新的協撤•否 則任何壇簽均魚效。

Party B may not sub-lease or transfer the above leased land to any other party. Upon expiry of the lease, Party B shall give a written notice of one month to Party A if Party B intends to terminate the lease, otherwise the deposit will be forfeited. Upon expiry of (he lease. Party B shall have the first right of refusal to (he leased land. No renewal shall be effective unless a new agreement has been signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. 自冬協議簽署■之日起，乙方同意向甲方支付相當於2個冃租金的押金，即港元72000.00元和首月租金港元36000.00元。租約期滿后•甲方在扣徐乙方應付的租金或其也相關費用后，
 將定金黛息退還乙方＜■

From the signing date hereof, Party B has agreed to pay Party A a deposit equal to the rent for two month, namely HK$72,000.00. and the rent for the first month of HK$36,000.00 (Hong Kong Dollars. Upon expiry of the lease, Part/ A shall return the deposit to Party B without interest, after deducting any rent or other associated costs payable by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 租賃土地上的一切物業稅•差餉、地租等，均由甲方承擔，在期限內因使用水電应、清渭費
 和复誉費用•均由乙方承擔。

All property taxes, rates, Government rents, etc. on the leased lard shall be borne by Party A. All utility fees, dealing fees and operating expenses arising from the use thereof during the Term shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. 如政府收回土地或禁止乙方绘續使用上述地段•甲方煞須賠償乙方•但虑將定金無息退還乙
方：乙方應农政府 指定的日期前騰出場地-但租金虑計算至場地腾空之日。

If the Government reclaims the land or prohibits Party B from continuing to use the above lot, Party A shall not be required to compensate Party B, but shall return the deposit to Party B without interest. Party B shall vacate the site by the date designated by the Government, but the rent shall be calculated to the date on which the site is vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 如乙方需要發展.或改建土地上的任何建築物
 > 應自行向政府提出申請（須經甲方同意）。所
 有相關費用和責任均由乙方承擔•>

If Party B needs to develop or alter any building on the land, it shall make its own application to the Government (subject to the consent of Party A). All associated costs and liabilities shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 雙万同意，土地虑按原按用於住用途。乙方不得在該土地上存放任何違禁物品，或違反《城
市規對條例〉或香港任何其他法律有關土地的任何規定：否則，甲方有權單方面终止本場定•
立帥生效並沒收押金，乙方應自行承摒所有責任。

Both Parties have agreed that the land shall be used for a <u>lawful</u> purpose on an as-is basis. Party B may not store any prohibited goods on, or breach any provision of the Town Planning Ordinance or any other laws of Hong Kong in respect of, the land. Otherwise, Party A shall have the right to terminate this agreement unilaterally with immediate effect and forfeit the deposit, and Party B shall be solely responsible for all liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. 租约期滿后•乙方應將土地原地蛛還甲方，但是、乙方讨乙方開發的所有建築物和設施摄有
權和處匪權C收回土地時•甲方無需封乙方自颐在租賃土地上暂下的浙有建築物和設荒，支付
任何補償•

Upon expiry of the lease. Party B shall return the land to Party A in situ. However. Party B shall have the title to, and the right to dispose of, all buildings and facilities thereon developed by Party B When reclaiming the land, Party A shall not be required to pay any compensation for all buildings and facilities left by Party B voluntarily on the leased land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. 甲方應保證乙方的正常經營
 ' 不得在乙方盏違法或抱矢祖金的悄況下無故千擾乙方一切正常
 合法的蝕營活動。

Party A shall ensure the normal operation of Party B. and may not interfere with all normal and lawful (derating activities of Party B without reason where Party B has no breach of law or default in rent payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. 乙方不負贵修復或賠償因任何自然災害（包扌古暴雨或颱鼠）而損壞的任何建褰物或設施。甲
 方應自費及時進行維修。

Party B shall not be responsible for the repair of, or compensation for, any building or facility damaged by any natural disaster, including rainstorm or typhoon. Party A shall perform such repair in a timely manner at its own costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. 所有未在本協議中訂明的事宜均須按香港《棠主及租零（綜合）條例》處理。

All matters not provided hereunder shall be dealt with according to the Landlord and Tenant (Consolidation) Ordinance of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. 所有租金或押金均應由正式收據證明。

All rents or deposits shall be evidenced by a formal receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. 本協定一式兩份\*每一方保呦 <u>一份</u> ，變方願急遵守本協定•本協定自雙方簽著之B起立即生
效，

This agreement shall be executed in two counterpart, and each Party shall keep <u>one</u> counterpart. Both Parties are willing to abide by this agreement, which shall come into effect immediately on the execution by both Parties.

![](ex10-3_001.jpg)

## Exhibit 10.4

**Exhibit 10.4**

**THIS TENANCY AGREEMENT** made the 4<sup>th</sup> day of January Two Thousand And Twenty Three

BETWEEN BANDICK LIMITED whose registered office is situate at Unit 901, Level 9, Fortune Metropolis, 6 the Metropolis Drive, Hunghom, Kowloon, Hong Kong ("the Landlord") of the one part and the Tenant whose name address and description arc set forth in the Schedule hereto ("the Tenant") of the other part.

WHEREBY the parties hereto agree as follows:-

1. <u>Definitions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In
 this Agreement including the recitals, the following expressions shall have the following
 meanings except where the content otherwise permits or requires

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "the
 Building" means the building erected on the Land known at the date hereof as Prosperity
 Place, No.6 Shing Yip Street, Kowloon, Hong Kong.

(b) "the
 Land" means All That piece or parcel of ground registered in the Land Registry as Kun
 (otherwise known as Kwun) Tong Inland Lot No.62.

(c) "the
 Government Grant" means the Government Lease in respect of the Land dated 5th day of
 September 1966 and made between Queen Elizabeth II of England of the one part and Fong Sun
 Tou of the other part as varied by:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Deed
 of Variation of Crown Lease dated the 26th day of May 1969 registered in the Land Registry
 by Memorial No.UB676487;

(ii) Deed
 of Variation of Crown Lease dated the 15th day of July 1971 registered in the Land Registry
 by Memorial No.UB818215;

(iii) Deed
 of Variation of Crown Lease dated the 3rd day of February 1982 registered in the Land Registry
 by Memorial NO.UB2207622;

(iv) Modification
 Letter dated the 7th day of February 1996 registered in the Land Registry by Memorial No.UB6532514;

(v) Modification
 Letter dated the 2nd day of December 1998 registered in the Land Registry by Memorial No.UB7647460;

(vi) Waiver
 Letter dated the 19<sup>th</sup> day of September 2012 and registered in the Land Registry
 by Memorial No. 12100801240017; and

![](ex10-4_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Relaxation
 Letter dated the 8<sup>th</sup> day of August 2016 and registered in the Land Registry by
 Memorial No. 16082300790081.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "the
 Premises" means all the premises set out in the Schedule hereto.

(e) "Deed
 of Mutual Covenant" means the document for the time being which defines the rights
 interests and obligation of the owners of the undivided shares of the Lane among them and
 any Sub-Deed of Mutual Covenant and deeds amending or supplemental to any Deed of Mutual
 Covenant or Sub-Deed of Mutual Covenant.

(f) Management
 Fee means the services and management charges for the provision of management services as
 may from time to time be determined by the "Building Manager" and be payable
 in respect of the premises by the Tenant.

(g) Building
 Manager - the Manager of the Building appointed by the Landlord.

(h) "Month"
 means calendar month.

(i) "Permitted
 Purposes" means the Permitted Purposes specified in Schedule B to the Waiver Letter.

(j) "Waiver
 Letter" means the Waiver Letter dated the 19<sup>th</sup> day of September 2012 from
 the Chief Estate Surveyor/Headquarter Lands Department to Bandick Limited and registered
 in the Land Registry on the 8<sup>th</sup> day of October 2012 by Memorial No. 12100801240017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 (a) In this Agreement words importing the masculine gender include
the feminine gender and the neuter gender and words importing the singular number include the plural number and vice versa and the expression
"the Landlord" includes his successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 two or more persons are comprised in the expressions "the Landlord" and "the
 Tenant" the covenants agreements herein contained on the pan of the Landlord and the
 Tenant shall be deemed to be made by such persons jointly and severally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Person"
 includes ail individual a partnership and a company or other corporate or unincorporated
 body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where
 two or more persons are comprised in the expression "the Tenant" each of the
 Tenant herein hereby appoints each of the other Tenant or Tenants herein to act jointly and
 severally as his lawful attorney in respect of all matters relating to this Agreement including
 but not limited to the due performance and observance of all the terms stipulations and conditions
 on title part of the Tenant to be performed and observed hereunder.

2. <u>Premises</u> 

The Landlord shall let and the Tenant shall take All That/Those the Premises Together with the right for the Tenant his employees servants workmen licensees customers and all persons authorized by the Tenant in common with the Landlord and others having the like right to use go pass and repass up down over and upon the entrance exits staircases passages halls landings lifts if any (during such hours as the same shall be operating) and other areas of the Building intended for common use as far as the same are necessary for the proper enjoyment of the Premises subject to the terms and conditions hereinafter contained.

3. <u>Term</u> 

The tenancy shall be for the Term of Tenancy and commence from the Date of Commencement of Tenancy and expiring on the Date of Expiration of Tenancy set out in the Schedule hereto, both days inclusive and determinable as hereinafter mentioned.

4. <u>Rent</u> 

The rent for the Term of the Tenancy shall be the sum set out in the Schedule hereto

5. <u>Exceptions and Reservations</u> 

There are excepted and reserved out of this Agreement to the Landlord and all persons authorized by the Landlord or otherwise entitled there to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 right of free and uninterrupted passage and running of water, soil, gas, drainage, electricity
 and all other services or supplies through such sewers, watercourses, conduits, pipes, wires,
 cables and ducts as are now or may hereafter be in, on or under the Premises and serving
 or capable of servicing the Building or any adjoining or neighbouring property or any part
 thereof together with the right to enter upon the Premises to inspect repair replace or maintain
 any such sewers, watercourses, conduits, pipes, wires, cables or ducts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 exclusive right to install in or affix to any part of the Building such flues, pipes, conduits,
 chimneys, aerials, plant, machinery and other apparatus, signs, placards, posters and other
 advertising structures whatsoever (whether illuminated or not) as the Landlord shall in his
 absolute discretion think fit together with the right to repair maintain service remove or
 replace the same provided that the Landlord shall cause as little interference as possible
 to the Tenant. The Tenant hereby acknowledges and agrees to waive any rights whatsoever it
 may have against the Landlord in respect of the affixing or installing of such advertising
 signs or structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 right to erect or alter or consent to the erection or alteration of any building for the
 time being on any adjoining or neighbouring property notwithstanding that such erection or
 alteration may diminish the access of light and air and passage of way enjoyed by the Premises
 and the right to deal with any such property as he may think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 full and free right and liberty to enter upon the Premises in the circumstances in which
 the agreements by the Tenant contained in these presents permit such entry;

(v) the
 right to subjacent and lateral support from the Premises for the remainder of the Building;

(vi) all
 casements quasi-easements privileges and rights whatsoever now enjoyed by any adjoining or
 neighbouring property in under over or in respect of the Premises as if such adjoining and
 neighbouring property and the Premises had at all times heretofore been in separate ownership
 and occupation and such matters had been acquired by prescription or formal grant;

(vii) the
 absolute and unfettered right to use or grant the right to use (whether by way of tenancy
 licence or in any form or manner whatsoever) all the external walls of the Building for whatever
 purpose the Landlord may deem fit and assign or delegate such right;

(viii) the
 right to alter the general plans of the Building and re-designated the location, area, layout
 and/or boundary of the common area and to alter the passageway, circulation routes toilets
 and/or other common area and facilities of the Building whenever the Landlord considers necessary
 for the purpose of compliance with the Government Grant, the Waiver Letter or for the purpose
 of compliance with all ordinance bye-laws rules or regulations or the Government's
 requirements in connection with the future modification of the Government Grant or the Waiver
 Letter or for the purposes of amendments of the Deed of Mutual Covenant or entering into
 a new Deed of Mutual Covenant with other owners of the Land or for any other purposes as
 the Landlord shall in his absolute discretion think fit;

(ix) the
 right to name the Building and change the name of the Building to any other name or style
 as the Landlord in his sole discretion may determine and at any time and from time to time
 to change alter substitute or abandon any such name;

(x) other
 reservations and rights reserved unto the Landlord as Registered Owner under the Deed of
 Mutual Covenant of the Building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the
 right to remedy any breach of the Tenant's stipulations, terms or conditions in this
 Agreement;

and the Tenant and any other persons affected shall not be entitled to claim any compensation or damages or reduction of rent from the Landlord.

6. <u>User</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 Pursuant
 to the Waiver Letter, subject to the terms conditions and covenants therein contained and
 accepted by the Landlord, the Landlord is granted a temporary waiver of the restrictions
 set out in Schedule A thereto and contained in the Government Grant so as to permit the use
 of the Land for any one or more of the Permitted Purposes. The list of the Permitted Purposes
 is as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Commercial Bathhouse/Massage
 Establishment

(2) Bating Place

(3) Educational Institution

(4) Exhibition or Convention Hall

(5) Information Technology and
 Telecommunications Industries

(6) Institutional Use (excluding
 Social Welfare Facility)

(7) Off-course Betting Centre

(8) Office

(9) Place of Entertainment

(10) Place of Recreation, Sports
 or Culture

(11) Private Club

(12) Public Utility Installation

(13) Radar,
 Telecommunications Electronic Microwave Repeater, Television and/or Radio Transmitter Installation

(14) Research,
 Design and Development Centre

(15) School
 (excluding free-standing purpose-designed building and kindergarten)

(16) Shop
 and Services

(17) Training
 Centre

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 Although
 the Premises can be used for such purposes as set out in Clause 6.01 hereof the Tenant hereby
 agrees to limit its use of the Premises for such purpose as specified in the Schedule annexed
 hereto only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 The
 Tenant hereby declares that the Tenant is fully aware of the terms and conditions of the
 Waiver Letter and ag rees that in the event of any
 breach, non-performance or non-observance of any of the terms, conditions and stipulations
 contained in the Wavier Letter on the part of the Tenant, the Landlord shall have the right
 to forthwith terminate this tenancy and the Tenant shall have no claim in respect thereof
 and that the Tenant shall fully indemnify the Landlord and keep the Landlord fully indemnified
 against all loss and damages arising out of or resulting from such breach, non-performance
 or non-observance on the part of the Tenant.

7. <u>Tenant's Obligations</u> 

The Tenant hereby agrees with the Landlord as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 To
 pay throughout the Term of the Tenancy, with or without demand, the Rent set out in the Schedule
 hereto payable in advance on the 1st day of each month without deduction the first and last
 of such payments to be apportioned according to the number of days in the month included
 in the Tenn. The first of such payment is to be made on signing of this Agreement Provided
 that the Landlord may by a notice in writing to the Tenant direct the Tenant to tender the
 Rent for payment in such manner at such place and to such person as the Landlord shall from
 time to time direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 (a) To pay and discharge punctually during the Tenn of the Tenancy
all the Government Rates and Government Rents and all other taxes, assessments, duties, charges, impositions and all other outgoings
which now are or shall at any time hereafter during the Term of the Tenancy be assessed imposed or charged by the Government of Hong
Kong, or any other lawful authorities upon the Premises or upon the owner or occupier in respect thereof (Property tax alone excepted)
and to produce to the Landlord such receipts or other evidence of any of the payments aforesaid as the Landlord may from time to time
reasonably require. The Government Rates and the Government Rent as at the date hereof are set out in the Schedule hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Government Rates</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without
 prejudice to the foregoing, the Landlord shall be entitled to debit the Tenant with the amount
 of Government Rates payable in respect of the Premises quarterly in advance on the first
 day of the months of January, April, July and October and the Tenant shall in such event
 pay the amount of Government Rates shown on the Landlord's debit note to the Landlord
 quarterly in advance and the Landlord shall have the absolute right and power to settle (without
 any notice to the Tenant) the Government Rates payable in respect of the Premises directly
 with the Government of Hong Kong upon receipt of the demand note for Rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event of the Premises not yet having been assessed to Government Rates at the Date of
 Commencement of Tenancy, the Tenant shall from the Date of Commencement of Tenancy until
 such time as the Premises are assessed to Government Rates pay to the Landlord on the l<sup>st</sup>
 day of each month a sum equivalent to 5% of the monthly rent as an interim assessment and
 any over-payment or under-payment by the Tenant shall be adjusted. In the event on assessment
 or re-assessment of rateable value of the Premises by The Government of the Hong Kong during
 the Term of Tenancy, the Tenant shall waive all right as tenant to serve proposal for alteration
 of the new rateable value assessed by Rating and Valuation Department and shall abide by
 the decision of the Landlord in the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 for any reason whatsoever the rateable value of the Premises during the Terms of Tenancy
 is increased to a figure in excess of the rateable value as at the date of these presents
 or if the Government Rates payable shall be increased then and in any such case the Tenant
 shall during the continuance of the Term of Tenancy bear such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Government Rent</u> 

The Tenant shall pay punctually during the Term of the Tenancy the Government Rent in respect of the Premises quarterly in advance on the first day of the first month of each and every quarter and as chargeable by the Government of Hong Kong. Without prejudice to the foregoing, the Landlord shall be entitled to debit the Tenant with the amount of Government Rent payable in respect of the Premises quarterly in advance on the first day of the months of January, April, July and October and the Tenant shall in such event pay the amount of Government Rent shown on the Landlord's debit note to the Landlord quarterly in advance and the Landlord shall have the absolute right and power to settle (without any notice to the Tenant) the Government Rent payable in respect of the Premises directly with the Government of Hong Kong upon receipt of the demand note for Government Rent. In the event that the Government Rent in respect of the Premises have not been assessed by the Government of Hong Kong, the Tenant shall pay to the Landlord on the 1<sup>st</sup> day of each month a sum equivalent to 3% of the monthly rent as an interim valuation and any over-payment or under-payment by the Tenant shall be adjusted when a valuation under the Rating Ordinance shall be made known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 To
 pay to the Landlord punctually throughout the Term of the Tenancy, with or without demand,
 the Management Fee relating to the Premises payable in advance on the 1st day of each month
 without deduction the first and last of such payments to be apportioned according to the
 number of days in the month included in the Term. The first of such payment is to be made
 on signing of this Agreement Provided that the Landlord may by a notice in writing to the
 Tenant direct the Tenant to tender the Management Fee for payment in such manner at such
 place and to such person as the Landlord shall from time to time direct. The Management Fee
 relating to the Premises at the date hereof is set forth in the Schedule hereto and subject
 to the following :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the event of a deficiency occurring or seeming to the Landlord likely to occur, the Landlord
 shall be entitled to demand collect and recover from the Tenant such additional Management
 Fee as the Landlord may determine. The Landlord's assessment of the amount of deficiency
 and the amounts of additional Management Fee shall be conclusive and binding on the Tenant;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Landlord shall be entitled from time to time to increase the Management Fee provided for
 in this sub-clause if in the opinion of the Landlord there is or is likely to be an increase
 in the costs. The Landlord's assessment of the increases shall be conclusive and binding
 on the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 To
 pay and discharge punctually during the Term of the Tenancy all charges for water and electricity
 as may be shown by the Tenant's own meter or meters installed upon the Premises and
 to pay all deposits therefor. In the event that the Premises are not separately metered,
 the Tenant shall pay a due proportion of the charges as shown by the meter(s) through which
 the supply to the Premises is rendered such apportionment to be determined by the Landlord
 at the Landlord's sole discretion which shall be final and binding on the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05 (a) On or before the signing of this Agreement to pay the Deposit
set out in the Schedule hereto to the Landlord to secure the due observance and performance by the Tenant of the agreements stipulations
and conditions herein contained and on the Tenant's part to be observed and performed. The Deposit shall be retained by the Landlord
for his own use and benefit throughout the Term of Tenancy free of any interest to the Tenant with power for the Landlord, without prejudice
to any other rights or remedies hereunder,
to deduct therefrom the amount of any Rent, Government Rents, Government Rates, Management Fee or other charges payable hereunder which
is in arrear or any loss or damage incurred or sustained by the Landlord as the result of any non-observance or non-performance by the
Tenant of any such agreements stipulations obligations or conditions. In the event of any deduction being made by the Landlord from the
Deposit in accordance herewith the Tenant shall on demand by the Landlord forthwith pay to the Landlord further deposit the amount so
deducted and failure by the Tenant so to do shall entitle the Landlord forthwith to re-enter the Premises and to determine this Agreement
as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should there be any increase of rental, Government Rates, Government Rent or Management Fee during the Term of Tenancy, the Tenant shall
further pay to the Landlord additional sums in cash so that the Deposit shall be maintained in a sum equivalent to 4 months\* Rent, Government
Rates, Government Rent and Management Fee and the provisions of this Clause shall apply to such further deposits.

(c) Subject as aforesaid, the Deposit shall be refunded to the Tenant by the Landlord without interest within forty five days after the
expiration or sooner determination of this Agreement and the delivery of vacant possession of the Premises to the Landlord in such
repair and condition in accordance with Clauses 7.11, 7.68 and 7.69 hereof or within forty five days of the settlement of the last
outstanding claim by the Landlord against the Tenant in respect of any breach, non-observance or non-performance of any of the
terms stipulations or conditions herein contained and on the part of the Tenant to be observed and performed, whichever is the
later.

7.06 To observe such house rules as may from time to time be established by die management committee or the Building Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 To obey and comply with
 all the requirements of the Hong Kong Government or other lawful authorities and with all laws ordinances rules regulations and
 notices relating to the use and occupation of the Premises, or to any other act, deed, matter or thing done, permitted, suffered or
 omitted therein or thereon by the Tenant or any employees agent servants workmen licensees (for the purpose of this Agreement,
 "licensee" shall mean any person present in, using or visiting the Premises with the express or implied consent of the
 Tenant) of the Tenant and without prejudice to the foregoing to obtain any licence approval or permit required by any Governmental
 or other competent authority in connection with the Tenant's use or occupation of the Premises prior to the commencement of
 the Tenant's business and to maintain the same in force and in all aspects comply with the terms thereof throughout the Term
 of the Tenancy and to keep the Landlord indemnified against any breach of this sub-clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 Not
to use or permit or suffer to be used the Premises or any part thereof for any purpose other than those set out in the Schedule
hereto.

7.09 Not
to use the Premises or any part thereof or permit same to be used for any illegal or immoral purpose.

7.10 Not
to do or permit to be done in or upon the Premises or any part thereof anything which may be or become a nuisance annoyance
inconvenience damage or disturbance to the Landlord or to any of the tenants or occupiers of the Building or of the neighbouring or
adjacent premises or buildings.

7.11 At the Tenant's own expense to keep all the interior of the Premises including the flooring and interior plaster or other finishing material or rendering to walls floors and ceilings and the Landlord's fixtures and fittings therein including all doors windows electrical installations and wiring and fire fighting installation and apparatus, all pipes plumbing and drainage facilities in good clean tenantable substantial and proper repair and condition and deliver up the same to the Landlord at the expiration or sooner determination of the Term of Tenancy in the like condition.

7.12 To lake all precautions to protect the interior of the Premises against damage by storm typhoon or the like threats.

7.13 Not to do or permit to be done anything whereby the policy or policies of insurance, if any, on the Premises against damage by fire or liability to Third Parties or the contents thereof may become void or voidable or whereby the rate of premium thereon may be increased and to compensate the Landlord for all losses or damages the Landlord may suffer in consequence of a breach of this term and to repay to the Landlord all sums paid by way of increased premium and all expenses incurred by the Landlord in or about any renewal of such policy or policies rendered necessary by a breach of this term Provided that in the event of any breach of the term by the Tenant the Landlord shall not be bound to renew or extend the said policy or policies of insurance and may at his discretion determine this Agreement forthwith.

7.14 To keep in good clean tenantable repair and condition all the drains and pipes in the Premises and to pay to the Landlord on demand all costs incurred by the Landlord in cleansing and clearing any of the drains pipes sanitary or water apparatus choked or stopped up owing to careless or negligent use thereof by the Tenant or his employees, servants, workmen, licensees, customers or any persons authorised by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 To forthwith repair and amend in a proper and workmanlike manner any defect in the interior of the Premises the repair of which the Tenant is responsible for under the terms of this Agreement of which notice shall have been given to the Tenant.

7.16 To replace all broken or damaged window, doors and fixtures of and in the Premises whether the same be broken or damaged due to the negligence or default of the Tenant or owing to circumstances beyond the control of the Tenant.

7.17 To permit the Landlord, the Building Manager and his agents with or without workmen and others and with or without tools and appliances at all times to enter the Premises or any part thereof to view the state of repair and condition thereof to take inventories of the fixtures fittings and equipment therein and to carry out all maintenance repair and other works as the Landlord shall deem fit including but not limited to the inspection, installation, erection, repair, replacement and maintenance of cables, wires, conduits, antennae, etc. and such other works for the purpose of enabling or enhancing the provision of electric power, water supplies, air-conditioning (if any) and telecommunication services or any other services within the Premises and/or the Building provided that in the event of an emergency the Landlord its agents or workmen may enter without notice and forcibly if need be. The Tenant shall forthwith upon receipt of any notice from the Landlord specifying any defect or want of repair found in the Premises the repair of which the Tenant is responsible for under the terms of this Agreement, repair and make good the same and if the Tenant shall fail to do so within fourteen (14) days from the date of such notice as aforesaid the Tenant shall permit the Landlord to enter upon the Premises for the purpose of carrying out such repairs and the Tenant shall pay the Landlord's cost of carrying out any such repairs or work and in connection with any such notice as aforesaid.

7.18 Not to keep or store or cause or permit or suffer to be kept or stored any arms ammunitions
 gun-powder salt petre petrol kerosene or other explosive or combustible substance or hazardous or unlawful goods in any part of the
 Premises and not at any time during the Term of Tenancy to allow the Premises or any part thereof to be used in any way entailing a
 fine forfeiture or penalty against the Landlord under any law for the time being in force in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 Not to do cause or permit or suffer to be done any act deed matter of thing whatsoever which shall
 amount to a breach or non-observance of any of the terms conditions or covenants contained in the Government Grant as modified by
 the Waiver Letter under which the Landlord holds the Premises from the Government of Hong Kong or contained in the Deed of Mutual
 Covenant in respect of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20 (a) The Tenant shall prior to the commencement of any internal partitioning and fitting out works of the Premises (hereinafter referred
to as "the Tenant's Fitting-Out Works") at its own cost prepare and submit to the Landlord and the Building
Manager for approval (which approval may be withheld by the Landlord and the Building Manager as their absolute discretion) four (4)
sets of drawings and specifications of the works to be carried out by the Tenant together with schematic sketches showing sufficient
design and construction of all interior works and fittings (hereinafter collectively called "the Tenant's Plans"),
to enable the Premises to be fitted out. The Tenant's Plans shall include but not limited to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) General Layout Plans;

(ii) Air-conditioning
Plans;

(iii) Fire
Services Plans;

(iv) Reflected
Ceiling Plans;

(v) Electrical
Installation Plans;

(vi) Plumbing/Drainage
Plans;

(vii) Material Sample Board of Proposed Finishes/Fittings;

Under no circumstances the Tenant shall commence such work until the full approval of the Landlord and the Building Manager have been obtained. The Tenant shall at the Tenant's expense carry out and complete within one month after the Date of Commencement of Tenancy in good and workmanlike manner using good materials *for* the execution of the Tenant's fitting-out works.

For avoidance of doubt, any delay in submission by the Tenant of the aforesaid plans or approval thereof shall not entitle the Tenant to any claim, loss, liabilities, damages, rights or action against the Landlord nor to claim any extension of Rent Free Period or abatement of Rent or payment of Government Rent, Government Rates, the Management Fee, outgoings of the Premises (if any) as shall be due and payable in accordance with the provisions hereof or postponement of the Date of Commencement of the Term of the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Tenant shall not carry out the Tenant's Fitting-Out Works before full approval of the Tenant's
Plans shall have been given by the Landlord and the Building Manager and any subsequent alterations to the Tenants Plans which have already
been approved by the Landlord must be subject to the Landlord's re-approval in writing.

(c) The Tenant shall at its own expense complete the Tenant's Fitting-Out Works in accordance with the
Tenant's Plans and commence its operation in accordance with the User as specified in the Schedule annexed hereto within the time
set out in this sub-clause (a).

(d) The Tenant shall reimburse the Landlord on demand for the fees of all architectural, mechanical, electrical
and structural engineering consultants and other professional fees incurred according to fee notes or bills rendered by any such consultants
and/or professionals in connection with the consideration of the Tenants Plans or subsequent variation to the approved Tenant's
Plans,

(e) The Tenant shall also pay to the Landlord such amount as the Landlord may in its absolute discretion prescribe
as the approval or vetting fee for the approval of the Tenant's Plans.

(f) All works to be carried out by the Tenant, its contractors or sub-contractors shall be carried out
 in accordance with the fitting-out rules to be issued by the Landlord or its authorized agent(s) from time to time and to be signed
 by the Tenant prior to commencement of Tenant's works and the Tenant will pay to the Landlord or its authorized agent(s) such
 fitting out deposit and such fitting out co-ordination fee and such reinstatement deposit the LandLord or its authorized agent(s)
 deems appropriate.

(g) Any works involved the fire services system and air-conditioning system (if any) in the Building shall
be carried out at the Tenant's own cost and expenses by contractors which (a) possess reasonably competent skill by relevant industry
standard; and (b) have been registered with the Landlord in the list(s) of such contractors which have been approved by the Landlord basing
on the abovementioned requirements and criteria including in particular the maintenance contractor(s) who have / has been engaged by the
Landlord for each relevant work (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Tenant shall comply with and procure its contractors and agents to comply with all instructions and
directions by the Landlord, the Building Manager or their respective representatives and shall use its best endeavour to minimize the
disturbance or interference to the Landlord, the other owners, tenants or occupiers of the Building and shall make good all damage to
the Building or other properties of the Landlord caused by the Tenant's Fitting-Out Works and the Tenant's Building Utilities
Works.

(i) The Tenant shall be responsible for the daily removal of all trash, rubbish and surplus building material
resulting from the Tenant's Fitting-Out Works and the Tenant's Building Utilities Works.

(j) The Tenant shall indemnify the Landlord against all claims actions demands proceedings costs and expenses
suffered by the Landlord arising from the Tenant's Fitting-Out Works and the Tenant's Building Utilities Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 Not without the previous consent in writing of the Landlord to make or permit any alterations in or additions
to the Premises or any part thereof or to any of the fixtures nor pull down alter or remove any portions of the partitions or fittings
thereof nor make any alterations in the architectural features or facings or to the electrical wiring installations thereof

7.22 Not to install or use in the Premises any apparatus or equipment which requires any additional electrical
main wiring or which consumes electricity not metered through the meter(s) from which the Tenant's consumption of electricity is
calculated.

7.23 Not without the previous written consent of the Landlord to alter the existing locks, bolts or fittings
on the entrance doors to the Premises nor to install any additional locks, bolts or fittings thereon.

7.24 Not to cut maim or injure or cause suffer or permit to be cut maimed or injured any doors windows walls
joints cement concrete columns beams girders floor slabs or any other part of the fabric of the Premises without the prior consent of
the Landlord.

7.25 Not to encumber obstruct or permit to be encumbered or obstructed with any boxes, packaging, merchandise,
rubbish or other articles or obstructions of any kind or nature any of the entrances, exits, staircases, landings, passages, lifts, lobbies
or other parts of the Building not included in the Premises. In addition to any other remedies which the Landlord may have hereunder,
the Landlord, his servants or agents may without any prior notice to the Tenant remove any such obstruction and dispose of the same as
he may think fit without incurring any liability therefor and the Tenant
shall on demand pay to the Landlord all costs and expenses incurred in such removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 (a) The Tenant shall affix and install all signs for display of the Tenant's trading name at the Tenant's sole costs and subject to
the Landlord's approval and the following conditions

(i) the
signs shall be affixed within the boundaries of the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the design and lettering for the signs shall be subject to the prior approval of the Landlord and the
Building Manager whose approval shall be at their- respective absolute discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Tenant shall be solely responsible for the maintenance and repair of the signs and shall pay all costs
and expenses of the lettering and the electricity consumed in illuminating the signs and shall indemnify the Landlord against all claims
actions demands and proceedings arising from the signs or non-payment of the aforesaid costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Save as permitted pursuant to Clause 7.26(a) hereof not to exhibit erect or display on or affix to
 the exterior of the Premises any writing sign signboard advertisement placard slogan stickers or other device object figure
 decoration sculpture whether illuminated or not which may be visible from outside the Premises nor to exhibit or display advertising
 signs or materials to the interior of any windows in the Premises unless the size and design are first approved in writing by the
 Landlord or the Building Manager nor to affix any writing sign signboard advertisement placard slogan stickers or other device
 object figure decoration sculpture in at or above any common area lobby landing or corridor of the Building Provided always that the
 Tenant shall be entitled to have its name and business displayed in lettering and/or characters to a design and standard of
 workmanship approved by the Landlord on a signboard or sign band at location to be designated by the Landlord at its absolute
 discretion. The Tenant shall not change its business name without the previous written consent of the Landlord and without prejudice
 to the foregoing the Landlord may in connection with any application for consent under this Clause 7.26(b) require the Tenant to
 produce such evidence as it shall think fit to show that no breach of Clause 7.29(e) hereof has taken place or is about to take
 place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 Not to produce or permit or suffer to be produced any music or noise (including sound produced by the
broadcasting or any apparatus or equipment capable of producing or reproducing receiving or recording sound) or vibration or resonance
or other form of disturbance which is excessive or which will cause annoyance or disturbance to the Landlord or the occupiers of the neighbouring
premises or detriment to the Building or any part thereof The determination
of the consultants or experts appointed by the Building Manager as to whether any such music, noise,- vibration or resonance or other
form of disturbance is excessive shall be conclusive. Without prejudice to the aforesaid, noise exceeding 70 dba at daytime (defined as
from immediately after 8:00 a.m. to 7:00 p.m.) or exceeding 60 dba at nighttime (defined as from immediately after 7:00 p.m. to 8:00
a.m.) shall be deemed to be excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.28 To repair and replace if so required by the appropriate Electricity Supply Company or Authority as the
case may be under the terms of any Electricity Ordinance for the time being in force or any Orders in Council or Regulations made thereunder,
all the electrical wiring installations and fittings within the Premises and the wiring from the Tenant's meter or meters to and
within the same and for the purpose of such repair or replacement to use only such contractors as shall be approved by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 Not to assign underlet license or otherwise part with the possession of the Premises or any part thereof
in any way whether by way of sub-letting lending sharing or other means whereby any person or persons not a party to this Agreement obtains
the use or possession of the Premises or any part thereof irrespective of whether any rental or other consideration is given for such
use or possession and the Tenant hereby further agrees that in the event of any such transfer sub-letting sharing assignment underletting
licensing or parting with possession of the Premises (whether for monetary or other consideration or not) this Agreement shall at the
option of the Landlord forthwith determine and the Tenant shall forthwith on demand surrender the Premises to the Landlord with vacant
possession. The tenancy shall be personal to the Tenant named in this Agreement and without in any way limiting the generality of the
foregoing the following acts and events shall unless approved in writing by the Landlord (which approval the Landlord may withhold without
assigning any reason therefor) be deemed to be breaches of this Clause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of a tenant which is a partnership the taking in of one or more new partners whether on the
death or retirement of an existing partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a tenant who is an individual (including a sole surviving partner of a partnership tenant)
the death insanity or other disability of that individual to the intent that no right to use possess occupy or enjoy the Premises or any
part thereof shall vest in the executors administrators personal representatives next of kin trustee or committee
of any such individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of a tenant which is a corporation any take-over reconstruction amalgamation merger liquidation
or change in the person or persons who owns or own a majority of its voting shares or who otherwise has or have effective control thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The giving by the Tenant of a Power of Attorney or similar authority whereby the donee of the Power obtains
the right to use possess occupy or enjoy the Premises or any part thereof or does in fact use possess occupy or enjoy the same.

(e) The
change of the Tenant's business name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30 To permit the Landlord, at any time if the Landlord intends to sell the Premises, or during the six months immediately preceding the determination of the Tenancy hereby created if the Landlord intends to relet the Premises, to affix and retain without interference upon any external part of the Premises a notice for reletting or selling the same and the Tenant shall permit persons with authority iron the Landlord or their agents at all time of the day, to enter and view the Premises or any part thereof

7.31 To
be wholly responsible for any loss damage or injury caused to any person whomsoever or to any property whatsoever directly or
indirectly through the defective or damaged condition or operation of any part of the interior of the Premises or any fixtures or
fittings or wiring or piping therein for the repair of which the Tenant is responsible hereunder or in any way caused by or owing to
the spread of fire smoke or fumes or the leakage or overflow of liquid from the Premises or any part thereof or through the act
default or neglect of the Tenant his servants agents contractors licensees partners or customers and to make good the same by
payment or otherwise and to indemnify the Landlord against all costs claims demands actions and legal proceedings whatsoever made
upon the Landlord by any person in respect of any such loss damage or injury as aforesaid and all costs and expenses incidental
thereto.

7.32 To conduct the business of the Tenant so as not to prejudice the goodwill and reputation of the Building.

7.33 To pay the Landlord immediately upon demand the cost of re-affixing, repairing, altering or replacing as necessary any name slat of the Tenant's name on the directory boards (if any) which shall be provided by the Landlord.

7.34 To reimburse the Landlord the cost of replacing any damaged, broken, defective or burned out electric light bulbs, tubes and globes in the Premises which may be provided by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 (a) To effect and maintain insurance throughout the said term with an insurance company of repute in respect of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) losses suffered or incurred by third parties which might give rise to a claim against the Landlord or
a claim for indemnity by the Landlord under Clause 7.66 of this agreement such insurance to be in the sum of not less than Ten Million
(HK$10,000,000.00) for any one claim or series of claims arising out of any one event in respect of accident or mishap happening in the
Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an adequate amount of Property AH Risks insurance in respect of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To produce to the Landlord and the Building Manager on demand either the policy/policies of such insurance
and the receipt(s) for the last premium(s) or reasonable evidence from the insurers of the terms of the policy and the fact that the
same is/are subsisting and ii effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As soon as reasonably practicable to apply all money received under any policy effected under Clause 7.35(a)
above in making good the losses in respect of which it was paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.36 To engage such cleaning contractor of reasonably competent skill by relevant industry standard to be recommended
or approved in advance by the Landlord for daily cleaning of the interior of the Premises and to pay all costs in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37 Not to permit any person to stay overnight in the Premises nor the use the Premises or any part thereof
as sleeping quarters without the prior written consent of the Landlord. Such permission shall only be given to enable the Tenant
to use the Premises in accordance with the purpose set out in the Schedule hereto or to post watchmen to look after the contents of the
Premises which shall not be used as sleeping quarters or as domestic premises within the meaning of the Landlord and Tenant (Consolidation)
Ordinance Cap .7 or any other enactment or modification thereof for the time being in force.

7.38 To
ensure that the lavatories and water apparatus approved for use by the Tenant its servants employees and licensees or other persons
authorised by the Tenant are used only for the purposes for which they are designed in a proper manner and that they are not damaged
or misused by any of the Tenant's servants employees or licensees or such other persons aforesaid.

7.39 Not
to move any safe, heavy equipment, bulky matter or fixtures in and out of the Building without first obtaining the Landlord's
written consent. The Tenant shall keep the Landlord indemnified against all damages sustained by any person or property and for any
damages or monies paid out by the 18 Landlord in settlement of any claim or judgments as well as legal costs incurred in connection
therewith, and all costs incurred in repairing any damage to the Building or its appurtenances resulting from the involvement of any
safe, heavy equipment, bulky master or fixtures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 Not
 to place or permit or suffer to be placed any equipment apparatus or including any safe or other heavy equipment or object which
 imposes a weight on any part of the flooring of the Premises in excess of the loading for which it was designed. The Landlord shall
 be entitled to prescribe the maximum weight and location of any safe or other heavy equipment or object and to require that the same
 stand on supports of such dimensions and materials to distribute the weight as the Landlord may deem necessary. All fees incurred
 by the Landlord in obtaining the approval of its architects to the location of any safe or other heavy equipment or object shall
 be borne by the Tenant and payment therefor may be imposed as a pre-requisite to the Tenant receiving such consent.

7.41 To
 ensure that the Premises do not become infested with insects or vermin. In the event of the Premises becoming so infested the Tenant
 shall pay the cost of extermination, by exterminators as arranged or approved by the Landlord, and the selected exterminators shall
 be given full access to the Premises for this purpose.

7.42 Not
 to place or store any goods or chattels or any other things on the loading spaces, in the common entrance halls, staircases,
 landings, passages, other common parts of and in the Building and any part of the Building which is not hereby exclusively let to
 the Tenant.

7.43 Not
 to drill into, or in any way damage, injure or deface any part of the Premises or the Building including in particular but
 without in any way limiting the generality of the foregoing the fabric or decorative features of the common areas, stairs, lifts
 and escalators (if any) of the Building. No boring shall be permitted save with the prior written approval of the Landlord and as
 the Landlord may direct.

7.44 Not
 to bring into the Building any bicycle, vehicle or animal save with the prior written consent of the Landlord. No cooking nor preparation
 of food (except lunch boxes and light refreshment) nor the delivery of food to the Premises shall be permitted by the Tenant. The
 Tenant shall not permit any unusual or objectionable odours to be produced upon or permeate from the Premises.

7.45 Not
 to do or permit to be done on the Premises or any part thereof any act which shall or may subject the Landlord to any liability or
 responsibility for injury to any person or to property.

7.46 Not
 to permit or suffer any sale by auction to be held upon the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47 Not
 to install any air-conditioning units plant apparatus or machinery in the Premises without having first obtained tic written consent
 of the Landlord.

7.48 Not
 to overload the lifts in the Building in excess of their maximum capacity and to be responsible for any damage caused as a result
 of a breach of this sub-clause by the Tenant, its employee, agent, licensee, contractor or customer.

7.49 Not
 to install or use in the Premises or permit or suffer to be installed or used in the Premises any machinery, furnace, boiler or other
 plant or equipment or any fuel or method or process of manufacture or treatment which might in any circumstances result in the discharge
 or emission, whether aerial or otherwise, from the Building or any part thereof of any pollutant or any noxious, harm fill or corrosive
 matter, whether it be in the form of gas, smoke, liquid or solids or otherwise except with the prior written consent of the Director
 of Environmental Protection, the Commissioner for Labour and/or any other competent Government authority concerned.

7.50 Not
 to keep or permit or suffer to be kept in the Premises any dog, cat or other animal or bird or pet or livestock of any description.

7.51 Not
 to throw out or discard or permit or suffer to be thrown out or discarded from the Premises any refuse, rubbish, litter or other
 article or thing whatsoever except in the manner prescribed by the Building Manager for such disposal and except when using the facilities
 (if any) provided for the disposal thereof.

7.52 To
 comply with and observe all ordinances, bye-laws, regulations and rules for the time being in force in Hong Kong governing the control
 of any form of pollution (including noise pollution) whether aerial or otherwise, and the protection of the environment.

7.53 Not
 to pour or force down or cause or permit to be poured or forced down any pipes, drains or sewers any waste, things or fluid of a
 corrosive or acidic nature.

7.54 Not
 to discharge directly or indirectly or cause or permit or suffer to be discharged into any public sewer, storm water drain, channel,
 steam course any trade effluent or foul, or contaminated water or cooling or hot water without the prior written consent of the
 Director of Environmental Protection and the Building Manager.

7.55 Not
 to use or permit or suffer to be used any fuel other than town gas, liquefied petroleum gas or natural gas.

7.56 Not
 to cause or permit or suffer any odours or noxious smells which shall in the opinion of the Building Manager be offensive or unusual
 to be produced.

7.57 (a) Not
 to make or permit or suffer to be made any alteration to or removal of the sprinkler system
 fire alarm system or fire services installations (if any) and not to do or permit or suffer
 to be done anything to such sprinkler system fire alarm system or fire services installations
 which would constitute a breach or non-observance or non-performance of the laws by-laws
 or regulations of the Fire Services Department or other department concerned. If any extensions
 of the sprinkler heads and/or smoke detectors or alteration to the fire alarm system or the
 fire services installations (if any) shall be required by the Tenant then such works, subject
 to the prior approval of the Landlord, shall be carried out by the Landlord or any contractor
 which is of reasonably competent skill by relevant industry standard recommended or approved
 in advance by the Landlord at the expense of the Tenant and in such manner as the Landlord
 shall in its absolute discretion think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 keep and maintain the sprinkler system fire alarm system or fire services installations (if any) provided in the said premises in
 good repair and condition and to carry out all necessary maintenance repairs and replacement thereof PROVIDED ALWAYS that all repairing
 replacing and renewing of such sprinkler system fire alarm system or fire services installations (if any) shall be carried out by
 the Landlord or any contractor which is of reasonably competent skill by relevant industry standard recommended or approved in advance
 by the Landlord at the expense of the Tenant and in such manner as the Landlord shall in its absolute discretion think fit.

(c) Not
 to make any alteration to the air-conditioning system and its apparatus and ducts and not to do or suffer to be done anything whereby
 such system may be over-load or broken down or the efficient working thereof may be impaired. If any alterations or extension to
 the air-conditioning ducts shall be required by the Tenant then such works shall, subject to the prior approval of the Landlord,
 be carried out by the Landlord or any contractor which is of reasonably competent skill by relevant industry standard recommended
 or approved in advance by the Landlord at the expense of the Tenant and in such manner as the Landlord shall in its absolute discretion
 think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 work involving any alteration to or modification or in any way associated with the electrical system, security system, the plumbing
 and drainage system and piping can be carried out by contractors of reasonably competent skill by relevant industry standard recommended
 or approved by the Landlord and the Landlord's approval thereon shall be final and binding on the Tenant.

(e) All
 works to be carried out by the Tenant, its contractors or sub-contractors shall be carried out m accordance with the rules issued
 by the Landlord or its authorized agent(s) from time to time and to be signed by the Tenant prior to commencement of Tenant's works and the Tenant will pay to the Landlord or its authorized agent(s) such deposit and such co-ordination fee and such reinstatement
 deposit the Landlord or its authorized agent(s) deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 To
 observe and comply with all directions and orders of the Fire Services Department and if such directions and orders shall require
 the Tenant to take fire precautions or install fire fighting equipment (additional to that installed by the Landlord if any) the
 Tenant shall at its own expense procure and install the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.59 (a) Not
 without the previous written consent of the Landlord to erect install or alter any fixtures partitioning or other erection or installation
 in the Premises or to make suffer or permit to be made any alterations or additions to the electrical wiring, mechanical or electrical
 installation and lighting fixtures or any part thereof or other Landlord's fixtures nor without the like consent to install
 or permit or suffer to be installed any plant equipment apparatus or machinery including any safe or other object which imposes a
 weight on any part of the flooring in excess of that for which it was designed. The Landlord shall be entitled to prescribe the maximum
 weight and permitted location of safes and other heavy equipment and to require that the same stand on supports of such dimensions
 and material to distribute the weight as the Landlord may deem necessary. All fees incurred by the Landlord in obtaining the approval
 of its architects to the location of heavy objects shall be borne by the Tenant and payment therefor may be imposed as a pre-requisite
 to the Tenant receiving such consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to make or permit or suffer to be made any alterations in or additions to the mechanical or electrical installations in the Premises
 not to install or permit or suffer to be installed any equipment, apparatus or machinery which exceeds the loading of the electrical
 installations in the Premises nor to install or permit or suffer to be installed any equipment, apparatus or machinery which exceeds
 the loading of the electrical main or wiring or which consumes electricity not metered through the Tenant's separate meter;

(c) Not
 to make or permit or suffer to be made any alterations to any installation or fixture so as to affect or be likely to affect the
 supply of water, electricity or other utility or service to or in the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60 Not
 to transport carry or bring into or cause to be transported carried or brought into the Premises or any part of the Building any
 machinery equipment or any component parts thereof through the exterior walls or any part thereof of the Building.

7.61 No
 goods equipment objects or articles of whatsoever nature shall be carried or transported or delivered through over or along the common
 areas of the Building in such manner as to cause any damage defacement or destruction to or of the common areas or the common facilities
 of the Building or any part thereof or into or through the passenger lifts of the Building and to be responsible for any damage caused
 by any breach of this Clause by the Tenant, its employee, agent, licensee, contractor or customer or any person claiming through
 or under the Tenant.

7.62 Not
 to use any passenger lift of the Building as a means of transportation for the goods and merchandise of the Tenant and to be responsible
 for any damage caused by any breach of this Clause by the Tenant, its employee, agent, licensee or contractor customer or any person
 claiming through or under the Tenant.

7.63 Save
 and except to indicate the address of the Tenant not to name or include in the name of the business or company controlled or
 operated by the Tenant the word "Cheung Kong" ![](ex10-4_007.jpg) or the name of the Building as may be designated by the Landlord from
 time to time whether alone or in any combination thereof or in conjunction with other word or symbol or any name similar thereto and
 not at any time to change the name of the business or company of the Tenant to include any such word as aforesaid.

7.64 To
 load and unload goods only at such times and places and through such entrances and by such cargo/service lifts (if any) as shall
 be designated by the Landlord for the purpose from time to time.

7.65 Not
 to place or install any shrines or tablets and not to conduct any religious ceremonies or permit any religious ceremonies to be conducted
 inside or outside the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66 The
 Tenant shall hold and keep the Landlord and the Building Manager fully indemnified from and against all actions costs claims demands
 and liability whatsoever in respect of injury (including fatal injury) or damage to person or property due to or arising from the
 act neglect or default of the Tenant its agents or servants including (but without prejudice to the generality of the foregoing words)
 failure to comply with its obligations under the terms of this Agreement.

7.67 To
 permit the Landlord with or without agents surveyors, workmen and others and with or without tools and appliances at all reasonable
 times on notice (except in the case of emergency) to enter into go pass or repass over along and upon the Premises or any part hereof
 for the purpose of installing, inspecting, examining and maintaining the top roofs, flat roofs, external walls and other part or
 parts thereof or any other apparatus and equipment used or installed for the benefit of the Land and the Building or any part or
 parts thereof as part of the amenities thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68 (a) At
 the expiration or sooner determination of the Term of Tenancy to reinstate the Premises to a bare shell condition at the Tenant's
 own costs and expenses and quietly to yield up to the Landlord the Premises together with the provisions as set out in the Schedule
 hereto and the split air-conditioning units installed in and/or provided for the Premises in good clean and substantial repair and
 condition to the satisfaction of the Landlord provided That the Tenant shall if so required by the Landlord leave behind all fixtures
 fittings partitions and additions installed by the Tenant in which case the Tenant shall do so and shall not be entitled to claim
 any compensation or damages from the Landlord in respect of any fixtures fittings decorations partitions improvements or additions
 made by the Tenant to the Premises.

(b) Notwithstanding
 anything herein contained, if the Tenant shall fail to reinstate the Premises in accordance with the provisions herein at the expiration
 or sooner determination of this Agreement, the Landlord shall be entitled (but without prejudice to any other entitlements and rights
 which the Landlord may have against the Tenant) to recover from the Tenant as a debt an administration charge equivalent to 10% of
 the reinstatement costs incurred/to be incurred in respect of the Premises in addition to the said reinstatement costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 At
 the expiration or sooner determination of the term of tenancy, the Tenant shall prior to the delivery of vacant possession of the
 Premises to the Landlord re-erect the partition walls (if any) with such building materials as the Landlord thinks fit at the location
 as indicated by red line(s) (if any) on the Plan hereto attached.

8. <u>Landlord's Obligations</u> 

The Landlord hereby agrees with the Tenant as follows

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 That
 the Tenant paying the Rent, Management Fee and performing and observing the agreements stipulations and conditions herein contained
 shall subject to Clause 13.02 hereof have quiet possession and enjoyment of the Premises during the Term of Tenancy without any interruption
 by the Landlord or any person lawfully claiming through under or in trust for the Landlord.

8.02 To
 pay the Property Tax in respect of the Premises.

8.03 To
 keep in good repair and condition of the exterior and the main structure of the Premises (except damages caused by the negligence
 or default of the Tenant) Provided that the Landlord shall not be required to whitewash the exterior of the Premises and Provided
 Also that the Landlord's liability hereunder shall not be deemed to have arisen unless and until notice in writing of any want
 of repair shall have been previously given by the Tenant to the Landlord and the Landlord shall have failed to take reasonable steps
 to repair or remedy the same after the lapse of a reasonable time from the date of service of such notice.

9. <u>Defhull by the Tenant</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 If
 the Rent, Government Rates, Government Rent, Management Fee or air-conditioning charges (if any) and/or any other sums payable hereunder
 or any part thereof shall be unpaid for fifteen (15) days after the same shall have become payable (whether formally demanded or not)
 or if the Tenant shall fail or neglect to perform or observe any of agreements stipulations or conditions herein contained and on
 his part to be performed or observed or if the Tenant shall become bankrupt or being a corporation shall go into liquidation or if
 any petition shall be filled the bankruptcy or winding up of the Tenant or if the Tenant shall otherwise become insolvent or enter
 into any composition or arrangement with his creditors or shall suffer his goods or chattels to be levied in execution then and in
 any of the said cases it shall be lawful for the Landlord at any time thereafter to re-enter upon the Premises or any part thereof
 in the name of the whole and thereupon this Agreement shall absolutely determine and the Deposit so paid as aforesaid shall be forfeited
 to the Landlord but without prejudice to any right of action of the Landlord in respect of any breach of the Tenant's agreements
 stipulations and conditions herein contained and a written notice served by the Landlord on the Tenant or left at the Premises to
 the effect that the Landlord thereby exercises the power of re-entry hereinbefore contained shall be a full and sufficient exercise
 of such power notwithstanding any statutory or common law provisions to the contrary. All costs and expenses incurred by the Landlord
 in demanding the Rent, Management Fee and other charges and in enforcing the Landlord's rights and/or remedies or in attempting
 to do so including but not limited to the fees charged by or paid to debt-collectors appointed by the Landlord and the Landlord's
 solicitors\* cost shall be repaid by the Tenant all on a full indemnity basis and all legal costs and expenses incurred by the Landlord
 in taking any legal action or proceeding against the Tenant as a result of the Tenant failing to pay the Rent, Management Fee or
 other charges hereby reserved or failing to perform or observe any of the agreements stipulations or conditions herein contained
 and on the Tenant's part to be performed or observed shall be repaid by the Tenant on a solicitor and own client basis and
 shall be recoverable from him as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 Without
 prejudice to any other right or remedy of the Landlord hereunder or at law, if the Rent, Management Fee or any part thereof or any
 other sum payable by the Tenant to the Landlord pursuant to the provisions of this Agreement shall not have been paid on the due
 date then the Tenant shall pay to the Landlord on demand a late payment administration charge in a sum of HK$500.00 in additional
 to interest on such Rent, Management Fee or other sum at the prescribed rate from the due date until the date such Rent or other
 sum shall have been paid, such interest to be calculated on a compound and daily basis. The term "prescribed rate" means
 12% per annum.

9.03 For
 the purpose of Part III of the Landlord and Tenant (Consolidation) Ordinance Cap.7 and for the purpose of these presents the Rent
 and Management Fee in respect of the Premises shall be deemed to be in arrears if not paid at the time stipulated as aforesaid. All costs
 and expenses for and incidental to distraint shall be paid by the Tenant on a solicitor and own client basis and is recoverable from
 the Tenant as a debt.

10. <u>Abatement of Rent</u> 

If the Premises or the Building or any part thereof shall at any time during the tenancy be destroyed or damaged or become inaccessible owing to tire water storm typhoon defective construction white ants earthquake subsidence of the ground or any calamity beyond the control of the Landlord so as to render the Premises unlit for commercial use or inaccessible and the policy or policies of insurance effected by the Landlord shall not have been vitiated or payment of policy monies refuses in whole or in part in consequence of any act or default of the Tenant or if at any time during the continuance of this tenancy the Premises or the Building shall be condemned as a dangerous structure or a demolition order or closure order shall become operative in respect of the Premises or the Building then the rent hereby reserved or a fair proportion thereof according to the nature and extent of the damage sustained or order made shall be suspended from the succeeding month until the Premises or the Building shall again be rendered accessible and fit for commercial use Provided Always that the Landlord shall not be required to reinstate the Premises or the Building if by reason of their condition or any local regulations or in the opinion of the Landlord it is not economical or practicable or reasonable so to do.

11. <u>Exclusion of liability</u> 

The Landlord shall not be under any liability whatsoever to the Tenant or any other person whomsoever in respect of any damage or injury sustained by the Tenant or such other person as aforesaid caused by or through or in any way owing to the failure or malfunctioning or suspension of services of the lifts, electric power, water supplies, water pumps, drainage system, fire and security services equipment's, facilities or apparatus for ventilation telecommunication services or electrical wiring or equipment of and in the Building or any services or facilities provided for the Tenant or for common use in the Building or the overflow of water or spread of fire or smoke from any premises situate in the Building or caused by the negligence of any other tenant or occupier of such premises And in any of such events the Tenant shall not (subject only to Clause 10 hereof) be entitled to any abatement of Rent, Management Fee, Government Rates, Government Rent, or other charges payable by the Tenant hereunder.

12. <u>Exclusion of Warranty</u> 

The Tenant understands that no representation or warranty whatsoever has been or will be given by the Landlord that the Premises arc suitable and / or legitimate for the operation of the business proposed by the Tenant. In case the business the Tenant proposes to carry out in or within the Premises requires the approval(s) consent(s) waiver(s) licence(s) or permit(s) from any government or other statutory authority, the Tenant shall be wholly responsible for applying for such approval(s) consent(s) waiver(s) licence(s) or permit(s) at the Tenant's own costs and expense and shall produce documentary evidence of such application(s) to the Landlord before the Tenant's actual commencement of business. In the event that the Tenant's said application(s) is/are unsuccessful, the Tenant shall immediately cease the operation of the Tenant's business in which case the Landlord shall have the right to forthwith terminate the tenancy created hereby by the Tenancy Agreement without prejudice to any other rights and remedies which the Landlord may have against the Tenant. The Tenant hereby agrees and undertakes to fully indemnify and keep the Landlord and the registered owner of the Premises fully indemnified against all losses and damage arising directly or indirectly from the aforesaid. For the avoidance of doubt, the Landlord or the registered owner of the Premises shall not in any event be liable to the Tenant for any loss or damage in respect of the aforesaid.

13. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 If
 any of the Government authorities shall at any time during the Tenancy hereby created make any complaint opposition objection or
 protest against the Tenant in respect of the user of the Premises as specified in the Schedule annexed hereto the Tenant shall forthwith
 cease to use the Premises in the manner which gives rise to the said complaint opposition objection or protest.

13.02 The
 Tenant hereby acknowledges that the Tenant shall not be granted any exclusive right in operating any particular trade in the Building
 and the Landlord and/or its agents is entitled to lease or license any part of the Building to other third parties for operation
 of trade similar or identical to the Tenant.

13.03 Acceptance
 of Rent, Management Fee or other charges by the Landlord shall not be deemed to operate as a waiver by the Landlord of any right
 to proceed against the Tenant in respect of any breach by the Tenant of any of his obligations herein.

13.04 No
 condoning excusing or overlooking by the Landlord of any default breach or non-observance or non-performance by the Tenant at any
 time or times of any of the Tenant's obligations herein contained shall operate as a waiver of the Landlord's rights herein in respect
 of any continuing or subsequent default breach or non-observance or non-performance or so as to defeat or affect in any way the rights
 and remedies of the Landlord hereunder in respect of any such continuing or subsequent default or breach and no waiver by the Landlord
 shall be inferred from or implied by anything done or omitted by the Landlord unless expressed in writing and signed by the Landlord.
 Any consent given by the Landlord shall operate as a consent only for the particular mater to which it relates and it shall in no
 way be considered as a waiver or release of any of the provisions hereof nor shall it be construed as dispensing with the necessity
 of obtaining the specific written consent of the Landlord in the future unless expressly so provided.

13.05 For
 the purpose of these presents any act default or omission of the agents employees servants visitors licensees customers and independent
 contractors (irrespective of whether their act default or omission is within or outside the authority given to them by the Tenant)
 of the Tenant shall be deemed to be the act default or omission of the Tenant.

13.06 Any
 notice required to be served hereunder shall be sufficiently served on the Tenant if delivered to him by prepaid registered mail
 at his last known address in Hong Kong or left on the Premises and shall be sufficiently served on the Landlord if delivered to him
 by prepaid registered post at his registered office in Hong Kong. A notice sent by registered post shall be deemed to be given at
 the time when in due course of post it would be 28 delivered at the address to which it is sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.07 The Tenant hereby expressly
 declares that no fine premium or key money or any other consideration
 has been paid by it to the Landlord in connection with the grant of this tenancy of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.08 The Premises is to be
 delivered to the tenant on an "as is" condition with the
 provisions as set out in the Schedule hereto. The Tenant shall at its own cost, fit out the Premises in accordance with the
 provisions of this Agreement to render the same suitable for his use. Upon expiration or sooner determination of the tenancy, the
 Tenant shall reinstate the Premises to bare-shell condition with all provisions as set out in the Schedule hereto.

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| | |
|:---|:---|
| 13. 09 | Each party shall bear its own legal costs of and incidental to this Agreement. The Tenant has been advised that he should seek independent legal advice in the approval of this Agreement. The Tenant has been advised to obtain independent legal advice as to the terms and conditions of the Government Grant and of the Waiver Letter. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 In the event that this Agreement
 or the Premises or any part thereof is/are assigned to other person(s)
 ("the new l and lord"), the following provisions shall apply

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Tenant, subject to and at the discretion of the Landlord, shall accept and acknowledge the new Landlord as the new Landlord of the
 Premises or any part thereof assigned as aforesaid to whom the Tenant thereafter shall become liable according to the terms and conditions
 of this Agreement and shall upon the request of the Landlord enter into a Deed of Novation and/or Transfer or other agreement(s)
 or document(s) with the new Landlord and the Landlord in such form as shall be reasonably satisfactory (o the Landlord, the Tenant
 and the new Landlord for the purposes of confirming the release discharge and cessation of all liabilities and obligations of the
 Landlord hereunder including but not limited to the Izaiidlord's obligation in respect of the refund of the Deposit (so far
 as they relate to the Premises or any part thereof assigned as aforesaid) and the continuation of the liabilities and obligations
 of the Tenant hereunder to give effect to or (as the case may be) to confirm the assumption and talking up by the new Landlord in
 lieu of the Landlord of all the Landlord's obligation in respect of the refund of the Deposit hereunder (so far as they relate
 to the Premises or any part thereof assigned as aforesaid); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 the assignment of this Agreement or the Premises or any part thereof and the execution of the said Deed of Novation and/or Transfer,
 all the Landlord's liabilities and obligations hereunder including without limitation its obligations to refund the Deposit
 to the Tenant hereunder (so far as they relate to the Premises or any part thereof assigned as aforesaid) whether contractual or
 otherwise shall absolutely cease and be taken up by the new Landlord and the Tenant shall only seek refund of the Deposit (subject
 always to the terms and conditions contained in this Agreement) from the new Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 The
 Rent payable is a rack Tent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 <u>Sale lbr Redevelopment</u> 

<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is hereby agreed that notwithstanding anything hereinbefore contained to the contrary at any time during the Term of the Tenancy
 if the Landlord shall resolve to sell the Premises or to re-develop the Premises or the Building or any part thereof whether wholly
 by demolition and rebuilding or otherwise, or partially by renovation, refurbishment or otherwise either alone or jointly with
 the owner or owners of the other premises of the Building, or if there shall be a transfer of 50% or above of the shareholdings of
 the Landlord, then in any of such events the Landlord shall have the right upon giving six (6) months' previous notice in writing
 to the Tenant to terminate this Agreement and this Agreement shall determine upon the expiration of such notice but without prejudice
 to the rights and remedies of either party against the other in respect of any antecedent claim or breach of any of the terms or
 stipulations herein set out. The Tenant shall deliver vacant possession of the Premises to the Landlord upon the expiration of the
 said notice and shall not be entitled to claim any damages or compensation in respect of such early determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purpose of this Agreement, the Landlord is deemed to have Revived Iv sell the Premises or to develop the Premises oi the Building
 or any part thereof if the Landlord has passed a resolution by its Board of Directors to the effect that the Landlord intends to
 sell the Premises or to redevelop the Premises or the Building or any part thereof as aforesaid, and in respect of a transfer of
 50% or above of the shareholdings of the Landlord such transfer shall be deemed to have taken place if the board of directors of
 the transferor has passed a resolution approving such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 is also agreed and declared notwithstanding any other provision herein and notwithstanding any law to the contrary the Tenant's
 right(s) of option to renew (if any) shall extinguish and determine upon the service of the said notice of termination (whether the
 same shall have been exercised by the Tenant or not) and the Tenant shall not be entitled to any claim against the Landlord for any
 damages or compensation or any relief against such early determination of the Tenant's right(s) of option to renew (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 All stamp duty payable on
 this Agreement shall be borne and paid by the parties hereto in equal shares and the registration fee (if any) shall be bone by the
 tenant solely.

14. <u>Business name(s)</u> 

If the Tenant wishes to exhibit its business name(s) in the Premises, the Tenant shall in writing seek prior written approval from the Landlord and in seeking such written approval, the Tenant shall deliver to the Landlord a certified copy of the relevant returns to the Government departments (including but not limiting to the Business Registration Office and the Companies Registry) to prove to the Landlord that such business name(s) is/arc the Tenant's lawful business name(s). The Tenant shall together with the business entity and the personal guarantor of the due performance of this Agreement (if any) enter into a guarantee and indemnity and or an agreement *as* prepared by the Landlord's solicitors (which draft and terms shall be final, binding and conclusive on the parties thereto) and the Tenant shall fully indemnify the Landlord's cost thereof

15. <u>Registration of Termination</u> 

Upon the termination or determination of this Agreement by the Landlord or the Tenant pursuant to any other provisions herein contained, the Landlord shall have the right if this Agreement shall have been registered in the Land Registry to register in the Land Registry a Memorandum of termination or determination of this Agreement signed by the Landlord alone.

16. <u>Undertakings</u> 

Notwithstanding anything to the contrary hereinbefore contained, the Tenant hereby agrees and undertakes with the Landlord that the Tenant shall at its own cost and expense within 14 days from the date of receipt of the Landlord's verbal/written notice rectify or make good any irregularities (including but not limited to any fixtures, fittings or alterations to the said premises or the operation of business in the Premises) which are considered by the Landlord and/or the relevant Government Authority to be in breach of the Government Grant Modification Letter or the Waiver Letter aid/or any legislation in Hong Kong (as the case may be) and the Landlord shall not be liable or held liable for such breach or damages or loss arising therefrom. The Tenant further agrees that the Landlord shall have the right to claim damages and loss against the Tenant. In the event that the Tenant shall fail to comply with such notice or fail to rectify the irregularities under this Clause, the Landlord shall be entitled to terminate this Agreement and the Tenant shall also indemnify and keep the Landlord fully indemnified from all damages and loss arising therefrom.

17. <u>Disclosure of Information</u> 

The Tenant agrees and consents that any personal / company information relating to the Tenant (including but not limited to tenant's name, trade name, nature of business, logo and/or trademark) at any time acquired, collected or otherwise held by the Landlord (whether relating to this Agreement or otherwise howsoever) and the relationship between the Tenant and the Landlord may from time to time be disclosed to and held and/or used (including disclosure in any public documents) by all or any of the holding company aid/or holding entity and/or subsidiaries and/or affiliates and/or other individuals and/or organizations associated with the Landlord (in Hong Kong or elsewhere) or to the new Landlord or potential new Landlord of the Premises and/or independent third parties (within or outside Hong Kong) for the purpose of or in connection with this Agreement, the enforcement of this Agreement and/or anything arising out of this Agreement and/or any transactions, agreements, arrangements and/or dealings (whether past, present or proposed) between the Tenant and the Landlord and/or for any business, marketing or promotion purposes and / or for or in connection with any other purposes whatsoever as the Landlord shall consider appropriate.

18. <u>Disposal of abandoned items</u> 

At the expiry or sooner determination of the Agreement hereby created, the Tenant hereby specifically authorizes the Landlord, its servant or agents to treat any item object equipment furniture fixture or property whatsoever (collectively called "the Items") placed or left in the Premises as abandoned by the Tenant and to dispose of the same in whatsoever manner the Landlord shall in its absolute discretion decide and deem fit without obtaining any further consent from nor giving any further notice to the Tenant and any expense for or in connection with the disposal of the Items shall be paid by the Tenant to the Landlord on demand or by deduction from the Deposit provided hereof. The Tenant shall indemnify the Landlord against any damage occasioned to the Premises and any loss or damage caused to the Landlord by or related to the said placing or said leaving of the Items in the Premises and/or the cost and expense for the removal of the Items from the Premises.

19. <u>No Notice of Termination</u> 

Without prejudice to the Landlord's rights to forfeit the Tenancy in accordance with other provisions of this Agreement, the Tenancy herein shall terminate or shall be automatically terminated on the Date of Expiration of Tenancy and it is hereby agreed and declared that the Landlord shall not be required to give to the Tenant any notice of termination of tenancy or notice to quit to terminate the Tenancy herein.

20. <u>Dale of vacant Possession</u> 

No warranty or undertaking is given or implied either by the Landlord or the Building Manager as to the exact date upon which the Tenant will obtain vacant possession of the Premises and the Tenant will not make any claims for loss or compensation whatsoever against the Landlord or the Building Manager.

21. <u>Condition and reinstatement</u> 

The Tenant is fully aware and agrees that the Landlord does not warrant the completeness, functioning and performance of the existing fixtures and existing fittings left by previous tenant(s) in the Premises (if any) to be taken up by the Tenant at the Date of Commencement of Tenancy ("the said Fixtures and Fittings"). The Tenant is further aware and agrees that the landlord does not warrant that the said Fixtures and Fittings are in compliance with the relevant legislation(s) in Hong Kong. The Tenant shall be solely responsible at the Tenant's own cost and expense for the repairs, maintenance, replenishment, replacement and rectification of the said Fixtures and Fittings and at the Tenant's own cost and expense to comply with the relevant legislation(s) in Hong Kong in relation to the said Fixtures and Fittings throughout the Term of Che Tenancy. The Landlord shall not in any event be liable or held liable for any damages or loss arising therefrom. The Tenant undertakes to reinstate the Premises to a bare shell condition with all the provisions as set out in the Schedule hereto in condition to the satisfaction of the Landlord upon the expiration or sooner determination of the Term of the Tenancy which reinstatement works include but not limited to the removal of the said Fixtures and Fittings and all other fixtures and fittings installed by the Tenant in or upon the Premises during the Term of the Tenancy.

22. It is hereby expressly agreed that the Landlord, in its endeavors to promote sustainable practices in its Building, shall during the Term of Tenancy<sub></sub> set up designated bins to promote recycling for certain materials including but not limited to paper, metals and plastic, publish eco-tips notifications for tenants at least annually containing green suggestions and/or initiatives on sustainability topics including but not limited to energy, water and/or waste and shall designate a representative to act as the contact person to address any questions and suggestions on sustainability issues from the Tenant.

It is hereby expressly agreed that the Tenant, and the Tenant will procure that its contractors and employees shall during the Term of Tenancy, use reasonable endeavors to co-operate fully with the Landlord and/or the Manager to separate waste, recycle and dispose of waste into the designated bins including but not limited to paper, plastic, metals, minimize waste from alterations, additions or works and dispose of waste in a sustainable manner, if requested by the Landlord and/or the Manager, to use reasonable endeavors to provide with the Landlord and/or the Manager with information on energy, water and waste usage, adopt the green suggestions and/or initiatives on sustainability topics proposed by the Landlord and/or the Manager, and seek to reduce use of electricity, water, heating, and air conditioning.

23. The Tenant shall be wholly responsible for the upkeep maintenance and repair of the split-type air-conditioning unit(s) installed in and/or provided for the Premises at the Tenant's own costs and expense throughout the Term of Tenancy and deliver the same to the Landlord in good clean and proper state and condition upon the expiration or sooner determination of the Tenancy. Without affecting the generality of the foregoing, the Tenant further agrees to carry out cleaning of the said split-type air-conditioning unit(s) at the Tenant's own costs and expense according to the following schedule

&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) once every 6 months throughout the Term of Tenancy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) once upon the expiration or sooner determination of this tenancy.

The Tenant shall employ the contractors which (a) possess reasonably competent skill by relevant industry standard; and (b) have been registered with the Landlord in the list(s) of such contractors which have been approved by the Landlord basing on the abovementioned requirements and criteria including in particular the maintenance contractors) who have / has been engaged by the Landlord for each relevant work (if any) to carry out such cleaning works. For the avoidance of doubt, the Landlord shall not in any event be considered a party to such contract by reason of its recommendation as aforesaid and the Tenant shall be wholly responsible for and fully indemnify the Landlord against any claim for loss damages or injury to any person or property due to the act neglect default or omission by the Tenant or the said contractors.

24. <u>Introduction of Regulations</u> 

The Landlord and/or the Building Manager shall be entitled from time to time and by notice in writing to the Tenant to make introduce and subsequently amend adopt or abolish if necessary such regulations ("Regulations") as it may consider necessary for the proper operation and maintenance of the Premises and the Building. Such Regulations shall be supplementary to the twins and conditions contained in this Agreement and shall not in any way derogate from such terms and conditions. In the event of conflict between such Regulations and the terms and conditions of this Agreement, the terms and conditions of this Agreement shall prevail.

25. <u>Exclusion of Liability home non-enforcement of Regulations</u> 

The Landlord and/or the Building Manager shall not be liable for any loss and damage howsoever caused arising from non-enforcement of the Regulations or non-observance thereof by army third party.

26. <u>Entire Agreement</u> 

This Agreement including this Schedule hereto constitutes the entire agreement between the parties hereto with respect to the tenancy of the Premises and contains all the agreements, representations, warranties and conditions between the parties in connection therewith and supersedes all previous agreements, warranties, representations, understanding, negotiations and discussion, whether written or oral, of the ponies in relation thereto (including without limitation any letter of offer and letter of acceptance, if any, which may have been issued and executed prior to this Agreement by the parties hereto, their employees or agents). This Agreement shall not be amended or modified in any respect except as expressly provided for herein or by mutual agreement of the parties hereto in writing.

27. <u>Severability Clause</u> 

Any provision of this Agreement which is or declared by any court or tribunal or competent jurisdiction to be illegal invalid or unenforceable in any respect under the applicable law shall be severed from this Agreement to the maximum extend permissible by the applicable law without in any manner affecting the legality, validity or enforceability of the remaining provisions of this Agreement, all of which shall continue in full force and effect.

28. <u>Jurisdiction</u> 

This Agreement shall be governed by the laws of Hong Kong and the parties hereto shall submit to the non-exclusive jurisdiction of the Courts of Hong Kong. The reference to "Hong Kong" shall mean the Hong Kong Special Administrative Region.

29. <u>Contracts (Rights of Third Parties) Ordinance</u> 

Notwithstanding any other provisions of this Agreement, a person who is not a party to this Agreement shall not have any right under the Contracts (Rights of Third Parties) Ordinance (Cap.623) to enforce any provisions of this Agreement. For the avoidance of doubt, this provision does not affect any right or remedy of a third party which exists or is available apart from the said Ordinance.

30. The Tenant shall within 14 days from the date hereof at the cost and expense of the Tenant produce to the Landlord a copy of the Business Registration Certificate of BOCA INTERNATIONAL LIMITED 寶加國際有限公司 to show that the Tenant is carrying on business at the Premises.

As witness the hands of the parties hereto the day and year first above written.

<u>THE SCHEDULE</u>

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| | |
|:---|:---|
| <u>The Tenant</u> | BOCA INTERNATIONAL LIMITED 寳加 國際 有 限公 司 whose registered office is situate at Unit 1809, Prosperity Place, 6 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong. |
| <u>The Premises</u> | ALL THAT Unit (formerly known as Workshop (Industrial)/Office Unit) No.9 on the 18<sup>th</sup> Floor of the Building which Unit is shown colored pink on the 18<sup>th</sup> Floor Plan hereto annexed for the purpose of identification only. |
| <u>The Term Co.</u><br> <u>Tenancy</u> | Fixed terms of 3 years or (as the case may be) 2 year and the number of months and days expiring on the Date of Expiration of Tenancy if the Landlord shall at its absolute discretion specify other day as the Date of Commencement of tenancy. |
| <u>Date of</u><br> <u>Commencement</u><br> <u>of Tenancy</u><br>| 1<sup>st</sup> January 2023 or such other date as may be specified by the Landlord at its absolute discretion. |
| <u>Date of Expiration</u><br> <u>of Tenancy</u> | 3l<sup>st</sup> December 2025 |
| <u>Rent</u> | The monthly rental (exclusive of Government Rent, Government Rates, Management Fee and other outgoings) of the Premises shall be Hong Kong Dollars NINETEEN THOUSAND AND THREE HUNDRED Only (HK$19,300.00) per calendar month. |

---

---

| | |
|:---|:---|
| <u>Management Fee</u><br> <u>as at (he is signing of</u><br> <u>this Tenancy</u><br> <u>Agreement</u> | HK$2,983.50 per month (Management Fee will commence to be payable on the Date of Commencement of Tenancy, subject to revision) |
| <u>Government Rates</u><br> <u>as at the signing of</u><br> <u>this Tenancy</u><br> <u>Agreement</u> | IIK$2,812.50 per quarter (Government Rates will commence to be payable on the Date of Commencement of Tenancy, subject to Government's assessment). |
| <u>Government Rent</u><br> <u>as at the signing of</u><br> <u>this Tenancy</u><br> <u>Agreement</u> | HK$1,687.50 per quarter (Government Rent will commence to be payable on the Date of Commencement of Tenancy, subject to Government's assessment). |
| <u>The Deposit</u> | HK$95,134.00 |
| <u>User</u> | As an office for lawful purposes only trading under the style or name of BOCA INTERNATIONAL LIMITED 寶 加 國際 有 限公 司 or such other name to be approved by the Landlord only. |
| <u>Time to commence</u><br> <u>the Tenant's</u><br> <u>business operation in accordance with</u><br> <u>[he User</u> | From the Date of Commencement of Tenancy. |

---

<u>The Provisions</u>:

(A) Concrete
 floor with cement sand screeding in accordance with the Landlord's standard.

(B) Plastered
 and painted walls and columns.

(C) Suspended
 ceiling with light fittings in accordance with the Landlord's standard and specification.

(D) Inter-tenancy
 partition and standard entrance door in accordance with the Landlord's design.

(E) Fresh
 air supply in accordance with the Landlords design.

(F) Fire services
 system in accordance with the Landlord's standard.

(G) Meter
 board located at Landlord's meter room.

(H) Lateral
 main tee-off from busbar chamber inside Landlord's meter room.

(I) Communal
 ceiling trucking from meter room to the periphery of the Premises.

(J) Floor
 tile and wall tile in toilet cubicle.

(K) Wash hand
 basin with tap and water closet set in toilet.

(L) Door contact
 security system at entrance door.

(M) Split-type
 air-conditioning unit is provided in accordance with Landlord's standard at its designated location.

---

| | | |
|:---|:---|:---|
| SIGNED by<br>Mr. YIP KIN MING, <br> ITS AUTHORIZED SIGNATORY<br>for and on behalf of the Landlord whose signature is verified by: |))))))))))))) | <br>![](ex10-4_008.jpg) |

---

![](ex10-4_002.jpg)

Leung Siu Hon

Solicitor, Hong Kong SAR

Messrs. S.H. Leung & Co.

Solicitors & Notaries

Houg Kong SAR

---

| | | |
|:---|:---|:---|
| SIGNED by<br>CHAN KAM BIU RICHARD<br> for and on behalf of the Tenant<br> duly authorized by the Board of<br> Directors of the Tenant in the<br> presence of:- |))))))) | ![](ex10-4_003.jpg) |

---

---

| | |
|:---|:---|
| Witness's Signature : | ![](ex10-4_004.jpg) |
| Witness's Name : YIP WING CHEONG | Witness's Name : YIP WING CHEONG |
| Hong Kong Identity Card No. : GZ54032(A) | Hong Kong Identity Card No. : GZ54032(A) |
| Address: | FLAT 9, F/F, BLOCK M |
|  | TELFORD GARDENS |
|  | KOWLOON BAY, KONLOON |

---

HK$95,134.00

![](ex10-4_005.jpg)

The signature of the Landlord's authorized person is verified by :-

![](ex10-4_002.jpg)

Leung Siu Hon

Solicitor, Hong Kong SAR

Messrs. S.H. Leung & Co.

Solicitors & Notaries

Houg Kong SAR

![](ex10-4_006.jpg)

<u>Dated the 4<sup>th</sup> dav of January 2023</u>

BANDICK LIMITED ,

and

BOCA INTERNATIONAL LIMITED

寶加國際有限公司•

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**TENANCY AGREEMENT** 

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

REGISTERED at the Land Registry by Memorial

No.

on

p. Land Registrar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. H. LEUNG & CO.

SOLICITORS,

21<sup>st</sup> Floor and 22<sup>nd</sup> Floor,

10 Pottinger Street,

Central,

Hong Kong.

Ref: SHL/73164/22/cw/LOL

## Exhibit 10.7

**EXHIBIT 10.7**

![](ex10-7_001.jpg)

**HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED**

![](ex10-7_002.jpg)

**AND**

**BOCA INTERNATIONAL LIMITED**

PERFORMANCE AGREEMENT

FOR

PROVISION OF ULTRA-HIGH EFFICIENCY BOCA HYRID POWER CHILLER PLANT

Agreement Reference No.: HX-101278

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 1 of 26 |

---

*Agreement Reference No.: HX-101278*

**THIS AGREEMENT is made on the 21<sup>st</sup> day of April, 2017.**

**1.** **Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) HONG
 KONG AIRCRAFT ENGINEERING COMPANY LIMITED ![](ex10-7_003.jpg) ![](ex10-7_004.jpg) , a company incorporated and existing under the laws of
 Hong Kong Special Administrative Region, People's Republic of China ("Hong

**Redacted**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) BOCA
INTERNATIONAL LIMITED ![](ex10-7_005.jpg) , a company incorporated and existing under the laws of Hong Kong and having its registered office is situated
at Room 1301, 13<sup>th</sup> Floor, Golden Centre, 188 Des Voeux Road Central, Sheung Wan (hereinafter called the "Contractor").

**2.** **Recitals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) HAECO
 is desirous of entering into a performance agreement with the Contractor for energy savings
 project by using Phase Change Material Thermal Energy Storage System together with Ultra-High
 Efficiency Boca Hybrid Power Chiller Plant (the "Plant") and has selected the
 Contractor to provide such services as more particularly described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 parties have agreed to enter into this Agreement to record and set out the terms and conditions
 upon which such services will be provided by the Contractor to HAECO.

**3.** **Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Headings
 do not form part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) References
 in this Agreement to Clauses and Schedules are references to clauses of and schedules to
 this Agreement. Schedule(s) and Appendix forms part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Unless
 the context requires otherwise, words importing the masculine, feminine or neuter gender
 shall include the others of them and words importing the singular number shall include the
 plural and vice versa.

**4.** **Appointment** 

HAECO hereby appoints the Contractor to perform the duties hereunder. The Contractor hereby accepts such an appointment.

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 2 of 26 |

---

*Agreement Reference No.: HX-101278*

**5.** **Intellectual Property Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Contractor acknowledges that any and all of the copyright, trade marks and other intellectual property rights including all
 multimedia, audio-visual material and any software developed for HAECO hereunder ("IP Rights") and with respect to all
 source code, documentation, flowcharts, drawings, specifications, manuals and other data or material of any nature which are created
 as a result of this Agreement are owned and will be the sole property of HAECO. The Contractor will not during or at any time after
 the completion, expiry or termination of this Agreement in any way question or dispute the ownership by HAECO thereof. The
 Contractor will forthwith deliver to HAECO upon request a copy of such source code, documentation, flowcharts, drawings,
 specifications, manuals and such source and object code (if any) together with other documentation relating thereto. The Contractor
 will only hold a copy of the same for support purposes only, and if so instructed by HAECO in writing, will forthwith destroy its
 copy of all such information and documents abovementioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To
 the extent that any IP Rights are not vested in HAECO by operation of law or any other reason,
 The Contractor as beneficial owner or otherwise shall assign or procure the owner of the
 IP Rights to assign to HAECO at no cost to HAECO the entire copyright and all other rights
 in and to the IP Rights throughout the world including all vested future and contingent rights
 to which the owner of the IP Rights is now or may hereafter be entitled under the law in
 force in any part of the world for HAECO's use and benefit absolutely for the full period
 or period of copyright throughout the world including all reversions, renewals and extensions
 created or provided by the law of any country. The Contractor undertakes to execute all such
 documents and take all such steps as may from time to time be necessary to secure to HAECO
 the rights assigned abovementioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) In
 the event the new inventions, designs or processes evolve design and development of the product
 and/or services under this Agreement, the Contractor acknowledges that the same will belong
 to HAECO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) In
 the event that any third party IP Rights are used, the Contractor warrants that it has obtained
 for itself and for HAECO all necessary consents, approvals and licenses for use of the same
 in the product and/or services under this Agreement.

**6.** **Use of HAECO's Name and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Contractor undertakes not to use or make any reference to HAECO's name, directly or
 indirectly, in any product, Website, document, media, publication or publicity material of
 any kind without the prior written consent of HAECO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 Contractor further undertakes not to disclose or make available in any form to any third
 party or to use any confidential or proprietary information or trade secrets and/or materials
 concerning the business of HAECO or any of its dealings, transactions or affairs or those
 of any holding company, subsidiary or associated company of HAECO (other than such information
 and/or materials which become part of the public domain by lawful means) acquired by The Contractor
 in connection with or in the course of its performance of this Agreement except as authorized
 in writing by HAECO (or by the relevant associated company of HAECO as appropriate).

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 3 of 26 |

---

*Agreement Reference No.: HX-101278*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 provisions of this Clause 6 shall survive and continue to bind the Contractor notwithstanding
 termination of this Agreement or this Agreement ceasing to be effective.

7. The
 Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Contractor undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 carry out certain services/works for HAECO as specified in Schedule I attached herewith (the
 "Services" or "Works").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 provide all the necessary labour/personnel, tools, equipment and materials required for the
 Services to be carried out properly and efficiently at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 ensure that all personnel are properly qualified, skilled and well- equipped in order to
 carry out the Services properly and efficiently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 Services shall be carried out by the Contractor in accordance with the working schedule to
 be prepared by the Contractor and agreed by HAECO on or as soon as possible after the execution
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The
 Contractor accepts and acknowledges that HAECO's requirements for the Services may
 change. If HAECO in its absolute discretion decides that it no longer needs or wishes the
 Contractor to provide any of the duties which comprise the Services then HAECO may notify
 the Contractor in writing of this fact and the change to the scope of Services of the Contractor's
 which HAECO requires. HAECO will at the same time notify the Contractor of any adjustment
 to the charges set out in Schedule II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) It
 is a fundamental term of this Agreement that the Contractor provides the Services in a prompt
 and professional manner at all times to the entire satisfaction of HAECO. HAECO reserves
 the right to request the Contractor to replace any unqualified personnel with one considered
 competent for delivery of the Services from time to time.

**Redacted**

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 4 of 26 |

---

*Agreement Reference No.: HX-101278*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) For
 the avoidance of doubt, the Contractor is only engaged by HAECO as an independent contractor,
 and under no circumstances may the Contractor represent to others that it is acting as HAECO's
 employee or agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The
 Contractor undertakes and shall ensure that all personnel delegated by it to carry out any
 of the Services are persons lawfully employable under the laws of Hong Kong and that no illegal
 immigrants or visitors breaching their conditions of stay are employed to carry out the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The
 Contractor shall observe all rules, regulations and procedures of HAECO and those issued
 by HAECO from time to time, including without limitation all safety and security procedures.

**Redacted**

1) The Contractor has to ensure the compliance with all applicable laws and regulations in performance of the Services under this Agreement.

8. Term

**Redacted**

9. Charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) In
 consideration of the Contractor providing the Services to HAECO, HAECO agrees to pay the
 Contractor according to the rates set out in Schedule II (the "Charges"). The
 Charges shall be the sole cost to HAECO.

**Redacted**

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 5 of 26 |

---

*Agreement Reference No.: HX-101278*

10. Damages for Failure to
 Perform

**Redacted**

11. Use
 of Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) HAECO
 authorizes the Contractor to collect and information transmitted by the Plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) HAECO
 authorizes the Contractor to use the date and information solely for the purpose of daily
 operation for the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) HAECO
 authorizes the Contractor to get access to the data for the purpose of software development
 and maintenance solely for the performance of Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The
 Contractor shall keep strict confidentiality of HAECO's Plant data and is not allowed
 to release, disclose or share with any third party under any circumstances.

**12.** **Transfer of Ownership of Goods** 

**Redacted**

**13.** **Not Applicable** 

14. Environmental
 Consideration

The Contractor shall ensure that all Services are carried out with minimal adverse environmental impact on HAECO, its personnel and any other interested parties and that all Services provided are in compliance with the applicable environmental laws and regulations at all times. In the event of HAECO incurring any costs (including legal costs), expenses or liabilities or suffering from loss or damage arising from acts, omissions, default or negligence of the Contractor or in connection to events attributable to the Contractor's breach of any of its obligations under this Agreement, the Contractor shall indemnify HAECO for all such costs, expenses, liabilities, loss and damages.

---

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|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 6 of 26 |

---

*Agreement Reference No.: HX-101278*

15. Code
 of Conduct

The Contractor shall comply with the current HAECO Corporate, Social and Environmental Responsibility Code of Conduct ("Code of Conduct") at all times. If the Contractor becomes aware of any breach of the Code of Conduct during the performance of the Agreement, then it is required to notify HAECO as soon as reasonably practicable and take corrective actions within reasonable time. Otherwise, HAECO may give written notice to terminate the Agreement without any compensation on costs incurred.

16. Anti-bribery

The Contractor must not under any circumstances offer or make any cash or cash equivalent gift, payment, loan or other advantage to any of HAECO staff. The offer or giving of such advantage may constitute on offence made under any jurisdiction (Cap. 201 Law of Hong Kong).

**Redacted**

17. Force
 Majeure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If
 either party is prevented or delayed from providing the Services or otherwise from performing
 this Agreement or any part thereof by reason of act(s) of God, including fire, flood, earthquake,
 storm or other natural disaster, the party so prevented (the "defaulting party")
 shall, as soon as possible, and in any event within 7 days of the occurring of the relevant
 event(s), give verbal and written notice to the other party (the "non-defaulting party"),
 stating the circumstances together with such evidence thereof as can reasonably be given
 and specifying the period for which it is estimated that the defaulting party's performance
 of this Agreement will be delayed or prevented. The non-defaulting party shall then be entitled
 at its option either to terminate this Agreement, without any liability to the defaulting
 party in respect of such termination or to extend the time for performing this Agreement
 or any part thereof by a period equivalent to that during which such performance has been
 prevented by any of the events referred to above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Without
 affecting the provisions in the preceding Clause 17 (a), if any of the events referred to
 in that Clause occur, the parties hereof shall first use their best endeavors to rectify
 any failure, loss or breakdown of the Services as soon as possible, and until such time as
 the same is rectified, the parties shall each comply with such fallback procedures as they
 may agree from time to time.

---

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|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 7 of 26 |

---

*Agreement Reference No.: HX-101278*

18. Assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) HAECO
 may at any time assign, transfer, sub-contract, novate or otherwise dispose of all or any
 of its benefits, rights, obligations and liabilities under this Agreement to any company
 and the Contractor hereby agrees that HAECO shall be released from all obligations and liabilities
 under this Agreement so assigned, transferred or novated upon such assignee, transferee or
 other party to the novation agreeing in writing to assume such obligations and liabilities
 in HAECO's place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 Contractor shall not assign, transfer, sub-contract, or otherwise dispose of its rights,
 obligations or liabilities under this Agreement without the prior written consent of HAECO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) In
 case of permitted sub-contracting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Contractor shall not be relieved from any liability or obligation under this Agreement. The
 Contractor shall be responsible for the acts, defaults and neglects of any sub-contractor,
 his servants or agents, as fully as if they were the acts, defaults or neglects of the Contractor,
 his servant or agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It
 shall be the duty of the Contractor, if so required by HAECO, to furnish to HAECO all particulars
 required as to any sub-contractor employed or to be employed on the Works. The Contractor
 shall ensure that it shall be a condition in any sub-contract that the sub-contract shall
 terminate immediately upon the termination (for any reason) of this Agreement.

19. Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 Contractor shall be liable for and shall indemnify HAECO against all or any actions, loss,
 suits, claims, demands, proceedings, costs, charges or expenses whatsoever including any
 damage to any persons or property (including HAECO's property) or the death of or injury
 to any individual, arising directly or indirectly from any negligence or failure to comply
 with its obligations under this Agreement on the part of the Contractor, its employees, servants,
 agents or sub-contractors, or in any way attributed to the performance of the Services by
 the Contractor, its employees, servants, agents or sub-contractors aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 Contractor shall be responsible for making good at no cost to HAECO any defective workmanship
 or materials (hereinafter referred to as "Defects") for the Term from the Acceptance
 Date (hereinafter referred to as the "Defects Correction Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) HAECO
 shall at all times be entitled to set-off without notice to the Contractor any sums owing
 to HAECO by the Contractor, (including without limitation, any damages, costs, charges or
 expenses incurred by HAECO as a result of the Contractor's act or omission, negligence
 or breach of any of its obligation hereunder) against all or any monies owing to the Contractor
 by HAECO in any capacity whatsoever.

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 8 of 26 |

---

*Agreement Reference No.: HX-101278*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Without
 prejudice to the right of HAECO to set-off under Clause 19 (c) above, HAECO shall further
 have the right to withhold payment of such sum of money payable to the Contractor as HAECO
 in its absolute discretion thinks necessary if the Contractor's act or omission, negligence
 or breach of any of its obligations hereunder gives rise or is likely to give rise to claim(s)
 against HAECO.

20. Insurance

**Redacted**

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 9 of 26 |

---

*Agreement Reference No.: HX-101278*

**Redacted**

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 10 of 26 |

---

*Agreement Reference No.: HX-101278*

21. Safety

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) HAECO
 requires that the Contractor place the highest importance on safety during the execution
 of the Works. The Contractor shall take absolute responsibility for the safety of all persons
 engaged in the execution of the Works and shall observe and comply with all rules, regulations,
 codes of practice of the relevant industry and instructions given by HAECO from time to time.
 In particular, all safety and security procedures must be followed. If deemed necessary by
 HAECO, the Contractor will arrange for its personnel to attend safety courses as required
 by HAECO at no expense to HAECO.

b) The
 Contractor shall ensure that all Equipment used in the execution of the Works are in a safe,
 sound and good condition and capable of performing the functions for which they are intended.
 Without lessening the absolute responsibility of the Contractor in regard to such Equipment
 HAECO shall have the right to inspect such Equipment and if in HAECO's opinion they
 are unsuitable they shall not be used in the Works.

c) The
 Contractor is required to provide a detailed and comprehensive safety plan to the Responsible
 Officer before the commencement of the Works.

d) To
 ensure effective communication on safety issues, HAECO may from time to time require the
 Contractor to attend periodic safety meetings, and the Contractor shall upon such requests,
 arrange its representatives from both management and working levels to attend the meetings.

e) In
 case of any incident which may result in loss or damages to HAECO or any accident, the Contractor
 shall immediately report to HAECO and provide all the details of the likely cause of the
 incident/accident including the status of the Works, any possible time loss or delay in the
 scheduled Works and any safety issues associated with or arising from the incident/accident.

22. Termination
 of Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) In
 addition to HAECO's rights to terminate this Agreement in accordance with Clauses 7
 (e), 10, 13, 14, 15, 16 and 19, HAECO may terminate this Agreement by giving to the other
 party not less than one month notice in writing.

b) If
 the Contractor shall make default in or commit any breach of its obligations hereunder or
 if the Contractor shall go into liquidation or if any distress or execution shall be levied
 upon the Contractor or if the Contractor shall enter into any negotiation for arrangement
 or composition with its creditors or commit any act of bankruptcy or if any petition in bankruptcy
 shall be presented against it or if any resolution is proposed or petition presented to wind
 up the Contractor or if a receiver of the Contractor's assets or undertaking or any
 part thereof shall be appointed, HAECO shall be entitled to terminate this Agreement or to
 suspend the Contractor's performance forthwith without prejudice to any other claim
 or right HAECO may make or exercise.

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 11 of 26 |

---

*Agreement Reference No.: HX-101278*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) HAECO
 shall be entitled to terminate this Agreement forthwith without liability and without prejudice
 to any other claim or right HAECO may make or exercise if the Contractor is the subject of
 industrial action taken or threatened to be taken by its staff which in HAECO's opinion
 is likely to prevent or affect the Contractor's performance of any of its obligations
 hereunder.

23. Applicable
 Law

This Agreement shall be governed by and construed in accordance with the Laws of Hong Kong and the parties hereby irrevocably submit to the non-exclusive jurisdiction of the Hong Kong courts.

**24.** **Correspondence Address** 

**Redacted<br>** 

<br> 25. Notices

Any notice to be given under this Agreement shall either be delivered personally or sent by registered post (air-mail if overseas) or email sent with acknowledgement. The address for service of each party shall be the address given herein or such other address as may from time to time be notified for this purpose. A notice shall be deemed to have been served as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) if
 personally delivered, at the time of the delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if
 posted, at the expiration of 48 hours after the envelope containing the same is delivered
 into the custody of the postal authority; and

c) if
 sent by email with acknowledgement, at the time of transmission.

In proving such service, it shall be sufficient to prove that personal delivery was made or that the envelope containing such notice is properly addressed and delivered into the custody of the postal authority as a prepaid registered post or that the email had been received with acknowledgement.

26. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) No
 waiver by either party to this Agreement of any breach by the other of any provision hereof
 shall be deemed to be a waiver of any subsequent breach of that or any other provision hereof,
 and any reasonable for bearance or delay by either party in exercising any of its rights
 hereunder shall not be construed as a waiver thereof.

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 12 of 26 |

---

*Agreement Reference No.: HX-101278*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If
 any provision of this Agreement is declared void or unenforceable by a court of law, such
 provision shall be severed from the remaining provisions which shall continue to be valid
 and enforceable to the fullest extent.

c) This
 Agreement contains the entire agreement between the parties and supersedes any prior agreement
 in relation to the subject matter hereof. A variation of this Agreement must be in writing
 and signed by both parties to be valid.

IN WITNESS WHEREOF this Agreement has been executed the day and year first above written.

---

| |
|:---|
| Ronald Lam |
| Director & General Manager, HK<br> Operations |
| ![](ex10-7_009.jpg) |
| Richard Chan |
| Managing Director |

---

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 13 of 26 |

---

*Agreement Reference No.: HX-101278*

SCHEDULE I

SCOPE OF SERVICES

The Contractor shall provide the Services as below:

**1)** **Provision of a new Ultra-High Efficiency Boca Hybrid Power Chiller Plant (the Plant)**

**Redacted**<br>

**2)** **<u>Carry out measurement and calculation for Coefficient of Performance (COP) of HAECO'S existing chiller plant and prepare a details design of new chiller plant</u>**

**Redacted** <br>

**3)** **Main** **tenance and Repairing Service for the Plant**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 14 of 26 |

---

*Agreement Reference No.: HX-101278*

**Redacted**<br>

**4)** **<u>Project schedule</u>**

**Redacted**<br>

**5)** **<u>Provision of Direct Fired Absorption Chillers</u>**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 15 of 26 |

---

*Agreement Reference No.: HX-101278*

SCHEDULE II

THE CHARGES

The installation of the Plant will be responsible by the Contractor and HAECO has no upfront cost to pay. All payments will be paid by the electricity saved and the Contractor shall pay the rebate to HAECO at the agreed percentage.

**Redacted** <br>

**1)** **<u>Below diagram shown the HAECO Chiller Plant COEP running cost saving baseline definition</u>:**

**HAECO Chiller Plant COEP Running.Cost Saving Baseline Definition**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 16 of 26 |

---

*Agreement Reference No.: HX-101278*

**2)** **<u>Cost saving measurement and calculation</u>**

**Redacted**<br>

**3)** **<u>Calculation of COEP</u>**

**Redacted**<br>

**4)** **<u>Saving percentage</u>**

**Redacted**<br>

**5)** **<u>Verification of data, record and saving calculation</u>**

**Redacted**<br>

**6)** **<u>Target Saving of this Agreement</u>**

**Redacted**<br>

**7)** **<u>Saving of Direct Fired Absorption Chillers</u>**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 17 of 26 |

---

*Agreement Reference No.: HX-101278*

**<u>Appendix A</u>**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 18 of 26 |

---

*Agreement Reference No.: HX-101278*

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 19 of 26 |

---

*Agreement Reference No.: HX-101278*

**<u>Appendix B</u>**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 20 of 26 |

---

*Agreement Reference No.: HX-101278*

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 21 of 26 |

---

*Agreement Reference No.: HX-101278*

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 22 of 26 |

---

*Agreement Reference No.: HX-101278*

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 23 of 26 |

---

*Agreement Reference No.: HX-101278*

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 24 of 26 |

---

*Agreement Reference No.: HX-101278*

**<u>Appendix C</u>**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 25 of 26 |

---

*Agreement Reference No.: HX-101278*

**<u>Appendix D</u>**

**Redacted**<br>

---

| | | |
|:---|:---|:---|
|  | ![](ex10-7_011.jpg) | ![](ex10-7_010.jpg) |
| Information Classification: Highly Sensitive |  | Page 26 of 26 |

---

## Exhibit 10.8

**Exhibit 10.8**

**Mutual (Early) Lease Termination Agreement**

**相互(提前)租賃終止協定**

Date /日 期 20-9-2023

Landlord/出租人：_Chan Chi Kin/陳志堅 ID card no./身份證號碼:C404602(A)

Tenant/ 承 租 人 ：Boca International Limited /寶加國際有限公司 Business registration no./商業登記號碼15889340

Leased Premises: DD119 LOT 1623, 330 Pak Sha Tsuen, Yuen Long,N.T.

出租物業地址：新界元朗白沙村330號 DD119 Lot 1623(部份)

This Mutual Early Lease Termination Agreement is incorporated into and made part of the

original lease agreement that was executed by the above-referenced Landlord and Tenant at the above-referenced leased premises.

本相互提前租賃終止協定已納入上述房東和租戶在上述租賃場所簽署的原始租賃協定。並成為原始租 賃協定的一部分。

Under the original lease (see attached) dated 1 January 2023. The original lease expires on 31

December 2025. Upon mutual agreement and consideration, both parties agree to terminate this lease on 30 September 2023, subject to the below conditions

根據日期為2023年1月1日的原始租約(見附件)。原始租約將於2025年12月31日到期。 經雙方同 意及考慮，雙方同意於2023年9月30日終止此租約，但須符合以下條件。

Tenant provided a security deposit in the amount of HK$72,000 is being withheld in settlement of the rent for August and September 2023 respectively.

根據本協定所附的分項清單，租戶已分別扣留港幣72,000元的保證金，以支付2023年8月和9月的 租金。

If either party violates any part of this agreement, they are also considered in violation of the

Lease Agreement. If a violation occurs, either party may initiate legal proceedings in accordance with HKSAR regulations to seek judgment for monies owed as a result of the violation.

如果任何一方違反本協定的任何部分，他們也被視為違反租賃協定。如發生違規行為，任何一方均可 根據香港特別行政區規定提起法律程式，就因違規行為而欠下的款項作出判決。

Each party to this agreement releases the other party from all claims, demands, damages, rights, liabilities, and causes of action of any nature whatsoever, whether at law or equity, known or unknown, suspected or unsuspected, which are related or in any manner incidental to the Lease or the Premises and which first arise out of transactions and occurrences from and after the new termination date.

本協定的每一方免除另一方的任何性質的所有索賠、要求、損害賠償、權利、責任和訴訟因由，無論 是法律還是衡平法，已知或未知，可疑或未懷疑，這些索賠、要求、損害賠償、權利、責任和訴訟因 由輿租賃或房屋相或以任何方式附帶，並且首先由新終止日期及其之後的交易和事件引起。

Chan Chi Kin

Page 1 of 2

**Mutual (Early) Lease Termination Agreement**

**相互(提前)租賃終止協定**

This Mutual Agreement is the complete agreement between the above-referenced Landlord and Tenant(s) regarding the early termination of the attached lease. Any other promises or covenants made by the Tenant(s) or Landlord, oral or written, are null and void.

本共同協定是上述房東和租戶之間關於提前終止附加租約的完整協定。租客或業主作出的任何其他口 頭或害面承諾或契約均無效。

---

| | |
|:---|:---|
| /s/ Boca International Ltd |  |
| Tenant Signature/ 承租人簽名 | |
| Boca International Ltd | Date/ 日 期 |
| /s/ Chan Chi Kin |  |
| Landlord Signature/ 房東簽名 | |
| Chan Chi Kin | Date/ 日 期 |

---

Page 2 of 2

## Exhibit 10.9

**Exhibit 10.9**

**CONSULTING AGREEMENT**

This Agreement is made as of January 1, 2024 by and between MavDB Consulting LLC, a limited liability company organized under the laws of the Commonwealth of Puerto Rico (the "**Consultant**") and Green Circle Decarbonize Technology Limited ("**Green Circle**"), in order to set forth the terms and conditions upon which Consultant is engaged by Green Circle.

In consideration of the engagement of the Consultant by Green Circle, the above premises and agreements hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Services.** Green Circle hereby engages Consultant and Consultant accepts such engagement with Green
 Circle to perform certain services as more specifically set forth in Section 2 below in relation
 to the IPO (the "**Services** "), upon the terms and subject to the conditions
 contained herein. Consultant shall, in providing the Services, devote such time and attention
 to the Services as requested by Green Circle or as determined in Consultant's discretion
 is necessary to complete the Services. Consultant agrees that it and all of its employees
 and Consultants, if any, shall observe all rules and policies of Green Circle and perform
 the Services in a professional, courteous and timely manner. Consultant shall not utilize
 subcontractor or otherwise contract out the performance of the Services to any third party
 except with Green Circle's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Scope of Services.** In consideration for the consulting fee to be paid by Green Circle to the
 Consultant, the Consultant shall provide Green Circle the scope of services set forth on **Schedule A** for five (5) years from the date of this Agreement ()"**Service Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Consulting Fee.** In consideration for the Services provided by Consultant to Green Circle, Green
 Circle shall pay the Consultant a consulting fee of US$50,000 for a year, in total of US$250,000
 for the whole Service Period as set forth on **Schedule B**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Indemnification.** To the maximum extent permitted by applicable law, the Consultant shall indemnify and
 hold harmless Green Circle and its officers, directors, employees, representatives and members
 and any Green Circle or customer of Green Circle for whose benefit Consultant performs any
 services from any claims, demands, losses, liability, damages or expenses, including reasonable
 attorneys' fees, arising in any way from (a) any activities of the Consultant outside
 the scope of this Agreement; (b) any breach by the Consultant of any of the terms or conditions
 of or representations and warranties of Consultant in this Agreement; (c) any failure on
 the part of Consultant or any of Consultant employees to pay any taxes, whether federal,
 state or local, and whether income, payroll or otherwise imposed upon Consultant compensation
 hereunder or otherwise; (d) any claims against Green Circle or Green Circle by any of Consultant
 employees or consultant, including claims for wages or for benefits or compensation offered
 by Green Circle or Green Circle to their respective employees; (e) any violation by Consultant
 or any of its employees or Consultant of any applicable laws, rules or regulations governing
 the provision of the Services; and (f) to the extent not covered in (a) through (e), Consultant
 performance of the Services provided that such claim, damage, loss or expense is attributable
 to bodily injury, sickness, disease or death, or to injury to or destruction of tangible
 property, including but not limited to, the loss of use resulting therefrom regardless of
 whether or not it is caused in part by the party indemnified hereunder. Green Circle may
 offset any sums due to the Consultant against any amounts due to Green Circle or Green Circle
 pursuant to the foregoing indemnification. For purposes of this indemnification, any actions
 or omissions of any subcontractor of Consultant shall be deemed actions or omissions of Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Performance of Services.** The Consultant shall devote Consultant reasonable best efforts to the performance
 of the Services and shall perform the Services to the best of Consultant abilities. Consultant
 is retained on a nonexclusive basis and may engage in and simultaneously perform under any
 other contract while performing its obligations under this Agreement, provided that, such
 engagement or performance does not interfere with Consultant obligations under this Agreement.
 Consultant shall perform all work at Consultant own risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Representations and Covenants of Consultant.** The Consultant represents, warrants and covenants that: (a) Consultant is free to enter this Agreement
 and has made no agreement and has no obligation inconsistent with Consultant obligations hereunder; (b) neither Consultant, nor any
 of its employees or consultant, are in violation of, or shall violate, any written or oral agreement it, he or she is a party to as
 a result of Consultant entering into this Agreement and performing the Services; and (c) Consultant shall cooperate fully and provide
 assistance to Green Circle in the resolution and investigation of any complaint, claim, action or proceeding brought by or involving
 any of Consultants employees or consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Term**.
 This Agreement shall become effective immediately upon execution hereof and may be terminated
 at the discretion of the consultant at anytime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Confidentiality.** (a) "Confidential Information" shall mean all confidential and proprietary
 information of Green Circle, including without limitation, all information concerning Green
 Circle's prospective, Green Circle contact persons, business plans, finances, pricing,
 sales and marketing information, research strategies, techniques, products, services, software,
 code, applications, methods, essential ideas, employees and Consultants and confidential
 information of Green Circle which the Consultant receives or has access to as a result of
 performing the Services, in any form, whether written, oral or machine-readable. Confidential
 Information does not include information known to Consultant at the time of disclosure to
 Consultant by Green Circle as evidenced by written records or is publicly known and generally
 available through no wrongful act of Consultant. (b) All Confidential Information is the
 property of and confidential to Green Circle. Neither Consultant, nor its employees or consultant,
 shall, during Consultant engagement with Green Circle or at any time thereafter, directly
 or indirectly disclose, in whole or in part, Consultant Information to any person or entity
 for any reason or purpose whatsoever, except on behalf of Green Circle in accordance with
 Green Circle's policies, or make use of any Confidential Information for its, his or
 her own purposes or for the benefit of any person or entity other than Green Circle in accordance
 with Green Circle's policies. Consultant agrees to take all precautions necessary to
 safeguard all Confidential Information against unauthorized use or reproduction by third
 parties. (c) Upon the earlier of Green Circle's request and the termination of Consultant's
 engagement with Green Circle, Consultant shall immediately turn over to Green Circle all
 documents, papers and other material, including all copies thereof, in Consultant possession
 or under Consultant control, which may constitute, contain or be derived from Confidential
 Information, whether in written, digital or machine-readable form, together with all documents,
 notes and other work product which is connected with or derived from Consultant services
 to Green Circle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Insurance.** Consultant agrees that it shall, at its own cost and expense, obtain and provide evidence
 of general liability and any other insurance coverage requested by Green Circle in amounts
 satisfactory to Green Circle from time to time upon the request of Green Circle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Survival**.
 Upon the termination of this Agreement, all rights and duties of the parties toward each
 other shall cease, except Sections 5, 7, 9, and 12 through 19 herein shall survive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Entire Agreement**. This Agreement embodies the entire agreement and understanding by and between
 the parties hereto in respect of the subject matter contained herein. There are no restrictions,
 promises, representations, warranties, covenants or undertakings, other than those expressly
 set forth or referred to herein. This Agreement supersedes all prior agreements and understandings,
 whether written, oral or otherwise, between the parties with respect to the engagement of
 the Consultant by Green Circle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Severability**.
 If one or more of the provisions in this Agreement are deemed void by law, the remaining
 provisions will continue in full force and effect and, if legally permitted, such offending
 provision or provisions shall be replaced with an enforceable provision or enforceable provisions
 that as nearly as possible effects the parties' intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Governing Law**. This Agreement shall be governed by the laws of the Commonwealth of Puerto Rico
 without regard to conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Jurisdiction.** The parties hereto hereby consent to the jurisdiction of any court of competent jurisdiction
 located in San Juan, Puerto Rico for all purposes in connection with any legal proceeding
 between them relating to or arising out of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Assignment.** This Agreement and all of the provisions hereof shall be binding upon and inure to the
 benefit of the parties hereto and their respective successors and permitted assigns. Neither
 this Agreement nor any of the rights, interests or obligations hereunder shall be assigned
 by either party hereto without the prior written consent of the other, except Green Circle
 may assign this Agreement and/or any of its rights, interests or obligations hereunder to
 any successor to all or a part of its business without the prior written consent of the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Third Parties.** This Agreement is not intended to confer upon any other person or entity other
 than the parties hereto, Green Circle and Green Circle's subsidiaries, parents and
 affiliates any rights or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Waiver**.
 Waiver of any term or provision of this Agreement or forbearance to enforce any term or provision
 by either party shall not constitute a waiver as to any subsequent breach of the same term
 or provision or a waiver of any other term or provision of this Agreement.

*[Signature Page Follows]*

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date above.

---

| | | |
|:---|:---|:---|
| **CONSULTANT:** | **Green Circle:** | **Green Circle:** |
| MavDB Consulting LLC | Green Circle Decarbonize Technology Limited | Green Circle Decarbonize Technology Limited |
|  | ![](ex10-9_001.jpg) | ![](ex10-9_001.jpg) |
| Name: | Name: | Chan Kam Biu Richard |

---

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date above.

---

| | | | |
|:---|:---|:---|:---|
| **CONSULTANT:** | **CONSULTANT:** | Green Circle: | Green Circle: |
| MavDB Consulting LLC | MavDB Consulting LLC | Green Circle Decarbonize Technology Limited | Green Circle Decarbonize Technology Limited |
| ![](ex10-9_002.jpg) | ![](ex10-9_002.jpg) |  |  |
| Name: | David J Bartch | Name: | Chan Kam Biu Richard |

---

**SCHEDULE A**

<u>Scope of Services</u>

The services to be provided by the Consultant to Green Circle, in consideration of the consulting fee to be paid by Green Circle to the Consultant - as established in this Agreement -, consist of the following:

Capital Markets Consulting

Introductions to potential investors

Global markets consulting

Introduction to potential M&A targets

Introduction to service providers including but not limited to investment banks, underwriters, legal firms, governance experts and auditors

Preparation of investor materials including but not limited to investor decks and presentation if needed

Counseling and training on investment pitches and presentations

**SCHEDULE B**

<u>Consulting Fee</u>

The consulting fee to be provided by the Green Circle to Consultant, in consultation of the Services to be provided by the Consultant to Green Circle - as set forth in Schedule A of this Agreement - consists of:

US$50,000 consulting fee for a year, which total of US$250,000 for five (5) years' service period starting from January 1, 2024.

The Consultant and Green Circle agree that Green Circle shall settle the consulting fee of total US$250,000 by issuing 1,000,000 common shares of Green Circle at par value of US$0.001 to the Consultant, upon execution of this agreement.

## Exhibit 10.10

**EXHIBIT 10.10**

![](ex10-10_001.jpg)

Our Ref.: Q-0001-24-D <br> Date: 7-Aug-2024

**LMP International Limited**

19/F Auban House, No. 171-172 Gloucester Road,

Wanchai, Hong kong.

**<u>Attn: Mr. Tonv Leung</u>**

Dear Sirs,

**<u>A&A Works for Bayview Garden Shopping Centre - MVAC Installation</u>**

Further to our last meeting your office and we would like to enclose our proposed Appendix-1, Equipment Schedule for the captioned project to seek your kind approval. Refer to the enclosed Appendix-2, Boca-Sketch-001 we confirm to absorb all related cost (Approx. HK$300,000.00) of supply 3 numbers of additional water cooled air conditioners c/w water piping, air ducting, grilles, power & control wiring.

Terms & Conditions:

a. The total proposed contract sum HK$12,999,000.00 remain unchanged;

b. This quotation will be valid within 14 days from the date of this quotation;

c. We need 6 months to complete all works after receiving your written confirmation and deposit;

d. Payment: 25% deposit to be paid upon confirmation of this quotation, 40% mid term payment, before the delivery of major air conditioning equipment to site and not more than 90 days from date of confirmation of this quotation, 30% upon all works completed and before handover to the client to commence operation, balance 5% to be paid within 30 days after all works completed, 12 months defect liability period/comprehensive maintenance will be included in this quotation;

e. All type of insurance, builder's works, decoration works, electric power sources & water sources are not included in this quotation which should be provided by others.

---

| | |
|:---|:---|
| Yours faithfully, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accepted and confirmed by |
| For and on behalf of | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and on behalf of |
| **Boca International Limited** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LMP International Limited** |
| ![](ex10-10_002.jpg) | ![](ex10-10_003.jpg) |

---

---

| | |
|:---|:---|
| 香港九龍觀塘成業街6號泓富廣場1809室 | Page 1 of 2 |
| Unit 1809, Prosperity Place, 6 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong. |  |
| Tel: +852 2882 1222 Fax: 2882 1680 | Email: *DrRichardChan@Gmail.com* |

---

**<u>SUMMARY OF TENDER</u>**

**(MVAC Installation)**

---

| | |
|:---|:---|
| **A&A Works for Bayview Garden Shopping Centre** | **Schedule of Rates** |
| **<u>MVAC Installation</u>** |  |

---

**<u>Collection Summary</u>**

The amount of supply and installation of the complete Mechanical Ventilation and Air-conditioning System as specified in the tender documents and the accompanying drawings (Cost summarized from Schedule of Rates):-

---

| | | | |
|:---|:---|:---|:---|
|  | **DESCRIPTION** | **AMOUNT** | **AMOUNT** |
| 1. | AC Main Plant & Equipment as per Section 1. | HK$ | 2213750.00 |
| 2. | System Water Pumps and Piping as per Section 2. | HK$ | 4271100.00 |
| 3. | Electrical Control System as per Section 3. | HK$ | 968800.00 |
| 4. | Ventilation Fans & Air Curtains as per Section 4. | HK$ | 419000.00 |
| 5. | Air Ducting as per Section 5. | HK$ | 2762200.00 |
| 6. | Fan Coil Unit as per Section 6. | HK$ | 594000.00 |
| 7. | Electrical System as per Section 7. | HK$ | 600000.00 |
| 8. | Air Handling Unit as per Section 8 | HK$ | 576000.00 |
| 9. | Shop drawing preparation, supervising installation, commissioning plant & instructing Employer's operator | HK$ | 90000.00 |
| 10. | Preparation and submission of combined services drawings | HKS | 90000.00 |
| 11. | Provision of MVAC builder's work drawings (as electronic file in AutoCAD) to Main Contractor for preparation of combined builder's work drawings. | HK$ | 80000.00 |
| 12. | Preparation of shop drawings and documents duly signed by "Qualified Engineer" for submission to Fire Services Department, Electrical & Mechanical Services Department and Home Affairs Department, etc. for approval. | HK$ | 150000.00 |
| 13. | Employ Registered Energy Assessor (R.E.A.) to design, certify and submit to EMSD. | HK$ | 80000.00 |
| 14. | 3 sets of as-fitted drawings and operation & maintenance manuals, and 1 set of electronic file in CD Rom of as-fitted drawings as specified. | HK$ | 50000.00 |
| 15. | Provision of spare parts as per Technical Specification. | HK$ | 50000.00 |
| 16. | Allow for other cost necessary for completion of the whole system but not stipulated herein. | HK$ | 4150.00 |
|  | **Total Cost to be carried forward to Collection Summary for E&M** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Installation** | **HK$** | **12999000.00** |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of

Green Circle Decarbonize Technology Limited

We hereby consent to the inclusion in this Amendment No.14 to Registration Statement on Form F-1 (No. 333-276943) of Green Circle Decarbonize Technology Limited and its subsidiaries (the "Company") of our report dated August 27, 2025, relating to our audits of the accompanying consolidated statements of financial position of the Company as of March 31, 2025 and 2024, the related consolidated statements of loss and comprehensive loss, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended March 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"), appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

**/s/ ZH CPA, LLC**

Denver, Colorado

November 28, 2025

999 18<sup>th</sup> Street, Suite 3000, Denver, CO, 80202 USA Phone: 1.303.386.7224 Fax: 1.303.386.7101 Email: admin@zhcpa.us